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President Donald Trump’s latest push to slash prescription drug prices promises relief at the pharmacy counter, but behind the headline savings lie trade-offs that could reshape how drugs are developed, priced and delivered in the United States.

To deliver on that promise, the administration has rolled out TrumpRx, a federal price-comparison platform aimed at lowering out-of-pocket costs. The effort unfolds against the backdrop of the midterm election cycle, where rising healthcare costs remain a central concern for voters and a defining campaign issue.

The political appeal is clear, but experts warn the economics are messier. Economists point to a basic trade-off: lower prices today can shape how and whether new drugs are developed tomorrow.

‘When drug prices are capped or negotiated down, companies anticipate lower returns, reducing investment in drug research and development,’ said Olivia Mitchell, a professor of business economics and public policy at the Wharton School.

‘Economic evidence shows that lower prices depress incentives to develop new drugs,’ she added. 

‘In the short term, patients and payers can see meaningful savings through lower prices and out-of-pocket costs, but in the longer term, there is more risk of fewer or slower-arriving new medicines, especially in areas most exposed to price controls.’

Michael Baker, director of healthcare policy at the American Action Forum, said government price setting does not eliminate costs so much as redistribute them.

‘At the most basic level, government price setting only limits what patients pay for a drug — usually reflected in an out-of-pocket or co-insurance payment,’ Baker said. ‘This does nothing to address the overall cost of the drug, which someone still has to pay, nor does it lower the cost associated with development.’

As a result, he said, those costs could reemerge through tighter health coverage rules, fewer treatment options or reduced future innovation.

Supporters of the administration counter that the policy does not amount to strict government price caps. Instead, they describe it as a negotiated arrangement.

Ed Haislmaier of the Heritage Foundation said companies appear to be lowering prices in exchange for expanded market access or other relief, a structure he argues avoids the most disruptive effects of traditional price controls.

‘In such cases, companies are likely calculating that revenue losses from lower prices will be offset by revenue gains from more sales,’ Haislmaier told Fox News Digital. 

‘The kind of government price controls that are most damaging to innovation are ones that limit the initial price a company can charge for a new product. That is the situation in some countries, but fortunately not yet in the United States,’ he added.

For patients squeezed by rising costs, the promise of immediate savings is hard to dismiss. 

But economists say the long run question is whether the system can deliver cheaper drugs without dulling the incentives that produce the next generation of treatments —an issue both parties are likely to keep pressing as health costs stay front and center.

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President Donald Trump’s declaration that he won’t sign any new bills until the Senate passes voter ID legislation threatens to derail his own legislative priorities and sideline confirmation of the newest addition to his Cabinet. 

Trump wants Senate Republicans to ram the Safeguarding American Voter Eligibility (SAVE) America Act through the upper chamber with the talking filibuster, even at the cost of the Senate’s most valuable commodity: floor time.

‘It must be done immediately. It supersedes everything else. MUST GO TO THE FRONT OF THE LINE. I, as President, will not sign other Bills until this is passed,’ Trump said on Truth Social. 

But that comes as the Senate is wrestling with reopening the Department of Homeland Security (DHS), which entered its fourth week of being shut down. A White House official told Fox News Digital that Trump was ‘referring to other bills, not DHS funding.’

‘If the Democrats do the right thing and pass funding for DHS, the president will, of course, fund the agency,’ the official said. 

Trump’s edict and push for the Senate to turn to the talking filibuster has intensified the pressure on Senate Majority Leader John Thune, R-S.D., who has vowed to have a vote on the bill, but could not guarantee it would pass. 

When asked about the growing campaign from both Trump and social media to use the talking filibuster, Thune said, ‘A lot of that is, it’s in that kind of, you know, paid influencer ecosystem.’ 

‘But there’s a lot of support for it,’ Thune said. ‘Like I said, we’re, I think, for the most part, not everybody, but there’s a lot of really strong support among Republican senators for the policy. But the process and how do you ultimately try and get a result is still unclear to me.’ 

Republicans are also working to advance a massive affordable housing package that Trump backs, to consider a likely supplemental spending package to resupply munitions for the conflict with Iran, and go through the confirmation process for Sen. Markwayne Mullin, R-Okla., the president’s latest pick to lead DHS.

Senate Majority Whip John Barrasso, R-Wyo., noted that the top priority for the GOP right now is funding DHS.

‘The Democrats have blocked that right now,’ Barrasso told Maria Bartiromo on ‘Sunday Morning Futures.’ ‘And the greatest threat to the American people today is terrorism.’

And while the SAVE America Act is supported by most Senate Republicans, it’s not an easy bill to pass in the upper chamber, given the hardline stance Senate Democrats have taken against it. 

Senate Minority Leader Chuck Schumer, D-N.Y., reiterated that the bill is ‘Jim Crow 2.0. It would disenfranchise tens of millions of people.’

‘If Trump is saying he won’t sign any bills until the SAVE Act is passed, then so be it: there will be total gridlock in the Senate,’ Schumer said on X. ‘Senate Democrats will not help pass the SAVE Act under any circumstances.’

Turning to the talking filibuster is unlikely, too, because of a major fear among Republicans it would dominate floor time for hundreds of hours of debate. But another factor is that there may not be unity among Republicans to kill amendments put forth by Senate Democrats. 

Further complicating matters is which version of the SAVE America Act Trump wants. 

House Republicans advanced the SAVE America Act last month, which would require voter ID to vote, proof of citizenship to register to vote in federal elections, mandate states to actively verify and remove noncitizens from voter rolls, expand information sharing with federal agencies, including DHS, to verify citizenship and create new criminal penalties for registering noncitizens to vote.

