{"id":67660,"date":"2026-11-04T18:37:12","date_gmt":"2026-11-04T18:37:12","guid":{"rendered":"https:\/\/www.europesays.com\/conflicts\/67660\/"},"modified":"2026-11-04T18:37:12","modified_gmt":"2026-11-04T18:37:12","slug":"oil-crashes-9-as-trump-and-vance-blame-iran-war-for-midterm-rout","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/conflicts\/67660\/","title":{"rendered":"Oil Crashes 9% as Trump and Vance Blame Iran War for Midterm Rout"},"content":{"rendered":"<p class=\"speakable\"><a href=\"http:\/\/oilprice.com\/oil-price-charts\/#Brent-Crude\" rel=\"nofollow noopener\" target=\"_blank\">Brent fell $8.94<\/a>, or 8.6%, to $94.66 per barrel at 1:06 p.m. ET on Wednesday, after touching its lowest level since September 4, with traders pricing an end to the Iran war after the White House tied Tuesday\u2019s midterm losses to the conflict. WTI dropped $8.01, or 8.3%, to $88.08. Brent traded near $118 on Friday.<\/p>\n<p>Trump told Fox News on Tuesday night that \u201cI think it\u2019s the gasoline price\u201d when explaining the Republican defeat. Vice President JD Vance <a href=\"https:\/\/x.com\/JDVance\/status\/2118004988433641835\" rel=\"nofollow\">wrote on X<\/a> that the war was the reason for the losses, and that \u201cany honest conversation about where we go from here must start there.\u201d Trump had already told the Financial Times that Washington had no immediate plans to strike Iran.<\/p>\n<p>BOK Financial\u2019s Dennis Kissler said <a href=\"https:\/\/www.reuters.com\/business\/energy\/oil-edges-down-investors-await-us-midterm-election-results-2026-11-04\/\" rel=\"nofollow noopener\" target=\"_blank\">rising Middle East exports<\/a> and Trump\u2019s comments were keeping pressure on crude. He added that Democratic control of Congress could tighten U.S. military spending in the region and bring a peace deal sooner. Enverus\u2019 Carl Larry warned that an escalation in Iran could come before a resolution. Supreme Leader Mojtaba Khamenei said in a written statement that U.S. hostility would persist whichever party holds power. The Houthis said they had targeted Riyadh\u2019s King Khalid International Airport, and Saudi authorities did not confirm an attack.<\/p>\n<p>The Energy Department said it would <a href=\"https:\/\/www.investing.com\/news\/commodities-news\/us-to-loan-about-a-third-of-heating-oil-reserve-in-bid-to-tame-prices-5000434\" rel=\"nofollow noopener\" target=\"_blank\">loan 300,000 barrels<\/a> from the Northeast Home Heating Oil Reserve to four companies, nearly a third of the stockpile. Senators from both parties had pressed for a release after diesel hit records above $6.50 a gallon. Heating oil futures fell about 7%.<\/p>\n<p>The selling overrode bullish supply data. U.S. crude inventories fell 900,000 barrels to 409.8 million in the week ended October 30, 4% below the five-year average. <a href=\"https:\/\/oilprice.com\/Energy\/Crude-Oil\/US-Oil-Inventories-Fall-Further-As-Demand-Holds.html\" rel=\"nofollow noopener\" target=\"_blank\">Distillate stocks dropped 3.6 million barrels<\/a> to 13% below the five-year average, according to the EIA. Gulf exports of crude, condensate and products averaged 17.1 million bpd in October, down from 18.9 million in September and roughly three-quarters of pre-war levels, according to Vortexa.\u00a0<\/p>\n<p>By Charles Kennedy for Oilprice.com<\/p>\n<p>More Top Reads From Oilprice.com<a href=\"https:\/\/oilprice.com\/Latest-Energy-News\/World-News\/The-Iran-War-Has-Upended-Global-LNG-Markets.html\" data-embargo=\"1774512000\" rel=\"nofollow noopener\" target=\"_blank\"><\/p>\n","protected":false},"excerpt":{"rendered":"Brent fell $8.94, or 8.6%, to $94.66 per barrel at 1:06 p.m. ET on Wednesday, after touching its&hellip;\n","protected":false},"author":2,"featured_media":24579,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[2048,35478,294,58,20,156,25,19,2049],"class_list":["post-67660","post","type-post","status-publish","format-standard","has-post-thumbnail","category-news","tag-brent","tag-energy-equities","tag-iran-war","tag-middle-east","tag-news","tag-strait-of-hormuz","tag-war","tag-war-news","tag-wti"],"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@conflicts\/117559626716389953","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/conflicts\/wp-json\/wp\/v2\/posts\/67660","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/conflicts\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/conflicts\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/conflicts\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/conflicts\/wp-json\/wp\/v2\/comments?post=67660"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/conflicts\/wp-json\/wp\/v2\/posts\/67660\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/conflicts\/wp-json\/wp\/v2\/media\/24579"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/conflicts\/wp-json\/wp\/v2\/media?parent=67660"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/conflicts\/wp-json\/wp\/v2\/categories?post=67660"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/conflicts\/wp-json\/wp\/v2\/tags?post=67660"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}