Brent falls below $100 after US elections for first time since October

Brent crude fell below $100 a barrel for the first time since October 7, recording its biggest daily drop since April, amid hopes that the midterm election results will push President Donald Trump to end the war with Iran.

Oil prices plunged on Wednesday, with European Brent crude falling below $100 a barrel for the first time since October 7. It dropped by nearly $8, or 8.3 percent, according to NBC News. US West Texas Intermediate crude also fell 8.3 percent to close at around $88.12, marking oil’s biggest daily decline since April.

Crude had reached $118 a barrel last Friday, while diesel futures fell to their lowest level since August. The decline came as markets awaited signs that a Democratic victory in both chambers of Congress would pressure Trump to end the war with Iran without major escalation.

Gasoline prices at a fuel station in the US state of Oregon in September 2026

The war, which Trump and Israeli Prime Minister Benjamin Netanyahu began on February 28, disrupted shipping through the Strait of Hormuz and drove up gasoline and diesel prices in the United States. The average price of a gallon of gasoline stood at $4.12 on Wednesday morning, up 39 percent from before the war.

Patrick De Haan, an analyst at GasBuddy, said the decline in oil prices could push the national average gasoline price below $4 “in the coming days.” Vice President J.D. Vance had said the war was responsible for the Republican Party’s major losses in the election.