But Trump asked Republicans to ‘GO FOR THE GOLD’ with a bill to show voter ID and proof of citizenship, nix mail-in ballots except for military service members or people with illnesses, disabilities or travel issues, no men in women’s sports and ‘NO TRANSGENDER [MUTILATION] FOR CHILDREN!’

That version of the bill would again have to go through the House before making its way to the Senate. Whether it could survive either chamber is an open question. Thune acknowledged that Trump wanted a modified iteration of the bill, but still remained firm that the talking filibuster, or nuking the current filibuster, likely weren’t going to happen. 

‘The one thing I’ve said all along is, and I’ve told him and others that I can’t guarantee an outcome. I can’t guarantee a result,’ Thune said. ‘If the result is only achieved by nuking the legislative filibuster, we don’t have the votes to do that. And so that’s just not a realistic option. And I’ve made that clear to anybody who’s asked.’

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‘Think of Mojtaba Khamenei as his father on steroids.’

That is how Kasra Aarabi, director of Islamic Revolutionary Guard Corps research at the advocacy group United Against Nuclear Iran, described Iran’s new supreme leader in comments to Fox News Digital following reports that the son of Ayatollah Ali Khamenei has been selected to lead the Islamic Republic.

‘Mojtaba was already operating as a ‘mini supreme leader’ in the Bayt-e Rahbari — his father’s office and the core nucleus of power in the regime,’ Aarabi said.

‘His father had created the Bayt’s extensive apparatus as a hidden power structure to ensure continuity should he be eliminated — and through Mojtaba’s appointment, this is exactly what we will get,’ Aarabi said.

President Donald Trump also reacted to Mojtaba Khamenei’s rise. In an interview with the New York Post, Trump said he was ‘not happy with’ the younger Khamenei replacing his father as leader of Iran’s theocratic system but declined to elaborate on how the United States might respond. ‘Not going to tell you,’ Trump said when asked about his plans regarding the new supreme leader. ‘Not going to tell you. I’m not happy with him.’

An Iranian source with knowledge of the leadership transition told Fox News Digital that earlier speculation Mojtaba might pursue reforms now appears unlikely given the circumstances surrounding his appointment.

‘Previously there were whispers suggesting that if Mojtaba were to become the leader, he might introduce reforms that would both open up the domestic political space and bring a more interactive approach to foreign policy,’ the source said.

‘However, now this possibility seems very weak.’

Mojtaba was chosen ‘amid disputes, controversies, and pressure from the IRGC,’ according to the source, meaning he ‘owes his appointment to their support and therefore cannot act against their wishes.’

Built inside Iran’s security state

Mojtaba Khamenei, 56, has spent decades building influence inside the power structures surrounding Iran’s supreme leader.

Born in 1969 in Mashhad, he pursued clerical studies in Tehran, Iran, after the 1979 Islamic Revolution that brought his father to prominence. Over time, however, analysts say his influence developed less through traditional clerical authority and more through Iran’s security institutions.

In 2019, the United States sanctioned Mojtaba under Executive Order 13867. The U.S. Treasury Department said he had been ‘representing the supreme leader in an official capacity despite never being elected or appointed to a government position aside from work in the office of his father.’

Behnam Ben Taleblu, senior director of the Foundation for Defense of Democracies’ Iran Program, said Mojtaba’s background reflects a broader shift inside the Islamic Republic.

‘Despite donning a turban, Mojtaba is the product of the regime’s national security deep state,’ Ben Taleblu told Fox News Digital. ‘Expect him to work with and through the IRGC to keep his hold on power.’

Aarabi said Mojtaba has spent years consolidating influence behind the scenes.

‘His past tells us he enjoys micromanaging every aspect of authority to satisfy his thirst for power,’ Aarabi said, describing how Mojtaba allegedly relocated IRGC command centers to his office during protests, engineered election outcomes and installed loyalists across state institutions.

Since 2019, Aarabi added, Mojtaba has also been implementing what he described as his father’s effort to ‘purify’ the regime by promoting ideological loyalists across the political system.

‘Mojtaba is a deeply antisemitic, anti-American, and anti-Western ideologue,’ Aarabi said. ‘He has personally been involved in repression in Iran and terror plots abroad.’

Analysts see harder line ahead

Analysts say Mojtaba’s rise may further strengthen the role of Iran’s security institutions.

‘The rise of the younger Khamenei expedites trendlines seen in Iranian politics and national security for years,’ Ben Taleblu said. ‘From one Khamenei to another, things in Iran can be expected to go from bad to worse if this regime survives.’

‘And like the elder Khamenei, corruption runs in the family,’ he added.

Ben Taleblu warned that the regime may also escalate tensions externally as a survival strategy.

‘The regime knows it is weak, but believes it can extract a price and widen a crisis in order to survive,’ he said.

For opposition groups inside Iran, the leadership transition signals continuity rather than reform.

‘He’s the son of Khamenei and they have same ideology and they same strategy and they try to continue the same policy,’ said Khalid Azizi, spokesperson for the Kurdistan Democratic Party of Iran.

‘So far it’s very difficult to say what he will be done and is he going to have a different policy? I don’t expect this.’

The Iranian source who spoke with Fox News Digital said that while engagement with the United States and the West is theoretically possible in the future, the chances remain slim.

‘As I mentioned,’ the source said, ‘this possibility is very weak.’

‘In short,’ Aarabi said, ‘Mojtaba is his father on steroids. He’s certainly no MBS.’

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In a little over a year, the United States has carried out dozens of airstrikes on vessels in the Caribbean tied to alleged narco-trafficking networks, launched sustained operations against Houthi forces in the Red Sea, captured Venezuelan President Nicolás Maduro, struck Iranian nuclear facilities and now embarked on an extended military campaign aimed at degrading Tehran’s missile, drone and command infrastructure.

