Brent crude fell below $100 a barrel on Wednesday after Democrats’ decisive win in both chambers of the US Congress — a result some analysts see as limiting Donald Trump’s room for manoeuvre in the Iran war, news.ro reported, citing AFP.

On Wednesday evening, around 18:05 Bucharest time, North Sea Brent for January delivery was down 4.67% at $98.76 — below $100 for the first time since early October. US West Texas Intermediate (WTI) for December delivery fell 4.54% to $91.73.

Markets read the congressional power shift as a signal that the new legislature could use spending control to challenge further military funding and push harder for a diplomatic path with Iran, according to analysts carried in the AFP wire.

Senate Democratic Leader Chuck Schumer has already said the Iran war must end. Traders hope credible talks and safer shipping through the Strait of Hormuz could keep prices on a downward path.

Brent has given back ground from recent highs amid optimism about diplomacy after weeks of escalation fears. Trump sought to cool speculation about renewed bombing, suggesting the administration was getting what it wanted in talks with the Iranian side.

The US president also tied Republicans’ poor midterm showing to higher oil prices rather than the war itself — a nuance that fed market expectations the White House might seek a political exit from the conflict.

Even after the drop, prices remain elevated versus the start of the year, and Gulf geopolitical risks can reverse the move quickly if diplomacy fails or shipping attacks resume.

Source: Brent falls below $100 after Democrats’ midterm win (news.ro / AFP)