The price of Brent has suffered in the last hours a sharp correction close to 8% and was trading around $94.50, after the vice president of the United States, JD Vance, attributed the defeat of the Republican Party in the US 'midterms' to the war in Iran. In these elections, Donald Trump's formation has lost control of both chambers of the United States Congress.
At the same time, the barrel of West Texas Intermediate (WTI) crude, a benchmark in the US market, was also falling by around 8% and reached a level of $88, in the session following the midterm elections.
Up until then, the oil market had barely reacted to the electoral outcome in the United States and, during much of the day, Brent had moved within a range of between $103 and $104, very similar to that of previous days.
The situation has taken a turn starting at 16:30, when the price of crude has fallen rapidly to $94 in about an hour. Coinciding with this plunge, the US vice president has shared on social media an extensive reflection on the Republican setback at the polls, in which he acknowledged that the war in Iran had influenced the outcome.
"The reason we lost is the war. The president himself said so last night. If you want to argue that it was worth it, that losing the Senate for the next 6 years was worth it, then do it. Argue that it was a valuable cost to pay. Agree or disagree, at least that is honest. But everyone knows why we lost. And any honest conversation about where we're going from here should start there," reads the vice president's 'post'.