Crude oil prices tumbled Wednesday after U.S. Vice President JD Vance blamed the Republican midterm election defeat on the war against Iran. U.S. West Texas Intermediate lost 8.3% to close at $88.12 a barrel, while Brent crude shed 8.7% to settle at $94.62. Democrats swept the House and Senate, giving them leverage to pressure President Donald Trump to end the war that has increased gasoline and diesel prices. Vance’s comments and the lack of support from key allies reduced expectations of an escalation, although the risk of further military action remains amid signs that U.S. and Iranian officials are open to a diplomatic settlement.
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