AI Summary
5 min readOn the same day President Trump told Fox Business that the war with Iran is “close to over” and spoke about it in the past tense, his press secretary pushed back against reports that the U.S. had formally requested an extension of the two-week ceasefire. Press secretary Karoline Leavitt said the White House “feels good about the prospects of a deal.” NPR’s Tamara Keith reported the official line from the podium was somewhat different from the president’s own characterization, but the administration offered no details on next steps.
Jet fuel markets face a slow recovery even if the Strait of Hormuz reopens
The partial closure of the Strait of Hormuz has disrupted global jet fuel supply in two ways, according to NPR’s Camila Domonoske. Refineries in the Persian Gulf cannot ship out finished jet fuel, and refineries in Asia cannot receive the Middle Eastern crude they need to make jet fuel themselves. The world’s three largest jet fuel exporters — China, South Korea, and Kuwait — are effectively out of action. Even if the strait reopened immediately, prices would not snap back. “It is not as simple as turning on the spigot outside your house to turn on the garden hose,” said David Riser of the commodities intelligence group Argus. Bringing production back online and reshipping fuel worldwide takes time.
Home buying hits a generational low as boomers dominate
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What you'll learn
- 1 (00:10) **White House Denies Formal Ceasefire Extension Request** - Press secretary Karoline Leavitt bats down the idea that the U.S. formally requested an extension of the two-week ceasefire with Iran, despite Trump describing the war as "close to over."
- 2 (01:05) **Strait of Hormuz Closure Disrupts Global Jet Fuel Supply** - The partial closure of the strait is creating a dual bottleneck: Persian Gulf refineries can't export finished jet fuel, and Asian refineries can't import the crude oil needed to make it.
- 3 (01:54) **First-Time Home Buyer Share Hits Record Low** - A new report from the National Association of Realtors shows the share of first-time home buyers has fallen to another record low, with Boomers remaining the largest group of buyers.
- 4 (02:49) **Markets Close Mixed with S&P 500 at Record High** - The S&P 500 closed at its highest ever, gaining 55 points to end at 7,022, while the Dow dropped 72 points and the NASDAQ rose 376.
- 5 (03:01) **Scientists Warn of Growing Threat from Drug-Resistant Fungi** - A group of international scientists is warning that medicine is focusing on drug-resistant bacteria and viruses while ignoring a growing crisis of drug-resistant fungi, which can be severe for those with weakened immune systems.
- 6 (04:08) **NYC Apartment Building Workers Vote on Potential Strike** - The union representing thousands of New York City doormen, superintendents, and other building workers is voting on a potential strike after contract talks hit a roadblock over healthcare and pensions.
- 7 Standout Quotes
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