Crude oil prices fell 8% to below $100 per barrel as hopes grew for U.S.-Iran peace talks, while most energy stocks declined. The Democratic midterm wave weakened prospects for bipartisan permitting reform, with TD Cowen cutting the probability of passage of the Bipartisan American Affordability and Jobs Act from 40% to 25%. NRG Energy and Vistra lost 12% and 15%, respectively, GE Vernova fell 10%, ExxonMobil dropped 4% and Chevron 5%, while clean-energy companies such as First Solar gained more than 4%. More than 40 local measures to restrict or regulate data centers passed in the United States, except one in North Dakota, increasing political pressure on the sector. Democrats now have more leverage to delay or narrow the legislation, although its eventual passage would still require President Donald Trump’s signature.
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