US attacks Iranian ships
** Iran says the US has committed a “gross violation” of the ceasefire with new air strikes it launched on the country. The US Central Command (Centcom) said Iranian missile sites and boats attempting to place mines had been targeted with what it called “self-defence strikes” in southern Iran on Monday. The US strikes targeted an area near Bandar Abbas, a southern port city and home of an Iranian naval base that sits on the Strait of Hormuz, the New York Times quotes a senior military official as saying.
Opening of Strait
** In a Fox Business appearance on Tuesday, National Economic Council director Kevin Hassett promised that “as soon as the straits are open, then energy prices are going to plummet like nothing you’ve ever seen before.” He said over the weekend on CBS that a deal could “refill [global] refineries almost right away,” offering a timeline of “between a month and two months.”
Iraqi oil to China
** A supertanker hauling Iraqi crude to China has left the Persian Gulf and crossed the US blockade line into the Arabian Sea, as talks continue to end the war between the US and Iran and reopen the Strait of Hormuz.
Venezuelan oil
** Venezuelan oil shipments to India rose roughly 50% in the most recent quarter, making Venezuela India’s third-largest crude supplier behind Russia and the UAE — a direct consequence of the Hormuz blockage cutting off 40% of India’s usual crude supply.
China’s EVs
** Chinese carmaker BYD’s latest fast-charging EVs are selling so quickly that the company has run into an unexpected problem: It doesn’t have enough batteries to keep pace. According to a report from CarNewsChina, BYD chairman Wang Chuanfu said the company is facing supply chain constraints as it ramps up production on its newest models and various brands.
EV shipment
** Australia is ready to receive a first-of-its-kind delivery, with nearly 5,000 BYD and Denza vehicles being sent on a single ship in May. As The Driven noted, it provided another sign that demand for electric vehicles and hybrid cars is rising fast down under.
Data centers
** European data center capacity is forecast to more than double by 2030 as AI demand drives rapid expansion.
US Energy
** The implosion of a chemical tank at a pulp and paper mill in Washington state Tuesday killed an undisclosed number of people, local authorities and company officials confirmed. In a joint statement, Nippon Dynawave Packaging Co. and local law enforcement said the tank’s rupture caused “multiple critical injuries” as well as fatalities.
** Authorities are urgently trying to stop an overheated, pressured and bulging tank filled with a toxic chemical from exploding in Orange County, California. Mandatory evacuations have expanded for the estimated 50,000 residents in the densely populated area. Garden Grove is located about 30 miles south of Los Angeles.
