Photo: W. Bulach / CC BY-SA 4.0
U.S. crude oil prices tumbled below $90 a barrel Wednesday after Vice President JD Vance blamed the war against Iran for Republican losses in Tuesday’s midterm elections, CNBC reported.
West Texas Intermediate was nearly 9% lower at $87.59 a barrel as of 12:36 p.m. Eastern, while Brent crude, the international benchmark, fell more than 9% to $93.91.
“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 on Tuesday, giving the party leverage to press President Donald Trump to end the unpopular war, which has driven up gasoline and diesel prices. Analysts told CNBC the results lead the oil market to believe Trump now has a bigger incentive to cut a deal with Iran.
For drivers, a sustained drop in crude would start showing up at the pump within weeks, offering relief after months of war-driven fuel costs.
JBizNews Desk | New York
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