What Trumpβs Midterm Defeat Means for Iran and Oil Prices NYT - World By: Jim TankersleyοΌ Damien Cave and Annie Correal 4 November 2026 at 21:20 Commentators abroad wondered what President Trumpβs electoral losses might mean for oil prices, the war on Iran and the future of American politics. Β© Doug Mills/The New York TimesPresident Trump walking offstage after a rally in Salina, Kan., on Sunday. The election results mean the Democrats will take control of the House and Senate.