Axios

A federal judge tossed out Department of Justice subpoenas sent to Federal Reserve chair Jerome Powell earlier this year, according to a filing unsealed on Friday.

Why it matters: The judge accused the Trump administration of using the criminal investigation to pressure the head of the world's most important central bank to lower interest rates.

• The judge, James Boasberg, the chief judge for the U.S. District Court for Washington, D.C., also scolded the administration for providing "no evidence whatsoever" that the Fed chief had committed a crime.

Travelers can expect airlines to raise ticket prices, idle planes and implement fuel surcharges on certain flights if energy prices remain elevated, according to industry analysts.

The big picture: Jet fuel costs — which account for about 30% of airline expenses, according to Deutsche Bank — have spiked since the Iran war began.

The economy was flashing stagflation signals — tepid growth and high inflation — even before the Iran conflict added an oil shock to the mix.

Why it matters: What happens when geopolitical turmoil clogs up the world's oil supply chain, against a backdrop of a U.S. economy losing momentum amid sticky inflation?

• We're about to find out.

The Academy Awards are Sunday night, and we're keeping tabs on the race for best actor.

Why it matters: The movie industry may be in decline, but the Oscars still grab our attention.

Since the war started, the S&P 500 is down only a smidge off its record high.

Why it matters: That may seem surprising, considering the roller coaster of market volatility we're riding, plus the sharp rise in oil and gas prices.

It's not just oil: The Iran war is threatening to reignite food inflation — the price shock voters feel most directly — at the worst possible time for President Trump and Republicans.

Why it matters: The Strait of Hormuz — paralyzed by Iranian threats and potentially mines — carries a third of the world's fertilizer. For many American farmers, the spring planting season is just weeks away.

The Iran war is drawing fresh scrutiny to American crude oil exports as a way to curb skyrocketing fuel prices.

The big picture: The U.S. has become one of the world's largest oil exporters since a law changed a decade ago allowing crude to flow beyond American borders.

The U.S. Navy will escort ships through the Strait of Hormuz, "perhaps with an international coalition," as "soon as it is militarily possible," Treasury Secretary Scott Bessent said in a Sky News interview broadcast Thursday.

Why it matters: The International Energy Agency said Thursday the global oil market is facing "the largest supply disruption" in history due to the Iran war, which Bessent told Sky News has cost the U.S. $11 billion thus far.

The Trump administration might suspend requirements that only U.S. ships can carry cargo between domestic ports as officials look to temper rising gasoline prices.

Why it matters: Possible waivers of the 1920 law, the Jones Act, show how the Trump administration is scrambling to ease the fuel price shock from the Iran war.

A growing number of investors want out of this whole private credit thing and are demanding their money back by making redemption requests.

Why it matters: Private credit firms typically don't have to meet this demand — most funds limit redemptions — but it's hard to ignore.

With shipping traffic at a near halt at the Strait of Hormuz, the possibility of prolonged disruption to supplies of oil and other important commodities has grown.

The big picture: If the military situation doesn't change soon, it will create a moderate stagflationary drag on the U.S. economy and a substantial one on Europe and East Asia.

Americans are growing increasingly concerned with rising gas prices, and about half are blaming President Trump, per flash polling conducted Wednesday night by Morning Consult and shared with Axios.

Why it matters: The spike in oil prices caused by the war is fast becoming a political liability for the White House — and threatening economic growth in the U.S.

Major airports are collecting gift cards and stocking food pantries for Transportation Security Administration workers working without pay through a second shutdown in six months.

The big picture: The Department of Homeland Security shutdown hits just as the spring break travel surge begins. Travelers face longer wait times as TSA employees navigate the rush without pay.

The Iran war has stopped oil and fertilizer flows through the Strait of Hormuz, but it hasn't stopped Middle Eastern money flows. Yet.

The big picture: Countries like UAE and Saudi Arabia have successfully positioned themselves as global financial centers, while regional sovereign wealth funds have become major global investors.

Here's what's new on Paramount+, Hulu, Netflix, Apple TV, Tubi, HBO Max and Prime Video.

What we're watching: A series from the creator of "Yellowstone," a new season of "The Secret Lives of Mormon Wives," and a show where age-gap dating is celebrated.

