Oil Plunges as Election Shifts Iran Outlook
Rigzone · M. Gindis, C. Gorrivan, G. Smith ·
Oil prices tumbled as political pressure mounted to end the war and restore energy flows.
Brent oil futures plunged 10% to trade below $100 a barrel as investors wagered that a Democratic sweep in the US midterm elections could usher a quicker end to the months-long Iran conflict that upended global energy markets.
The global benchmark slumped at one point to $93.22 a barrel, before settling at the lowest since Aug. 31, as traders digested the results of an election that was largely seen as a referendum on affordability and a war that's deeply unpopular at home. West Texas Intermediate, meanwhile, plummeted 8.3% to close near $88 a barrel, the biggest drop since May.
Wednesday's declines also triggered selling from trend-following commodity trading advisors.