Oil prices fall below $100 for first time in nearly a month

Oil prices fell sharply Wednesday, with European Brent crude dropping below $100 per barrel for the first time since Oct. 7, a decline of nearly $9, or over 8%. U.S. crude also slipped 8% to about $89. The drop followed Tuesday's midterm elections, as traders watched for signs that results would pressure President Donald Trump into ending the Iran war without escalation. The conflict had driven gasoline and diesel prices up, worsening inflation for consumers, farmers, and businesses. GasBuddy analyst Patrick De Haan said the national average gas price, at $4.12 Wednesday, could fall below $4 in coming days. Oil remains 65% higher than at the start of the year, though diesel futures also tumbled nearly 7% to their lowest since late August.