① During Wednesday's U.S. trading session, Brent crude fell more than 10% intraday, while WTI crude dropped over 9%; ② That day, Vance posted on social media: "We lost the election because of this war. The president himself said so last night as well."
Cailian Press, November 5 (Editor: Niu Zhanlin) — During U.S. trading hours on Wednesday, international oil prices suddenly plunged. Earlier, U.S. Vice President Harris attributed the Republican Party's midterm election losses to the U.S.-Iran war, prompting markets to further bet that the U.S. government may seek a diplomatic resolution to end the conflict.
Market data shows that international oil prices continued to fall during trading, with Brent crude down more than 10% on the day at $93.27 per barrel, and WTI crude down more than 9% at $87.05 per barrel.
Vance posted on social media that day, "We lost the election because of this war. The president himself said so last night as well."
The Democrats swept both the Senate and the House of Representatives in Tuesday's midterm elections, giving them greater political leverage to pressure Trump into ending this unpopular war. Previously, this war had sharply driven up U.S. gasoline and diesel prices.
Andy Lipow, president of Lipow Oil Associates, said: "The election results are leading the market to believe that Trump may now be more inclined to reach a deal."
Lipow pointed out that Democrats may try to limit funding appropriations for the war. Earlier this week, Trump announced that the United States would cut some financial aid to Israel, which could also force Israel to accept the U.S. side's decision.
Vance also said that many voters who supported Trump in 2024 appear to have abandoned the Republican Party in Tuesday's election, dissatisfied with the war against Iran. Those voters want to end the war with Iran, shift the focus to lowering the cost of living, pursue an "America First" policy, and recalibrate U.S. relations with Israel.
The day before, Trump said in an interview that there are currently no plans to launch an immediate strike against Iran.
At present, the standoff between Iran and U.S. forces over control of the Strait of Hormuz continues, with Iran remaining on high alert and ready to retaliate against any potential military action.
Rebecca Babin, a senior energy trader at the Canadian Imperial Bank of Commerce, said that after unexpected election results caused sharp swings in market sentiment, the crude oil market is currently operating under a "shoot first, ask questions later" trading pattern.
Babin pointed out that many observers had previously expected a landslide Democratic victory in the election, which might have prompted Trump to take tougher military action against Iran. But she said, "Vance's remarks, along with the lack of public support from key allies, have already shaken that assessment."
Since the beginning of this week, international oil prices have fallen by more than 17% cumulatively. Meanwhile, senior officials from the United States and Iran have successively signaled their willingness to resolve the conflict through diplomatic channels. The conflict has lasted for eight months and has disrupted global energy supplies.
Vance went on to write on social media: "If you believe this war is worth it, and that losing control of the Senate for the next six years in pursuit of it is also worth it, then just say so. You can argue that it's a price worth paying. Whether you're for it or against it, at least that would be honest."
Vance concluded by saying, "But everyone knows why we lost. Any candid discussion about what to do next must start from that point."