Oil prices tumbled sharply to their lowest in two months after Democrats' midterm landslide victory put pressure on Donald Trump to end his war in Iran. Brent crude fell 9.3% to $93.95 a barrel, while West Texas Intermediate dropped 8.9% to about $87.70. Vice-president JD Vance blamed the conflict for Republicans' wipeout, with voters demanding an end to the war.
Traders said optimism over a potential Washington-Tehran peace deal was driving the slump, curtailing Gulf crude exports. Trump's eldest son Donald Trump Jr also supported Vance's message. The price decline has pushed government bond markets rallying, with ten-year gilt yields dropping 0.13 percentage points to 5.16%, the biggest daily drop since May.
Source: Financial Times Markets · Summarized by HeadlinesBriefing