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PEACE TALKS FAIL: President Donald Trump has directed the Navy to set a blockade in the Strait of Hormuz after Vice President JD Vance failed to reach a peace agreement with Iran. 

The Navy this morning has set a military blockade in the strait at 10 a.m., which is aimed at preventing any ships from entering or exiting Iranian ports. 

“If any of these ships come anywhere close to our BLOCKADE, they will be immediately ELIMINATED, using the same system of kill that we use against the drug dealers on boats at Sea,” Trump wrote on Truth Social. “It is quick and brutal.”

The effective closure of the trading route has significantly impacted the global energy market, raising prices and squeezing supply chains of oil and other petroleum products. 

Iran’s acting defense minister has said the country is prepared for “any scenario” and armed forces are on “maximum combat alert.” 

The blockade comes as Vance failed to reach a peace agreement over the weekend after a marathon meeting in Islamabad, Pakistan. Vance noted that Iran has yet to commit to not developing nuclear weapons. 

“So we go back to the United States, having not come to an agreement, we’ve made very clear what our red lines are, what things we’re willing to accommodate them on, and what things we’re not willing to accommodate them on,” Vance said in a press conference yesterday. 

OIL PRICES SURGE: Oil prices briefly topped $100 earlier today on news of the U.S. blockade, with both Brent Crude and West Texas Intermediate jumping by around 6%. 

Markets began to settle by afternoon trading, however, sending a signal that traders are more confident that the ongoing negotiations between the U.S. and Iran will not result in a significant escalation. 

Just before 3 p.m. EDT, international and domestic benchmarks were hovering below the $100 line. Brent was up by 3.91%, selling at $98.92 per barrel, while West Texas Intermediate had increased by 2.31% and was priced at $98.80. 

Related: The war in Iran caused OPEC’s production of crude to drop by 27% last month, falling from 28.7 million barrels per day to around 20.8 million. The losses – driven by reduced production in Iraq, Saudi Arabia, the UAE and Kuwait – are the steepest since the 1980s. 

Read more from the Examiner’s Emily Hallas here. 

TRUMP ADMINISTRATION ACCUSED OF ‘ILLEGALLY’ HOLDING UP NOAA FUNDS: The Trump administration is being criticized for “illegally” failing to release grant funding for the National Oceanic Atmospheric Administration. 

The details: A new report from The Hill reveals that the White House Office of Management and Budget has delayed issuing grant funding, already approved by Congress, that is necessary to keep dozens of their researchers and staff employed. 

One NOAA-backed institute, the Cooperative Institute for Research in Environmental Science, said that roughly 30 days before its funding was scheduled to expire, the group was informed that all grant actions were paused. Without additional funding, CIRES will be forced to furlough around 42 employees and reassign several others. 

CIRES director Waleed Abdalati warned this could result in a loss of observations and data, including how much carbon dioxide is in the atmosphere. 

The reaction: Sen. Chris Van Hollen, the ranking member of the Senate Appropriations Subcommittee on Commerce, Justice, Science and Related Agencies – which handles funding for NOAA – told The Hill that this delay is illegal, and blamed OMB director Russ Vought directly. 

“…Russ Vought is ignoring these directives from Congress by preventing the obligation of funds, a clear violation of the law,” the Democratic senator said. 

Former NOAA leaders have also called the funding hold-up “atypical,” accusing the administration of using the agency’s budget as a “weapon.” 

VENEZUELA OIL AND GAS DEALS? Reuters is now reporting that Chevron and Shell are both expected to sign agreements today that would significantly increase U.S. production of Venezuelan heavy crude and natural gas. 

Three sources with knowledge of the deals told the outlet that Chevron is planning to sign an agreement that would return an offshore gas field to Venezuela and increase its operations in the South American country’s main oil region. The sources also said Shell will sign an agreement to take control of the Loran gas field for operations. 

The specific terms of the deal have not been made public, though they were expected to be signed in the presence of acting Venezuelan President Delcy Rodriguez. 

Stay tuned for more. 

