Oil prices plummet as Democratic sweep signals US policy shift on Iran
Photo: Crypto Briefing
Oil prices experienced a significant drop on Wednesday, marking their steepest weekly decline since 2020. The decline follows the Democratic party’s recent electoral success, gaining control of both houses of Congress. This political shift has raised expectations of a change in U.S. policy toward Iran, potentially leading to de-escalation in the region. The anticipation of reduced geopolitical tensions has contributed to a decrease in the geopolitical supply premium on crude prices. Brent crude and U.S. West Texas Intermediate (WTI) futures saw declines of approximately 3% intraday, reaching multiweek lows.
Source: Crypto Briefing
