Oil Plunges 8.7% After U.S. Midterms, Gold Jumps Above $4,000

Oil prices plunged yesterday, with ICE Brent settling 8.7% lower below $95 per barrel, and selling pressure continued in early trading today. The drop follows the Democratic sweep in the U.S. midterm elections, which raised hopes for a quicker end to the war in Iran. European gas prices also fell over 3.8%, with TTF trading around EUR85 per megawatt-hour, amid expectations the election outcome could speed up LNG flow recovery. However, the European gas market remains fundamentally tight. Spot gold jumped over 3% to above $4,000 per ounce, supported by expectations of legislative gridlock, lower Treasury yields, and a weaker dollar following the Democratic victory.