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• Texas cracks down on oilfield theft
  Oilfield theft is surging in Texas, with criminals targeting everything...
  Oilfield theft is surging in Texas, with criminals targeting everything from crude oil in storage tanks to entire derricks, inflicting millions in losses on operators. Railroad Commission of Texas Chairman Jim Wright says thieves are even using internal RRC data to time their heists. In response, the Texas Legislature has passed bills to establish a theft task force, upgrade certain offenses to felonies and authorize inspections of suspicious crude shipments.
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• Israeli security cabinet approved military takeover of Gaza City
  Early Friday morning, following a 10-hour meeting, Israeli Prime Minister...
  Early Friday morning, following a 10-hour meeting, Israeli Prime Minister Benjamin Netanyahu’s office released a statement announcing that a majority of his security cabinet backed his proposal to take over Gaza City. Until this point, Israel has controlled about 75% of the Gaza Strip in its war against Hamas, but the Israel Defense Forces largely avoided ground strikes in Gaza City because it believes that is where Hamas is holding the 20 surviving Israeli hostages. Hamas has previously threatened to execute the captives rather than see them rescued. Families of the hostages have protested against military expansion in Gaza. The statement from the PM’s office said that most security cabinet ministers rejected an alternative plan put forward by the military because they believed it “would neither achieve the defeat of Hamas nor the return of the hostages.”
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• Trump will nominate Stephen Miran to fill Fed vacancy.
  On Truth Social, the president said Miran, the current chairman of the...
  On Truth Social, the president said Miran, the current chairman of the Council of Economic Advisors, would serve in the seat on the Federal Reserve Board of Governors vacated by Adriana Kugler, until the term expires on January 31, 2026. Trump wrote, “In the meantime, we will continue to search for a permanent replacement,” suggesting that Miran was not a shoo-in for a full 14-year term on the board beyond this caretaking period. Miran has been a critic of Fed Chair Jerome Powell. The selection may raise concerns about political influence over the Federal Reserve, which has typically operated with independence in the modern era. Miran will require Senate confirmation to assume the role, which is not expected before September.
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• ☕️What Else is Brewing Friday Morning
  Paramount and Skydance finalized their merger. Out...
  Paramount and Skydance finalized their merger. Out with the Redstones, in with the Ellisons. With the deal done early yesterday morning, Shari Redstone, formerly Paramount’s controlling shareholder, walked away from the company her father, Sumner, acquired in 1994. The new sheriff in town is David Ellison, the founder of Skydance, a movie producer, and the son of Oracle founder Larry Ellison, who Variety said largely bankrolled the deal. That might have something to do with why David Ellison, the new CEO, has already pledged that “technology will transform every single aspect of this company,” particularly streaming, on which Paramount failed to capitalize in the past. David Ellison told the New York Times that his first meetings on the job were with employees from CBS News and 60 Minutes, where morale is low following the recent CBS settlement with President Trump.
  
  Indian Prime Minister Narendra Modi said he was prepared to “pay a very heavy price” to maintain trade with Russia, following President Trump’s decision to double the tariff on India from 25% to 50%, a move prompted by India’s purchases of Russian oil.
  
  Global automakers have lost nearly $12 billion in operating earnings so far due to Trump’s tariffs, according to the Wall Street Journal.
  
  SoftBank Group stock hit a record high after the Japanese investment firm reported that the value of its Vision Funds rose $4.8 billion last quarter.
  
  The FBI will help locate Democrats from the Texas state legislature who left town in protest of a redistricting vote.
  
  The Canyon Fire, which broke out yesterday afternoon north of Los Angeles, has already spread to more than 1,500 acres and has forced thousands of residents to evacuate.
  
  Brandon Blackstock, Kelly Clarkson’s former manager and ex-husband, died yesterday after a previously undisclosed struggle with cancer. He was 48.
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• Trump’s Russia Sanctions Deadline Raises Stakes for Oil Markets
  As a White House cease-fire deadline with Ukraine approaches, oil markets...
  As a White House cease-fire deadline with Ukraine approaches, oil markets are bracing for President Donald Trump’s next move on Russia. Investors and energy professionals are closely watching whether Trump will impose new sanctions or offer a temporary reprieve. A recent move to sharply raise tariffs on Indian oil imports—despite India being a key outlet for Russian crude—signals the administration’s willingness to escalate economic pressure.
  
  Crude prices initially dropped on Thursday on reports of a potential Trump-Putin summit, only to rebound when the White House denied progress, stating any meeting was contingent on Putin first engaging with Ukraine’s President Zelensky. Both WTI and Brent crude ended the day at two-month lows, reflecting market uncertainty. Brent crude futures settled down 46 cents, at $66.43 a barrel. U.S. West Texas Intermediate crude fell 47 cents to $63.88.
  
  Analysts, including RBC’s Helima Croft, doubt Moscow will offer meaningful concessions but suggest symbolic gestures could help the U.S. delay enforcement. The key concern remains whether the U.S. is ready to absorb higher oil prices to curb Russia’s war funding. India, previously aligned with U.S. policy, is now pushing back after being hit with secondary sanctions. Friday’s decision could reveal the full extent of Washington’s willingness to disrupt global crude flows in pursuit of geopolitical leverage.
  
  
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