Democrats gained control of both chambers of the U.S. Congress in the midterm elections, contributing to sharp declines in the oil and semiconductor markets. Brent crude fell nearly 9% and WTI crude dropped 8.3% as investors anticipated a possible de-escalation of the conflict with Iran. The Philadelphia Semiconductor Index lost 12.2% amid fears that Democratic control could slow investment in data centers and artificial intelligence infrastructure. Future congressional decisions on technology funding and statements from OPEC and the IEA will be closely watched as investors assess the outlook for both sectors.
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