Energy & Environment
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Energy & Environment
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Oil prices dip as U.S. signals deal with Iran |
Oil prices dipped Thursday amid reports that the U.S. and Iran had reached a tentative deal to extend their ceasefire and reopen the Strait of Hormuz.
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International benchmark Brent crude was trading at about $93 per barrel as of Thursday afternoon, down from about $96 per barrel before reports emerged.
U.S. benchmark West Texas Intermediate crude was around $89 per barrel, down from about $91 per barrel earlier in the day.
U.S. and Iranian officials reached a tentative agreement on a 60-day memorandum of understanding, but President Trump has not yet approved the deal, U.S. sources told The Hill on Thursday. The news was first reported by Axios.
Oil prices have remained elevated since the start of the U.S.-Iran war because of the effective closure of the strait, through which about 20 percent of the world’s oil consumption typically flows.
Despite the apparent deal, Treasury Secretary Scott Bessent warned countries, particularly Oman, not to pursue a tolling system in the strai
Read more at TheHill.com.
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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.
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How policy will affect the energy and environment sectors now and in the future:
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The Treasury Department on Wednesday sanctioned an Iranian agency attempting to control the Strait of Hormuz.
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Bob Fenton, the acting administrator of the Federal Emergency Management Agency (FEMA), is reassuring the public that the agency is prepared for hurricane season, even as the Trump administration pushes for states to take a more active role in recovery efforts.
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President Trump said this week that he wants to help U.S. energy companies “gain access” in Central Asia, saying an agreement with Armenia is in the works.
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News we’ve flagged from other outlets touching on energy issues, the environment and other topics:
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Two key stories on The Hill right now:
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The United States and Iran reached a tentative agreement on Thursday to extend the shaky ceasefire in the Middle East and reopen the Strait of Hormuz, but President Trump’s approval remains pending, according to U.S. sources. Read more
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Treasury Secretary Scott Bessent was the latest host of the White House press briefing, where on Thursday he took aim at reporting from The Washington Post about a planned commemorative $250 bill with President Trump’s face on it. Read more
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You’re all caught up. See you tomorrow!
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