Sharp decline in oil prices after Vance's "war" comment

The barrel price of Brent oil fell by approximately 9 percent in international futures markets, falling to $94.28 after the midterm elections in the US.

The barrel price of Brent oil for January delivery was traded at $94.28 as of 19.53, with a decrease of approximately 9 percent compared to the previous day's closing.

At the same time, the December delivery barrel price of West Texas Intermediate (WTI) crude oil dropped by 7.95 percent to $88.45.

The decline in oil prices was influenced by the uncertainties regarding the Washington administration's Middle East policy following the midterm Congressional elections held in the USA.

In the USA, voters went to the polls for all 435 seats in the House of Representatives and 35 of 100 seats in the Senate. The elections also included votes for state governorships and various local government positions.

Unofficial results indicate that Democrats have a majority in both houses of Congress.

Vance attributes election defeat to Iran war

US Vice President JD Vance argued that the reason for the Republicans' defeat in the midterm elections was the ongoing war with Iran.

Vance stated that voters' reaction to the war turned some voters who previously supported US President Donald Trump towards Democrats.

Making a statement on his social media account, Vance said, "The reason we lost is the war."

It is considered that if the Democrats gain the majority in both houses of Congress, it may make it difficult for Trump to implement his policies in the remaining part of his term.

In oil markets, the steps the Washington administration will take towards Iran following the election results are closely followed.

The continuation of diplomatic contacts between the USA and Iran also increased the downward pressure on oil prices.