Oil prices fall on election eve as US-Iran contacts raise hopes of ending war
Photo: The Guardian USOil prices fell sharply on Monday, the day before the US midterm elections, after reports of continuing US-Iran contacts raised hopes of ending their eight-month war. Brent crude dropped as much as 6.5% to $105.55 a barrel and traded near $104 in the afternoon. West Texas Intermediate fell 7.8% to $95.96 by 1:03 p.m. ET. Iranian Foreign Minister Abbas Araghchi said consultations through mediators were intensive and that Iran had presented its conditions. Over the weekend, Qatari officials tried to arrange the release of more than $6 billion in Iranian assets so Tehran might reopen the Strait of Hormuz. President Trump wrote on Truth Social that prices were falling because people believe there will be no war and that Iran wants a settlement. Vice President JD Vance said he and Trump feel good about the prospects of a deal. Trump told Axios he was in no rush to decide on bombing. Analyst Tom Kloza said wholesale gasoline fell 18 to 24 cents a gallon but called the move suspect.
The Washington Examiner leads with Trump's claim of a record drop and his election-eve message. It frames the war as a political burden for Republicans and includes Trump's remarks that the US won and controls Hormuz. The Daily Caller leads with relief at the pump, citing WTI below $100, Secretary of State Marco Rubio's statement that Trump prefers diplomacy, and Kloza's warning. The Guardian leads with the Brent fall, airline shares and borrowing costs, featuring Araghchi, the Qatari asset talks and Trump's Iowa threat of heavy force. It says little about gasoline prices. Both sides report the same price moves and Trump's optimism. Antiwar.com differs by stressing that no breakthrough is visible, that the US and allies are preparing renewed bombing, and that Trump posted similar messages before the June 2025 strikes.
How the sides differ Right sources stress Trump's claims and pump relief; left sources lead with markets and Iran's statements; alternative sources doubt a breakthrough, citing preparations for renewed bombing.
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The Guardian leads with the Brent drop to a two-week low and its effect on airline shares and borrowing costs. It features Iran's foreign minister, the Qatari asset talks and Trump's Iowa threat.
Antiwar.com says there is still no breakthrough and that the US and allies are preparing renewed bombing, noting Trump posted similar messages before earlier strikes. The Hill briefly reports Trump touting the price drop.
The Washington Examiner and Daily Caller feature Trump's 'record' claim, Rubio's preference for diplomacy and gasoline relief. The Examiner adds the war's political cost to Republicans, and the Daily Caller adds an analyst's caution.