Oil is plunging Wednesday, with Brent crude down about 9% to near $94 a barrel, its lowest since early September. Investors are questioning whether a Democrat-controlled Congress will fund an expanded Iran campaign, easing fears of a sustained supply shock.
Stocks are extending their midterm rally on the same shift. The Dow ($DJI) is up about 2.9%, the S&P 500 ($SPX) is up about 1.8%, and the Nasdaq ($NDX) is up about 2%.
Cheaper oil could ease inflation pressure, but the war outlook remains uncertain and prices could reverse quickly.
Not financial advice.
