India, Nov. 5 -- Oil prices plunged by around $8 a barrel on Wednesday as traders increasingly bet that the political fallout from the US midterm elections could push President Donald Trump's administration towards a less confrontational approach to Iran.

The sharp decline followed a widely circulated social media post by Vice President JD Vance, who linked the Republican Party's poor electoral performance to the ongoing war. His remarks strengthened market expectations that political pressure could make Washington reconsider its strategy in the conflict.

In his post on X, Vance said the war was the reason Republicans had suffered such a significant setback at the polls. He added that any honest discussion about the next steps had to be...