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2026-11-04T21:24:57.557Z

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Oil down on Vance's claim

Oil down on Vance's claim

Oil prices fell on Wednesday after U.S. Vice President J.D. Vance blamed the war with Iran for Republicans’ losses in the midterm elections. West Texas Intermediate crude dropped 8.3% to $88.12 a barrel, while Brent fell 8.7% to $94.62. The decline came amid expectations that Democratic gains would push the Donald Trump administration toward an agreement, and after U.S. and Iranian officials signaled openness to a diplomatic settlement. Futures were down more than 14% over the week. Analysts cautioned, however, that the risk of military escalation remained, despite signs of negotiations.

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