Brent falls 8% after US Democrats’ victory
By the AFREEQUE newsroom, based on Mwananchi
The price of Brent crude fell by more than 8%, to 95 dollars a barrel, after the Democratic Party’s victory in the US midterm elections. Investors anticipate easing tensions in the Middle East, particularly after Vice-President JD Vance called for the war to stop, according to the Swahili-language BBC.
The price of Brent crude fell by more than 8% on Wednesday afternoon, to about 95 dollars a barrel, its lowest level in two months. The decline came after the Democratic Party’s victory in the US midterm elections, amid rising financial markets, according to the Swahili-language BBC as cited by Mwananchi.
Investors reassessed the risk of an escalation in the conflict between the United States and Iran after US Vice-President JD Vance called for an end to the war. They also took note of his promises to fight inflation, reduce the cost of living and review relations between Washington and Israel.
The main Wall Street indices rose at the close: the Dow Jones gained 3%, the S&P 500 1.6% and the Nasdaq 1.4%. This rise had already been reported after the Democratic victory in Congress, before the latest developments in the oil market.
