Oil Prices Plunge as U.S. Elections Shake Up the Iran War

39. 65. 58, still down heavily for the week. The decline was not driven by a sudden collapse in demand or a surprise rise in inventories. S. midterm results raised hopes for a quicker end to the conflict with Iran. Election Results Triggered the Break The sharpest part of the sell-off came after Democrats regained control of Congress.

The result increased expectations for political gridlock in Washington and raised the possibility that a Democratic Congress will press the White House to wind down the war. High gasoline prices had become a major political issue. Vice President JD Vance blamed the conflict for Republican losses, while President Trump indicated there were no immediate plans for new strikes against Iran.