Daily on Energy: Ceasefire over, Texas transmission, and Arizona mining

Energy developments on Wednesday were shaped by renewed conflict and major infrastructure steps. President Donald Trump said the ceasefire with Iran is over after the U.S. and Iran exchanged attacks overnight, and he threatened additional strikes on Wednesday evening. He also suggested the U.S. could seize Kharg Island, Iran’s primary oil terminal, as oil prices jumped. By just before 3 p.m. EDT, West Texas Intermediate rose 4.73% to $73.77 and Brent crude climbed 5.5% to $78.24, reflecting the Middle East escalation. In the U.S. energy sector, the Department of Energy finalized a $3.26 billion loan for AEP Texas, a subsidiary of American Electric Power. The funding will support roughly 100 transmission projects across Texas, including rebuilding or reconductoring lines and adding about 2,800 miles of new infrastructure, aiming to double power-carrying capacity. The briefing also noted an Arizona permitting milestone for a mining project targeting critical minerals such as zinc and copper.