Rubio emphasized that the Strait of Hormuz is international waters, and any actions by Iran to impede commercial traffic are illegal. He stated, 'It's a violation of maritime law to impede the free flow of travel in international waters.'
The Iranian military's blockade of the Strait of Hormuz in retaliation for the U.S. and Israeli airstrikes on Tehran has sent energy markets into turmoil. A quarter of the world's natural gas, a fifth of its crude oil, and tons of critical materials for fertilizers and other petroleum products pass through this strategic Persian Gulf waterway.
Chevron Corp ( NYSE:CVX) is negotiating with the Trump administration to expand its Venezuela oil license, aiming to boost exports to 300,000 barrels per day by March. The move comes as Trump pivots toward energy independence policies, creating a strategic opening for Chevron to capitalize on discounted Venezuelan heavy crude. The stock has responded enthusiastically. Chevron surged 12.3% year-to-date through January 29, hitting a 52-week high of $174.92 earlier this week.
The world is now moving into the latter half of a critical decade to fight climate change. Scientists have warned that nations need to cut carbon emissions nearly 50% by 2030 to stave off 1.5C temperature rise. The world is woefully off track to meet those targets and risks further backsliding, even as there are some surprising sources of progress.
