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TALKS WITH IRAN TO RESTART? Today has seen the emergence of signs that the Trump administration and Iran are moving closer to a framework for talks to end the conflict. 

Negotiators are reportedly working on a one-page memorandum of understanding for a framework for talks over the next month.

Yesterday evening, President Donald Trump abruptly ended “Project Freedom,” the military operation to guide ships through the Strait of Hormuz, to facilitate the talks. The pause was requested by Pakistan and other countries to allow for negotiations, the president said. 

Trump said at an event at the White House today that Iran wants to make a deal with the U.S. and talks are going “smoothly.” 

“We’re doing very well in Iran. ⁠It’s going very smoothly, and we’ll ​see what happens. They want to ​make a deal, they want to negotiate,” Trump said. 

“We’re dealing with people that ​want to make a deal very much, and ‌we’ll ⁠see whether or not they can make a deal that’s satisfactory to us,” he added. 

The administration’s spin: Energy Secretary Chris Wright said this morning that the talks with Iran have improved because Project Freedom tipped the scales in favor of the U.S. 

“I think the fear that the United States’ military is going to open the strait, whether Iran wants it or not, made them realize, ‘If that’s true, we’ve got nothing. We have no remaining leverage,’” Wright said on Fox Business’s Mornings with Maria. “‘Maybe we should get more reasonable and get back to table with the United States and see what we can get out of this.’” 

He suggested that Iran may now give up its nuclear program, “stop terrorizing the Middle East,” and provide a better life for its 90 million citizens. 

Trump this morning threatened to resume bombing Iran “at a much higher level and intensity” if an agreement is not reached. 

But: In the meantime, the Iranian Revolutionary Guard Corps maintains that the waterway has remained blocked. It warned ships in the Persian Gulf and Gulf of Oman today that attempts to transit the strait outside of its rules would result in the ships being targeted. 

Oil prices drop: The price of oil has dropped due to signs of the U.S. closing in on a deal to end the war in Iran. As of mid-afternoon, WTI was priced at $95.22 per barrel and Brent crude stood at $101.40, declines of 7% and 8% respectively.

Gas prices highest in 4 years: The average price of a gallon of gas nationwide hit $4.54 today, according to AAA, which CBS reports is the highest since 2022, when Republicans were hammering President Joe Biden for high prices. 

A new NPR/PBS News/Marist poll published today found that 63% of respondents blame Trump for the high prices. 

Airlines are paying way more for fuel: Aviation fuel prices are up by 56% in the wake of the war with Iran, according to a new report from the Department of Transportation. 

In February, airlines collectively paid $3.23 billion for fuel. In March, they paid $5.06 billion. 

The surging costs helped doom Spirit Airlines. 

U.S. EXPORTS OF FUEL REACH RECORD HIGH: U.S. oil products exports hit record highs last week, at a pace of nearly 8.2 million barrels a day, according to the U.S. Energy Information Administration. 

The war in Iran has choked a key supply chain of oil products, which has led to countries in Europe and Asia to look elsewhere for products like diesel, jet fuel, and gasoline.

EQUINOR SAYS EUROPE UNLIKELY TO REACH GAS STORAGE TARGETS: The head of finance at Equinor said it is unlikely Europe will reach its 80% target for refilling its natural gas storage before the winter, Reuters reports. 

Equinor Chief Financial Officer Torgrim Reitan said that European gas storage sites are around 30% full, which is six percentage points below normal for this time of the year. 

“So we believe that gas storages will likely not reach the 80% target that is set. Meaning that going forward, the ​European gas market will be vulnerable to weather events, (to) operational ​issues,” Reitan said.

Europe has been seeking to refill its natural gas storage ahead of next winter, but the war in Iran has made it challenging.

Reitan said they are no longer expecting a glut of liquefied natural gas through this decade. He added that natural gas supply will take longer to return to normal than oil. 

EPA LAUNCHES INTERACTIVE PERMITTING MAP: The Environmental Protection Agency launched an interactive map to track which regulatory agency has the authority to review and approve permits. 

The map covers permits under a number of federal laws, including the Clean Air Act, Clean Water Act, Safe Drinking Water Act, and more. Projects typically require a number of approvals from federal, state, and local governments. 

“Too often, uncertain permitting processes stand in the way of innovation, efficiency, economic opportunity, and prosperity,” EPA Deputy Administrator David Fotouhi said in a statement. 

“This new innovative map provides state and local leaders, Tribes, entrepreneurs, and the public the information they need in one place on the regulatory authorities of permits throughout EPA’s permitting programs,” he added. 

Check out the interactive map here. 

RENEWABLE ENERGY MORE COST-EFFECTIVE THAN FOSSIL FUEL, REPORT SAYS: Solar and wind energy combined with battery storage are more cost-effective than fossil fuels, the International Renewable Energy Agency (IRENA) said in a report. 

IRENA said that costs dropped by 87% for solar PV and by 55% for onshore wind since 2010. In addition, battery storage costs fell by 93%. 

It noted that construction timelines have also shortened, with projects built one and two years after receiving permits, which is faster than for gas-fired alternatives. 

In regions with plenty of sun, it said, solar-plus-battery costs have fallen from $100 per megawatt-hour in 2020 to around $54-$82 in 2025.

MICROSOFT RETHINKS 2030 CLEAN ENERGY TARGET: Microsoft is rethinking its 2030 clean energy targets as the tech company looks to build out data centers. 

Bloomberg reports that the company is considering whether to delay or abandon its target of matching its entire electricity use with renewable energy purchases by 2030. The publication said that talks in the company are ongoing and there has been no final decision made. 

Data centers are highly energy-intensive. Tech companies have turned to natural gas or struck deals for nuclear energy to help power the large-load facilities. 

SUSPECTED PALISADES ARSONIST LOOKED TO LUIGI MANGIONE AS HERO: Evidence collected by federal prosecutors indicates that the man accused of starting the Palisades Fire held some extreme left-wing views. 

A court brief filed by prosecutors last week indicated that the suspect, 30 year-old Uber driver Jonathan Rinderknecht, viewed Luigi Mangione, accused of assassinating UnitedHealthcare CEO Brian Thompson, as a hero, according to the Los Angeles Times. 

Prosecutors noted that Rinderknecht searched terms like “Free Luigi” and “reddit lets kill all billionaires” just prior to the fire. 

He was interviewed by investigators shortly after the fire started because he reported the fire, in its initial stages, to 911. Asked why someone would start the fire, he reportedly replied that it “would be out of resentment of the rich enjoying their money.” 

RUNDOWN

The Associated Press Study says trees counter half the world’s urban heating, but not in the places that need it most

Grist Democrats used to back energy-saving plans. Now they’re wavering.

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