Oil Prices Plunge Following Vance's Remarks on Election Results

Oil prices experienced dramatic declines following the US election results and statements made by Vice President J.D. Vance. Brent crude oil was trading around $94 per barrel, a 9% drop, while West Texas Intermediate (WTI) crude fell to approximately $88 per barrel. Vance stated on X that the primary reason for his party's election defeat was the war with Iran. Pollster interviews suggest voters shifted to the Democrats due to demands to end the war in Iran, address the cost of living, and alter U.S. relations with Israel. Concurrently, Wall Street reacted positively to the election outcomes, with the Dow Jones Industrial Average rising 2.8%, the S&P 500 climbing 1.7%, and the Nasdaq increasing by 1.8%. Major technology companies, including Microsoft and Apple, saw gains exceeding 6.5%, while the fear index dropped by about 18%. In contrast, the Tel Aviv Stock Exchange closed with sharp declines, as the TA-35 and TA-125 indices lost nearly 2% of their value. Most sectors were negatively impacted, except for green energy stocks, which surged on expectations that a Democratic victory would boost support for renewable energy. The local currency market saw the dollar climb to a year-to-date high against the shekel in the morning, trading around 3.177 before its representative rate was set at 3.157. Experts attribute increased demand for foreign currency from institutional bodies and investors to concerns over security escalation and political uncertainty.