Oil prices fall to two-month low as Democrats win Congress

Oil prices fell to a two-month low of $94 a barrel Thursday after Democrats won decisive control of Congress in the midterm elections, with expectations of a renewed push to end the Iran war. Stock markets in the U.S., Asia, and Europe also surged on the results. Brent crude dropped 9 percent Wednesday, while West Texas Intermediate fell 8 percent to $88 a barrel. Democrats campaigned against President Donald Trump's Iran war, blaming it for soaring prices that fueled the electoral backlash against Republicans. Iran has curtailed shipping through the Strait of Hormuz during the war, though vessel traffic has recently increased amid complex U.S. military operations. Trump and Vice President JD Vance blamed Republican losses on the war, though Trump said he would "do it again."