Axios

Darline Graham Nordone, the sister of late Sen. Lindsey Graham (R-S.C.), will finish out Graham's term, South Carolina Gov. Henry McMaster announced Monday.

Why it matters: Nordone will serve until Jan. 3, 2027, unless she chooses to run and wins the open Senate seat in November.

Oil prices surged about 9% Monday to roughly $83 per barrel after President Trump claimed the U.S. was reinstating a naval blockade on Iran, adding to gains already driven by renewed hostilities over the weekend.

Why it matters: Higher oil prices typically feed into higher gasoline prices, potentially pushing the national average back toward $4 per gallon.

President Trump announced on Monday that the U.S. is reinstating the naval blockade on Iran and will prevent any ships from leaving or entering Iranian ports. The blockade will go into effect on July 14 at 4pm ET.

• Trump also claimed the U.S. would be "reimbursed" at a rate of 20% for securing safe passage for cargo ships, though the details and seriousness of the initiative were not immediately clear.

Why it matters: The blockade — a response to renewed clashes between the U.S. and Iran in recent days — threatens to dramatically escalate tensions in the strait and change the economics of shipping energy and materials in the Middle East.