Data: Financial Modeling Prep ; Chart: Ben Geman/Axios Oil prices fell sharply Wednesday as traders weigh signs — including a widely circulated post by Vice President JD Vance — that the midterm election will add pressure on the White House to find an offramp from the Iran conflict. Why it matters: Elections have consequences. Wednesday's price drop — around $8 per barrel — deepened after Vance posted on X that "everyone knows" the war is why Republicans got pummeled and "any honest conversation about where we go from here must start there." Sen. Chuck Schumer (D), the likely Senate majority leader in the next Congress, vowed that Democrats will push to end the war. "This crude price drop is entirely about the U.S. election and the belief that Trump will de-escalate rather than escalate on Iran. JD Vance's statement amplified that sentiment," Ben Cahill, a nonresident senior fellow with the Atlantic Council, told Axios via email. What they're saying: Pavel Molchanov, an analyst with Raymond James, said in remarks circulated to reporters that Vance's post was a "key catalyst" for today's oil price plunge. "The market is saying that Congress and members of his own administration are likely to start acting as a constraint on President Trump's war in Iran," Seb Barker, a strategist with the hedge fund, Marshall Wace, tells the Financial Times. Catch up quick: Oil prices were already falling to start the week on signs of new U.S.-Iran diplomacy. What we're watching: "[I]t remains unclear whether Vance's comments signal a more dovish stance toward Iran," Molchanov said. "For oil prices to sustainably move lower, a durable off-ramp is needed," he added.
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Democrats' big night gives them a chance to turn voter anger over high energy prices into legislative action and congressional oversight, but divisions within the party could complicate their plans. Why it matters: This was an energy election . High gasoline prices, record diesel costs, and rising power bills fueled discontent with President Trump and his party. Voters' rebukes of data centers could slow the buildout of power-hungry AI infrastructure. The latest: Stunning Senate wins in red states and House wins nationwide propelled Democrats to control of both chambers, and flipped several governor's mansions. Energy costs were prominent in key races, such as Democrats hitting GOP rivals over farmers' bills in Iowa, Kansas and Ohio. Texas Governor-elect Gina Hinojosa (D) bashed Greg Abbott (R) over his prior embrace of data centers in the state where developers are planning big projects. The data center backlash also featured in Ohio and Pennsylvania, where Sherrod Brown defeated Sen. Jon Husted (R) and Paige Cognetti unseated Rep. Rob Bresnahan (R). Both Republicans faced criticism over their support for data centers. State of play: A detailed Democratic energy agenda hasn't emerged, but there are early clues. Democratic Leader Chuck Schumer tied Republicans to electricity costs in his first comments after returns came in. Likely Speaker-in-waiting Hakeem Jeffries has vowed to quickly push an affordability agenda, with energy as a key pillar. He tasked Reps. Nikki Budzinski (D-Ill.) and Mike Levin (D-Calif.) with leading a "Gas and Utilities Affordability Working Group" that crafted ideas, though they remain under wraps. Another potential source of ideas: Hundreds of proposals backed this year by the 100-plus member House Sustainable Energy and Environment Coalition. Some could gain bipartisan backing, like support for advanced nuclear power. But other areas would be largely symbolic, like restoring some IRA tax credits. Catch up quick: In the Senate, Schumer has
Senate Republicans' worst nightmare came true Tuesday night, as they watched red state after red state fall to a historic Democratic wave . Why it matters: It's hard to remember now, but Republicans started off the 2026 cycle thinking they could expand their majority. They ended the night with what one source called a "huge f**king thumping" — losing or trailing in every toss-up on the map. At the start of the cycle, top operatives saw a red wall of incumbents in Trump-friendly states, an invincible Republican Sen. Susan Collins in Maine and a vulnerable Democratic Sen. Jon Ossoff in Georgia, who provided a path to expanding a majority. By 9pm Tuesday night, top GOP sources were quietly accepting the reality of the return of Majority Leader Chuck Schumer (D-N.Y.). "Republicans are going to wake up in a different country tomorrow and we are going to have to start from square one to reinvent a party," one senior GOP Senate aide told Axios on Tuesday evening. Between the lines: For the first time since 1972, Republicans lost a Senate seat in the home state of the chair of the National Republican Senatorial Committee. The defeat of Sen. Darline Graham (R-S.C.) came despite Sen. Tim Scott (R-S.C.) leading the NRSC. Republicans also lost in the home state of the next expected NRSC chair, Bernie Moreno (R-Ohio). Zoom in: North Carolina and Georgia were expected to be the premiere races of the cycle not too long ago. Both were called for Democrats before 8:30pm EST. That was just the beginning of the nightmare. In Texas, Elon Musk's more than $150 million infusion wasn't enough to save Texas GOP Senate nominee Ken Paxton after Paxton defeated Sen. John Cornyn in a nasty primary. In Ohio, Sen. Jon Husted's (R-Ohio) campaign had a rocky start — and wasn't bailed out by President Trump's publicity campaign about his rear end. Alaska started looking shaky even before a second Dan Sullivan joined the ballot, and Iowa wasn't a given either. In Kansas, alarm bells started ringing
Australian actor and martial artist Richard Norton, who faced off in movies against Chuck Norris and Jackie Chan, died of a heart attack tiggered by peptides, according to a coroner’s report.
