Oil drops below $90 as Vance blames Iran war for Republican election loss

Oil prices plunged below $90 a barrel on Wednesday after Vice President Vance blamed the Iran war for Republican election losses, with Brent crude falling over 9% to $93.91 following Democratic victories in the House and Senate. West Texas Intermediate traded at $87.59, down nearly 9%, while oil futures dropped more than 14% for the week. Vance wrote on X that the war caused the defeat, citing voter concerns about ending the conflict and inflation, and analysts said markets expect Trump may now seek a deal. Democrats took both chambers on Tuesday, and Trump acknowledged the Iran conflict contributed to losses but expressed no regrets. The war, launched in late February with Israel, had raised gasoline and diesel prices.