Axios

The oil economy's surprising flexibility and countries' plans to cut reliance on the Strait of Hormuz could together limit how much the war boosts the global energy transition.

Why it matters: Energy crises have long-term consequences — like the 1970s oil shocks that brought U.S. gasoline mileage rules for cars, and the country's turn away from burning oil to make electricity.

The U.S. military struck Iranian targets near the Strait of Hormuz on Wednesday, a U.S. official said.

Why it matters: This was the second day in a row that the U.S. had attacked Iranian targets in what U.S. officials say is an effort to stop Tehran from striking commercial ships in the Strait of Hormuz.

My 1,900-mile road trip last week in an electric vehicle proved it's easily doable, but the charging experience is still not as seamless and convenient as pumping gas.

Why it matters: Driving an EV is delightful. Charging an EV is what gives people anxiety. Until that problem is solved, EV sales in the U.S. will remain lackluster.

A top renewables and storage group sees openings for progress on Capitol Hill as it looks to build more nationwide power on the political right.

Why it matters: Trump officials are targeting wind power, which the president overtly despises, and last year's GOP budget law phased out tax credits for wind and solar generation projects.

Oil markets are taking President Trump's claim that the Iran ceasefire is "over" seriously, but not literally.

Why it matters: The price jump is big, but even now, there are signs that the markets aren't expecting a complete return to war.

The U.S. military said it struck Iranian military targets in the area of the Strait of Hormuz on Tuesday in retaliation for renewed Iranian attacks on commercial ships.

Why it matters: The exchange of fire risks plunging the U.S. and Iran into a new cycle of retaliation, threatening the fragile memorandum of understanding signed by President Trump less than three weeks ago.

The Trump administration on Tuesday revoked the temporary waivers it issued as part of the memorandum of understanding (MOU) with Iran that had allowed Tehran to sell oil, the Treasury Department announced.

Why it matters: The revocation of the waivers, issued less than three weeks ago, came in response to the renewed Iranian attacks against ships in the Strait of Hormuz over the past 24 hours.

The U.S. is still projected to achieve two-thirds of the emissions cuts from power generation that would have occurred without the rollbacks of the Biden-era climate law and regulations, a new study concludes.

Why it matters: It puts an exclamation point on what we explored yesterday: low-carbon energy is surviving, in weakened form, despite the 2025 GOP budget law that slashed renewables subsidies.

The oil market is shifting quickly from a focus on war-related shortages to an emerging supply glut.

Why it matters: Oil prices drive inflation expectations, which, in turn, drive the interest rates that have been closely correlated to the stock market.

The GOP budget law that President Trump signed a year ago has darkened the outlook for several clean energy sources, but stopped far short of strangling low-carbon tech.

Why it matters: It's part of a broader attack on Biden-era climate policies, along with Trump's executive moves to kill regulations and slow permitting of renewables projects.