Crude oil prices have sharply decreased following the results of the U.S. midterm elections. Currently, the price of Brent oil has reached $94.30 per barrel, which is a 9 percent decrease compared to Wednesday. Additionally, the price of West Texas Intermediate oil has also reached $87.35 per barrel, indicating an 8 percent decrease. These changes in oil prices have occurred following the decisive victory of the Democrats in both houses of Congress.
Impact on the Energy Market
The S&P energy index has also been significantly affected by these results, dropping 4.77 percent to 976.18 points. Predictions about changes in U.S. foreign and energy policies due to these victories in Texas and Georgia are emerging. The Democrats focused on platforms opposing the construction of new data centers in this election. Data centers are recognized as key factors in forecasting demand for natural gas in both the short and long term.
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Energy Security Challenges
While limiting the construction of new data centers may be easily achievable, ending tensions with Iran may prove to be much more difficult. Some analysts warn that the election results could exacerbate tensions. Meanwhile, Ebtisam Al-Ketbi, head of the Emirates Policy Center, stated that if Tehran realizes that Trump needs an agreement, it may create a real opportunity to end the war. However, if these results are interpreted as a sign of weakening American resolve, it may push Trump towards military escalation.
Meanwhile, Iranian officials have announced that the country is on "high alert" and is awaiting escalated actions from Trump to compensate for his electoral defeat. This situation could significantly impact global energy security and raise concerns in global markets.
Read more: Decrease in Oil Prices Following Electoral Changes in Iran · Increase in Demand in the Thermal Coal Market During the Summer Season
