Politics
Slumping Oil Prices Reflect Intensifying Economic Worries
Oil prices continued to fall on Friday, extending a sharp drop that began the day before as fears grew that President Trump’s tariffs could slash global economic growth — and demand for oil.
Brent crude, the international benchmark, traded at its lowest level in more than three years, below $65 a barrel, a fall of almost 8 percent.
Prices began to slide on Thursday after Mr. Trump unleashed tariffs on America’s trading partners, starting with a base-line duty of 10 percent on countries around the world, and higher duties for others, including a 34 percent tariff on goods from China.
On Friday, China announced 34 percent retaliatory tariffs against the United States, which has further stoked worries that demand for oil and other commodities could be throttled by the trade turmoil. As the world’s largest oil importer, China’s actions are watched closely by oil traders.
Peter Navarro, a White House aide who has advised Mr. Trump on trade, has been talking about the economic benefits of oil falling even further, to $50 a barrel, saying that it would help keep inflation in check.
At around $62 a barrel in the United States, oil prices are approaching the level where it will not necessarily be profitable for companies to drill new wells, according to the Federal Reserve Bank of Dallas.
A surprise decision on Thursday by a Saudi Arabia-led group of countries in the OPEC Plus cartel to accelerate planned production increases pushed oil prices down further. Essentially, the market is worried about a bearish mixture of tariffs weakening demand, compounded by growing pressure from oil-producing countries like Iraq and Kazakhstan to add to supplies.
In a note to clients, analysts at Morgan Stanley said that in a recession — which is a looming possibility — demand growth for oil “typically falls at least to zero.”
Politics
Pritzker pushes prosecutions of Trump officials as part of Dem ‘Project 2029’ agenda
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Illinois Democratic Gov. JB Pritzker said that Democrats should seek criminal prosecution against Trump administration and law enforcement officials who have “broken the law” if they were to gain control of the White House in 2028.
Pritzker, who is running for a third gubernatorial term, sat down for an interview with the New York Times in which he proposed Democrats adopt their own version of Project 2025 — the Heritage Foundation’s conservative policy blueprint for presidential administrations released in nearly every election cycle since the 1980s. Pritzker dubbed the Democrats’ counter “Project 2029,” urging it to be quickly implemented to “restore the rule of law.”
“I don’t think you can speak of it in shorthand, but we’ve got to restore the rule of law, and that means holding people accountable who’ve broken the law,” Pritzker said. “I’m talking about the people in this administration who’ve broken the law and federal agents who’ve broken the law.”
New York Times reporter Lulu Garcia-Navarro asked Pritzker whether this meant Trump officials and law enforcement agents would face criminal prosecution.
TRUMP SAYS CHICAGO MAYOR, ILLINOIS GOVERNOR ‘SHOULD BE IN JAIL FOR FAILING TO PROTECT’ ICE OFFICERS
Illinois Gov. JB Pritzker speaks to members of the media at Manny’s Cafeteria and Delicatessen during a primary election in Chicago, Illinois, on Tuesday, March 17, 2026. (Credit: Christopher Dilts / Bloomberg via Getty Images)
“Criminally prosecuted, civilly prosecuted,” Pritzker said. “Whatever it is that we can do.”
Trump and Pritzker have been at odds over Trump’s immigration enforcement agenda for months.
Last October, Pritzker filed a lawsuit against the Trump administration over its deployment of National Guard troops to Chicago. The lawsuit argued that the deployment of the National Guardsmen to the Windy City was “unconstitutional and/or unlawful.”
PRITZKER CLAIMS COUNTRY UNDER TRUMP WORSE THAN COVID PANDEMIC WHERE PEOPLE DIED ‘IN DROVES’
U.S. Immigration and Customs Enforcement (ICE) agents walk down a street during a multi-agency targeted enforcement operation in Chicago, Illinois, on Sunday, Jan. 26, 2025. President Donald Trump has pledged to carry out the largest deportation effort in U.S. history, vowing to ultimately deport all people living in the country without legal status. (Christopher Dilts / Bloomberg via Getty Images)
U.S. District Judge April Perry issued a temporary restraining order preventing the deployment of National Guard troops to the state as the lawsuit worked its way through the legal system. The Supreme Court also upheld Perry’s decision. The Trump administration withdrew federal troops from the state in January.
Pritzker and Trump have also clashed over the tactics used by federal immigration enforcement agents in Illinois. Pritzker has accused federal agents of “waging war on our people” and “acting like jackbooted thugs.”
U.S. President Donald Trump attends a tour of a Thermo Fisher Scientific facility in Reading, Ohio, on March 11, 2026. Trump is highlighting his administration’s push to lower drug prices at the biotechnology and pharmaceutical company. (Andrew Harnik / Getty Images)
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The Trump administration faces another lawsuit stemming from accusations of immigration enforcement agents’ alleged misconduct during Operation Midway Blitz in Chicago. Plaintiffs in the lawsuit accused federal agents of violating protesters’ constitutional rights through their use of tear gas and force. District Judge Sara Ellis issued a preliminary injunction barring federal agents’ use of force and tear gas on protesters, but an appeals court overturned her decision earlier this month.
Fox News Digital reached out to Pritzker’s office and the White House for comment.
Politics
Pentagon orders 2,500 troops, 3 warships from California to the Middle East
WASHINGTON — The Pentagon is reportedly sending three California-based warships and roughly 2,500 Marines to the Middle East, the second significant deployment in a week.
