Brent crude fell from $118 to less than $94 per barrel in the week following the US mid-term elections. Prices dropped to their lowest level in more than two months amid expectations that the US war with Iran might come to an end.
On the evening of 9 November, the price of Brent fell to $93 per barrel. By 20:05 Kyiv time, it remained below $94. As recently as 30 October, the Friday before the election, oil was trading at $118 per barrel.
Market optimism was bolstered by statements regarding possible progress in the negotiations between Washington and Tehran. On 8 November, US President Donald Trump described further air strikes on Iran as ‘highly unlikely’ whilst progress is being made in the peace process.
Trump also acknowledged that the war with Iran had been one of the reasons for the Republican Party’s significant losses in last week’s US mid-term elections. Vice-President J.D. Vance, who is seen as a possible successor to Trump in the 2028 election, was more categorical: “The reason we lost [the election] is the war.”
Senate Democratic Leader Chuck Schumer stated that the majority in the new Senate would work with the Republicans to bring the conflict to an end.
The Financial Times had previously reported that the Republicans’ defeat in the mid-term congressional elections had increased political pressure on those advocating further strikes against Iran. Reports of progress in negotiations between Washington and Tehran, in turn, have bolstered optimism in the oil market.
The original version of this article first appeared on Glob-News.com.