According to CoinMeta, international crude oil prices tumbled significantly on Wednesday, with Brent crude oil experiencing a drop of 10% at one point. The market increased its bets on a deterioration of the situation with Iran, and US Vice President Mike Pence attributed the Republican Party's electoral defeat to the Iran war, further reinforcing market expectations that the Trump administration would seek diplomatic avenues to avoid an escalation of conflict. Democratic Senate Leader Chuck Schumer pledged to push for an end to the Iran war. Ben Kehil, a senior researcher at the Atlantic Council, believes that this drop in oil prices mainly reflects the results of the US elections and the market's expectation that Trump will move towards easing tensions with Iran, and Pence's statements have further strengthened this sentiment. Analyst Pavel Molchanov from Raymond James also views Pence's remarks as an important catalyst for the decline in oil prices. Seb Buck, a strategist at hedge fund marshall wace, believes that the market is betting that members of Congress and within the Trump administration may impose constraints on its decisions regarding the Iran war. Analysts point out that it is still unclear whether Pence's statements signify a shift in his stance on Iranian policy towards moderation, and for oil prices to continue to fall, a lasting diplomatic agreement between the US and Iran is still necessary.