Oil prices plunge below $95 after US midterm election

Oil prices plunged below $95 per barrel on Wednesday, reaching their lowest level since September, following the Democratic victory in the US midterm elections. North Sea crude fell sharply from around $104 earlier in the day. The price drop accelerated after Vice President JD Vance blamed the Iran war for the Republican defeat, citing voters' desire to end the conflict. Prices have fallen about 16 percent since Friday, with recent diplomatic progress reports between the US and Iran also contributing. Before the war began in February, North Sea oil traded between $60 and $70 per barrel, meaning prices remain significantly elevated despite Wednesday's decline. The conflict has disrupted shipping through the Strait of Hormuz.