Good Morning. U.S. crude futures settled near $99 per barrel and the surge in exports comes with a catch: higher global oil prices flow directly into domestic gasoline costs.

Plus, LIV Golf may be dead, hiking and jogging burn almost the same calories, and we found the perfect wedding cologne (forwarded this email? Join 523k readers).

A record number of crude oil tankers are converging on the U.S. Gulf Coast as global buyers scramble for supply following the U.S. naval blockade of the Strait of Hormuz. Shipping data shows 171 crude tankers currently bound for the Gulf to load oil, compared to roughly 110 in a typical month (WSJ).

Exports are projected to hit 5.2 million barrels per day in April, up about one-third from 3.9 million barrels a day in March. The blockade cut off Iran's 2 million barrels of daily strait exports, pushing European and Asian buyers to redirect demand toward American crude at record pace.

U.S. crude futures settled near $99 per barrel this week, and the surge in exports comes with a catch: higher global oil prices flow directly into domestic gasoline costs. Some vessels are rerouting around Africa's Cape of Good Hope, adding up to 15 days of travel time to reach American ports. Is there a diplomatic offramp?

▲ Iran’s Regime Has Changed—for the Worse

Saudi Arabia's Public Investment Fund is on the verge of pulling its backing for LIV Golf, potentially shutting down the rival circuit it launched in 2022. More than 50 players were in Mexico this week for a scheduled tournament as rumors swirled about the league's fate.

LIV never cracked the U.S. television market, which proved fatal. The league reported nearly $600 million in losses in 2024 alone, capping years of financial bleeding since it lured stars like Phil Mickelson, Bryson DeChambeau, and Jon Rahm away from the PGA Tour with contracts worth hundreds of millions.

The biggest open question now is what happens to those players, many of whom burned bridges with the PGA Tour on their way out. A merger deal between the two sides was announced in 2023 but never finalized, leaving the golf world's future structure genuinely uncertain. Watch LIV Golf here.

The Pentagon's No. 2 official, former private equity billionaire Steve Feinberg, is pushing Congress to approve a $1.5 trillion military budget, a $441 billion jump over last year. The proposal would represent 5% of U.S. GDP, matching what the administration has demanded from European allies.

Feinberg is running the Pentagon's procurement operation like a portfolio company, surrounding himself with former Cerberus Capital colleagues and taking equity stakes in at least five private defense firms. His team has pressured contractors to accelerate production timelines even before formal contracts exist to fund the work.

The budget surge would replenish missile stockpiles burned through during the ongoing Iran conflict and fund projects including the Golden Dome missile shield and a naval expansion. Critics argue the money still skews too heavily toward large, complex weapons systems rather than cheaper, faster-to-produce alternatives. Big budget, explained.

▲ Trump threatens to fire Powell

Running tops the list, but it's not your only option. Here are all 12 ranked by calories burned per hour (based on a 155 lb person):

The more muscle you carry, the more you burn at rest. Mixing cardio with weight training gives you the best of both.

Here’s the full breakdown (including at-home options and HIIT shortcuts).

Doctors in the U.K. are now prescribing fishing trips, choir rehearsals, and painting classes instead of medication. It's called social prescribing, and it's generating 5.5 million referrals.

The research is hard to ignore:

Your next doctor's visit might come with a fishing rod. Here’s why.

▲ Live Nation found guilty of illegally monopolizing U.S. concert ticketing, faces possible company breakup

▲ FBI recovers deleted Signal messages via iPhone notification database, exposing encrypted app vulnerability

▲ SnapChat cuts 1,000 jobs citing AI efficiency gains, targeting $500M in annual cost savings by late 2026

▲ Allbirds pivots from eco-friendly sneakers to AI server rentals after raising $50M, stock surges 582%

▲ Claude users report performance degradation in Opus 4.6 and Claude Code amid Anthropic pushback denials

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