Crude oil prices fell significantly after Vice President JD Vance attributed the Republican losses in the midterm elections to the ongoing war with Iran. West Texas Intermediate crude dropped 7% to $89.40, while Brent crude fell nearly 8% to $95.41 per barrel. The election results, which gave Democrats control of both the House and Senate, are seen as increasing pressure on President Trump to end the conflict, which has driven up fuel prices. Traders are now betting on a potential diplomatic resolution, as U.S. and Iranian officials signal openness to negotiations, easing fears of further escalation.
Crude oil prices fell below $90 a barrel amid geopolitical tensions. For readers following the energy sector, here is Pluang's market snapshot as of Nov 04, 2026 22:41 WIB: out of 79 priced Energy-sector US stocks, 6 rose and 73 fell. Notable movers include FSLR at USD 204.18 (+9.83%), LBRT at USD 13.47 (-9.05%), and SM at USD 33.45 (-8.78%).
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