Oil Prices Plunge After US Midterms and Vance Iran Remarks
Brent crude fell about 9 percent following US midterm elections and comments by Vice President JD Vance linking Republican losses to the war with Iran.
KEY POINTS
- Brent crude fell about 9 percent to $94.28 per barrel
- WTI crude fell 7.95 percent to $88.45 per barrel
- US midterm elections included 435 House seats and 35 Senate seats
- Unofficial results showed Democrats winning both congressional chambers
- JD Vance blamed the war with Iran for Republican losses
Brent crude oil fell about 9 percent to $94.28 per barrel after US midterm elections, according to Adapostası Gazetesi. The January futures contract dropped at 19:53 local time compared with the previous close.
West Texas Intermediate crude also fell, losing 7.95 percent to reach $88.45 per barrel for the December contract.
“We lost because of the war.”
Voters cast ballots for state governors, local offices, all 435 seats in the House of Representatives, and 35 of the 100 Senate seats.
Unofficial results indicated that Democrats won majorities in both chambers of Congress.
JD Vance said the Republican losses were caused by the ongoing war with Iran and argued that voter anger over the conflict had shifted former Trump supporters toward Democrats.
Vance made the statement on X, saying, "We lost because of the war."
Diplomatic contacts between the parties added further downward pressure on oil prices as markets watched Washington's next steps toward Iran.
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