Oil prices drop 9% as US midterm results raise hopes for Iran deal

Oil prices plunged over 9% on Wednesday after US Vice President JD Vance blamed the war against Iran for Republican losses in the midterm elections, raising hopes of a US-Iran deal. WTI crude fell to $87.59 per barrel, while Brent dropped to $93.91. Democrats swept both the House and Senate in Tuesday's elections, gaining power to challenge President Trump's war policies. Market experts said the results could push Trump toward a diplomatic deal, with Democrats potentially restricting war funding. Oil futures have fallen over 14% this week amid signals of openness to diplomacy from both sides. However, some analysts warned the selloff may be overdone, as risks of military escalation in the Middle East remain.