During the week of 2–8 November, the war with Iran changed course in Washington before it changed at sea. After the Democrats won both chambers of Congress, the White House set aside a renewed bombing campaign and moved to a strategy of siege and bargaining: a wider blockade that now reaches Iran's land borders and the Caspian, and a Qatari plan that links the end of the port blockade to a phased reopening of Hormuz. Oil fell sharply on the political turn, yet shipping through the strait remained far below pre-war levels and Houthi fire moved closer to the core of Saudi oil. In Ukraine, Russia hit the power grid with its heaviest strikes of the year before talks in Abu Dhabi. The midterms set a ceiling on US escalation The election result of 3 November did more to shape the Iran war than any event in the Gulf. President Donald Trump named the war and fuel prices among the reasons for the defeat, and told the Financial Times there were no immediate plans to strike Iran. The tw...
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