The energy sector declined sharply as crude oil prices continued a multi-day plunge, with Brent crude falling below $100 for the first time in two months. The sell-off in oil is attributed to shifting geopolitical expectations following the U.S. midterm elections, where Democrats gained control of Congress. Markets are now pricing in a higher probability of a diplomatic resolution to the ongoing conflict with Iran, reducing the significant war-risk premium that had supported elevated oil prices.