Crude oil prices fall below $90 a barrel as Vance blames GOP election defeat on Iran war — SkimNews
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- Crude oil prices fell more than 14% this week, with U.S. West Texas Intermediate closing at $88.12 a barrel and Brent crude settling at $94.62, as diplomatic overtures emerged from both U.S. and Iranian officials.
- JD Vance claimed the Iran war caused Republican midterm election defeats, stating in a social media post, 'The reason we lost is the war,' citing the president’s own acknowledgment.
- Democrats won control of both the House and Senate, gaining leverage to pressure President Trump to end the conflict and potentially restrict war funding.
- Andy Lipow of Lipow Oil Associates said the election outcome suggests Trump may now seek a deal, especially as gasoline prices have fueled public backlash.
- Bob McNally of Rapidan Energy warned that despite election results, military escalation remains likely, noting Iran’s rigid stance and Trump’s commitment to blocking its nuclear ambitions.
Why it matters: Oil markets reacted sharply to political signals, not battlefield developments—Vance’s public blame of the war for GOP losses made de-escalation seem plausible, cutting futures by over 14%. But with Iran unchanged and Trump tied to his nuclear legacy, any pullback remains fragile.
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