EconomyOil prices slump as Trump’s election rout eases Middle East conflict risks

Oil is on track for its steepest weekly decline since the Covid-19 pandemic after Democrats’ strong US midterm performance eased fears that President Donald Trump could escalate the Middle East conflict. Brent fell about 20% this week to around US$95 a barrel on Thursday, while US West Texas Intermediate dropped 16% to about US$88. Prices plunged after Vice-President J.D. Vance called for the war to end.

oil pricescrude oilUS midterm electionsMiddle East conflict

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SSouth China Morning Post★★★☆☆2026-11-05 09:12Original