Crude oil prices extended their decline on Wednesday, with Brent futures plummeting by more than 7% as investors kept an eye on the Democratic Party’s victory in the midterm elections in the United States and contemplated what the new composition of the US Congress may mean for the country’s stance on the conflict with Iran, among other geopolitical issues. The West Texas Intermediate for December deliveries tumbled by 6.02% to go for $90.22 per barrel at 11:40 am ET. Meanwhile, Brent for the settlements in January 2027 plunged by 7.41% and went for $95.87 per barrel at the same time.