Global oil prices plunged sharply on Wednesday to their lowest in two months and below $95 per barrel after Democrats secured majorities in both chambers of the US Congress, defeating President Donald Trump.
At the time of press, Brent crude dropped 9 percent to $94.30 per barrel, while US West Texas Intermediate (WTI) fell 8 percent to $87.35 per barrel.
Energy stocks also declined, with the S&P Energy Index losing 4.77 percent as investors anticipated possible changes in US foreign and energy policies.
The election results have raised expectations of a possible shift in Washington’s approach to the ongoing war with Iran.
However, Trump’s election setback could also push him towards military escalation rather than negotiations. Such a scenario could potentially worsen supply risks in global oil markets.
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