Oil prices experienced a sharp decline exceeding 9% during Wednesday's trading session, amid market volatility and investors awaiting the upcoming U.S. actions related to the conflict with Iran, following the Republican Party's loss of control over the House of Representatives
in the midterm elections. Brent crude futures fell by 9.1% to $94.17 per barrel, while U.S. West Texas Intermediate crude dropped 8.69% to $87.74, marking their lowest levels since early September. Analysts attribute this decline to increased oil exports from
the Middle East, along with U.S. President's statements indicating no immediate plans to strike Iran, as well as expectations that Democratic control of the House will limit military spending and enhance prospects for reaching an agreement to end the conflict.
