Energy & Environment
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Energy & Environment
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Brent briefly reaches four-year high |
Global oil prices surged to a four-year high overnight before retreating somewhat early Thursday as the Strait of Hormuz remains closed, and the prospect of a deal to end the conflict looks dim.
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The price of Brent crude oil, the international benchmark, briefly jumped to $126 per barrel on Thursday — its highest level both during the war and since 2022. Futures fell Thursday morning, with Brent crude trading around $111 per barrel by Thursday late afternoon.
The volatility reflects growing concern about how long dual U.S. and Iranian blockades in the Strait of Hormuz, a critical shipping channel in the Gulf that has been effectively closed to shipping traffic since the start of the conflict, could last.
Only a few vessels have managed to get through the waterway over the past two months, intensifying fears of prolonged supply disruptions and inflationary market pressure. About one-fifth of the world’s oil supply is transported through the strait daily during peacetime.
Markets reacted sharply after Axios reported Wednesday that President Trump was set to be briefed on plans for potentially resuming the U.S. military operation in Iran.
The outlet, citing several sources with knowledge of the matter, noted that U.S. Central Command has prepared a plan for a “short and powerful” wave of strikes on Iran in hopes of bringing Tehran to the negotiating table.
Read more here, from The Hill's Sophie Brams.
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Welcome to The Hill’s Energy & Environment newsletter, I’m Rachel Frazin — keeping you up to speed on the policies impacting everything from oil and gas to new supply chains.
Programming Note: I'm going on vacation, so this newsletter will also be on break. Both the newsletter and I will be back on May 18.
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How policy will affect the energy and environment sectors now and in the future:
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Staffers who signed the “Katrina Declaration,” an open letter critical of the Trump administration, have been reinstated at the Federal Emergency Management Agency (FEMA).
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The House on Thursday passed a major bill reauthorizing agricultural and food programs for the next five years, overcoming GOP infighting that delayed and threatened to derail the legislation this week.
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The House on Thursday voted to strip pro-pesticide policies, which have been a source of controversy and GOP infighting, from the farm bill.
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News we’ve flagged from other outlets touching on energy issues, the environment and other topics:
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Upcoming news themes and events we're watching:
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Two key stories on The Hill right now:
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Defense Secretary Pete Hegseth tangled with Senate Democrats Thursday during his second day of hearings on Capitol Hill, sparring with lawmakers over President Trump’s war with Iran, the Pentagon’s massive $1.5 trillion defense budget request and potentially sending troops to polling sites. Read more
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Comedian Jon Stewart said Wednesday the Democratic National Committee (DNC) and the party’s leaders were “lost” while discussing the Maine Senate campaign. Read more
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You’re all caught up. See you May 18!
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