Asian refineries are largely configured to process medium and heavy sour crude from the Persian Gulf, making those barrels difficult to replace. U.S. light sweet crude and other grades cannot easily substitute without operational adjustments. As shipments through the Strait of Hormuz slow, refiners across Asia face tighter supplies of the specific crude types their facilities are built to run.
The 10-year U.S. Treasury yield rose to 4.601%, its highest level in 15 months, while the 30-year bond remained above 5.1%, according to market data.
Recent economic reports showed inflation pressures continuing to build.
Retail sales increased 0.5% in April compared to the previous month, marking the third straight monthly gain.
Calls to “tax the rich” are, once again, gaining traction online in recent weeks. It kicked off last month after New York Governor Kathy Hochul proposed a new tax on second homes in New York City worth more than $5 million.
Voters in Kentucky’s 4th Congressional District will decide whether Massie survives a challenge from Trump-backed candidate Ed Gallrein, a former Navy SEAL and farmer personally encouraged by Trump to enter the race.
In an interview with Fortune, Trump recalled asking Intel CEO Lip-Bu Tan for 10% ownership in the company “for free” in exchange for government support
Videos posted online showed fights, heavy crowding and police intervention at several locations.
