Deal pushback
** President Trump’s deal to reopen the Strait of Hormuz in exchange for lifting sanctions on Iran is getting strong pushback from Senate Republicans on Capitol Hill who warn that giving Iran’s theocratic regime access to billions of dollars in economic relief would be a major “blunder.”
First tankers
** Three Saudi-flagged supertankers carrying 6 million barrels of crude sailed through the Strait of Hormuz on Thursday, hours after U.S. President Donald Trump signed a deal with Iran to end the war that has disrupted global energy supplies.
Open shipments
** Ships which once might have concealed their positions by switching off their transponders were now broadcasting their locations, poised to transit the strait. Benchmark Brent crude futures prices fell by another 2% to below $78 a barrel, lowest since the shooting began.
Ukraine strikes again
** Ukraine struck a major oil refinery in the largest attack on Moscow since the start of the war, sparking fires around the capital and forcing evacuations from Russia’s largest airport. Volodymyr Zelensky’s forces sent more than 1,000 drones towards Russia, with several of the weapons hitting the Kapotnya oil refinery for the second time this week. The attack was 9 miles from the Kremlin.
US Energy
** NextEra Energy has agreed to pay $150 million to settle allegations that the company lied about its involvement in political interference schemes in Florida, according to a proposed settlement filed Monday in a federal court. The agreement comes about a month after NextEra and Dominion Energy said they planned to merge in a $67 billion deal.
** Kansas City-based Orange EV announced record order volume for its electric terminal trucks June 2, including a single order for 600 trucks, the largest in the company’s history. The electric vehicle manufacturer said the orders reflect a shift in yard operations as more organizations move from limited tests to larger deployments of electric terminal trucks, along with chargers and battery energy storage systems.
** The Chicago-based company Invenergy has accepted $765 million to give up four offshore wind leases off the coast of New York, California, and Maine.