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Oil prices fell on Wednesday after U.S. Vice President JD Vance blamed the war with Iran for Republicans’ losses in the midterm elections, amid expectations that the results would push President Donald Trump toward a deal. West Texas Intermediate crude fell 8.3% to $88.12 a barrel, while Brent dropped 8.7% to $94.62. Both contracts were down more than 14% over the week. Despite signals from the U.S. and Iran that they were open to a diplomatic settlement, analysts warned that the risk of military escalation remained.
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