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US strategic petroleum reserve hits 45-year low amid Iran conflict

Background: Renewed US-Iran hostilities and the closure of the Strait of Hormuz have depleted global oil market buffers, with the US Strategic Petroleum Reserve at its lowest since 1983. New development: The US SPR has fallen to about 43 days of crude supply, with over 108 million barrels released from a committed 172 million barrel drawdown, and current inventory at approximately 304.8 million barrels. President Trump warned on June 17 that reserves could run out in about four weeks, and a short-lived memorandum of understanding with Iran failed as strikes resumed on July 8, causing crude prices to surge nearly 5% (Brent at $78.02, WTI at $73.52). Asian countries have imposed emergency energy measures: South Korea, Thailand, Vietnam, and Bangladesh have implemented emergency energy rationing, and China has cut oil imports by about 3.5 million barrels per day. Trump has pressured major oil companies to lower prices, criticizing ExxonMobil and Chevron for profiting from the war, though executives note retail prices lag global benchmarks and remain elevated.

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Background: Renewed US-Iran hostilities and the closure of the Strait of Hormuz have depleted global oil market buffers, with the US Strategic Petroleum Reserve at its lowest since 1983. New development: The US SPR has fallen to about 43 days of crude supply, with over 108 million barrels released from a committed 172 million barrel drawdown, and current inventory at approximately 304.8 million barrels. President Trump warned on June 17 that reserves could run out in about four weeks, and a short-lived memorandum of understanding with Iran failed as strikes resumed on July 8, causing crude prices to surge nearly 5% (Brent at $78.02, WTI at $73.52). Asian countries have imposed emergency energy measures: South Korea, Thailand, Vietnam, and Bangladesh have implemented emergency energy rationing, and China has cut oil imports by about 3.5 million barrels per day. Trump has pressured major oil companies to lower prices, criticizing ExxonMobil and Chevron for profiting from the war, though executives note retail prices lag global benchmarks and remain elevated.

us46

Iran Suspected in Cyberattacks on US Water Systems Across Twelve States

Background: The FBI and EPA had warned of cyberattacks targeting US water utilities, with a coordinated attack on over 30 community water systems in Minnesota and expansion to at least seven states. Today, the campaign has expanded to at least twelve US states, according to ABC News, with the FBI issuing a national alert. Investigators strongly suspect Iran-backed hackers, including groups like CyberAv3ngers and Handala, linked to the Islamic Revolutionary Guard Corps. The attacks have affected water infrastructure monitoring systems, though no major damage has been reported. President Trump dismissed the Iranian link, blaming Democratic authorities in Minnesota, while Governor Tim Walz accused Trump of knowing the true culprits. The incidents follow a CISA warning about Iran-affiliated cybercriminal activity and have accelerated since the start of the US-Iran war in late February. In March, the US company Stryker was targeted by Handala, which claimed the attack as retaliation for a strike on a school in Iran. The attacks also highlight long-standing vulnerabilities in the fragmented US water infrastructure, with over 144,000 public water systems, many lacking resources to defend against cyber threats. The American Water Works Association is urging Congress to establish nationwide minimum cybersecurity requirements and treat utilities as critical infrastructure.

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Background: The FBI and EPA had warned of cyberattacks targeting US water utilities, with a coordinated attack on over 30 community water systems in Minnesota and expansion to at least seven states. Today, the campaign has expanded to at least twelve US states, according to ABC News, with the FBI issuing a national alert. Investigators strongly suspect Iran-backed hackers, including groups like CyberAv3ngers and Handala, linked to the Islamic Revolutionary Guard Corps. The attacks have affected water infrastructure monitoring systems, though no major damage has been reported. President Trump dismissed the Iranian link, blaming Democratic authorities in Minnesota, while Governor Tim Walz accused Trump of knowing the true culprits. The incidents follow a CISA warning about Iran-affiliated cybercriminal activity and have accelerated since the start of the US-Iran war in late February. In March, the US company Stryker was targeted by Handala, which claimed the attack as retaliation for a strike on a school in Iran. The attacks also highlight long-standing vulnerabilities in the fragmented US water infrastructure, with over 144,000 public water systems, many lacking resources to defend against cyber threats. The American Water Works Association is urging Congress to establish nationwide minimum cybersecurity requirements and treat utilities as critical infrastructure.

us45

Iran and Oman near deal on Strait of Hormuz shipping as Houthis attack Saudi Aramco facility

