Brent Crude Drops Sharply as European Gas Prices Retreat
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MENAFNThe international oil benchmark shed $8.55, equivalent to 8.25%, to reach $95.05 per barrel by 1850 GMT. This marked its first drop below the $100 threshold in a month. Meanwhile, US benchmark West Texas Intermediate (WTI) declined $7.81, or 8.13%, to trade at $88.28.
European natural gas markets also moved lower after recording earlier gains. Dutch Title Transfer Facility (TTF) futures, which serve as the continent's benchmark, dropped €6.03, or 6.58%, to €85.58 ($96) per megawatt-hour, following an earlier rise above €93.
The downturn across energy markets coincided with Democratic victories in the US midterm elections, which gave the party control of Congress. The results also prompted differing reactions from President Donald Trump and Vice President JD Vance regarding the political consequences of the war.
Vance attributed the Republican Party's electoral losses to the conflict in a statement published on the US social media platform X. He argued that calls to bring the fighting to an earlier conclusion had been justified, citing opinion polls indicating that ending the war was a major concern among voters who supported Trump in 2024 but shifted away from Republicans in Tuesday's elections.
Trump, however, maintained Wednesday that the military campaign had been justified despite its electoral repercussions. In an interview conducted Tuesday evening, he acknowledged that the conflict had contributed to his party's poor performance, identifying rising oil prices as a particularly damaging factor.
“I did the right thing. I would have done it again,” he said.
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