New York, Nov 5:
International crude oil benchmarks plunged more than 9% on Wednesday, logging their fourth consecutive session of declines as the outcome of the US midterm elections curbed market anxiety over prolonged military confrontations in West Asia.
Brent crude futures slid over 9% to $93.91 per barrel, while US West Texas Intermediate (WTI) crude settled down at $87.59 per barrel.
Energy markets reacted after Democrats swept both chambers of the US Congress, a shift analysts believe will constrain military funding and mount legislative pressure on the White House to pursue diplomatic settlements in the Gulf.
The price drop followed statements by US Vice President JD Vance pointing to the unpopular war against Iran as the primary driver behind Republican electoral reverses.
Energy traders, who had factored in geopolitical risk premiums through October, moved quickly to unwind speculative long positions, bringing crude prices down by more than 14% across the week.