Oil Tops $126 as Trump Lays Groundwork for Extended Iran Port Blockade

Overview

• Oil jumped above $126 per barrel Thursday as the White House prepared a longer naval blockade of Iranian ports, a move unfolding as Pentagon officials put war spending near $25 billion since late February.
• The Federal Reserve kept interest rates unchanged Wednesday in Jerome Powell’s final meeting as chair, and he said he will step down on May 15 while staying on the board for now.
• The Justice Department proposed 34 rules that would loosen gun-sale requirements, including a narrower test for who must be a licensed dealer, days after a gunman charged security at the White House Correspondents’ Dinner.
• A State Department cable now requires visa applicants to affirm they do not fear persecution in their home countries, a change that could block more would-be asylum seekers before they travel.
• The Artemis II crew visited the Oval Office Wednesday, where President Donald Trump honored the astronauts after their trip around the moon.