According to CoinMeta, affected by the results of the U.S. elections and expectations of a de-escalation in the Iranian situation, the price of Brent crude oil fell by 10% at one point. U.S. Vice President Mike Pence attributed the Republican Party's electoral defeat to the Iran war, while Democratic Senate Leader Chuck Schumer promised to push for an end to the Iran war, raising market expectations that the Trump administration would seek diplomatic solutions. Ben Kachir, a senior researcher at the Atlantic Council; Pavel Molchanov, an analyst at Raymond James; and Marshall Wace, a strategist at Seb Buck, believe that Pence's statement has strengthened market sentiment, with markets betting that members within Congress and the government may restrain decisions regarding the Iran war. Analysts pointed out that it is still unclear whether Pence's stance represents a shift in the U.S. policy towards Iran, and that continued declines in oil prices will require a lasting diplomatic de-escalation arrangement between the U.S. and Iran.