Democrats will happily tell you how good they feel about retaking the House on Tuesday — just as soon as they stop hyperventilating into a paper bag. Why it matters: They've been burned too many times on Election Day to feel anything more than "nauseously optimistic," as one House Democrat put it to Axios. The polls point to a decisive Democratic victory on Nov. 3, yet fears of a massive polling error or some other eleventh-hour disaster are giving party members sleepless nights. "One woman at a rally in New Jersey told me last week that she was 'nauseously optimistic,'" Rep. Jamie Raskin (D-Md.) told Axios. "That may capture a lot of people's last-minute jitters." A House Democrat who has spoken to leadership told Axios: "They feel optimistic. You know, guarded. Guarded optimism. Where we're going to end up, you never know." State of play: Democrats are targeting dozens of Republican-held seats they think could flip, some of which President Trump carried by 10, 15, even 20 percentage points in 2024. Democrats' House Majority PAC, for instance, went on the air Wednesday in retiring Rep. Elise Stefanik's (R-N.Y.) district, which Trump won by 21 points. They also began spending against Rep. Mike Flood (R-Neb.), who won his last reelection with 60% of the vote. HMP is so bullish it has moved money out of the races to replace retiring Reps. Don Bacon (R-Neb.), Chuck Edwards (R-N.C.) and Darrell Issa (R-Calif.), which they believe Democrats are on track to win handily. "I am cautiously optimistic we win between 20-25 seats," Rep. Ro Khanna (D-Calif.) told Axios. Democrats' landslide scenario puts them closer to 40 or 50 pickups, which would be a historic night for the party. Yes, but: Mid-decade redistricting in Republican-controlled Southern states is all but certain to cut into those gains. The GOP is expected to easily flip redrawn seats in Tennessee and Louisiana where the incumbent Democrats chose to retire rather than face uphill reelection battles. Democratic lead
Senate Republicans see Iowa moving their way and Ohio slipping, with pessimism growing over Alaska and Kansas. Why it matters: Even when they squint, top Republicans struggle to see a majority beyond 51 seats, according to half a dozen senior operatives. ✈️ A combination of paid media and Air Force One visits has bolstered GOP confidence that they'll hold South Carolina and Mississippi . But across the map, the outlook looks bleak, with only a few bright spots. Zoom out: Republicans are fighting a two-front war: unprecedented Democratic enthusiasm and undeniable Republican apathy. 🏈 President Trump's strategy is to whip up the MAGA faithful with rallies in the reddest parts of red states. 😱 "The Red Scream is my biggest concern , not the blue wave," said Alex Castellanos, a veteran Republican consultant who has worked to help Trump get elected. ‼️ "Republicans and independents are going to be screaming for attention, and many of them, including those who voted for Trump, may show their frustration by not showing up." Zoom in: Texas is starting to look like a late-season football showdown against an SEC rival: The GOP is still in the game, but defeat seems like a real possibility. 🌾 In Kansas, Sen. Roger Marshall (R) has stopped the bleeding, but it's unclear whether there's enough time left to save his seat. 🛥️ Republicans are quietly bullish on Michigan, but they recognize that the demographics have to break heavily in their favor, especially among Black voters. By the numbers: The math hasn't changed, but Senate Minority Leader Chuck Schumer (D-N.Y.) sees multiple paths to 51 seats. No one disputes that North Carolina is going to have a Democratic senator. It seems like another lifetime ago that Republicans were talking seriously about flipping Georgia. If just two of the next tier of Ohio, Kansas and Alaska flip, the Senate would be split 50-50 before factoring in other competitive races, like Michigan, Iowa and Maine. 🦞 In Maine, Republicans and Democrats a
Senate leaders could be guessing who will control the chamber well into November, thanks to a slew of tight races and state-specific voting rules. Why it matters: A GOP majority would ease the pressure on Senate Majority Leader John Thune to move quickly on nominations, while a Democratic majority would give Senate Minority Leader Chuck Schumer more leverage in the lame-duck session. If the chamber splits 50/50, leaders will have to start negotiating their power-sharing agreement. Zoom in: Four states could leave the majority in limbo. Alaska: Sen. Dan Sullivan (R) is trying to fend off former Rep. Mary Peltola (D). Alaska election results have taken weeks to finalize because of the vast state's transportation challenges, mail ballots and ranked-choice tabulation. The Trump Justice Department is preemptively trying to block results from being finalized if Sullivan narrowly loses. Maine's ranked-choice voting could lengthen the vote tallying if neither Sen. Susan Collins (R-Maine) nor