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1 Energy Secretary Scott Wright Says War With Iran Will "Certainly" End In Next Few Weeks
Energy Secretary Chris Wright said yesterday that the U.S.-Israeli war with Iran will come to an end within the next few weeks, possibly sooner, as Americans deal with sharply rising gas prices caused by the conflict. Iran has closed the Strait of Hormuz, a narrow waterway through which roughly 20 percent of the world's oil supply passes, sending crude oil prices and gas prices climbing. He added that while the increase is painful, it will lead to long-term improvements in the global situation, and also suggested a broad coalition of nations, particularly Asian countries that rely heavily on oil from the Strait, could help reopen it. Democrats have criticized the Trump administration for not adequately preparing for the Strait's closure and the resulting spike in prices. Senate Minority Leader Chuck Schumer questioned how the White House didn't see it coming, but Wright dismissed that criticism, calling it "disingenuous" and saying the administration was well aware there would be short-term disruption.
2 FCC Chair Brendan Carr Threatens To Revoke Broadcasters' Licenses If They Air "Fake News"
The chairman of the Federal Communications Commission is threatening to pull the broadcast licenses of television stations over their coverage of the ongoing U.S.-Israeli war with Iran. FCC Chairman Brendan Carr posted the warning on social media, referencing a Truth Social post from President Trump, who accused multiple news outlets of running misleading headlines about U.S. tanker aircraft being struck in an Iranian missile attack on a base in Saudi Arabia. Carr wrote that broadcasters running "hoaxes and news distortions" would have a chance to correct course before their licenses come up for renewal. Legal experts and free speech advocates pushed back hard, saying the threat is largely hollow and that the FCC has not successfully revoked a broadcast license in decades. The FCC's own website states that the First Amendment and Communications Act prohibit the agency from censoring broadcast content.
3 Oil Around $100 A Barrel Again
Asian stock markets fell overnight as worries over rising oil prices tied to the ongoing U.S.-Iran conflict weighed on investors. Japan's Nikkei 225 dropped more than 1 percent, while South Korea's Kospi was flat and Hong Kong's Hang Seng slid about 0.3 percent. Goldman Sachs estimated the surge in energy prices from the war could shave roughly 0.3 percent off global GDP over the next year while pushing inflation higher. U.S. crude oil was hovering near $100 per barrel, and U.S. stock futures inched slightly higher overnight as Wall Street looked to recover from another losing week.