The tempo marks one of the most assertive stretches of American force projection in recent years, spanning Latin America, the Middle East and critical maritime corridors.

For War Secretary Pete Hegseth, it also represents a striking turn. 

Just before the 2024 presidential election, he described himself as a ‘recovering neocon,’ expressing regret over his support for Iraq-era interventionism and warning against open-ended wars. 

Several analysts say the defining feature of the administration’s approach may be less about ideological evolution and more about alignment and execution.

‘Unlike in Trump one, everyone in Trump’s cabinet now — Hegseth, Rubio, etc. — understands that the president is the boss,’ said Matthew Kroenig, a defense strategist at the Atlantic Council. ‘In Trump 1.0 you had some Cabinet officials who thought their job was to save the Republic from Trump, the so-called adults in the room. And so I think it’s pretty clear the president wanted to go in this direction, and I think Hegseth sees himself as supporting the president’s vision.’

‘Validation of … leadership’ 

That cohesion has coincided with a pattern of risk-taking. 

Several of the administration’s most consequential military moves, from Venezuela to the Houthis to the current Iran campaign, carried the potential for escalation.

Some strategists say the relative absence of early blowback from those interventions may have reinforced the administration’s willingness to escalate into the Iranian theater. 

‘I’m not sure I would have advised this,’ Kroenig said of the Iran operation. ‘It is pretty risky, but it’s going well so far.’ 

Iranian missile launches have declined in volume. Regional allies have not broken ranks. 

Whether that constitutes strategic success, however, depends on the metric.

Justin Fulcher, a former Pentagon adviser to Hegseth, argued the early phases of the campaign reflect what he described as a ‘return to strategic clarity.’

‘Deterrence is only credible when our allies actually believe that if President Trump says something, we will back it up,’ Fulcher said. ‘This is a validation of Secretary Hegseth and President Trump’s leadership.’

Hegseth, a former Army officer who served in both Iraq and Afghanistan, has argued that the current campaign bears little resemblance to those conflicts.

‘This is not Iraq. This is not endless. I was there for both,’ Hegseth said at a press conference in early March. ‘Our generation knows better and so does this president.’

In a separate interview, he added, ‘This is not a remaking of Iranian society from an American perspective. We tried that. The American people have rejected that.’

Danielle Pletka, a senior fellow at the right-leaning American Enterprise Institute think tank, said the campaign has unfolded largely as expected.

‘I think things have gone reasonably well,’ Pletka said, pointing to degraded air defenses and what she described as repeated miscalculations by Iran. ‘All they’ve really done is made everybody quite mad, and that was a really bad calculation on their part.’

At the same time, she cautioned against interpreting the administration’s actions as part of a fixed doctrine.

‘I don’t think that it is doctrinal,’ Pletka said. ‘I think this is ad hoc.’

Some longtime Trump supporters have said the current conflict is not what they expected from Trump, who campaigned on ending wars and ‘America First.’

‘It feels like the worst betrayal this time because it comes from the very man and the admin who we all believed was different and said no more,’ Rep. Marjorie Taylor Greene, R-Ga., wrote on X. ‘Instead, we get a war with Iran on behalf of Israel that will succeed in regime in Iran. Another foreign war for foreign people for foreign regime change. For what?’ 

In Pletka’s view, the president has shown a pattern of attempting diplomacy first and shifting to force only when he concludes negotiations are unserious. She argues that posture distinguishes the current moment from past interventions.

She also emphasized that much of the operational credit belongs to the professional military.

‘The planning behind this is credit to the U.S. military and to the CENTCOM commander and to the Chairman of the Joint Chiefs,’ she said.

‘Success and precision’ 

That distinction complicates efforts to attribute the current posture solely to Hegseth’s personal worldview. While the defense secretary has become a public face of the administration’s deterrence messaging, the execution of high-tempo campaigns rests heavily with career military leadership. 

Some critics argue the administration has yet to clearly articulate an end state for the Iran campaign.

‘Pete Hegseth needs to check with his boss on what the objective is,’ former national security advisor John Bolton recently said on CNN. ‘How does Hegseth explain that we’ve already changed the regime, which wasn’t our objective? I think the Pentagon top leadership, civilian top leadership, needs some attitude adjustment. I think the military’s doing fine, but I wonder about the civilian leadership.’

The White House pushed back forcefully on criticism of the campaign. 

Anna Kelly, a White House spokesperson, said Monday that Hegseth ‘is doing an incredible job leading the Department of War,’ pointing to what she described as the ‘ongoing success of Operation Epic Fury’ and other missions. 

Kelly said Iranian retaliatory attacks ‘have declined by 90 percent because the Department of War is destroying Iran’s ballistic missile capabilities,’ and added that Hegseth works ‘in lockstep with President Trump every day’ to ensure the U.S. military ‘continues to be the greatest, most powerful fighting force in the world.’

The Pentagon echoed that assessment. 

‘Operation Epic Fury continues to advance with overwhelming success and precision,’ Chief Pentagon Spokesman Sean Parnell said, describing a ‘resolute, full-spectrum campaign’ aimed at the ‘total dismantlement of Iran’s terrorist network or its unconditional surrender.’

Others see the moment in broader historical terms.

Peter Doran, a foreign policy analyst, described the campaign as a potential attempt to ‘end a 47-year war’ waged by the Islamic Republic against the United States, but on Washington’s terms.

‘This is a clear effort to end a 47-year war that Iran has been waging against the United States,’ Doran said.

He argued that visible American military performance could reverberate beyond the Middle East, particularly in Beijing.

