More targets
** The U.S. launched strikes on Iran early Tuesday, hours after President Donald Trump vowed to reinstate an American blockade of Iranian ports and charge ships for safe passage through the Strait of Hormuz. Iran responded with attacks on Middle East allies of the U.S. The latest exchange of fire leaves in tatters an interim deal meant to pause the fighting, reopen a waterway that is key to world energy supplies and give negotiators time to hammer out a permanent end to the war.
What was hit
** The U.S. military’s Central Command said it struck several areas in Iran, targeting “coastal defense systems, missile and drone sites and maritime capabilities.” Iran acknowledged the strikes but provided no immediate casualty or damage assessments.
Impact on China
** China Cuts Saudi Crude Orders as Hormuz Risks and Discounts Reshape Trade. At least two refiners in China have not asked for any term cargo deliveries for August, and a few others have not received provisional allocation volumes, traders with direct knowledge of the supply arrangements told Bloomberg on Tuesday.
Shortage
** Following a relentless series of Ukrainian strikes on domestic refineries, Russia is dealing with crippling fuel shortages that have left regular citizens stranded. Gasoline prices have skyrocketed to levels that occasionally eclipse those seen in the United States and Europe.
US Energy
** New York became the first U.S. state on Tuesday to halt construction of large new data centers, imposing a one-year moratorium as concerns grow that the facilities driving the artificial-intelligence boom are raising power costs, straining water supplies and burdening local communities. The moratorium positions New York at the forefront of a growing national debate over how to manage the infrastructure needed to support AI.
** Gasoline is expected to climb to the $4-per-gallon mark again as surging oil prices and shrinking refining capacity hit supply. Prices at the pump hovered at $3.87 per gallon on Monday, roughly $0.08 higher than a week ago, according to AAA data.
** General Fusion became the first fusion company to begin trading publicly Monday — and its stock jumped 21% on its first day on the NASDAQ.
