OAN Staff Addie Davis
4:26 PM – Wednesday, November 4, 2026
Oil prices plummeted following the pivotal midterm elections that saw sweeping blue wins across many states, including in key battleground races.
On Wednesday, crude oil costs dropped by roughly $8 per barrel from the day prior, currently sitting at $88 per barrel, according to Trading Economics. They are down a total of about $16 dollars from October 30th, where they reached $104 per barrel.
The significant drop off followed Tuesday's elections, after which Democrats are set to take control of the both the House and the Senate come January.
The results revealed at least seven seats that flipped Democrat in Texas, Kansas, Iowa, Ohio, North Carolina, South Carolina and Maine. Alaska and Mississippi remain tightly contested as the votes continue to be reported as of Wednesday afternoon.
Wednesday's dip in costs also coincided with Vice President JD Vance's statements analyzing the Republican losses in the midterms, where he laid blame on the conflict in Iran.
"The reason we lost is the war. The president himself said so last night," Vance declared.
"But everyone knows why we lost. And any honest conversation about where we go from here must start there," he added.
With Democrats gaining control of both chambers of Congress, the administration of President Donald Trump is set to receive significant pushback when it comes to Iran.
"This crude price drop is entirely about the U.S. election and the belief that Trump will de-escalate rather than escalate on Iran," Ben Cahill, a nonresident senior fellow with the Atlantic Council, told Axios.
"JD Vance's statement amplified that sentiment," Cahill continued.
Since the advent of the U.S. military campaign against Iran on February 28th, several War Powers Resolutions have been introduced in Congress to stem the operation.
The dip in oil prices comes amid President Trump's announcement that stock market numbers had risen "through the roof" on Wednesday.
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