‘They look good,’ Doran said of U.S. forces. ‘That will serve, I hope, as a disincentive for adventurism.’

If the operation ultimately succeeds in significantly degrading Iran’s military infrastructure, Doran argued, it could reshape the Middle East and expand diplomatic opportunities such as broader Arab-Israeli normalization.

‘It changes everything in the Middle East,’ he said.

Yet even supporters acknowledge that long-term effects remain uncertain. In Venezuela, Maduro’s removal marked a dramatic shift in U.S. policy, but the governing apparatus he built remains largely intact. 

Degrading missile stockpiles and drone infrastructure in Iran may buy time, but whether it produces durable deterrence or simply postpones reconstitution remains to be seen.

For now, the administration’s willingness to take calculated risks and its ability to avoid immediate escalation have reinforced the perception of restored American assertiveness. Whether that assertiveness translates into lasting strategic gains will likely define Hegseth’s tenure far more than the rhetoric that preceded it.

Hegseth and the Pentagon did not respond to requests for comment. 

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Senate Republicans are accusing their Democratic counterparts of playing ‘political games’ as the caucus appears ready to escalate the standoff over funding the Department of Homeland Security (DHS).

There’s been little movement to reopen DHS during the weekslong partial shutdown, leading to outcry from Republicans over long wait times and missed flights at airports across the country. Some Democrats are threatening to continue their blockade of DHS funding unless serious action is taken to rein in President Donald Trump’s war powers in the Middle East. 

‘We shouldn’t let Republicans debate other legislation until they bring a war authorization to the United States Senate,’ Sen. Chris Murphy, D-Conn., told NOTUS on Monday.

Murphy, the top Democrat on the appropriations panel overseeing DHS funding, has helped lead his party’s push to withhold funding for the department absent sweeping reforms to immigration enforcement.

His new threat to freeze Senate business over Trump’s Iran strikes underscores that some Democrats are prepared to extend the funding fight despite mounting impacts on air travel. 

The Senate rejected a bipartisan resolution last week that would have narrowed Trump’s ability to launch future strikes on Iran. However, Murphy is signaling that Democrats’ attempts to limit the president’s power to wage war against Iran are just getting started. 

Sen. Katie Britt, R-Ala., the chair of the Senate Homeland Security funding panel, scoffed at Murphy’s edict.

‘The delay tactics we’re seeing from Democrats don’t change the fact that, because of their political games, lines at airports are growing, and the people tasked with keeping our homeland safe are being forced to do so without a paycheck,’ Britt said in a statement to Fox News Digital.

Britt, who Senate Majority Leader John Thune, R-S.D., tapped to lead DHS negotiations with Senate Democrats, accused her counterparts of refusing to sit down with Republicans as the partial shutdown enters its fourth week. 

‘I urge my Democratic colleagues to stop putting politics above people and do what’s right for the security of our nation,’ she said. ‘That starts with having a conversation so that we can find a pathway forward.’

Airports nationwide reported a spike in absences among Transportation Security Administration (TSA) employees on Monday. Roughly 50,000 TSA personnel — who are employed by DHS — are reporting to work without pay after receiving just a fraction of their salaries last week. 

The agents will not receive another paycheck until the partial shutdown ends. 

The New Orleans airport on Monday advised passengers to arrive at least three hours before their flight, citing a shortage of TSA employees. Passengers traveling through the Houston airport system have also been urged to arrive four to five hours before their departure.

‘The shutdown is having very real consequences, and hardworking federal aviation workers, the airline industry and our passengers are being used as a political football once again,’ Chris Sununu, CEO of Airlines for America and former New Hampshire governor, said in a statement. ‘This is simply unacceptable and un-American.’

TSA employees were also forced to forgo pay during the record-breaking government shutdown in late 2025.

A majority of Democratic lawmakers in both chambers voted to continue the DHS shutdown last week despite new security concerns over Trump’s military operation in Iran. The bipartisan measure that Democrats overwhelmingly opposed would fund DHS through the remainder of the fiscal year.

Senate Minority Leader Chuck Schumer, D-N.Y., has demanded that federal immigration officers stop wearing masks and obtain judicial warrants before entering homes and businesses, among other reforms, in order to unlock funding for the agency.

Senate Democrats and the White House have been negotiating, but a deal has yet to materialize. The last counteroffer from the administration came nearly two weeks ago but has so far not been accepted by congressional Democrats. 

Some Republicans hoped that Trump’s decision to tap Sen. Markwayne Mullin, R-Okla., to lead DHS could soften Democrats’ opposition, but the party has continued to take a hard line against funding the agency. Democrats had advocated for outgoing DHS Secretary Kristi Noem’s ouster as part of their numerous demands.

A Democratic blockade of Senate business would jeopardize the passage of a bipartisan housing bill aimed at growing the supply of affordable homes, which is currently under consideration in the upper chamber. Trump-endorsed voter ID legislation would also be impacted, but Democrats were already expected to widely oppose the measure, known as the SAVE America Act.

Fox News Digital reached out to Murphy’s office for additional comment.

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Iranian Kurdish opposition groups say they are prepared to challenge Tehran but are holding back for now as the war between the United States, Israel and the Islamic Republic continues to unfold.

Khalid Azizi, spokesperson for the Democratic Party of Iranian Kurdistan (KDPI), told Fox News Digital in an exclusive interview that Kurdish forces are closely watching developments but have no plans to launch a ground offensive at this stage.

Reports in recent days have suggested that President Donald Trump spoke with Mustafa Hijri, the leader of KDPI, as Washington explores possible Kurdish involvement in pressure on Iran. 

Azizi declined to confirm or deny whether such a conversation took place.

