Oil prices drop 9% and Wall Street rallies to a record after Iran reopens the Strait of Hormuz
NEW YORK (AP) — Oil prices dropped back to where they were in the early days of the Iran war, and U.S. stocks raced to another record. The S&P 500 leaped 1.2% Friday after Iran said the Strait of Hormuz is open again for commercial tankers carrying crude. The Dow Jones Industrial Average leaped as many as 1,100 points before paring its gain and ended with a jump of nearly 870 points, or 1.8%, while the Nasdaq composite climbed 1.5%. A freer flow of oil could take pressure off prices not only for gasoline but also for groceries and all kinds of other products. Oil prices fell 9%.
Iran war energy shock drives nuclear power plans in hard-hit Asia and Africa
NAIROBI, Kenya (AP) — The Iran war’s global energy shock is causing some nations in Asia and Africa to boost nuclear power generation and spurring atomic energy plans in non-nuclear countries on both continents. Nuclear power isn’t a quick fix for the current energy crisis caused by shipping disruptions in key oil and gas sea lanes. But analysts say the decisions and investments being made now in both major economies and developing countries will likely lock countries into a nuclear-powered future. Leaders across Asia and Africa have recently announced new-found nuclear ambition and plans, marking a new notable momentum in both continents.
Federal judge blocks Nexstar-Tegna TV station merger until antitrust lawsuit is settled
A federal judge has blocked the $6.2 billion merger between local television giants Nexstar Media Group and Tegna until an antitrust lawsuit is resolved. The merger would create a company owning 265 TV stations across 44 states. On Friday, U.S. District Court Chief Judge Troy L. Nunley issued an order halting the deal. Attorneys general in eight states and DirecTV sued to stop the merger, arguing it could raise consumer prices and harm local journalism. Nexstar’s attorneys say the deal has already been vetted and approved by the Federal Communications Commission and the Department of Justice.
White House chief of staff meets with Anthropic CEO over its new AI technology
WASHINGTON (AP) — White House chief of staff Susie Wiles has met with Anthropic CEO Dario Amodei to discuss the company's new AI model, Mythos. The model has gained attention for its advanced capabilities and potential use by the federal government. A White House official says the administration is engaging with AI labs about their models. The meeting Friday follows tensions between the Trump administration and Anthropic over the use of AI technology in federal agencies. Anthropic has limited the Mythos model's use to select customers due to its ability to surpass human cybersecurity experts in finding vulnerabilities.
Traffic and trepidation in the Persian Gulf could keep gasoline prices from dropping quickly
NEW YORK (AP) — Oil prices plunged and the stock market rallied after U.S. President Donald Trump and Iran’s foreign minister said that the Strait of Hormuz is fully open. Drivers are hoping that freeing oil tankers to leave the Persian Gulf will lead to lower gasoline prices. But energy experts say it could take months for prices to fall to levels enjoyed before the war began. The speed oil tankers travel from ports to refineries, traffic in the strait, lingering security concerns and damage to energy infrastructure in the Middle East are all playing a role in the price of gasoline.
Wanna bet? Washington steps up scrutiny of prediction markets
WASHINGTON (AP) — A controversy has erupted over prediction markets such as Polymarket and Kalshi. On April 3, bets were placed on Polymarket on when a U.S. airman would be rescued from Iran. After Rep. Seth Moulton criticized this, Polymarket halted the betting. Well-timed trades have sparked bipartisan concern in Washington about the ethics and regulation of prediction markets. Lawmakers are proposing bills to prevent insider trading and regulate these markets. The Commodity Futures Trading Commission is also under scrutiny for its oversight role. The debate continues on how to address these markets effectively.
Home shopping network pioneer QVC files for bankruptcy protection
The owner of home shopping network pioneer QVC has filed for Chapter 11 bankruptcy protection. The filing by parent company QVC Group, which also owns HSN, formerly the Home Shopping Network, arrives as long-running TV shopping networks struggle to adapt to the rapid shift by consumers now tuning in to livestreams on TikTok, or online marketplaces like Shein. QVC Group, which filed in the U.S. Bankruptcy Court for the Southern District of Texas, said that its international operations are not included in the process. It has more than $1 billion in cash on hand and said that it has ample liquidity to meet its business obligations.
The Supreme Court hands a win to oil and gas companies fighting environmental lawsuits in Louisiana
WASHINGTON (AP) — The Supreme Court is handing a win 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. The companies were backed by the Trump administration and argued that the case belongs in federal court because they began oil production and refining during World War II as U.S. contractors. Louisiana’s coastal parishes have lost more than 2,000 square miles of land over the past century.
New oil and gas lease sale set for Alaska's Arctic National Wildlife Refuge, amid litigation
JUNEAU, Alaska (AP) — The U.S. government plans another oil and gas lease sale for Alaska’s Arctic National Wildlife Refuge. The sale set for June 5 follows two prior sales that saw no interest from major oil companies. It also comes amid ongoing litigation aimed at blocking drilling in a region seen as sacred by the indigenous Gwich’in. A law passed by Congress last year calls for four lease sales in the refuge's coastal plain over a 10-year period. This would be the first sale for the refuge under that law.
US extends waiver on Russian oil sanctions to ease Iran war shortages despite Bessent denial
WASHINGTON (AP) — The U.S. Treasury Department has extended its pause on sanctions on Russian oil shipments to ease shortages from the Iran war, days after Secretary Scott Bessent ruled out such a move. The general license means U.S. sanctions will not apply for 30 days on deliveries of Russian oil that has been loaded on tankers as of Friday. It extended a similar 30-day license issued in March for Russian oil that had been loaded by March 11. The extension underscores how the fallout from the Iran war has boosted Moscow’s ability to profit from its energy exports, which had been restrained since the invasion of Ukraine. The administration did not immediately explain the reversal.
