Oil prices are popping after President Trump failed to offer a clear plan for reopening the Strait of Hormuz during his Iran speech last night.

• Trump called on other countries to "take the lead in protecting the oil that they so desperately depend on."
• Officials from more than 40 countries — though not the U.S. — are meeting today to discuss opening Hormuz.

🛢️ Oil could surge to an unprecedented $200/barrel if Hormuz stays closed, Axios' Amy Harder reports.

• Brent crude futures are at about $107/barrel as of midafternoon, up 6.7% from yesterday.

📆 Analysts at Macquarie, a financial services company, say oil could reach $200 if the Iran war drags into June.

• Trump said last night that the U.S. campaign will last another two to three weeks. He said after the war, oil will start "flowing and the gas prices will rapidly come back down. Stock prices will rapidly go back up."
• Jason Bordoff, founding executive director of Columbia University's Center on Global Energy Policy, tells Axios: "There is no policy option to prevent oil prices from marching up toward $200 a barrel if the Strait of Hormuz remains closed."

🌎 $200 oil could be catastrophic for our globalized economy:

• Gas and jet fuel prices would skyrocket, prompting painful changes in global energy consumption. Some countries are already rationing fuel or imposing price controls.
• Food prices would rocket up as fertilizer gets more expensive.
• Prices for foreign-made consumer goods — electronics, clothing, anything else imported — would also climb.

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Office vacancies hit a record high in the first three months of the year, per Moody's data shared exclusively with Axios' Emily Peck.

• 21% of the office space across nearly 80 U.S. markets was vacant in the first quarter, up from 17% in 2020.
• Employees now spend about a quarter of their working days away from the office. That's up from 7% in January 2020, just before the pandemic.

🏢 Some companies are downsizing into smaller but more premium spaces.

• The slowing labor market and AI uncertainty are also suppressing demand.

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1. 🚀 Artemis II underwent a "perigee raise burn" today, NASA says — a maneuver that places the spacecraft "into a stable high Earth orbit that aligns with its path to the Moon." Next up: Tonight's "translunar injection burn," sending it out of Earth orbit and headed Moonward. Get the latest.
2. 💥 The U.S. military attacked major civilian infrastructure in Iran for the first time, hours after President Trump threatened to take the country "back to the Stone Ages, where they belong." More from Barak Ravid.
3. 🧑‍⚖️ The Trump administration is appealing a federal judge's order temporarily blocking the Pentagon's ban on Anthropic, Axios' Ashley Gold reports. Go deeper.
4. 🍫 Hershey is moving back to classic recipes for all Reese's products next year. The grandson of Reese's founder recently blasted Hershey for shifting to cheaper ingredients. Go deeper.

A 194-year-old giant tortoise named Jonathan got mixed up in what looks like a crypto con scheme, The Guardian reports.

💰 An account posing as Jonathan's veterinarian posted about the beloved tortoise's alleged death, and asked for cryptocurrency donations.

• The post got 2 million views and was picked up by the BBC and others.

The Guardian connected with Jonathan's actual caretaker, who confirmed the tortoise — a local celebrity in Saint Helena, in the South Atlantic — is "very much alive."

• Go deeper.