Azizi himself has firsthand experience with Iran’s military retaliation. 

In 2018, Iran’s Islamic Revolutionary Guard Corps launched ballistic missiles at the KDPI headquarters in Koy Sanjaq in Iraq’s Kurdistan region during a leadership meeting, killing at least 18 people and injuring dozens.

‘We have been targeted by the Islamic Republic,’ Azizi said. ‘The first Iranian missile was sent to my headquarters and I was personally injured in that attack.’

Despite the risks, Azizi said Kurdish resistance remains strong after decades of confrontation with Iran. 

‘The Iranian Kurdish resistance movement is actually very strong because we have been on the ground since the Iranian revolution,’ he said.

Azizi spoke from Washington, D.C., where he said Kurdish representatives were meeting with policymakers and institutions to discuss the situation in Iran and the role Kurdish groups could play if the conflict evolves.

But for now, Kurdish groups say they are waiting to see how the broader war develops.

‘We are ready and our party is well organized,’ Azizi said. ‘But right now we do not have any intention to enter Iranian Kurdistan because the ground forces in this war have not been a topic.’

‘It’s very easy to start a war,’ he added. ‘But it will be more complicated how to end this war.’

The KDPI is one of the oldest Kurdish opposition movements fighting Iran’s Islamic Republic. The group is a member of the Socialist International and operates primarily from bases in the Kurdistan region of Iraq and has been in armed and political opposition to Tehran since the 1979 Iranian Revolution.

Azizi said Kurdish political movements have recently taken a significant step by forming a joint alliance aimed at coordinating their political strategy.

‘We have managed to create a unity among the Kurdish political parties,’ he said. ‘This has been welcomed by the Iranian Kurdish people and by different Iranian political parties.’

The alliance, known as the Coalition of Political Forces of Iranian Kurdistan, brings together several historically divided Kurdish factions that oppose the Islamic Republic.

Azizi said the future of Iran will ultimately depend on whether Iranians themselves rise up against the regime.

‘If you look at the goal of the United States and Israel in this war, they have been targeting the Iranian military, security and political institutions. In this aspect Iran has been weakened,’ he said.

‘But the regime still remains in power because people are not on the streets and there is no alternative right now to replace this regime.’

Azizi urged Western governments to focus not only on the military campaign but also on helping Iranian opposition movements coordinate politically.

Iran, he said, is a multi-ethnic country whose future stability will depend on building a democratic system that includes all of its communities.

‘The path and the roadmap for rebuilding Iran must be based on the participation of all ethnic groups,’ Azizi said. ‘Iran is a multi-ethnic society.’

For now, he said, Kurdish fighters remain in a holding pattern.

‘We have the ability and we have the capacity,’ Azizi said. ‘But it is not easy right now for us to make any decision regarding entering Iranian Kurdistan.’

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President Donald Trump said he wants to keep the Strait of Hormuz open, saying it would be an ‘honor’ to do so in an effort to help other nations that rely on the vital Middle East waterway.

Trump was speaking with reporters in Florida on Monday, when he was asked about the global energy choke point, which has been disrupted amid back-and-forth attacks between Iran and Israel and the United States. 

At about 21 miles wide at its narrowest point, the Strait of Hormuz is between Iran and Oman and carries roughly 20 million barrels a day and about one-fifth of global liquefied natural gas, making it a top-value target when conflict in the region erupts.

‘We’re really helping China here and other countries because they get a lot of their energy from the Straits,’ Trump said. ‘We have a good relationship with China. It’s my honor to do it.’

Trump is slated to meet with Chinese leader Xi Jinping later this month. While touting the United States’ new energy partnership with Venezuela, Trump noted that China gets its oil through the strait. 

‘I mean, we’re doing this for the other parts of the world, including countries like China,’ he said. ‘They get a lot of their oil through the straits.’

‘We have a very good relationship with President XI (Jinping) and China,’ he added. ‘I’m going there in a short period of time, and we’re protecting the world from what these lunatics are trying to do, and very successfully I might add.’

The U.S. will also waive all oil-related sanctions on some countries in an effort to reduce energy prices amid the conflict in the Middle East, Trump said.

The Islamic Revolutionary Guard Corps took to Iranian State TV vowing it would ‘not allow [the] export of a single liter of oil.’

Later, Trump reaffirmed his position on the strait in a fiery Truth Social post.

‘If Iran does anything that stops the flow of Oil within the Strait of Hormuz, they will be hit by the United States of America TWENTY TIMES HARDER than they have been hit thus far. Additionally, we will take out easily destroyable targets that will make it virtually impossible for Iran to ever be built back, as a Nation, again — Death, Fire, and Fury will reign upon them — But I hope, and pray, that it does not happen!,’ he wrote.

‘This is a gift from the United States of America to China, and all of those Nations that heavily use the Hormuz Strait. Hopefully, it is a gesture that will be greatly appreciated. Thank you for your attention to this matter!’

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Global oil and gas prices rallied sharply over the weekend as escalating geopolitical tensions in the Middle East rattled energy markets and triggered fears of a major supply disruption.

Benchmark crude prices surged to their highest levels in years, with traders pricing in the possibility of prolonged instability across one of the world’s most important energy-producing regions. Brent crude briefly climbed above US$115 a barrel in early trading, while US benchmark West Texas Intermediate (WTI) also spiked sharply, marking one of the largest short-term gains since the energy shock following Russia’s invasion of Ukraine in 2022.

At the heart of the rally is the escalating conflict involving Iran and its regional rivals, which has raised concerns about the security of critical oil infrastructure and shipping routes.

Analysts say the market reaction reflects the risk that the conflict could disrupt flows through the Strait of Hormuz, a narrow waterway that normally carries roughly 20 percent of the world’s oil supply.

