Crude oil prices tumbled Wednesday after Vice President JD Vance blamed the Republicans' steep midterm election losses on the Iran war. Crude oil prices fell more than 4% on Wednesday after Vice President JD Vance blamed the Republicans' steep midterm election losses on the Iran war. Oil prices plunged over 9% as JD Vance blamed the Iran war for GOP losses in the US midterm elections, raising hopes of a US-Iran deal.