By Sohaib Shams
European Brent crude fell below $100 per barrel on Wednesday for the first time since Oct. 7, marking a nearly $9 drop, or more than 8%. U.S. West Texas Intermediate also slid about 8% to around $89.
Election Pressure on Iran War
The decline came as traders and energy analysts watched for signs that Tuesday's midterm election results would push President Donald Trump to end the Iran war without further escalation. The conflict, which began Feb. 28, has disrupted shipping in the Strait of Hormuz and driven gasoline and diesel prices higher, worsening inflation.
Consumer Relief Outlook
Analysts said the drop could bring the national average gasoline price below $4 a gallon in the coming days. Patrick De Haan, an analyst at GasBuddy, noted relief for consumers may follow. Tom Kloza, chief energy adviser to Gulf Oil, said if the U.S. and Iran avoid “scorched earth” policies in the Persian Gulf, prices could fall considerably by mid-December.
Political Reactions
Vice President JD Vance linked the war to Republican losses in the midterms, stating on social media that any honest conversation about the path forward must start there. Trump acknowledged the toll on consumers, telling Fox News that voters agreed with his Iran policy but were unwilling to accept higher gasoline prices.
Diesel Futures Fall
Diesel futures also tumbled nearly 7% to their lowest level since late August, signaling further relief at the pump. Since diesel powers transportation of goods, lower prices could ease pressure on store shelves.
Year-to-Date Context
Despite the recent slide, oil prices remain about 65% higher than at the start of the year. An NBC News exit poll found 59% of midterm voters were “very concerned” about gas and diesel costs.
