** Iran said on Friday that it had reopened the Strait of Hormuz to commercial vessels, sending oil prices tumbling. The key oil artery would remain “completely open” for the duration of the ceasefire in the Middle East, Tehran announced.
** The U.S. military is readying to board ships linked to Iran and seize commercial vessels in international waters in the coming days as President Trump looks to expand a naval blockade on the Strait of Hormuz, a source familiar with the matter, speaking on condition of anonymity to discuss internal military planning, told The Hill on Saturday.
** Ukraine attacked two Russian refineries and other key oil targets overnight into Saturday, officials said, just hours after the United States granted Moscow another waiver on the sale of its sanctioned oil.
** China is set to extend its oil stockpiling as part of efforts to insulate itself from any “emergency situation”, a senior official from Beijing’s central planning body said.
** Two of Europe’s biggest airlines have cancelled hundreds of flights in response to soaring fuel costs caused by the Iran war. Lufthansa on Thursday announced plans to shut down its regional airline by the weekend, while Dutch-based carrier KLM axed 160 flights for the coming month.
US energy
** The Supreme Court handed a win Friday to oil and gas companies fighting lawsuits over coastal land loss and environmental degradation in Louisiana. The unanimous procedural decision gives the companies a new day in federal court after a state jury ordered Chevron to pay upward of $740 million to clean up damage to the state’s coastline, one of multiple similar lawsuits.
** Former Vice President Kamala Harris this week blasted President Donald Trump for the surge in gas prices triggered by the U.S. war with Iran. But four years ago, the then-vice president said that soaring gas prices sparked in part by the Russian invasion of Ukraine were the “price to pay for democracy.”
** Havana’s broad avenues are empty at night. Theaters are closed. Bars and cafes have curtains lowered. It’s hard to find lights in the streets or Cubans making money entertaining tourists.
** American Efficient; its owner, Modern Energy Group; and affiliated companies must pay about $1.1 billion for “one of the largest and most brazen frauds” in the Federal Energy Regulatory Commission’s history, the agency said.