Oil
Oil Crashes 9% as Trump and Vance Blame Iran War for Midterm Rout
CEII brief
OilPrice.com reported on 4 Nov 2026: Oil Crashes 9% as Trump and Vance Blame Iran War for Midterm Rout.
Read the full story on OilPrice.comBrent fell $8.94, or 8.6%, to $94.66 per barrel at 1:06 p.m. ET on Wednesday, after touching its lowest level since September 4, with traders pricing an end to the Iran war after the White House tied Tuesday’s midterm losses to the conflict.
Context from CEII
Crude benchmarks move budgets, currencies and inflation in producer and importer countries alike. For economies such as Nigeria, where fuels dominate exports, production and refining decisions move the whole economy.
68.0% of Iran’s merchandise exports were fuels in 2023Countries in this story
Original reporting © OilPrice.com. Headline and excerpt quoted with attribution; the full article is available on the publisher’s site. CEII’s context is the Centre’s own and does not represent the publisher.
