Key takeaways
- The U.S. and Iran are on a collision course as tensions in the Middle East simmer.
- Crude oil prices fell more than 16% over the last five trading days after Vice President JD Vance publicly blamed the Republicans' stinging loss on the war.
- Crude oil prices will vault above $100 a barrel again in response to renewed fighting, said Bob McNally, president of Rapidan and a former energy advisor to President George W. Bush.
Crude oil prices sold off this week as investors hoped the Democratic victory in the U.S. midterm elections would force an end to the Iran war. But tensions remain high in the Middle East, with the Gulf states still bracing for escalation, analysts say.
