Oil Prices Fall as Markets Weigh Midterm Results and Iran War

Oil prices fell sharply on Wednesday as investors assessed the implications of the U.S. midterm elections for the Iran conflict and energy supplies. Brent crude traded around $94 to $95 a barrel, while U.S. West Texas Intermediate was around $88 to $89 in reported intraday observations. The figures were not closing prices: reports recorded different levels at different times during the day. The decline followed a recent rise in crude prices. Brent had traded near $118 a barrel on Friday, according to reports, before falling below $100 on Wednesday. Market accounts linked the retreat to expectations that election results could increase pressure on the Trump administration to seek an end to the conflict, though the precise factors behind the move were not established. Vice President JD Vance said the Iran war contributed to Republican losses in the midterms, writing on social media that future discussion should begin with the conflict. President Donald Trump separately pointed to gasoline prices as a factor affecting voters, while continuing to defend his decision to pursue military action. A senior Iranian official said Washington and Tehran remained far from an agreement, and...