Here’s what is affecting the flow and price of oil in the Middle East and the cost of fuel
Iranian strike?
** A ship was hit by an unidentified projectile while transiting the Strait of Hormuz early Tuesday, injuring a crew member and damaging the vessel’s engine room, the U.K. Maritime Trade Operations agency said. The strike comes as Iran doubles down on its control of the strategic waterway.
Other strikes
** Four unidentified airstrikes hit the Abu al-Duhur military airbase in northwestern Syria early Tuesday, targeting the runway and storage facilities, Syrian military sources say, according to Reuters.
Standstill
** President Donald Trump on Tuesday said there were no conversations taking place with Iran, and none were scheduled, adding that the Strait of Hormuz was open. “There are no talks or conversations going on, or scheduled, with the Islamic Republic of Iran. The Naval Blockade remains in full force and effect. The Hormuz Strait is open and operating. All water mines have been removed or detonated,” Trump said in a post on Truth Social.
More drone attacks
** Ukraine launched more than 600 drones toward Moscow overnight, according to the city’s mayor, representing one of Kyiv’s largest long-range attacks of the war to date according to data analyzed by ABC News. Mosoblenergo, a regional energy provider, said in a post to Telegram that more than 5,000 customers and 46 “socially significant facilities” in the Moscow region were left without power after the latest round of Ukrainian strikes.
US Energy events
** Axios reports that Minnesota Gov. Tim Walz (D) is trying to use state power to thwart a planned copper-nickel mine near the Boundary Waters Canoe Area Wilderness (BWCAW). It’s the latest wrinkle in the long-disputed project that’s backed by Trump officials.
** The average U.S. retail price for diesel fuel is up about 15 cents per gallon over the last week to $5.47 per gallon this morning, per AAA data.
** Arkansas-based J.B.Hunt execs say the freight industry is in the “early innings of supply correction, but a shrinking pool of truck drivers might also limit the recovery. FreightWaves reports Driver recruitment needs are at their highest level since 2022, as regulatory crackdowns and poor economics have pushed some drivers out of the industry.
** California’s Democratic candidate for governor, Xavier Becerra, is borrowing a page from Australia with a new plan to give state residents free electricity during certain parts of the day. As Canary Media reports, last week, Becerra unveiled a proposal to offer up to two free hours of electricity per day, starting with low-income families. He estimates it could save households about $1,000 per year.
** Increasing wildfire risk is leading utilities to think differently about expanding the grid, taking into account wildfire behavior, more extreme weather, changing population centers, and other factors.
