The Trump administration is demanding that Iran publicly acknowledge that the Strait of Hormuz is open and pledge to stop firing on commercial ships.
The message has been conveyed directly and through regional mediators, three U.S. officials said in a briefing with reporters Friday.
Why it matters: The administration says Iran violated the memorandum of understanding it signed with the U.S. three weeks ago by repeatedly firing on commercial vessels in and around the strait.
Crack spreads — energy industry measures of the gap between crude prices and refined products like diesel — have soared in recent days as the global fuel picture is increasingly determined by global politics and war.
Why it matters: Crack spreads are basically the profit margin that refiners add on top of the price of a barrel of crude in order to come up with the prices they charge for refined products like diesel.
Because the crack spread for diesel fuel, charted above, is rising, diesel fuel will likely get more expensive.
And because diesel is a key input for industries like trucking and agriculture, higher diesel prices will ultimately be passed along to consumers, at least in part.
Qatar, Pakistan and other regional mediators are trying to de-escalate tensions between the U.S. and Iran and revive negotiations on a nuclear deal, according to two sources from the mediating countries and a U.S. official.
Why it matters: While President Trump announced on Wednesday that the U.S.-Iran memorandum of understanding (MOU) and the ceasefire were "over" and ordered two rounds of airstrikes, he is focused on reopening the Strait of Hormuz and still wants to avoid a return to an all-out war with Iran.
The life sciences community is splintering over how the U.S. should respond to China's rapid biotech advances — specifically over whether more protectionist policies are needed to preserve American dominance.
Why it matters: The debate features a complicated web of national security concerns, high-stakes financial interests and, ultimately, the question of what is best for patients.
