Oil tumbles as investors weigh end to Iran war after US Democrats' midterm elections sweep
Traders bet Democrats’ congressional win could curb U.S. military action and speed a deal, sending Brent down 8.7% and WTI 8.3%.
- Vice President JD Vance blamed the war against Iran for Republican midterm election reversals on Wednesday, as crude oil prices tumbled amid volatile trading.
- The war, which disrupted global energy supplies for eight months, sent gasoline and diesel prices skyrocketing, making inflation worse for consumers; 59% of voters told NBC News on Tuesday they were "very concerned" with fuel costs.
- European Brent fell below $100 per barrel for the first time since October 7, translating to a nearly $9 drop, while West Texas Intermediate crude slipped 7% to about $89.
- President Donald Trump acknowledged the war's toll on consumers, saying people "really probably werent willing to do the short-term consequence of paying more for gasoline" despite supporting his Iran policy.
- Patrick De Haan, analyst at GasBuddy, noted that oil's fall could bring the national average price of gasoline below $4 in the "days ahead" as markets remain volatile awaiting diplomatic developments.
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New York, Nov 4 (EFE).- Texas Intermediate Oil (WTI) closed this Wednesday with a fall of 8.3%, after U.S. President Donald Trump admitted the impact of the war with Iran on the Republican debacle in the legislative elections.At the end of the session, the [...] The entry Texas Oil falls 8.3% after Trump admits the impact of the war with Iran on the elections was first published in HolaNews.
Oil slumps after midterm election, raises bets on Iran war exit
Oil prices fell more than 8% to settle at their lowest in more than two months on Wednesday after President Donald Trump’s Republican Party lost control of Congress in midterm elections, as investors bet that the shift in power could hasten the end of the US-Israeli war with Iran. Brent futures LCOc1 settled $8.98, or […]
Future oil contracts broke down on Wednesday (4) and the U.S. reference, the WTI, went to the lowest level since August, after the Democratic Party's broad victory in the mid-term elections ("midterms") unleashed the expectation that the war between the United States and Iran will end more quickly. The signs of diplomacy between Washington and Tehran, in addition to President Donald Trump's statements that he will not increase the military offen…
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