Crypto News: Taming gas prices

Good morning. Donald Trump is weighing options to ease pain at the pump for motorists. Hedge funds are also feeling the sting, after suffering huge losses in last week's market mayhem. And Australia grants humanitarian visas to Iranian soccer players who refused to sing their national anthem. Listen to the day's top stories.

— Marcus Wright and Laura Avetisyan

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Donald Trump is considering a menu of possible options to combat surging gasoline prices. One idea under consideration is tapping into emergency stockpiles. Here's our explainer on how that might help. The rising costs facing motorists has given Democrats another economic pain point to emphasize heading into midterm elections. Several Senate Democrats are threatening to force numerous war powers votes and otherwise disrupt the chamber unless Republicans agree to hold public hearings on the reasons behind the attacks on Iran.

Some relief as oil prices tumbled after Trump indicated yesterday the war may end soon. But those moves were modest compared with Monday's wild gyrations, which left veteran oil traders frazzled. Some of the world's biggest hedge funds suffered hundreds of millions of dollars in losses last week riding the rollercoaster.

Photographer: Gabby Jones/Bloomberg

A Pentagon official said there's little chance of restarting talks with Anthropic over military use of its AI tools after the company sued to challenge a government decision labelling it a supply-chain risk. Elsewhere, Apple's efforts to pivot away from China are bearing fruit—the company now makes a quarter of its iPhones in India.

Iran War Has Airlines Reviewing Growth Plans as Fuel Surges

Until last month, airlines couldn't get new aircraft fast enough, with both Airbus SE and Boeing Co. struggling to keep up with surging demand.

Read the Story

Trump's efforts to force Republicans to pass a partisan overhaul of voting laws risks bringing congressional business to a halt with no clear path to success, Senate Majority Leader John Thune warned. And in a separate challenge to the president, a US judge ruled the Trump administration illegally appointed a trio of lawyers to succeed Alina Habba after her resignation as the top federal prosecutor in New Jersey.

One year into Trump's immigration crackdown, we see little evidence that tighter borders are boosting employment prospects for US-born workers. The squeeze on migration coincided with a rise in joblessness among the native-born, even as some businesses say it's becoming more challenging to fill positions.

Deep Dive: Mining Venezuela

Oil rigs are pictured in Cabimas, Venezuela, on Jan. 31. Photographer: Maryorin Mendez/AFP/Getty Images

Venezuela gave preliminary approval to a mining bill, as the government pledges to move at "Trump speed" to revive the sector and attract foreign investment.

It's the latest sign of warming economic and political ties between Venezuela and the US, following Trump's ouster in January of former president Nicolas Maduro. Last week, the two sides agreed to re-establish diplomatic relations soon after a visit by Interior Secretary Doug Burgum.
The mining bill builds on similar legislation in January, when Venezuelan lawmakers approved a historic reform of its decades-long nationalist oil policy, giving officials broad discretion to adjust taxes and royalties to attract private capital.
Foreign investors are already positioning for the shift. The Trump administration issued licenses allowing Western oil companies including Chevron, Shell and BP to operate in Venezuela. Here's our look at whether Trump's plans for the Venezuelan oil industry are realistic.

The Big Take

Photographer: Dario Pignatelli/Bloomberg

Trump's decision to attack Iran has injected a new shock to the global economy just as investors were grappling with a range of troubles, including AI as a disruptive technology, soured private-credit loans and stubbornly high inflation. The net result— new fragilities in global markets that no single policy lever can fix.

Bit Take Podcast

Who Runs Out of Munitions First in Iran?

Opinion

Anthropic's Dario Amodei.
Photographer: Michael M. Santiago/Getty Images North America

Anthropic has emerged as a disruptor in an industry that itself has been wildly disrupting entire corporate sectors, Parmy Olson writes. Its decision to say "no" to the Pentagon marks a sharp contrast with industry rivals like OpenAI and is a healthy outcome for a tech market that was becoming far too entrenched.

More Opinions

Marc Champion

Trump Doesn't Understand His Enemy. That Gives Iran an Edge.

John Authers

Enough Cool Heads Are Pulling Back From the Brink

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Before You Go

The Iranian women's soccer team during the AFC Women's Asian Cup at Gold Coast Stadium on March 8. Photographer: Albert Perez/Getty Images

Australia granted humanitarian visas to five Iranian female soccer players who sought asylum, citing fears for their safety after the team declined to sing the national anthem during a match on the Gold Coast last week. Prime Minister Anthony Albanese said his government is willing to provide similar assistance to the rest of the team, noting that "this is a very delicate situation and it is up to them" to decide.

A Couple More

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