Plans for historically large releases from emergency oil stockpiles reveal the scope of the energy crisis — and the market response reveals President Trump's limited options for tackling it.

Why it matters: The 400-million-barrel infusion over time from International Energy Agency member countries — including a big dose from U.S. holdings — likely won't push prices down by itself.

America's oil stash could use some topping up.

Why it matters: The world needs oil right now — Iran has effectively shut down the critical Strait of Hormuz, through which about 20% of the global supply travels.

The latest: The Trump administration said on Wednesday that the U.S. would release 172 million barrels of oil from the Strategic Petroleum Reserve, or about 40% of what's in there now.

By the numbers: The reserve, which is stored in huge underground salt caverns along the Gulf Coast, currently holds 415 million barrels — about 58% of capacity.

Where it stands: The U.S. has the largest oil stockpile among the 32 countries planning to release 400 million barrels of oil to deal with the spike in prices.

• The coordinated release would amount to about 1.2 million barrels a day —about what the system can manage, JPMorgan Commodities Research finds.
• Though potentially calming for jittery markets, it would be insufficient to counter the potential loss of roughly 12 million barrels a day from a prolonged Hormuz shutdown, the JPMorgan analysts note.

Reality check: America has plenty of oil — it is the world's largest producer, after all.

• But storing enough oil for emergency use offers reassurance to markets that could restrain price spikes.

Catch up quick: The Trump administration has made replenishing the SPR a priority — but it has been slow going.

• The One Big, Beautiful Bill Act contained some funding to make it happen, but nowhere near the billions of dollars required.
• Even if the effort were fully funded, it would take a lot of time.
• "Adding barrels is also more logistically challenging than releasing them," says S&P Global Energy.

Zoom in: A fully funded effort — Energy Secretary Chris Wright put the number at $20 billion —  made at the fastest possible speed of 4 million barrels a month would get the SPR filled back up by 2031, per S&P Global.

• And then there's a limit on how much can be drawn: The SPR must keep about 150 million barrels in place to maintain operational flexibility, JPMorgan noted.

Flashback: The U.S. Strategic Petroleum Reserve was established by President Ford in the wake of the 1973-74 Middle East oil embargo.

• U.S. presidents have authorized emergency releases from the SPR on only four occasions: President Biden's 2022 drawdown after the Russian invasion of Ukraine, in 2011 during a crisis in Libya, after Hurricane Katrina in 2005 and during Operation Desert Storm in 1991.

Between the lines: The release of oil reserves won't mathematically solve the problem of lost supply, but it will psychologically keep investors from bidding crude oil prices higher, Mark Malek, chief investment officer at Siebert, wrote in a note Wednesday.

• "The signaling effect can stabilize prices temporarily, even if the physical math doesn't work."
• "Think of it as the energy equivalent of Mario Draghi's famous 'whatever it takes' moment during the European debt crisis," Malek wrote. "The credible threat of coordinated action is doing more heavy lifting than the actual barrels ever could."

Americans' positive views of Canada and Great Britain, historically two of Washington's closest friends, hit their lowest level since the 1980s in new Gallup polling.

The big picture: President Trump has aggravated those allies, blasting their leaders, starting a global trade war, tossing around annexation threats and straining security alliances.

Energy Secretary Chris Wright said Wednesday the International Energy Agency "unanimously" agreed to President Trump's request to coordinate the release of 400 million barrels of oil and refined products from its reserves.

Why it matters: Consumers are seeing significant price jumps at the pump — and Republicans recognize offsetting that increase is crucial ahead of the 2026 midterm elections.

Tens of millions of Americans have delayed surgeries, vacation plans, career moves and other big life decisions because of the cost of health care, a new West Health-Gallup survey found.

Why it matters: Affordability concerns are hanging over the midterm election cycle, with just over half of all Americans believing basic medical care is affordable and accessible.

There's "growing momentum to establish a naval protection system" in the Strait of Hormuz as Iran's military escalates attacks on commercial ships, Eurasia Group says.

The big picture: U.S. Central Command warned "the Iranian regime is using civilian ports along the Strait of Hormuz to conduct military operations that threaten international shipping" and put lives at risk.