Wall Street opened higher on Wednesday, with the Nasdaq up 1 percent, the Dow Jones Industrial Average up 1.8 percent and the S&P 500 up 1.1 percent, on the heels of the Democratic sweep in the midterm elections.

Brent was down 3.09 percent at $100.40 a barrel, and West Texas Intermediate (WTI) was down 3.13 percent at $93.08. Traders were betting on a US-Iran deal to push crude lower.