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Democrats won control of both the U.S. House and Senate in Tuesday’s midterm elections, dealing President Donald Trump a sharp setback and setting up a fight over how he handles the war with Iran. For Cyprus, the immediate question is whether Washington moves toward a deal or another round of strikes. Either could have consequences at the petrol pump and on electricity bills.
The Associated Press and Reuters reported that Democrats flipped both chambers after making gains in traditionally Republican territory, including Texas, where Democrat James Talarico won a Senate seat. The cost of living and the Iran war were among the issues weighing on voters.
The new Congress takes office in January. Democrats will be able to call hearings, demand answers from administration officials, and use spending bills to press the White House over the war. Trump retains his veto and broad executive authority. In September, the Senate rejected a measure to halt U.S. military action against Iran by a single vote. The incoming majority could bring that fight back to the floor.
What Cyprus will feel first
Oil traders are already watching what Trump does next. Brent crude climbed above $104 a barrel early Wednesday as markets weighed the risk of further disruption around the Strait of Hormuz, a key route for global oil shipments. A senior Iranian official told Reuters on Tuesday that Washington and Tehran were still far from a deal, while Trump has floated the possibility of further strikes.
For Cyprus, the link to household bills is direct. The Electricity Authority of Cyprus adjusts its charges based in part on what it pays for fuel. A sustained rise in oil prices can also make filling up the car more expensive and put pressure on businesses that pay to bring goods to the island.
Across the region, the first signal will come from the White House. Trump has raised the prospect of new strikes after the election, while Democrats won’t take their seats until January. How he uses that window will matter to Cyprus sooner than any vote in the new Congress.
*Source: AP News
