Crude oil slips under $100 on hopes US vote result could end Iran war
West Texas Intermediate fell by 8.3 percent to close at $88.12 per barrel on Wednesday.
Brent crude futures also declined by 8.7 percent to settle at $94.62.
Vice President JD Vance attributed recent Republican midterm election losses to the ongoing conflict with Iran. Following the election results, market analysts suggest that the political shift may influence President Donald Trump to pursue a diplomatic resolution to the war.
According to Andy Lipow of Lipow Oil Associates, the market is reacting to the possibility that Democrats could leverage their new congressional majority to restrict war funding. While some experts believe the sell-off may be excessive, others like Bob McNally of Rapidan Energy warn that the risk of military escalation remains due to the uncompromising stance of Iranian officials.
SOURCE: CNBC
