Oil falls 9% as investors bet on end to Iran war after US midterms

Oil prices plunged 9% on Wednesday as investors anticipated a possible end to the US-Israeli war with Iran following President Donald Trump's Republican Party losing control of Congress in midterm elections. Brent futures dropped $9.27 to $94.29 a barrel, the lowest level since September 4. Trump stated the US had no immediate plans to strike Iran, while Democratic control of Congress could tighten US military spending in the Middle East, heightening prospects for a peace deal. Gulf crude exports averaged 17.1 million barrels per day in October, down from 18.9 million in September but still near pre-war levels. Qatar stepped up mediation efforts to avert escalation, though a senior Iranian official said Iran and the US remain far from a deal. US crude inventories fell by 865,000 barrels last week, contrary to analyst expectations for a rise.