Oil drops 8% as markets weigh Iran conflict outlook; gold rises on weak dollar

Oil prices fell nearly 9% as investors assessed the impact of the US midterm elections on the Iran conflict and energy supply outlook, while gold rose over 3% on a weaker dollar and Federal Reserve policy expectations. SpaceX and Tesla shares declined on Democratic election wins. Brent crude dropped 8.8% to $94.47 per barrel, and US West Texas Intermediate fell 8.74% to $87.70, reaching the lowest level since September 4. Democrats gained control of both the House and Senate, raising hopes for diplomatic efforts with Iran, though a senior Iranian official said the sides remain far apart. Spot gold climbed 3.34% to $4,059.39 per ounce, its biggest daily gain since August, as the dollar hit a one-month low. Alphabet expanded voluntary employee buyouts to five additional countries, while reporting $51.4 billion in third-quarter capital investments and negative free cash flow of $9.1 billion.