Oil Prices Plunge as U.S. Elections Shake Up the Iran War
FGE NexantECA Sees Slim Chance of U.S.-Iran Deal December WTI crude oil is headed for one of its roughest weekly losses in months after the market shed $11.37, or 11.10%, from its opening price of $102.39.
Prices posted a weekly high at $102.75 before breaking sharply to $86.65.
Early Friday, the contract was trading near $91.58, still down heavily for the week.
The decline was not driven by a sudden collapse in demand or a surprise rise in inventories.
Traders began stripping out a portion of the war premium that lifted prices toward the October highs as U.S.
midterm results raised hopes for a quicker end to the conflict with Iran.
The sharpest part of the sell-off came after Democrats regained control of Congress.
The result increased expectations for political gridlock in Washington and raised the possibility that a Democratic Congress will press the White House to wind down the war.
High gasoline prices had become a major political issue.
Vice President JD Vance blamed the conflict for Republican losses, while President Trump indicated there were no immediate plans for new strikes against Iran.
The market interpreted those developments as reducing the odds of another major escalation.
That was enough to encourage aggressive profit-taking.
| Product | Price | Change |
|---|---|---|
| Brent Crude | $102.14/bbl | +0.34% |
| WTI Crude | $96.90/bbl | +0.21% |
| EN590 Diesel | $846/MT | +0.18% |
| Jet Fuel A-1 | $1090/MT | +0.55% |
| Mazut M100 | $450/MT | -0.15% |
| Bitumen 60/70 | $470/MT | +0.08% |
| Sulphur Gran 99.5% | $470/MT | -0.44% |
| Urea 46% Gran | $650/MT | +1.12% |
| NPK 16-16-16 | $460/MT | -0.28% |
| Nat Gas TTF | $15.42/MMBtu | +0.92% |
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