Crude oil stabilizes after plunging over 8%; market hopes for a quicker end to the US-Iran war

Crude oil prices steady; previous session plunged over 8% as investors bet Democrats sweeping the US midterm elections could accelerate efforts to end the Iran war that has lasted for months. WTI crude traded near $88 a barrel on Wednesday after posting its biggest drop since May. Brent settled near $95. US Vice President JD Vance said voters' dissatisfaction with the Iran war and US-Israel relations led to Republican losses in the elections. Senate Minority Leader and Democrat Chuck Schumer pledged to end the conflict, now in its ninth month. Global benchmark Brent crude rose to a six-month high at one point in October as US President Donald Trump threatened to strike Iran again after the midterm elections. As voting was still underway on Wednesday, Trump said he had no immediate plans to strike Iran, then acknowledged that the claim Republicans lost due to the war was "basically true." December-delivery WTI crude futures were roughly flat at $88.18 a barrel; Wednesday saw an 8.3% plunge. Brent crude futures settling in January closed down 8.7% at $94.62 a barrel on Wednesday.