Axios

Don't sleep on the shale boom as a force behind Trump 2.0's "disruptive" foreign and trade policies, a new essay argues.

Why it matters: The provocative Foreign Affairs piece calls the U.S. oil and gas export surge an "overlooked" driver of America's posture on the global stage that's "mostly unrelated to [President] Trump's particular preferences."

Israel's strikes against Iran Thursday night immediately sent oil prices up sharply, with Brent now trading at its highest level since early April.

Why it matters: Traders are responding to risk that the conflict could spread in ways that affect regional oil production and transport.

President Trump signed legislation on Thursday blocking California's rules to phase out the sales of gas-powered cars by 2035.

Why it matters: Trump is moving to roll back environmental initiatives that were a top Biden-era priority, and his action against California comes amid an escalating feud with Gov. Gavin Newsom (D) amid fiery LA protests of Immigration and Customs Enforcement (ICE) raids.