Global oil prices dropped sharply on Wednesday, slipping below $95 per barrel after Democrats made major gains in the US midterm elections, weakening President Donald Trump’s political position.

Brent crude futures fell 9 percent to $94.30 per barrel, while US West Texas Intermediate (WTI) declined 8 percent to $87.35 per barrel, according to OilPrice.com.

The sell-off also affected energy stocks, with the S&P Energy Index losing 4.77 percent. Investors are assessing how the election results could influence Washington’s approach to the conflict with Iran.

Markets are showing hopes that the Democrats’ gains could increase pressure on the Trump administration to pursue negotiations and reach an agreement that eases tensions in the Middle East.

Such a development could reduce concerns about disruptions to global oil supplies. However, uncertainty remains over the US administration’s next steps, as a possible escalation of the conflict could reverse the recent decline in oil prices.