AUSTRALIA AND US EXPAND CRITICAL MINERALS DEAL: The U.S. and Australia have committed to $3.5 billion in backing for a number of critical mineral projects in Australia. 

The financing will be provided by Export Finance Australia and the U.S. Export-Import Bank, Reuters reports. 

The financial support is larger than called for in the U.S.-Australia deal struck in October, which said that the countries would each provide at least $1 billion in financing toward $8.5 billion in mineral projects in both countries, part of a larger effort to reduce dependence on China.

One of the largest investments is $849 million for a rare earth refinery project owned by Tronox Holdings. The company has operations in both Australia and the U.S., and would try to produce both light and heavy rare earth elements. 

The two countries have also committed up to $1 billion for Ardea Resources’ Kalgoorlie Nickel Project in Western Australia. There have also been commitments to support Alcoa’s Gallium Recovery ⁠Project and ​Arafura’s Nolans Rare Earths Project.

THE STRONGEST STORM OF 2026 HEADS TOWARD PACIFIC ISLANDS: The Mariana Islands and Guam are bracing to be hit by Super Typhoon Sinlaku, which has surged to the largest storm across the world so far this year. 

The details: The National Weather Service has issued several warnings for the islands of Guam, Rota, Tinian, and Saipan related to the storm, with flooding possible across the region. Guam has been issued a tropical storm warning and typhoon watch, with the possibility of up to 12 inches of rain, 10-15 foot surf, and wind gusts as high as 65 mph. 

The islands of Rota, Tinian, and Saipan have all been issued typhoon warnings, with wind gusts expected to reach up to 80 mph in Rota, and as high as 180 mph in Tinian and Saipan. These islands could see rainfall of around 20 inches or more. 

As of this morning, the super typhoon had max winds of 175 mph and was just about 160 miles east of Guam. Sinlaku first formed last week as a cluster of thunderstorms near Micronesia, before it quickly strengthened into a tropical storm and typhoon by the weekend. 

The storm is expected to cause destructive winds, heavy rain and flooding, and thunderstorms to the Mariana Islands into Wednesday, an area that is home to around 60,000 people. The NWS has advised residents to shelter in designated areas or in fully reinforced concrete buildings to ride out the storm. 

A LOOK AHEAD: 

April 13 – 17 is the Semafor World Economy summit in Washington, D.C. 

April 13 – 18 The International Monetary Fund and World Bank are holding their annual and spring meetings in Washington, D.C. 

April 14 – 15 The Energy Bar Association is holding its 2026 annual meeting and conference in Washington, D.C. 

April 14 The Carnegie Endowment for International Peace is holding a webinar titled “Financing Innovations in Climate Mobility.”

April 15 – 18 The Society for Environmental Journalists is holding its annual conference in Chicago, Illinois. 

April 15 is Tax Day.

April 15 The U.S. Chamber of Commerce is hosting the 2026 U.S.-Ukraine Partnership Forum in Washington, D.C. 

April 15 The Center for the National Interest is holding a webinar titled “Should the Arctic Be a Top U.S. Priority?”

April 15 The Senate Committee on Environment and Public Works is holding a hearing to examine restoration efforts in the Great Lakes Region. 

April 15 Energy Secretary Chris Wright is scheduled to appear before the House Appropriations Subcommittee on Energy and Water Development, and Related Agencies for a budget hearing.

April 15 The Senate Energy and Natural Resources subcommittee on Energy is holding a legislative hearing on bills targeting the national electric grid. 

April 16 The Federal Energy Regulatory Commission is holding its monthly open meeting. 

April 16 The House Natural Resources subcommittee on Water, Wildlife and Fisheries is holding an oversight hearing on four wildlife and water related bills. 

April 16 Wright is also scheduled to appear before the House Energy and Commerce Subcommittee on Energy to discuss the fiscal year 2027 Energy Department budget. 

RUNDOWN 

Bloomberg Law Trump’s Environmental Adviser Sees Permitting Plans Taking Shape

Washington Examiner Oil red alert: 10 of 12 postwar recessions were preceded by crude price spike

The Associated Press Iran war’s global energy crisis sharpens China’s advantage in clean tech