Iran and Oman are in the final stages of negotiating a shipping agreement for the Strait of Hormuz, with a framework reportedly agreed pending high-level approval in Tehran. The deal would establish a temporary navigation route for two to four months, but Iran insists the strait will not fully reopen until the US meets its conditions, including lifting sanctions and releasing frozen assets. Meanwhile, Yemen's Houthis claimed a drone attack on a Saudi Aramco refinery in Jizan, causing a fire that was extinguished with no casualties. The UAE reported an Iranian missile attack on an ADNOC tanker in the strait, and the US expects a deal soon that would lead to lifting its naval blockade. The developments come amid ongoing US-Iran tensions and a broader regional conflict.

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Iran and Oman are in the final stages of negotiating a shipping agreement for the Strait of Hormuz, with a framework reportedly agreed pending high-level approval in Tehran. The deal would establish a temporary navigation route for two to four months, but Iran insists the strait will not fully reopen until the US meets its conditions, including lifting sanctions and releasing frozen assets. Meanwhile, Yemen's Houthis claimed a drone attack on a Saudi Aramco refinery in Jizan, causing a fire that was extinguished with no casualties. The UAE reported an Iranian missile attack on an ADNOC tanker in the strait, and the US expects a deal soon that would lead to lifting its naval blockade. The developments come amid ongoing US-Iran tensions and a broader regional conflict.

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Morning Briefing: Trump on Hormuz, Syria Minibus Blast, Birthright Citizenship Orders

A morning briefing covers multiple developments: US President Trump claims involvement in negotiations to reopen the Strait of Hormuz, hinting at a possible agreement with Iran; an explosion on a minibus near Damascus kills two and injures 13; Trump signs executive orders expanding birthright citizenship restrictions and banning birth tourism. Other incidents include Houthi attacks on Saudi Arabia, Israeli raids in the West Bank, a Yemeni military attack, and various economic, legal, and environmental news.

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A morning briefing covers multiple developments: US President Trump claims involvement in negotiations to reopen the Strait of Hormuz, hinting at a possible agreement with Iran; an explosion on a minibus near Damascus kills two and injures 13; Trump signs executive orders expanding birthright citizenship restrictions and banning birth tourism. Other incidents include Houthi attacks on Saudi Arabia, Israeli raids in the West Bank, a Yemeni military attack, and various economic, legal, and environmental news.

us39

New Mexico court orders Meta to pay $567 million over child safety harms

A New Mexico judge ordered Meta to pay $567 million in the second phase of a landmark case, finding the company created a 'public nuisance' by harming children's mental health through its platforms. This adds to a $375 million jury verdict from March, bringing Meta's total liability in the case to $942 million. The ruling mandates that the bulk of the funds go toward mental health treatment for young people, and requires Meta to implement platform changes such as limiting teen usage, restricting adult contact with minors, and improving age verification. Meta has stated it disagrees with the ruling and will appeal. The case is part of a broader wave of litigation against social media companies over alleged harms to children.

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A New Mexico judge ordered Meta to pay $567 million in the second phase of a landmark case, finding the company created a 'public nuisance' by harming children's mental health through its platforms. This adds to a $375 million jury verdict from March, bringing Meta's total liability in the case to $942 million. The ruling mandates that the bulk of the funds go toward mental health treatment for young people, and requires Meta to implement platform changes such as limiting teen usage, restricting adult contact with minors, and improving age verification. Meta has stated it disagrees with the ruling and will appeal. The case is part of a broader wave of litigation against social media companies over alleged harms to children.

us38

Vance Says US Will Use All Tools to End Iran Conflict as Trump Prefers Deal

Background: The US and Iran are in a frozen conflict with sanctions, a naval blockade, and stalled negotiations, with senior US officials arguing economic pressure may be more effective than military strikes. Today: Vice President JD Vance said the US will employ military, economic, and diplomatic tools to resolve the conflict, citing Iranian internal divisions as a challenge. In a Fox News interview, he expressed hope for a settlement, noting it will be 'messy' and take time, and predicted oil prices will decrease. President Trump reiterated his preference for a deal over military action, saying 'I'd rather make a deal because I don't want to kill people.' The remarks follow recent US strikes inside Iran and Iranian retaliation against US facilities in Jordan, Bahrain, and Kuwait, amid tensions in the Strait of Hormuz.