Recent attacks on energy infrastructure have intensified those fears. In early March, a drone strike targeted Saudi Arabia’s Ras Tanura refinery, one of the kingdom’s largest oil processing facilities, prompting temporary operational disruptions and contributing to an immediate spike in global crude prices.

At the same time, tanker traffic through the Strait of Hormuz has plummeted as shipping companies and energy traders reassess risks in the region. Reports indicate that hundreds of vessels have avoided the route, effectively constraining the flow of crude from major Gulf exporters including Saudi Arabia, Iraq, Kuwait and the United Arab Emirates.

Markets are particularly sensitive to disruptions in the Gulf because the region serves as a critical artery for global energy trade. If the conflict escalates further or shipping lanes remain restricted, analysts warn that millions of barrels per day could be removed from the market.

“The conflict has shifted from geopolitical risk to real supply disruption,” analysts said, noting that energy infrastructure attacks and transport bottlenecks are tightening the global supply outlook.

Energy traders are also watching the potential response from major producing nations and international organizations. The Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, have historically attempted to stabilize markets by adjusting production quotas. Decisions by the group to cut or increase output often play a decisive role in shaping oil prices.

From surplus to deficit

“The global oil market has been in significant surplus since the start of 2025. Ahead of the military actions that began on 28 February, global oil supply was also expected to far exceed demand in 2026,” an International Energy Agency report notes.

“However, prolonged supply disruptions could flip the market into a deficit. The disruption to oil flows through the Strait has forced some operators to start shutting in production. The region’s output of refined products has also been impacted.”

Meanwhile, some governments are weighing the release of strategic petroleum reserves in an attempt to dampen the rally. Several Group of Seven countries have signaled they could coordinate emergency stockpile releases if supply disruptions worsen.

Despite these potential interventions, market analysts warn that geopolitical shocks tend to produce sharp and prolonged price swings. If the current conflict expands or energy infrastructure remains under threat, crude prices could climb even higher, with some forecasts suggesting oil could test US$120 to US$150 per barrel under severe supply constraints.

For the Independent Commodity Intelligence Services (ICIS) the duration of any disruption is the most critical factor in determining the scale of price impacts.

ICIS model-based analysis suggests that even a relatively short interruption to shipping through the Strait could push European gas prices sharply higher. Under a scenario in which the waterway is closed for four weeks, benchmark prices at the Title Transfer Facility (TTF) could rise to approximately 60 euros per megawatt-hour in March, with summer prices remaining about 20 percent above pre-crisis forward levels.

A more prolonged disruption would amplify the impact considerably. In a scenario where the Strait remains closed for three months, TTF prices could climb to roughly 85 euros per megawatt-hour, reflecting heightened competition for global liquefied natural gas (LNG) cargoes and growing concerns over European supply security.

The analysis underscores the extent to which Europe’s gas market remains exposed to global LNG dynamics, even after several years of efforts to diversify supply following the Russian invasion of Ukraine. The continent now relies heavily on LNG imports to balance demand, meaning that any disruption affecting shipments from the Middle East, one of the world’s largest LNG-exporting regions, would quickly ripple through European pricing.

Higher LNG prices would also have important implications for gas storage levels across the EU. As imported cargoes become more expensive, utilities may draw more heavily on existing inventories to meet near-term demand. This dynamic would likely lead to faster depletion of stored gas during the spring and early summer, leaving less cushion ahead of the winter heating season.

At the same time, elevated prices would increase the urgency of replenishing storage facilities during the summer injection period. Market participants would need to secure additional LNG cargoes to rebuild inventories, further intensifying competition for global supply and sustaining upward pressure on prices.

Recent adjustments to EU storage policy could somewhat soften the immediate price shock, but analysts say the broader supply-risk profile would remain largely unchanged. In particular, the European Union’s decision to relax storage-filling requirements may reduce short-term demand for gas injections, thereby moderating the initial spike in spot prices.

However, the policy shift does little to alter the underlying supply constraints that could emerge later in the year.

Securities Disclosure: I, Georgia Williams, hold no direct investment interest in any company mentioned in this article.

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Fathom Nickel Inc. (CSE: FNI,OTC:FNICF) (FSE: 6Q5) (OTCQB: FNICF) (‘Fathom’, or the ‘Company’) is pleased to announce that the winter drill program at the Gochager Lake project commenced late in the day of March 6, 2026. Drilling is expected to continue into the first or second week of April, dependent upon prevailing winter conditions.

Ian Fraser, Fathom CEO and VP Exploration stated, ‘Our field crews worked very hard over the course of the past two months to ensure the trail and ice conditions were safe to transport the diamond drill and ancillary equipment to site for the start of this program. With the winter trail now in place, we will eliminate our reliance on helicopter support, resulting in an expected 30% to 35% reduction in total drilling cost per meter. This increased cost efficiency will allow us to drill more meters and, ultimately, more holes in comparison to historical, heli-supported drill programs. This drill program is now well underway, and we look forward to testing along strike of the historic Gochager Lake deposit for more Gochager-like mineralization.’

The Company is fully funded to complete the proposed drill program of up to 4,000 meters. In the event that the full drill program is not completed before spring break-up in mid-April, we intend to return to Gochager in late May/early June to complete the full 3,000-to-4,000-meter program.

Qualified Person and Data Verification

Ian Fraser, P.Geo., CEO, VP Exploration and a Director of the Company and the ‘qualified person’ as such term is defined by National Instrument 43-101, has verified the data disclosed in this news release, and has otherwise reviewed and approved the technical information in this news release on behalf of the Company.

About Fathom Nickel Inc.

