Oil prices fell abruptly overnight after the US midterms raised traders' hopes the results could pressure Donald Trump into de-escalating the Iran conflict.
Following the damaging defeat for the Republicans, in which the ceded control of Congress to the Democrats, Vice President JD Vance blamed the results on voters' frustrations with the Iran war.
Vance posted on social media: "The reason we lost is the war. The president himself said so.”
His comments triggered hopes that Trump may seek to bring the war to an end, which in turn caused oil prices to tumble.
Global benchmark Brent fell by as much as 10% on Wednesday evening, to $93 a barrel - the first time it has dipped below $100 in almost a month.
WTI also dropped 8% to $88.
The Telegraph reports Claudio Galimberti, Chief Economist at Rystad Energy, will likely now face “greater institutional pressure” to reach a peace deal with Iran.
FSTE100
The UK's flagship share index, the FTSE 100, was up 252 points at 10,939 shortly after opening this morning.
Brent crude oil futures were up 0.44%, sitting at $95.04 a barrel this morning.
Companies reporting
- ASOS - Full Year Results
- Autotrader Group - Half Year Results
- BT Group - Half Year Results
- Croda International - Q3 Results
- Derwent London - Q3 Results
- Diageo - Q1 Trading Statement
- Harbour Energy - Trading Statement
- Helios Towers - Q3 Results
- HgCapital Trust - Q3 Results
- Hikma Pharmaceuticals - Monthly Trading Statement
- Howden Joinery Group - Q3 Trading Statement
- M&G - Q3 Trading Statement
- Metlen Energy & Metals - Q3 Trading Statement
- National Grid - Half Year Results
- Next - Q3 Trading Statement
- OSB Group - Q3 Trading Statement
- RS Group - Half Year Results
- Tate & Lyle - Half Year Results
- Vistry Group - Q3 Trading Statement