Global Market Rally and Crude Oil Price Decline Following US Elections

Significant movement is being observed in the global market following the results of the midterm elections held in the US. According to a BBC Gujarati report, the Republican Party has faced defeat in this election, while the Democratic Party has achieved victory by securing a majority in both the Senate and the House of Representatives. These election results have had a direct impact on the global stock market and crude oil prices. Investors are now hoping that these results will lead to an end to the war with Iran or at least a significant reduction in tensions.

Crude oil prices are recording a continuous decline. On Thursday afternoon, Brent crude prices in the Asian market fell by 0.9 percent to reach 93.74 dollars per barrel. Additionally, prices of crude oil traded in the US also saw a decline of approximately 1.5 percent, settling at 86.83 dollars per barrel. It is noteworthy that on Wednesday, crude oil prices saw a major decline of over 8 percent, while on Wednesday afternoon, Brent crude was at the level of approximately 95 dollars per barrel. Prior to this, crude oil prices had reached their lowest level in two months.

US Vice President J.D. Vance held the rising fuel prices due to the war with Iran responsible for the Republican Party's defeat. On the social media platform 'X', Democratic leader Ro Khanna also partially agreed with J.D. Vance's statement and acknowledged that the war with Iran was one of the reasons for the Republican Party's defeat. Market experts believe that suggestions such as ending the war, focusing on the cost of living, and reviewing America's relations with Israel are positive signals for the market. Following J.D. Vance's statement, investors are re-evaluating the possibilities of escalating conflict in the Middle East.

These results have also had a positive impact on the stock market. On Wednesday, the Dow Jones Industrial Average rose by approximately 3 percent, while the Nasdaq Composite closed with a gain of 1.4 percent. The Indian stock market also witnessed a bullish atmosphere. The Sensex closed with a gain of 1,388.43 points, or 1.8 percent, while the Nifty closed with an increase of 382.15 points, or 1.59 percent. Analysts believe that the easing geopolitical tension is stabilizing the global energy market and the economy.

Meanwhile, Israel's Ambassador to the United Nations, Danny Danon, stated in a release that the decision to attack Iran was taken by the US, not by Israel, although Israel supported this decision. Danny Danon criticized Democratic leader Abdul El-Sayed, calling him anti-Semitic and difficult to work with. He also advised that the Democratic Party should adopt a moderate path instead of a radical one.