The Defense Department estimates Iran has been denied nearly $5 billion in oil revenue because of the U.S. blockade in the Gulf of Oman, causing unprecedented pressure on Tehran's government.
Why it matters: The blockade is President Trump's most significant leverage tool to negotiate ending the war with Iran, and the Pentagon wants to emphasize its impact as peace talks stop and start.
President Trump has notified Congress that the hostilities the United States initiated against Iran on Feb. 28 have been "terminated," though he did not rule out future military action.
Why it matters: Under the War Powers Act, the president must seek congressional approval for military hostilities that last longer than 60 days.
Iran delivered its response to the latest U.S. amendments to a draft plan to end the war, but President Trump told reporters he was "not satisfied with what they are offering."
The big picture: The Iranian response signals diplomacy isn't entirely frozen. It comes as Trump maintains a U.S. naval blockade and considers new military action against Iran.
Asian Americans report higher levels of anxiety than any other racial group in the U.S., a new survey finds.
Why it matters: As Washington hardens its policies on immigration, citizenship and its relationship with China, public attitudes toward Asian Americans are shifting in parallel.
The Iran war threatens to disrupt summer travel as it sends oil prices surging — and flight and hotel bookings are already dipping, industry experts warn.
You thought Americans were bummed out? The British are among the most pessimistic in the world, according to a ranking of surveys across 139 countries from Gallup out Friday.
Why it matters: The low number speaks to the "depth of the economic malaise in the U.K.," writes Benedict Vigers, Gallup's senior global news writer.
Sen. Bernie Sanders (I-Vt.) is calling on Washington to collaborate with China on AI, breaking from a bipartisan approach that frames AI development as a race between the two countries.
Why it matters: Sanders, who is writing the progressive playbook on AI, is shifting the focus away from U.S.-China competition and toward international cooperation around AI safety.
The Saudi sovereign wealth fund on Thursday confirmed it's withdrawing support for LIV Golf after the 2026 season.
Why it matters: The move places the tour's future in jeopardy four years after it was launched as a splashy, well-capitalized competitor to the PGA Tour.
Oil prices reached their highest levels overnight since the Iran war began, with Brent crude topping $126 per barrel before pulling back on Thursday morning.
Why it matters: The jump will keep sending U.S. gasoline prices higher — and shows the market reacting to the possibility of a long stalemate that keeps the Strait of Hormuz throttled.
The U.S. is producing so much natural gas that at one hub in West Texas, drillers have to pay customers to take the stuff — or put another way, prices are negative!
Why it matters: It's surprising given that we're in the middle of the worst energy shock in history.
But unlike oil, which trades in a global market, natural gas still mostly trades at the regional level. And the U.S. produces enough to supply itself.
The big picture: The negative price tag is an indication of just how well-positioned the U.S. is when it comes to coping with the energy shock of the Iran war — particularly in the natural gas market.
The natural gas bounty not only insulates the U.S. from the war shock but actually creates an economic tailwind, Bloomberg reports.
"Cheap supplies of gas — a key manufacturing input and a major player in meeting power demand from artificial intelligence — stand to give the US an edge over countries facing fuel shortages," per Bloomberg.
Between the lines: While prices at the pump get a lot of attention, and rightly so, natural gas is increasingly important. It now accounts for about 40% of all U.S. electricity generation — and is powering the AI boom.
Zoom in: The glut of natural gas in West Texas stems from a surge in production over the past 15 years that has far outpaced the pipelines needed to move it out of the region.
This isn't the first time the price has turned negative.
The gas is a byproduct created during the oil drilling process.
New pipeline capacity is set to come online, but more gluts could be on the way.
What they're saying: That will "provide incremental takeaway capacity for a basin awash in molecules," says Chris Louney, a commodity strategist at RBC Capital Markets.
But "the basin is prolific, and associated gas will continue to be produced, often in excess, alongside crude oil."
How it works: For now, that local oversupply — even as other parts of the world face acute shortages — highlights how fragmented natural gas markets remain.
Prices are still driven largely by regional infrastructure, not just global supply and demand.
By the numbers: U.S. natural gas prices outside of the region are still positive — the benchmark Henry Hub natural gas price is sitting at $2.64 per million BTUs, down about 20% from last year.
That's much lower than for Asia and Europe, both depend on imports through the Strait of Hormuz. The benchmark gas price is up about 47% in the EU and more than 50% in Asia from last year.
Asian countries, outside of China, are grappling with a shortage that's led to rationing and severe measures to deal with shortfalls and high prices.
What to watch: The market has been becoming more global, especially with the U.S. rising as the world's top exporter of liquefied natural gas.
Still, the Iran war is exposing the limits of that interconnected system.
The Supreme Court just narrowed a landmark voting law for a nation that has never been more diverse — or more divided over who gets political power.
Why it matters: The latest ruling lands in a more multiracial, more mobile country that looks nothing like it did in 1965, raising fresh questions about how voting protections apply to a rapidly evolving electorate.
President Trump is slated to receive a briefing on new plans for potential military action in Iran on Thursday from CENTCOM Commander Adm. Brad Cooper, two sources with knowledge tell Axios.
Why it matters: The briefing signals that Trump is seriously considering resuming major combat operations either to try to break the logjam in negotiations or to deliver a final blow before ending the war.