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Background: The US and Iran are in a frozen conflict with sanctions, a naval blockade, and stalled negotiations, with senior US officials arguing economic pressure may be more effective than military strikes. Today: Vice President JD Vance said the US will employ military, economic, and diplomatic tools to resolve the conflict, citing Iranian internal divisions as a challenge. In a Fox News interview, he expressed hope for a settlement, noting it will be 'messy' and take time, and predicted oil prices will decrease. President Trump reiterated his preference for a deal over military action, saying 'I'd rather make a deal because I don't want to kill people.' The remarks follow recent US strikes inside Iran and Iranian retaliation against US facilities in Jordan, Bahrain, and Kuwait, amid tensions in the Strait of Hormuz.

us38

Iran's Ghalibaf accuses Trump of 'theater diplomacy' as Hormuz deal nears

Background: US President Donald Trump cancelled a planned large-scale strike on Iran, citing agreed deal perimeters on the Strait of Hormuz and Iran's nuclear program. Today: Iranian parliament speaker Mohammad Bagher Ghalibaf publicly accused Trump of conducting 'theater diplomacy on loop' in a social media post on Thursday, dismissing Trump's repeated claims of ordering and then canceling strikes as a failed pressure tactic. Ghalibaf called on the US to 'acknowledge the facts' and fulfill its commitments. Trump, in remarks to reporters, said he believes the war will end 'pretty soon' and that Iran 'cannot go much longer,' while asserting he is involved in negotiations. Iran is holding talks with Oman to reopen the Strait of Hormuz, with Tehran claiming a deal is 'on the verge of being finalized' after agreeing on coordinates for routes through the waterway. The strait's closure and attacks on energy infrastructure have sent oil prices soaring.

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Background: US President Donald Trump cancelled a planned large-scale strike on Iran, citing agreed deal perimeters on the Strait of Hormuz and Iran's nuclear program. Today: Iranian parliament speaker Mohammad Bagher Ghalibaf publicly accused Trump of conducting 'theater diplomacy on loop' in a social media post on Thursday, dismissing Trump's repeated claims of ordering and then canceling strikes as a failed pressure tactic. Ghalibaf called on the US to 'acknowledge the facts' and fulfill its commitments. Trump, in remarks to reporters, said he believes the war will end 'pretty soon' and that Iran 'cannot go much longer,' while asserting he is involved in negotiations. Iran is holding talks with Oman to reopen the Strait of Hormuz, with Tehran claiming a deal is 'on the verge of being finalized' after agreeing on coordinates for routes through the waterway. The strait's closure and attacks on energy infrastructure have sent oil prices soaring.

us36

Final Jan. 6 prosecutions dismissed as judges close the book on Capitol attack cases

Background: The Trump administration had previously removed Jan. 6 press releases, pardoned over 1,500 defendants, and moved to vacate seditious conspiracy convictions. Today: The final two Jan. 6 prosecutions were dismissed by judges this week. Judge Amit Mehta granted the DOJ's request to toss the Oath Keepers' indictment, writing 'That book is now closed,' while acknowledging the gravity of the events. Judge Timothy Kelly dismissed the remaining Proud Boys case, noting the attack on the Constitution's peaceful transfer of power. The dismissals follow Trump's day-one pardons of Enrique Tarrio and Stewart Rhodes, who had been sentenced to 22 and 18 years respectively. Former federal prosecutor Brendan Ballou emphasized the historical record remains despite efforts to rewrite it. The dismissals mark the formal end of the prosecutions, though former prosecutors stress the historical record remains.

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Background: The Trump administration had previously removed Jan. 6 press releases, pardoned over 1,500 defendants, and moved to vacate seditious conspiracy convictions. Today: The final two Jan. 6 prosecutions were dismissed by judges this week. Judge Amit Mehta granted the DOJ's request to toss the Oath Keepers' indictment, writing 'That book is now closed,' while acknowledging the gravity of the events. Judge Timothy Kelly dismissed the remaining Proud Boys case, noting the attack on the Constitution's peaceful transfer of power. The dismissals follow Trump's day-one pardons of Enrique Tarrio and Stewart Rhodes, who had been sentenced to 22 and 18 years respectively. Former federal prosecutor Brendan Ballou emphasized the historical record remains despite efforts to rewrite it. The dismissals mark the formal end of the prosecutions, though former prosecutors stress the historical record remains.