Closure hits oil output
** April output from Persian Gulf countries affected by the Strait of Hormuz closure was 14.4 million barrels per day below pre-war levels. Cumulative losses during the conflict exceed 1 billion barrels.
US considers request
** The trading arm of Vietnam’s state oil company has urged the U.S. Navy to allow a crude oil tanker laden with Iraqi oil to sail through its blockade in the Middle East Gulf to provide a Vietnamese refinery with critical supplies, PVOIL said in a letter on Tuesday.
Made it
** Chinese oil supertanker appears to have exited the Strait of Hormuz as it sails toward an area where the US has enforced a blockade, ahead of talks between US President Donald Trump and counterpart Xi Jinping.
Bump in business
** The Panama Canal is seeing a revenue bump amid the concerns driven by the Iran war as shipping companies continue to skirt the Strait of Hormuz. Revenue at the canal has grown between 10 percent and 15 percent since the start of the conflict in late February, Panama Canal Authority (ACP) chief financial officer Victor Vialtold the Financial Times.
More oil sanctions
** The US government on Monday announced sanctions against three people and nine companies, including four based in Hong Kong and four in the United Arab Emirates, for aiding Iran’s shipment of oil to China. The ninth company is based in Oman.
US energy
** House Speaker Mike Johnson called a gasoline tax suspension an “intriguing idea” but said lawmakers need to “look at any unintended consequences,” per remarks reported by several outlets.
** Dems’ proposals. A bill set to be introduced by Rep. Brad Sherman (D-Calif.), for instance, would tax oil companies for any profits derived from selling oil at a cost of greater than $75 per barrel.
** A University of Texas study finds the state’s growing data center industry could account for up to 9% of statewide water use by 2040, further straining an already limited resource.
** An analysis of federal data finds one in five U.S. coal mines last year exceeded caps on silica dust already in place for every other regulated sector, even as federal officials dragged their feet implementing a Biden-era rule to protect miners.
** Florida-based Star Catcher raises $65 million for technology to collect and distribute solar power to satellites and other spacecraft.