US midterms live: Trump defends Iran war after Vance blames it for loss

Oil prices plummeted on Wednesday as traders reacted to a post from Vice President JD Vance suggesting the upcoming midterm elections could put pressure on the White House to end the Iran conflict. The dip in crude prices, around $8 per barrel, was amplified by Vance's statement that the war was the reason Republicans lost in the recent elections.

Senate Majority Leader Chuck Schumer, expected to lead the Senate next term, announced Democrats' intention to work towards ending the war. Analysts believe the U.S. election results will play a significant role in influencing President Trump's approach to Iran, with many suggesting he may disengage rather than escalate the conflict.

The market's reaction to Vance's post was seen as a key catalyst, with Seb Barker, a strategist from Marshall Wace, stating that Congress and administration officials are likely to act as a restraint on the President's military actions in Iran.