NEW YORK – Global oil prices witnessed another decline as political developments in the United States following the midterm elections raised expectations of potential changes in Washington’s approach to the ongoing war with Iran.
West Texas Intermediate (WTI) crude futures fell $1.16, or 1.32%, to $86.96 per barrel, while Brent crude futures dropped 71 cents, or 0.75%, to $93.91 per barrel.
Meanwhile, Murban crude futures declined $1.27, or 1.24%, to $100.90 per barrel.
The decline came after President Donald Trump’s Republican Party suffered significant losses in the US midterm elections, with Democrats securing a decisive victory in both chambers of Congress.
Trump and Vice President JD Vance blamed the Iran war for the Republican Party’s electoral setback, as rising living costs linked to the conflict reportedly contributed to voter dissatisfaction.
Democrats on Wednesday pledged to use their strong election performance to challenge Trump’s policies, raising the prospect of political deadlock in Washington over the next two years.
The party secured control of the Senate, gaining seats in traditionally Republican states to establish a majority of at least 54-44. Democrats also won at least 30 additional seats in the House of Representatives.
The election outcome has intensified uncertainty surrounding the administration’s future policy direction, particularly its approach to the Iran conflict.
