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🇮🇷 Kharg Island strike widens war and raises fresh threats. President Donald Trump said American forces bombed military sites on Iran’s Kharg Island on March 13th. He called the targets “obliterated” in a social media post. Kharg hosts Iran’s primary terminal for crude exports, a central economic lever. Trump said the island’s infrastructure was spared for now. He warned he could reverse that if shipping through the Strait of Hormuz is disrupted. Iranian parliament speaker Mohammad Bagher Qalibaf warned Iran would abandon all restraint. An American official said about 2,500 more Marines and an amphibious assault ship are being sent to the Middle East. The move, the official said, reflects force protection needs as the war nears its second week. Diplomats hunted for off-ramps while the rhetoric kept accelerating.

🇷🇺 Russian oil waiver eases rules, but crude stays above $100. The United States Treasury Department granted a 30-day waiver for some Russian oil shipments loaded by Thursday. Treasury Secretary Scott Bessent called it a short-term step to steady markets. The waiver covers cargoes floating at sea, giving buyers legal cover to take delivery. Bessent said the Kremlin already taxed the oil at extraction, so sales add no new gain. Other sanctions remain, including on Russia’s two biggest oil producers. Kremlin spokesperson Dmitry Peskov said the move helps stabilize global energy markets. Ukrainian President Volodymyr Zelenskyy said the easing does not help ceasefire talks or peace efforts, and could provide $10B+ for Russia’s warchest. Brent crude dipped briefly, then traded at $103.24 a barrel at 18:00 GMT on Friday; earlier, Brent floated around $72.87 on February 27th, the eve of the Iran war.

☪️ Anti-Muslim posts surge from Republicans, GOP offers tepid pushback. Hate speech targeting American Muslims has spread online in the past month. Tennessee Representative Andy Ogles tweeted "Muslims do not belong in America". He later argued paperwork does not make someone American and said Muslims cannot assimilate. Alabama Senator Tommy Tuberville posted a September 11th image and tweeted "the enemy is inside the gates". Tuberville later said he meant Islamists and insisted he was being plain. Florida Representative Randy Fine tweeted "we need more, not less, Islamophobia". Advocate Iman Awad of Emgage Action warned lawmakers’ words can legitimize prejudice. Senate Democratic leader Chuck Schumer called the posts mindless hate and urged the country to confront Islamophobic rhetoric.

🏛️ Judge blocks Powell subpoenas, calling probe thin and political. Judge James Boasberg on Friday quashed subpoenas seeking Federal Reserve records. Subpoenas were issued in January by United States Attorney Jeanine Pirro. Prosecutors said they were investigating Powell’s testimony about a $2.5B renovation. Boasberg wrote the government produced essentially zero evidence Powell committed a crime. He said the justifications were unsubstantiated. Boasberg wrote the dominant purpose appeared to harass Powell into cutting interest rates or resigning. Powell has disputed claims about rooftop gardens, VIP elevators, and other amenities. The probe has delayed Senate consideration of Kevin Warsh, President Trump’s pick to replace Powell, whose chair term ends May 15th, though he can remain if no successor is approved.

🛢️ Jet fuel spikes, and summer airfare hikes look inevitable. Jet fuel costs are rising as Middle East fighting disrupts oil supplies. Experts say it is not a question of if fares rise, but when. The Argus United States Jet Fuel Index put the average at $3.99 a gallon on Friday. That is up from $2.50 the day before the war began two weeks earlier. United Airlines Holdings ($UAL) CEO Scott Kirby warned increases will start quickly. Fuel typically makes up 20% to 25% of operating costs, said Georgetown professor Rob Britton. Airlines also burn more fuel when airspace closures force long detours. Air France-KLM said some long-haul economy round trips could rise about €50, or about $57. For travelers, the sticker shock may arrive as surcharges first.

🎟️ Ticketmaster trial restarts as most states reject federal settlement. More than 30 states will resume their antitrust trial against Live Nation Entertainment ($LYV) and Ticketmaster on Monday. Lawyers said seven states will join a Department of Justice settlement instead. Those states are Arkansas, Iowa, Mississippi, Nebraska, Oklahoma, South Carolina, and South Dakota. The remaining states and DC say Live Nation squelched competition and drove up prices for fans. They allege threats and retaliation let the company control promotion, venues, and ticketing. Live Nation says it does not monopolize the industry. The company argues artists, teams, and venues set prices and choose ticket sellers. Judge Arun Subramanian paused testimony for talks, and allowed an email where an employee called VIP access fees outrageous.

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