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Crude oil prices fall below $90 a barrel as Vance blames GOP election defeat on Iran war
Image: CNBC
Crude oil prices tumbled Wednesday after Vice President JD Vance blamed the war against Iran for Republican midterm election reversals.
U.S. West Texas Intermediate lost 8.3% to close at $88.12 a barrel. Brent crude futures, the international benchmark, shed 8.7% to settle at $94.62.
"The reason we lost is the war," Vance said in a social media post Wednesday. "The president himself said so last night."
Democrats swept the House and Senate in Tuesday's elections, giving the party leverage to pressure President Donald Trump to end the unpopular war that has spiked gasoline and diesel prices.
"The elections are leading the market to conclude that Trump might now be inclined to make a deal," said Andy Lipow, president of Lipow Oil Associates.
This page shows only an excerpt. The full story is published by CNBC.
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