The Department of Energy has attributed the recent rollback in domestic fuel prices to the outcome of the United States midterm elections and a potential easing of tensions between the U.S. and Iran.

According to DOE Oil Industry Management Bureau Director Rino Abad, the election results—which saw Democrats gain control of the U.S. Congress—have heightened expectations for a de-escalation in Middle East conflict.

Energy officials noted that the shift in congressional leadership has bolstered calls to stabilize international crude supply and reduce market volatility. The significant price drop provides much-needed relief to local motorists and public transport operators as global oil markets adjust.