
Washington Today Suspected terror attacks in Michigan & Virginia; Iran's new Supreme Leader issues first message; Senate passes affordable housing bill
Mar 12, 2026
Richard Cowan, Reuters congressional reporter who covers Capitol Hill and legislation, breaks down the Senate housing bill and what comes next. He explains the bill’s key provisions and contrasts with the House version. He also walks through Senate maneuvering on Homeland Security funding and upcoming high-profile votes.
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New Iranian Leader Threatens Hormuz Closure
- Iran's new supreme leader signaled continued closure threats to the Strait of Hormuz, heightening global oil supply disruption.
- State TV read Mushtaba Khamenei's message without audio/video, fueling rumors he may be incapacitated.
US Taps SPR To Ease Oil Shock
- The U.S. will release 172 million barrels from the Strategic Petroleum Reserve to blunt price spikes from Strait disruptions.
- Energy Secretary Chris Wright said the drawdown starts next week and deliveries will take ~120 days.
Hormuz Disruption Has Wide Economic Ripples
- Closure of the Straits of Hormuz has stranded ~1,000 vessels and caused record supply disruption, pushing oil above $100–$120 per barrel.
- General Randall Reed warned 30% of global fertilizer transits the strait, raising food and farm-cost risks.
