Oil Crashes 9% as Trump and Vance Blame Iran War for Midterm Rout

OilPrice.com · Nov 4, 2026, 18:30 UTC

Brent fell $8.94, or 8.6%, to $94.66 per barrel at 106 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’s midterm losses to the conflict.

WTI dropped $8.01, or 8.3%, to $88.08. Brent traded near $118 on Friday.

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