JD Vance Blamed the Iran War for the GOP’s Midterm Rout. Oil Prices are Plunging.

Oil prices are plunging on Wednesday after the GOP's rout in the midterms and the acknowledgment by top Republicans that the Iran war played a key role in it.

Brent crude, the international benchmark, fell more than 8.5% and stood below $95 a barrel at 12:09 p.m. ET, while West Texas Intermediate, the U.S. benchmark, plummeted 7.79% and stood at $88.60 per barrel at the same time.

Vice President JD Vance blamed the war for the results in a lengthy social media publication, claiming that an "honest conversation" needs to be had about it moving forward.

In the social media publication, Vance analyzed the election, saying that many Republicans who turned out to vote instead chose Democrats to punish their party for ignoring their concerns.

"Undoubtedly there were places we could have done better on turnout. But the main problem is not turnout. The main problem is that many people who voted for Trump/Vance in 2024 voted for Democrats in 2026," Vance said in a passage of the post.

He went on to concede the argument from a pollster who told him the administration's economic message "wasn't sharp enough down the stretch," but the "real reason we lost is obvious to almost everyone."

"The reason we lost is the war. The president himself said so last night. If you'd like to argue it was worth it, that losing the Senate for the next 6 years was worth it, then do so. Argue it was a worthwhile cost to pay. Agree or disagree, that's at least honest. But everyone knows why we lost. And any honest conversation about where we go from here must start there," Vance added.

He concluded by saying that he is "hopeful" about the future of the U.S., calling on people who "want to say 'I told you so'" to do it but help elect "Republicans who share your worldview.

Trump also acknowledged that the Iran war, which contributed to soaring gas prices in the U.S. and around the world, played a role in the results, but said he doesn't regret his decision.

"Iran was a piece of it," the president told The Wall Street Journal as the results came in. "I don't think about it. I did the right thing. I would have done it again," he added.

Trump went on to note that rising gas prices, rather than the war itself, turned voters against the Republican party.

Iranian Parliament Speaker Mohammad Bagher Ghalibaf welcomed the results, saying voters rejected the war.

"Conscience or the cost of living, Americans said NO TO WAR, and we endorse this message," Ghalibaf wrote on X.