The Economic Times

US oil prices crash below $90 as JD Vance blames Iran War for GOP election loss: WTI falls to $88.92, Brent drops to $94.82, but will gas prices follow?

Why did oil price crash below $90 today? US oil prices fell sharply after midterm election results indicated Democratic control of Congress. Vice President JD Vance connected the Iran war to the Republicans' defeat, impacting market sentiments. Traders expressed reduced concerns over future military action against Iran, causing a decline in oil prices. While falling US crude inventories typically support prices, the political landscape took precedence for traders.