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1 Iran Conflict: World's Largest Liquefied Natural Gas Terminal In Qatar Hit By Iran
The war between the U.S.-Israeli coalition and Iran continued to expand on its 19th day yesterday, with attacks spreading across the Gulf region and Israel escalating its military operations in Lebanon. Iran fired multiple missiles at Ras Laffan, Qatar, striking the world's largest liquefied natural gas export terminal and causing fires and extensive damage. Qatar's interior ministry and state energy company Qatar Energy both confirmed the attack, calling it an Iranian targeting of the facilities. About one-fifth of the world's LNG is ordinarily shipped from Ras Laffan, and major international energy companies, including ExxonMobil, Shell, and TotalEnergies are investors in the facility. Five Western nations…Canada, France, Germany, Italy and the United Kingdom, issued a joint statement calling for immediate de-escalation and a negotiated political solution to the Israel-Lebanon conflict.
2 Fed Chair Jerome Powell Has "No Intention Of Leaving" Until DOJ Probe Is Closed
Federal Reserve Chair Jerome Powell said yesterday he has "no intention of leaving" the Fed's board of governors until the Justice Department's criminal investigation into him is fully resolved. The Justice Department had subpoenaed the Fed in January as part of a criminal probe ostensibly focused on the renovation of the Fed's Washington headquarters and Powell's testimony to the Senate Banking Committee about the project. Powell immediately and publicly rejected that framing, calling the charges pretexts. A federal judge agreed; on March 12th, U.S. District Judge James Boasberg issued a scathing ruling blocking the grand jury subpoenas, writing that the government had offered "no evidence whatsoever that Powell committed any crime other than displeasing the President." Republican Sen. Thom Tillis of North Carolina, who called the probe a "bogus" attack on Fed independence, has vowed to block any vote on Trump's nominee to succeed Powell, Kevin Warsh, until the investigation is fully closed. The Fed voted 11 to 1 yesterday to hold interest rates steady; the sole dissenting vote in favor of a cut came from Trump's new board nominee.
3 President Trump Waives Jones Act Shipping Rules For 60 Days
President Trump issued a 60-day waiver of the Jones Act yesterday as part of efforts to ease rising fuel costs tied to the Iran war. The Jones Act normally requires that goods shipped between U.S. ports be carried on vessels that are American-built, American-flagged and crewed by American citizens. Waiving the law would allow foreign ships to move oil and petroleum products between domestic ports more freely, potentially easing supply bottlenecks as global oil trade remains badly disrupted by the ongoing conflict and the near-closure of the Strait of Hormuz. Energy experts noted the move is a limited, short-term measure and that the bigger driver of prices remains uncertainty in the Middle East.