Trump weighs Iran strikes or deal after midterm loss as Vance urges agreement, Qatar mediates; Brent oil falls to $93

US President Donald Trump is reportedly asking aides whether Defence Secretary Pete Hegseth should stay, and Republicans are pointing at him over the Iran war after Tuesday's midterm rout.

Publicly, Trump says Hegseth is "doing a very good job".

CBS News reported Trump has been asking advisers, in person and by phone, whether Hegseth should stay after Republicans' losses, citing multiple sources. Other sources said he has not decided to replace him.

Possible successors: One source told CBS that Florida Gov. Ron DeSantis has been floated as a replacement.

The White House said Trump has "full confidence" in Hegseth.

CNN reported that GOP lawmakers and allies are increasingly blaming Hegseth for the war, with a possible impeachment vote looming as early as next week.

Vice President JD Vance wrote that the reason Republicans lost was the war. Trump told The Wall Street Journal the war was a piece of the defeat, but defended his handling of it.

CBS reported some White House aides expect part of the blame to fall on Adm. Dan Caine, and that Democrats were already trying to impeach Hegseth before the election.

The Atlantic reported earlier this week that Trump had been seeking someone to blame for the course of the war, with frustration directed at Caine and Hegseth.

What's next: Watch out whether Trump moves against Hegseth, how Democrats use their new majorities to investigate or impeach him, and whether any shake-up changes Iran policy as Trump chooses between strikes and a deal.

Oil prices extended their sharp retreat Thursday, with Brent sliding to its lowest level in about two months as traders bet on diplomacy over a return to war.

As of 9:59 am Beijing time on Nov. 5, Brent crude futures stood at $93.63 a barrel, down 99 cents, or 1.05%. WTI futures fell 99 cents, or 1.12%, to $87.13. Murban physical crude slipped $1.27, or 1.24%, to $100.90.

Thursday's dip follows a steep fall earlier in the week. Brent dropped nearly 8% on Wednesday and traded below $100 for the first time since early October. It peaked near $118 on Friday and settled at $103.60 on Tuesday. That puts today's price roughly a fifth below Friday's peak, by my calculation.

The drop followed Democrats' sweep of Congress in the US midterms. Vice President JD Vance blamed the Iran war for the Republican losses. Markets bet Trump may shift toward diplomacy, with Qatar stepping up mediation, and his statement that the US has no immediate plans to strike Iran eased escalation fears.

US President Donald Trump on Wednesday acknowledged that the Iran war was the key factor in his party's sweeping midterm election losses, after Vice President JD Vance urged Republicans to be "honest" about the unpopular conflict's impact.

Asked if he agreed with Vance's remark that the Iran was "the reason we lost," Trump, speaking to reporters at his White House ballroom construction site, said: "I think it's largely true because it drove the gasoline up a little bit short term."

"But at the same time, if I had it to do again, I'd have to do it again. Because long term, it's the only answer. You can't let Iran have a nuclear weapon," he added.