The three warships are part of the San Diego-based USS Boxer amphibious ready group. The Marines are from the 11th Marine Expeditionary Unit, based at Camp Pendleton. The deployments were reported Friday by the Associated Press, citing Pentagon sources.
A 2,500-strong Marine unit accompanied by the USS Tripoli warship launched from Japan on Saturday.
The major reinforcement comes as the war’s economic shock waves are felt throughout the globe, as Washington seeks to secure vital shipping lanes and deter further attacks on energy infrastructure around the Persian Gulf.
President Trump has continued pressing allies to join his proposed coalition to patrol the Iranian-controlled Strait of Hormuz, a vital shipping lane through which about 20% of the world’s oil supply passes. So far, Europe, Japan, China and Australia have refused to heed the call.
Trump on Thursday said Iran “is close to demolished,” but that securing the Strait of Hormuz remained a struggle. He suggested the U.S. was working to secure the strait not for its own oil needs, but “just to be nice” to other countries that rely on oil from the region to a much larger degree than the U.S.
“They complain about the high oil prices they are forced to pay, but don’t want to help open the Strait of Hormuz, a simple military maneuver that is the single reason for the high oil prices. So easy for them to do, with so little risk. COWARDS, and we will REMEMBER!” Trump wrote Friday on Truth Social.
Iran continued sweeping attacks on Mideast energy facilities, a retaliation to Israeli strikes on its Iran’s South Pars field, the world’s largest natural gas field Wednesday. The fallout has dragged the Gulf states into the war amid the largest energy supply disruption in history.
Iranian shahed drones hammered Kuwait’s largest oil refinery Friday. Similar attacks triggered fires at Ras Laffan Industrial City in Qatar, bringing energy product screaming to a halt at the largest natural gas hub in the globe. Repairs are expected to take years.
Meanwhile, United Arab Emirates’ air defense systems were countering Iranian missiles overnight, and Saudi Arabia said it might respond with force if Iran continues to attack facilities in the kingdom.
Israel said Friday it had killed Esmail Ahmadi, a senior intelligence official in Iran’s Basij and deputy to its commander, in an airstrike. Officials described Ahmadi as “one of the most important pillars” of the Basij volunteer paramilitary force.
Even as Israel carries out daily decapitation airstrikes in Tehran and the U.S. deploys renewed forces to its front door, the Islamic Republic has not faltered.
Abolfazl Shekarchi, a senior spokesperson for Iran’s armed forces, said American and Israeli officials could be targeted worldwide.
“From now on, based on the information we have, even recreational and tourist locations around the world will not be safe for you,” Shekarchi said.
Oil prices have surged past $100 a barrel and found a volatile new floor amid the chaos.
Financial markets have reacted with sustained losses. Wall Street has now posted its fourth consecutive week of declines, with investors increasingly pricing in the risk that higher energy costs could slow economic growth while reigniting inflation. Analysts warn that persistently elevated crude prices are likely to squeeze corporate margins and weigh on consumer spending in the United States and beyond.
The International Monetary Fund has cautioned that the conflict could push inflation higher, too. The Federal Reserve is now facing renewed uncertainty as they weigh whether to hold interest rates higher for longer in response to rising energy costs.
At a White House event on Friday, Trump maintained that the United States’ military operation is “going extremely well in Iran.”
“The difference between them and us is they had a navy two weeks ago and they have no navy anymore. It’s all at the bottom of the sea,” Trump said. “Fifty-eight ships were knocked down in two days and we have the greatest navy in the world. It is not even close.”
The president did not take questions from reporters in the room. But in unprompted remarks, he said the United States and Iran are not engaging in talks because their leaders “are all gone,” adding to the uncertainty about the war’s exit strategy.
“We are having a hard time, we want to talk to them and there is nobody to talk to,” he said. “We have nobody to talk to and you know what? We like it that way.”
Politics
Video: Trump Makes Pearl Harbor Joke In Meeting With Japan’s Prime Minister
new video loaded: Trump Makes Pearl Harbor Joke In Meeting With Japan’s Prime Minister
transcript
transcript
Trump Makes Pearl Harbor Joke In Meeting With Japan’s Prime Minister
President Donald Trump made a joke about the Japanese attack on Dec. 7, 1941, which led the United States into World War II, during a press conference with Japan’s prime minister Sanae Takaichi on Thursday. The president has been pressing Japan’s leader for military help in the Middle East to ease the oil crisis.
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“Who knows better about surprise than Japan?” Reporter: “Why didn’t you tell U.S. allies in Europe and Asia, like Japan, about the war before attacking Iran?” “The one thing you don’t want to signal too much. When we go in, we went in very hard and we didn’t tell anybody about it because we wanted surprise. Who knows better about surprise than Japan? Why didn’t you tell me about Pearl Harbor, OK? Reporter: “Do you intend to potentially put U.S. troops or more troops in the region?” “No, I’m not putting troops anywhere. If I were, I certainly wouldn’t tell you. I hate to make this excursion, but we’re going to have to do it. I wanted to put out that fire and I said, if I do that, oil prices will go up. The economy will go down a little bit. I thought it would be worse, much worse, actually. I thought there was a chance it could be much worse. It’s not bad, and it’s going to be over with pretty soon.” Reporter: “If the war is almost over, why is the Pentagon going to ask Congress for an additional $200 billion?” “Well, we’re asking for a lot of reasons beyond even what we’re talking about in Iran. This is a very volatile world. So we’re in very good shape. But we want to be in the best shape, the best shape we’ve ever been in. We want to be sure, and it’s a small price to pay to make sure that we stay tippy top.”
By Meg Felling
March 19, 2026
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