● Oil Crashes 7% After Vance Blames Iran War

West Texas Intermediate crude fell 7% to $89.40 a barrel on Wednesday, while Brent dropped nearly 8% to $95.41, erasing the rally traders had built in October, when oil gained more than 10% on fears of a wider war with Iran. Vice President JD Vance told reporters "the reason we lost is the war," tying the Republican defeat in Tuesday's midterms — which handed Democrats both the House and the Senate — directly to the eight-month conflict. Crude is now down more than 14% for the week as markets bet a divided Congress makes further escalation, and higher pump prices, less likely. $XLE