Fathom is an exploration company that is targeting magmatic nickel sulphide discoveries to secure the supply of North American Critical Minerals and to support the global green energy transition. The Company now has a portfolio of three high-quality exploration projects located in the prolific Trans Hudson Corridor in Saskatchewan:

1) The Albert Lake Project, a 90,000+ hectare project that hosts the historic Rottenstone Mine1. Fathom exploration to date at the Albert Lake project confirms:

  • The high-grade Ni-Cu-Co+3E1 Rottenstone deposit mineralization extends to the south a minimum 40m and remains open.
  • The Rottenstone deposit is potentially offset and continues within the footwall of a prominent fault defined by drilling.
  • A new Rottenstone-like discovery (similar host rock, and similar mineralization) by drilling 500-550m W-NW of the historic mine; the 300+m Bay Island Trend, remains open along strike.
  • Similar Rottenstone-like host rock and mineralization intersected by drilling approximately 1.5km S-SW of the historic mine (the Nic5-Tremblay-Olson area).

2) The 33,000+ hectare Gochager Lake Project that hosts the historic Gochager Lake deposit2. Fathom exploration to date at the Gochager Lake project confirms:

  • Vertical extension of Ni-Cu-Co mineralization a minimum of 150m below the historic Gochager Lake deposit interpreted boundary, and very good potential for expansion of mineralization in all directions.
  • Multiple high-grade vertically oriented Ni-Cu-Co sulphide breccia mineralization zones and chutes occur within the historic deposit, and the zones, chutes remain open for further expansion and delineation in all directions.
  • Surface mapping and rock geochemistry has confirmed the Gochager Lake deposit host/container rock extends 3.5+ km along strike east-northeast of the deposit.
  • Soil geochemistry has defined a favourable geochemical footprint, inclusive of the historic deposit, that now extends 8.6+ km.

3) The 10,000+ hectare Friesen Lake Project located 40km southwest of the historic Rottenstone Mine and 30km northwest of the historic Gochager Lake deposit.

The Friesen Lake property hosts the Olsen Cu-Ni-Pt Showing also referred to as the Friesen Lake Cu-Ni-Pt showing and is described as an ultramafic dyke that historic trenching and drilling demonstrates Cu-Ni-Pt-Pd and Au mineralization within the ultramafic dyke (Saskatchewan Mineral Deposit Index (SMID) #0928a). To date Fathom has not performed any exploration at the Friesen Lake Project.

1 – The Rottenstone Mine; a small open-pit mining / milling operation was in production 1965-1969. Mining in 1965 produced 5,500 short tons with a reported average production grade of 3.23% Ni, 1.83% Cu, 0.14 oz/ton Pt, 0.10 oz/ton Pd, 0.03 oz/ton Au (9.26 g/t*3E, 3E = Pd-Pt+Au) and 0.20 oz/ton Ag. Initial milling of mine concentrate; September 5 – November 7, 1965, produced 1,070 dry short tons of concentrate that averaged 10.83% Ni, 5.74% Cu, 0.33 oz/ton Pt, 0.53 oz/ton Pd, 0.10 oz/ ton Au (32.91 g/t* 3E) and 1.25 oz/ton Ag. Richards, B.R. and Robinson, B.G.W. (1966), Mining and milling a small ore deposit …. Rottenstone Mining Limited: The Canadian Mining and Metallurgical Bulleting for December 1966. The Saskatchewan Mineral Deposit Index (SMDI) #0958 reports final mine production in 1969 of 28,724 tons with an average grade of 3.28% Ni, 1.83% Cu and 9.63 g/t 3E and that approximately 9,000 tons of concentrate were sold to the International Nickel Company of Canada Limited. * A factor of 34.286 g/tonne was used to convert 1 oz/ton to g/tonne (g/t).

2 – The Gochager Lake property is host to the historic Gochager Lake Ni-Cu deposit. There is no source or available Technical Reports to verify the historic resource estimate for the Gochager Lake deposit; hence, Fathom will treat the historic estimate as an Exploration Target. Available records in the Saskatchewan Mineral Deposit Index (SMDI) and Saskatchewan Mineral Assessment Database (SMAD) suggest an Exploration Target of 4-5 million tons grading 0.3% Ni – 0.4% Ni and 0.08% Cu – 0.09% Cu. The potential quantity and grade are conceptual in nature, there has been insufficient exploration to define a mineral resource, and that it is uncertain if further exploration will result in the target being delineated as a mineral resource. At present, Fathom has drilled 16 drillholes (5,549m) into the historic Gochager Lake deposit and has confirmed Ni-Cu grades comparable to and higher than the historical grades reported, thus confirming that a deposit of Ni-Cu+Co metal accumulation does exist at the historic Gochager Lake deposit / property. The disclosed potential quantity and grade has been determined by historic records notably; the Saskatchewan Mineral Deposit Index and Saskatchewan Mineral Assessment Database. (SMDI #0880) reports delineation drilling outlined a deposit at the historic Gochager Lake Deposit; Steel, J.S. (1990), (SMAD 73P15-0091): Report on a Diamond Drilling Program on the Gallagher (Gochager) Lake Property of McNickel Inc., reported that Scurry-Rainbow Oil Ltd. constructed vertical sections and a longitudinal section from drill data collected 1966-1968, and an orebody with reasonably well-defined limits was interpreted. As stated above, the historic estimate is not well documented and there are no available Technical Reports to support the historic resource estimate(s).

