The Strait of Hormuz — a narrow waterway south of Iran vital to the normal functioning of the global economy — remains effectively closed, Barak Ravid and Alex Fitzpatrick report.

• That's despite Iran's promise to reopen Hormuz as part of the eleventh-hour ceasefire deal President Trump announced Tuesday.
• The first non-Iranian tanker transited the strait today since the war began. It's unclear if more will follow, or how many.

Iranian Supreme Leader Mojtaba Khamenei said in a new message today that during negotiations with the U.S. starting Saturday, Iran "will bring the management of the Strait of Hormuz into a new stage."

• 💸 Iran wants to impose a $1-per-barrel toll on oil tankers, paid in cryptocurrency, the Financial Times reports. (🔐)
• That would keep global energy prices elevated indefinitely — plus violate international norms of free navigation.

⛔️ Dr. Sultan Al Jaber, head of the Abu Dhabi National Oil Company, said on LinkedIn today: "This moment requires clarity. So let's be clear: the Strait of Hormuz is not open."

• "Access is being restricted, conditioned and controlled. Iran has made clear — through both its statements and actions — that passage is subject to permission, conditions and political leverage."

🚢 Hundreds of tankers and nearly 20,000 mariners are stranded in the Persian Gulf amid the crisis, the N.Y. Times reports (gift link).

• A U.S. official tells Axios that the strait is "wide open," but said ships are not moving through it because they're intimidated by the Iranians.
• The official said: "Iran has threatened and coerced everybody."

👀 What we're watching: Israeli Prime Minister Benjamin Netanyahu today announced negotiations with Lebanon, where Israel has been conducting an extensive bombing campaign.

• Iran believes Israel's attacks there violate the ceasefire deal, and it might abandon peace talks or keep Hormuz closed as a result.

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This past March was the country's hottest in 132 years of recordkeeping, according to new federal climate data.

• Six of the country's 10 hottest months on record have come in the last decade.

☀️ The average temperature across the continental U.S. was about 50.9°F last month, fueled by an unusual March heat wave across the West.

• That's more than 9 degrees over the historic norm.

More than 1,400 counties experienced their single hottest March day on record last month, dating back to 1950.

• 🔥 Nearly 60% of the continental U.S. faced drought conditions in March, raising fears of a particularly brutal wildfire season.

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1. 🚀 Artemis' final — and perhaps biggest — test is coming up tomorrow: reentry to Earth. The Orion spacecraft will experience temperatures of up to 5,000°F, with the four astronauts inside protected by a heat shield with known flaws. Go deeper.
2. 🚙 Tesla is developing a smaller, cheaper electric SUV, Reuters reports. The car would be about 14 feet long — significantly shorter than Tesla's top-selling Model Y SUV, which is about 15.7 feet long. Go deeper.
3. 🚫 Meta has begun removing ads from attorneys seeking clients who claim to have been harmed by social media while under 18, Axios' Dan Primack scoops. Go deeper.

A worldwide group of volunteers is digitizing and uploading a Chicago man's lifelong collection of over 10,000 concert recordings.

• 🎤 The "Aadam Jacobs Collection" (yes, two A's!) is an online treasure trove for music lovers, featuring early performances by R.E.M., The Cure, the Pixies and more.

📼 Jacobs says most artists are happy to have their work preserved, and he's only gotten a few takedown requests.

• He tells AP: "I think that the general consensus is, it's easier to say I'm sorry than to ask for permission."

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