Democratic nominee Troy Jackson gets more than 50% in the first round. Kansas' three-day grace period for mail-in ballots could delay results in the race between Democratic nominee Adam Hamilton and Sen. Roger Marshall (R-Kan.). It is far closer than expected. In Texas, a dragged-out recount could be coming. A candidate can request one if the margin is less than 10% of the winner's vote total — which is likely to happen between state Attorney General Ken Paxton (R) and state Rep. James Talarico (D). The candidate who requests it has to pay. The clock: Congress currently plans to leave for the holidays on Dec. 18. But if Republicans lose both the House and Senate , Sen. Bernie Moreno (R-Ohio) wants senators to stay in town through the holidays (yes, Thanksgiving and Christmas) to work on a massive GOP reconciliation package they can pass without Democratic support. The big picture: Congress has a long to-do list either way, including funding the government past Dec. 11, passing emergency
Senate Majority Leader John Thune (R-S.D.) and Minority Leader Chuck Schumer (D-N.Y.) are living out their midterm nightmares — with nominees they didn't want and former colleagues they no longer control. Why it matters: Together, Schumer and Thune are stuck with five Senate races in which their party establishments thought they had a better chance of winning with someone else. 🤠 Texas: Thune's efforts to stop Texas Attorney General Ken Paxton from winning the party's Senate nomination failed. Now Republicans are spending more than $329 million to defeat state Rep. James Talarico— and it's still a nail-biter. 🍑 Georgia: GOP leaders couldn't convince Gov. Brian Kemp to run. The eventual nominee, Rep. Mike Collins, has struggled to keep pace with fundraising juggernaut Sen. Jon Ossoff (D). GOP money is in retreat. 🦞 Maine: Schumer endorsed Gov. Janet Mills, but Graham Platner's implosion left Democrats with backup Troy Jackson against Sen. Susan Collins. ⛴️ Michigan: Abdul El-Sayed defeated Rep. Haley Stevens and made a name for himself nationally. But he won by just one point even though primary polls showed him up by double digits. He's now polling within the margin of error against the GOP nominee, former Rep. Mike Rogers. 🏈 Minnesota: Peggy Flanagan ran as a progressive, said she would not support Schumer as leader and bested establishment-backed Rep. Angie Craig. But Cook Political Report moved her race against former NFL sideline reporter Michele Tafoya toward Republicans even as it shifted other races toward Democrats. To make matters worse, Thune's and Schumer's former colleagues are creating fresh headaches by boosting candidates across the aisle. Former Sen. Joe Manchin, who flipped to independent in 2024 after being elected as a Senate Democrat, is campaigning for Sen. Susan Collins (R-Maine), as Semafor reported. Former Sen. Kyrsten Sinema , who also flipped from Democrat to independent before leaving office, is boosting Republican Jay Feely in her hom
A federal judge restricted Department of Homeland Security investigations into suspected noncitizen voting in nine states, citing concerns that the agency's tactics could intimidate eligible voters. Why it matters: With the midterms less than two weeks away, the ruling curtails a central part of the Trump administration's efforts to investigate suspected noncitizen voting. Driving the news: The ruling, issued late Wednesday, blocks election-related field operations and interviews under the government's Unlawful Voter Initiative that involve or are likely to involve U.S. citizens. California-based U.S. District Judge Araceli Martínez-Olguín also blocked the administration from conducting operations against likely citizens in states relying on records generated by its voter-matching policy. Zoom in: Martínez-Olguín wrote in her order that the groups that sued provided "substantial evidence" that the government's "intimidating conduct" was "directly interfering with their members' right to encourage voters to participate in the 2026 midterm elections." Her order stated that DHS had compiled a "target list" of individuals from a variety of sources, including state voter rolls and commercial data. But Martínez-Olguín cast doubt on the accuracy of the administration's data, warning of a "high likelihood of error in review because there is no federal database containing citizenship status of U.S. residents." Court filings indicated that officers were ordered to prioritize probes in California, Connecticut, Georgia, Missouri, Nevada, New York, Pennsylvania, Washington and Wisconsin. Catch up quick: Democratic Sens. Chuck Schumer (N.Y.) and Alex Padilla (Calif.) released a whistleblower report last month alleging that officials had diverted fraud and national security personnel to the Unlawful Voter Initiative using "highly questionable data" and methods. The whistleblower disclosure alleged that officers were directed, in violation of state law, to access sensitive voter in