U.S. Crude Falls Below $90 as Brent Drops Under $100 After Midterm Results
Oil futures crossed new intraday thresholds Wednesday as traders weighed whether the election results would increase pressure for an end to the Iran war.
U.S. crude oil fell below $90 a barrel Wednesday and Brent crude dropped under $100 as traders weighed the midterm election results and prospects for an end to the Iran war.
In late-morning trading, U.S. West Texas Intermediate crude was about $89.40 a barrel, down 7%, while Brent, the international benchmark, was about $95.41, down nearly 8%. Another midday reading put U.S. crude around $89 and Brent below $100. These are intraday prices, not settlement prices, and can change during the session.
As previously reported, oil had already fallen sharply earlier in the week amid hopes for diplomacy with Iran, when U.S. crude was still trading just above $97 a barrel. Wednesday's move took it below a new threshold after Democrats won control of the House and Senate.
Investors were watching whether the election result would put more pressure on President Donald Trump to seek a diplomatic settlement. Vice President JD Vance said Wednesday that the war was the reason for the Republican losses. Trump had said Tuesday that he had no immediate plans to strike Iran.
The market move reflects expectations, not an announced peace agreement. The conflict has disrupted energy supplies and shipping through the Strait of Hormuz, and uncertainty over the next steps remains.
Lower oil prices can ease pressure on fuel costs, but a drop in crude does not mean gasoline or diesel prices at the pump fall immediately or by the same amount. Wednesday's trading does not establish a new retail gasoline price.