For further information, please contact:

Ian Fraser, Chief Executive Officer & Vice-President Exploration
1-403-650-9760
Email: ifraser@fathomnickel.com

or

Doug Porter, President & CFO
1-403-870-4349
Email: dporter@fathomnickel.com

Forward-Looking Statements:

This news release contains ‘forward-looking statements’ that are based on expectations, estimates, projections and interpretations as at the date of this news release. Forward-looking statements are frequently characterized by words such as ‘plan’, ‘expect’, ‘project’, ‘seek’, ‘intend’, ‘believe’, ‘anticipate’, ‘estimate’, ‘suggest’, ‘indicate’ and other similar words or statements that certain events or conditions ‘may’ or ‘will’ occur. Forward-looking statements relate to information that is based on assumptions of management, forecasts of future results, and estimates of amounts not yet determinable. Any statements that express predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance are not statements of historical fact and may be ‘forward-looking statements.’ Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements, including, without limitation: risks related to failure to obtain adequate financing on a timely basis and on acceptable terms; risks related to the outcome of legal proceedings; political and regulatory risks associated with mining and exploration; risks related to the maintenance of stock exchange listings; risks related to environmental regulation and liability; the potential for delays in exploration or development activities or the completion of feasibility studies; the uncertainty of profitability; risks and uncertainties relating to the interpretation of drill results, the geology, grade and continuity of mineral deposits; risks related to the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses; results of prefeasibility and feasibility studies, and the possibility that future exploration, development or mining results will not be consistent with the Company’s expectations; risks related to commodity price fluctuations; and other risks and uncertainties related to the Company’s prospects, properties and business detailed elsewhere in the Company’s disclosure record. Such forward looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. These forward- looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances except in accordance with applicable securities laws. Actual events or results could differ materially from the Company’s expectations or projections.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/287717

News Provided by TMX Newsfile via QuoteMedia

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Force majeure declarations are beginning to ripple across the global commodities sector as the escalating conflict in the Middle East threatens to spread shocks beyond oil and gas.

Energy companies, producers, and traders are already grappling with interruptions to shipments through the Strait of Hormuz, the narrow waterway linking the Persian Gulf to global markets.

The strait typically carries roughly one-fifth of the world’s oil and liquefied natural gas supply, making it one of the most important chokepoints in global commodity trade.

Energy producers declare force majeure

Some of the first force majeure declarations have emerged from the energy sector.

QatarEnergy declared force majeure on liquefied natural gas (LNG) deliveries this week after attacks forced the state-owned company to halt production at key facilities. The decision followed strikes on two LNG installations and continuing security threats in the region.

In Israel, Chevron (NYSE:CVX) also declared force majeure at the Leviathan offshore gas field after authorities ordered a shutdown following US–Israeli strikes on Iran and subsequent retaliation across the region.

Leviathan is Israel’s largest gas field and supplies natural gas to Israel, Egypt and Jordan. The suspension marks the second time in less than a year that regional hostilities have interrupted operations at the site.

Meanwhile, oil producers in the Gulf have begun cutting output as tankers struggle to move through Hormuz. The United Arab Emirates (UAE) and Kuwait have both started reducing production after storage facilities began filling up when exports could not leave the region.

Aluminum, precious metals markets feel the shock

Aluminium Bahrain BSC has invoked force majeure on some shipments after maritime traffic through Hormuz effectively stalled. The company said the measure was tied to transit disruptions rather than damage to its smelter operations.

The announcement sent aluminum prices sharply higher. Futures in London surged to their highest level since 2022, rising as much as 5.1 percent during trading before settling higher on the day.

The aluminum market is particularly sensitive to supply disruptions because the metal is used across a wide range of industries, including automotive manufacturing, construction, appliances and packaging. Even short interruptions can create shortages for manufacturers that rely on tightly timed deliveries of specialized metal products.

Mining financier Robert Friedland, founder of Ivanhoe Mines (TSX:IVN,OTCQX:IVPAF), warned that the broader consequences of a prolonged closure of the Strait of Hormuz could extend far beyond the Gulf region.

“Further to what we said about the impact that the closing of the Strait of Hormuz has on the sulphur market… and therefore African copper production… Craig Tindale maps out that this is only one small piece of a giant and critically important 3D jigsaw,” Friedland wrote on X.

“Everything affects everything, everywhere, all of the time.”

Meanwhile, precious metals markets are also feeling the effects of the conflict. Air traffic across much of the Gulf region has been curtailed since US and Israeli strikes on Iran began earlier this week, halting most flights in and out of Dubai.

Dubai, one of the world’s most important hubs for bullion logistics, handled roughly 20 percent of global gold shipments last year, serving as a key transit point for metal moving from Africa and Europe to Asian markets.

With flights grounded, traders say shipments of gold and silver have stalled across several trading centers.

“Gold availability has become a concern following the suspension of flights from the Middle East,” said John Reade, senior market strategist at the World Gold Council (WGC).

Some traders say prolonged disruptions could increase volatility in precious metals markets that have already seen sharp price swings this year. Gold recently surged to record levels above US$5,400 per ounce amid geopolitical tensions before easing slightly this week.

Even after the pullback, prices remain nearly 20 percent higher since the start of the year.

Geopolitical turmoil drive metals market swings

Jeffrey Christian, managing partner at CPM Group, said geopolitical instability has been a major driver of investor demand for gold and silver.

“That has caused investors to buy more gold and silver than ever before.”

Christian added that high prices and volatility can also create bottlenecks in the physical metals market.

“You have to understand that with the high prices and the high volatility, that really puts a constraint… on the flow of physical metal through the market,” he said.

For now, the biggest question facing commodity markets is how long disruptions in the Persian Gulf will last.

The Strait of Hormuz remains effectively closed to most commercial shipping, leaving hundreds of oil and gas tankers anchored outside the passage while governments consider military escorts to reopen the route.

Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.

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