• President Trump has no public events scheduled Wednesday, a day after Republicans lost both chambers of Congress, according to his official schedule.
  • In a Wall Street Journal (NASDAQ:NWSA) interview, Trump conceded that the Iran war contributed to the defeats but insisted he has no regrets about launching the conflict.
  • Oil prices swung sharply as traders digested the political upheaval and mixed signals on Iran diplomacy, with Brent crude and WTI both lower in afternoon trading.

A Day of Silence After a Resounding Defeat

President Trump’s public schedule for Wednesday lists only closed-door policy meetings, with no public appearances planned, according to the White House. The absence of public events follows sweeping Republican losses in Tuesday’s midterm elections, in which Democrats are projected to take control of both the House and Senate.

The retreat from the public eye marks a stark shift for a president who has long favored direct engagement with supporters. It comes as his party grapples with losses in Senate races across Maine, North Carolina, South Carolina, Texas, Ohio, Kansas and Iowa, according to the Wall Street Journal. Final seat totals remain a developing story.

In an interview with the Journal, Trump acknowledged that the Iran war played a role in the Republican defeats. “Iran was a piece of it,” he said, adding, “I did the right thing” and “I would have done it again.” The president also indicated he had no personnel changes planned, despite speculation about a post-election shake-up.

Economic Headwinds and Voter Anger

The electoral setback was driven in large part by household economic pressures, with inflation and elevated fuel prices weighing heavily on voters. A survey cited by the Journal found that nearly two-thirds of respondents blamed Trump’s policies for rising inflation. The Iran conflict, which has disrupted Gulf oil flows, has kept energy costs elevated. According to Vortexa data cited by Reuters (NASDAQ:TRI), Gulf petroleum flows excluding LPG stood at 17.1 million barrels a day in October, roughly three-quarters of prewar levels.

Oil markets were volatile on Wednesday. Brent crude was at $101.85 a barrel at 10:34 GMT, down later in the session after an earlier rise, while U.S. WTI traded at $94.91 a barrel at the same time. Saxo Bank analyst Ole Hansen cautioned that subdued exports of refined products from Middle Eastern refineries could delay relief at the pump for consumers. Phillip Nova analyst Priyanka Sachdeva noted that traders were reluctant to take strong directional positions amid continuing strikes and statements downplaying escalation.

Divided Government and an Uncertain Path Forward

Democratic control of Congress presents a significantly stronger institutional challenge to Trump’s legislative agenda. The president has already emphasized his veto power, according to Reuters, while the Journal framed his immediate choice as negotiating with Democrats, confronting them politically, or attempting to govern as before.

The election results have also intensified pressure on the administration over the unresolved Iran conflict. A U.S. official said American forces conducted “defensive” strikes on Iran’s Qeshm Island targeting surface-to-air missiles, even as Qatar stepped up mediation efforts. A senior Iranian official told Reuters that Washington and Tehran remained far from an agreement. Vice President JD Vance described progress in indirect talks, but Tehran insisted Washington must lift its naval blockade and meet Iranian demands.

The White House did not respond to a request for comment on the president’s schedule or his下一步 strategy. The lack of public appearances Wednesday suggests a period of consolidation as the administration assesses the political landscape.

Correction: An earlier version of this article misstated the timing of Brent crude prices. The figures were as of 10:34 GMT.