International oil prices plunged more than 8% after the U.S. midterm elections stoked hopes that the war with Iran could end. Investors saw the Democrats' capture of both the House and Senate as a sign they could rein in the Trump administration's military operations, including through control of war funding.

On Nov. 4, West Texas Intermediate crude for December delivery settled at $88.12 a barrel on the New York Mercantile Exchange, down $7.97, or 8.29%, from the previous session. January Brent crude fell $8.98, or 8.67%, to $94.62 a barrel at the close. Both benchmarks ended at their lowest levels in about two months.

The oil market focused on the possibility that Democratic control of Congress could lead to a shift in U.S. policy toward Iran. The election result reflected voter dissatisfaction with the prolonged war and rising prices, adding to the political burden on the Trump administration if it seeks to continue the conflict.

Expectations that an end to the war would ease disruptions to crude shipments through the Strait of Hormuz also weighed on prices. The waterway, a key route for global oil transport, has stoked supply concerns since the war began to restrict shipping traffic.

Calls to end the war also emerged in Washington. Senate Democratic Leader Chuck Schumer told a press conference, "This war must end." Vice President J.D. Vance also cited voter backlash over the Iran war as a reason for the Republican election defeat.

President Donald Trump told the Financial Times in an interview before polls closed on November 3 that he had no immediate plans to launch additional attacks on Iran.