Oil prices fell sharply on Wednesday after Vice President JD Vance posted on X that the Iran war was the main reason Republicans suffered heavy losses in Tuesday's midterm elections.

Brent crude, the global benchmark, dropped 8.7 percent to settle at $94.62 a barrel. West Texas Intermediate crude fell 8.3 percent to close at $88.12 a barrel. The declines marked the lowest levels in roughly two months for both benchmarks and came after prices had already eased earlier in the week.

Vance wrote that pollsters found the top reason some Republican voters switched to Democrats was a desire to end the war. He added that any honest discussion about the party's path forward must begin with that reality. President Trump told reporters that he viewed the conflict's impact on gasoline prices as a significant factor in the results.

Democrats gained control of both the House and Senate in the elections, a result analysts said increased pressure on the administration to seek a diplomatic resolution. Traders interpreted the political shift as raising the likelihood of reduced military involvement and a quicker end to disruptions in the Strait of Hormuz.

The war, which began in late February, has curtailed crude exports from the Gulf region and contributed to elevated fuel costs. Market participants had already begun pricing in possible de-escalation before the election results and Vance's comments accelerated the selloff.

Analysts noted that Democratic congressional control could limit funding for continued operations and encourage negotiations. Some observers pointed to earlier signals from the administration about prioritizing lower energy prices for American consumers.

The price drop occurred despite mixed supply data, including a decline in U.S. crude inventories. Heating oil and diesel futures also declined notably.

Further movement in oil prices will depend on any concrete steps toward diplomacy or changes in military posture in the region.