USAupdated 1h ago3 min read
Archive photo · 26 February 2013Oil And Gas Prices Ease After Donald Trump’s Defeat, Castellón Warns Over Iran Conflict
“Iran has indeed killed Trump, or at least the second term of his presidency.”
“Tehran, by outlasting him, helped change the political order in Washington.”
Photo: Reinhold Möller, CC BY-SA 4.0 · Cropped for layout
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Brent crude and WTI fell significantly after Trump's midterm defeat. Castellón gas prices fell below 90 euros/MWh after earlier spikes.
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Gas prices, energy shock
Oil and gas markets reacted to the midterm results, with natural gas prices easing after Donald Trump’s defeat and falling below 90 euros per megawatt at the TTF trading center.
The Castellón ceramic industry tied the relief to the Democratic Party’s victory in the U.S. House of Representatives and the Senate, describing it as a halt to a recent surge.
The Castellón report said gas stood at 88 euros this Tuesday, after alarms rose when the price surpassed the 100 euro barrier.
The report also linked the earlier energy spike to the “unilateral attack alongside Israel on Iran,” which it said left the Strait of Hormuz unusable and triggered an inflationary spiral by stopping 20% of world oil traffic.
The report warned that the duration of the Middle East conflict and the high cost of gas worried the sector, even as it said employment “has not yet been affected.”
War, elections, and pressure
Donald Trump said the war with Iran drove gas prices up “a bit in the short term,” while he argued that “it’s the only long-term solution” and that “We cannot allow Iran to possess a nuclear weapon.”
J.D. Vance wrote that “the war (in Iran) was the reason” for the Republicans’ defeat, and he added that “Everyone knows why we lost.”
Iranian leaders framed the midterm outcome as a repudiation of the war, with Mohammad Bagher Ghalibaf urging Trump to accept “the verdict of America” and publishing, “Whether driven by conscience or the cost of living, America said no to war and we endorse this message.”
The Guardian reported that Iran unveiled a billboard and banners over Enqelab Square in central Tehran, including the English pledge “We will kill Trump,” and it described the move as elevating personal animus toward Trump in official Iranian circles.
The Guardian also quoted Iran’s supreme leader warning that those expecting a shift in US policy were “seriously mistaken,” even as the article said Trump may still be tempted to resume bombing.
What comes next in Congress
The next Congress was described as likely to face limits on immediate foreign policy change, with Michelle Brouhard saying “Democratic victory could limit Trump's room to maneuver in Congress, though its effects on foreign policy will not be immediate.” Clarin reported that the new Congress would not be sworn in until January 3, leaving the Republican administration “almost two months” to push through new military or diplomatic initiatives. The Castellón report said TTF forecasts indicated gas prices would remain above 80 euros until the second half of the year, and it said the industry had hoped for a turn down in the second half of 2026 that did not occur.
The Guardian said the “big question now is whether either side will regard these seismic results as a moment to review their diplomatic strategy,” while it described Iran’s leadership as celebrating the election outcome. Al Hurra said the Democrats’ sweep could extend to “the Middle East files that are most sensitive,” with the war with Iran, Gulf security, and aid to Israel, Egypt, and Jordan facing “new legislative scrutiny and pressure” that could narrow the Trump administration’s room to maneuver.