Washington, DC

1. Iran terms shaky
2. Iran’s energy weapon
3. War powers in both chambers
4. Dems talk impeachment
5. Oversight still wants Bondi

The S&P 500 ▲ 2.5%, in a broad rally driven by Trump’s ceasefire announcement.

Fragile ceasefire deal tested

As Iran and the US prepare for peace talks in Islamabad this weekend, with Vice President JD Vance slated to lead the US team, Iran showed how firmly it still grips the Strait of Hormuz: Only three or four ships were said to have passed through the strait today. The Wall Street Journal reported that Tehran plans to charge ships a toll and cap the number of vessels at 12 a day during the ceasefire. Meanwhile, confusion over the details of the deal swiftly emerged. Israel launched a ferocious assault on Lebanon, killing hundreds in Beirut, and leaders in Iran and Pakistan, which mediated the deal, called the attacks a violation of the ceasefire. But Israeli and White House officials disagreed. The speaker of Iran’s parliament also said a drone was detected that violated the agreement, and Persian Gulf countries said attacks continued in their borders.

View / Ceasefire shows power of Iran’s energy weapon

The ceasefire in Iran represents a victory of sorts for Tehran, which has gained a powerful insight into the potency of its energy weapon. Oil prices plummeted below $100 per barrel this morning, reflecting traders’ feelings more than physical flows; it will take weeks or months for tankers to reach the Gulf and production facilities to ramp up. Meanwhile, Tehran is in a stronger position than before the war. In addition to roughly doubling its income from oil sales over the past few weeks, “the war is pausing with the Iranians effectively in control of the strait,” said Gregory Brew, senior Eurasia Group oil analyst. While the conflict started over Iran’s drive for nuclear weapons, it may not need them: By closing the strait and threatening to charge tolls to passing tankers, Tehran can exact pain on the global economy and benefit its coffers.

Democrats to force Iran vote next week

Congressional Democrats are moving to force action on the war in Iran, leaders announced today. Tomorrow morning House Democrats will try to unanimously constrain Trump’s war powers, Minority Leader Hakeem Jeffries said — a move Republicans will almost certainly block. Then Senate Democrats will force another vote on Trump’s war powers in Iran next week, Minority Leader Chuck Schumer said in New York, panning the war as “one of the very worst military and foreign policy actions that the United States has ever taken.” This will be the fourth such vote forced by Democrats this year on Iran. Republicans not named Rand Paul have so far resisted joining Democrats on those votes because they view an immediate cessation of US troops in the region as unworkable and the exercise as intended to gum up the Senate floor.

— Burgess Everett

Democrats still talk impeachment

The ceasefire with Iran isn’t quieting Democrats’ calls to remove Trump from office through impeachment or the 25th Amendment. “Whether through impeachment or by invoking the 25th Amendment, it is far past time Donald Trump and Pete Hegseth are removed from office,” said Rep. Yassamin Ansari, D-Ariz. “Yes, Trump should still be removed from office,” said Rep. Julie Johnson, D-Texas. Democrats don’t have the votes in either chamber for impeachment, nor is Trump’s Cabinet likely to oust him. Democratic leaders have been reluctant to lean too far into impeachment when the caucus is trying to flip the House with an economic-focused message. But Jeffries announced a virtual briefing on Friday for the caucus about the 25th Amendment and “Trump administration accountability.” Now that the “I” word is in the open, leadership will be forced to navigate it.

— Nicholas Wu

Bondi ducks Epstein deposition, but she’s not off the hook

Pam Bondi isn’t going to attend her deposition on April 14 in the Oversight Committee’s investigation of Jeffrey Epstein, but panel members of both parties aren’t letting the former attorney general off the hook. California Rep. Robert Garcia, the top Oversight Democrat, said in a statement: “She must come in to testify immediately, and if she defies the subpoena, we will begin contempt charges in the Congress.” Doing so would require a panel vote and a full House vote. An Oversight Committee spokesperson said the panel would contact Bondi’s personal counsel to “discuss next steps regarding scheduling her deposition.” Republicans who voted to subpoena Bondi originally still want to hear from her. “The American people deserve answers, and we expect her to appear as soon as a new date is set,” said Rep. Nancy Mace, R-S.C., on social media.

— Nicholas Wu

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Iran War

• Secretary of Defense Pete Hegseth said at a Pentagon briefing that the US has achieved a “decisive” military victory over Iran.
• President Trump told ABC that the US and Iran may charge fees to travel through the Strait of Hormuz: “We’re thinking of doing it as a joint venture. It’s a way of securing it — also securing it from lots of other people. It’s a beautiful thing.”
• The White House is expected to make a smaller funding request of Congress for the war than previously planned. — WaPo

Polling

• Americans’ views of Israel and Israeli Prime Minister Benjamin Netanyahu have grown increasingly negative, with majorities holding unfavorable opinions. — Pew

Energy

• Oil futures plummeted after President Trump announced a two-week ceasefire with Iran, with Brent crude futures down about 17% to about $91 per barrel.
• But prices of oil in the North Sea soared today — a sign that actual global supply is tight.
• Investors placed a $950 million bet on oil prices falling hours before the US and Iran announced a ceasefire. — Reuters

Health

• The Trump administration is seeking unprecedented access to the personal health information of federal workers, prompting unease among insurance providers. — CBS
• Stephen Ubl is stepping down as chief executive of the Pharmaceutical Research and Manufacturers of America as the Trump White House overhauls industry pricing practices. — Politico

World

• After the Israeli attack on Hezbollah that caused thousands of pagers to explode in September 2024, Hungarian Prime Minister Viktor Orbán’s government offered assistance to Iran. — WaPo
• White House press secretary Karoline Leavitt said President Trump will discuss a potential withdrawal from NATO with Secretary-General Mark Rutte today.

— Chairman of the Joint Chiefs of Staff Gen. Dan Caine at a Pentagon briefing describing what it took to get Operation Epic Fury up and running.

Laura McGann, editor

With help from Elana Schor, senior Washington editor, and Morgan Chalfant, Washington briefing editor

Graph Massara and Lauren Morganbesser, copy editors

Contact our reporters:

Burgess Everett, Eleanor Mueller, Shelby Talcott, Nicholas Wu, David Weigel