Stalemate with Iran?
** More than three months after the U.S. and Israel launched strikes against Iran, the conflict has morphed into a stalemate with the pivotal Strait of Hormuz largely shut. Iran has effectively halted most non-Iranian shipping in and out of the Gulf since the war began, choking off about a fifth of global oil and liquefied natural gas flows and driving prices up by 50% or more.
Oil output curbed
** With Iran’s blockade of the Strait of Hormuz forcing Gulf oil producers to dramatically curb output, governments across the region are intensifying investment in overseas renewable energy projects, underscoring their growing strategic importance amid the escalating energy crisis.
Tolls?
** Chevron CEO Mike Wirth also said in an interview with Bloomberg that he will not consider paying a toll to move oil through the Strait of Hormuz. But Qatar appears to be more flexible, with a top official saying on Sunday that the country would be willing to negotiate on fees collected for mine clearance or other short-term activities.
Russian tanker seized
** France said on Monday it had detained a Russia-linked oil tanker in the Atlantic, with the Kremlin comparing the latest seizure aimed at tackling Moscow’s sanctions-busting shadow fleet to “international piracy”. Since September, France has boarded three other ships believed to belong to the shadow fleet, used by Russia to circumvent Western sanctions on its fossil fuel exports imposed over the Kremlin’s 2022 invasion of Ukraine.
US Energy
** A new auction of oil drilling rights in Alaska will test the limits of President Trump’s “drill, baby, drill” agenda — and whether the Iran war will push companies into the most contested U.S. frontier. The Interior Department will unseal the latest bids on Friday on the Arctic National Wildlife Refuge.
** Urenco USA, the country’s dominant uranium enricher, this morning announced a multibillion-dollar investment to expand capacity of its New Mexico plant by around 50%.
** The New York Power Authority is taking the next step in Gov. Kathy Hochul’s push for new nuclear power development in the state. It issued a formal “request for qualifications” seeking developers for large-scale or small modular reactors. NYPA wants a “credible path” to start construction before 2033 in order to tap Inflation.
** Transportation Secretary Sean Duffy flew in a Beta Technologies electric vertical takeoff and landing (eVTOL) aircraft at the firm’s Burlington, Vermont, HQ. His visit is the latest vote of confidence in electric aircraft from the Trump administration — even as it cuts federal support for electric cars.