The briefing for Saturday, April 18.

Iran reimposed restrictions on the Strait of Hormuz on Saturday, less than 24 hours after announcing the critical waterway's reopening. The reversal came after President Trump said the U.S. naval blockade of Iranian ports would remain in effect until a comprehensive deal is reached. Iran's joint military command said the strait would stay under 'strict management and control' as long as the American blockade continues.

Oil prices fell sharply Friday when Iran initially announced the strait was 'completely open' to commercial vessels during the ceasefire period. Brent crude dropped to $88 per barrel from above $98 earlier in the day, while U.S. stocks rallied to record highs. But the reopening proved short-lived after Trump's statement that evening, triggering fresh uncertainty in energy markets. Data firm Kpler reported Saturday that tanker movement through the strait remained confined to Iran-approved corridors.

The back-and-forth over the strait—through which roughly one-fifth of global oil passes—underscores the fragility of ceasefire negotiations. Pakistani officials say they're still making progress toward a deal and plan to host another round of talks early next week. A 10-day truce between Israel and Hezbollah in Lebanon removed one obstacle to agreement, though questions remain about how long that ceasefire will hold and whether Hezbollah will comply with terms it didn't help negotiate.

The Treasury Department on Friday issued a 30-day extension of sanctions relief for Russian oil shipments, days after Secretary Scott Bessent explicitly ruled out such a move. The general license means U.S. sanctions won't apply to Russian oil loaded onto tankers as of Friday. It extends a similar waiver issued in March that the administration said Wednesday would not be renewed.

The reversal highlights how the Iran war has strengthened Moscow's hand in energy markets. Russian oil exports had been constrained since the Ukraine invasion, but global supply shortages from the Iran conflict have made that crude more valuable. The Treasury Department did not immediately explain why it changed course after Bessent's Wednesday statement at the White House.

The waiver applies only to oil already loaded on tankers by Friday's deadline. Treasury previously issued a similar 30-day license in March for Russian oil loaded by March 11, part of efforts to ease severe energy shortages caused by Iran's closure of the Strait of Hormuz. The extension underscores the administration's difficulty balancing pressure on Russia with the need to maintain global oil supply during the Iran crisis.

The Supreme Court ruled 8-0 Friday that oil and gas companies can move Louisiana coastal damage lawsuits to federal court, giving the industry a procedural victory after a state jury ordered Chevron to pay more than $740 million. Justice Clarence Thomas wrote that the litigation is clearly related to Chevron's World War II-era work boosting aviation fuel supplies for the U.S. government, making federal court the proper venue.

The decision affects dozens of lawsuits filed in 2013 alleging oil giants including Chevron and Exxon violated state environmental laws for decades. A jury in Plaquemines Parish had found that Texaco—acquired by Chevron in 2001—violated Louisiana regulations by failing to restore wetlands damaged by drilling, dredging canals, and dumping billions of gallons of wastewater. Federal courts are generally seen as more favorable to corporate defendants than state courts in Louisiana.

Louisiana has lost more than 2,000 square miles of coastal land over the past century, with the U.S. Geological Survey identifying oil and gas infrastructure as a significant cause. The state could lose an additional 3,000 square miles in coming decades, according to its coastal protection agency. Local leaders say they remain determined to hold the industry accountable despite the setback, while Chevron denies responsibility and argues it's wrong to sue over work done before environmental regulations existed.

Carfentanil—a weapons-grade chemical 10,000 times more potent than morphine—has seen a dramatic resurgence in the U.S. drug supply, killing hundreds of unsuspecting users. DEA labs identified carfentanil 1,400 times in drug seizures during 2025, compared to just 145 in 2023 and only 54 in 2022, according to records reviewed by the AP. The surge comes as overall drug overdose deaths and fentanyl seizures continue declining.

The spike likely stems from China's recent crackdown on fentanyl precursor chemicals, according to DEA intelligence bulletins. Mexican traffickers appear to be using carfentanil to boost the potency of weakened fentanyl, though authorities say producing the substance safely requires extreme expertise. Some vendors may also be skirting Chinese regulations by advertising carfentanil online in other countries. Less than a poppy seed-sized amount of the drug can be lethal.

The resurgence echoes carfentanil's explosion into North American markets a decade ago, which caused hundreds of overdoses before China banned it. Experts warn that even multiple high doses of the overdose-reversing drug naloxone might not be enough to save someone who has taken carfentanil. DEA officials describe the situation as 'an extremely frightening proposition' for people seeking opioids on the street, as users have no way to know what they're taking.

Hungary's incoming Prime Minister Péter Magyar is moving swiftly to consolidate power after his Tisza party won 52% of the vote last Sunday, ending Viktor Orbán's 16-year run. Magyar has secured a pledge from President Tamás Sulyok to advance the formation of parliament to early May, when the new government can be elected. He also gave combative interviews to public service TV and radio outlets that had largely ignored or attacked him during the campaign.

Magyar plans to use his two-thirds super-majority to retroactively limit prime ministers to two terms—a move that would bar Orbán, who has served five terms, from returning to power. He has also promised to suspend news programming on state media until impartial editors can be appointed. Orbán's Fidesz party, which held 135 seats, has been reduced to just 53 in the new parliament.

Orbán finally broke his silence Thursday in a YouTube interview, calling the defeat 'the end of an era' and taking personal responsibility. He said he would continue leading Fidesz if re-elected at a June party congress, but acknowledged the party needs 'complete renewal.' Some Fidesz members have called for leadership changes, though there is no obvious successor. The party's slogan 'the safe choice' was criticized by advisers as alienating to young voters, and Orbán's 38 years in frontline politics have left him appearing tired even to supporters.

A federal judge blocked the $6.2 billion merger between Nexstar Media Group and rival Tegna late Friday, siding with eight attorneys general and DirecTV in their antitrust lawsuit. U.S. District Chief Judge Troy Nunley in Sacramento found the states and DirecTV were likely to prevail in their claim that the deal would harm consumers and local journalism. The ruling extends an emergency order Nunley issued three weeks ago.

The merger, approved by the Federal Communications Commission, would create a company owning 265 television stations across 44 states and Washington D.C. Most are local affiliates of ABC, CBS, Fox, or NBC—the 'Big Four' national networks. The combined company would own two or even three Big Four affiliates in 31 local markets. The FCC had waived rules limiting station ownership after Nexstar agreed to divest six stations and pledged to expand local journalism.

Eight Democratic attorneys general and DirecTV sued to block the deal, arguing it would lead to higher broadcast fees for consumers and reduce competition in local news. Nexstar's attorneys told the court the merger had already been reviewed by the FCC and Justice Department under the Trump administration. The company said it looks forward to litigating in federal court, maintaining the claims relate to work done under federal supervision.