Uncertainty looms as last oil tanker from Middle East arrives in California | First Thing

Good morning. Gas prices have risen above $6 in California – but there is yet more uncertainty on the horizon after the last oil tanker from the Middle East arrived in the state this week. The California Energy Commission vice-chair, Siva Gunda, told legislators on Tuesday that the state could meet fuel demand for the next six weeks with its current supply. The New Corolla is delivering about 2m barrels of crude oil, the Los Angeles Times reported on Sunday. The arrival of the last tanker to the US state with the nation’s highest gas prices could have a significant impact on oil prices. While costs have risen in recent weeks, supply has not yet been severely affected as markets have continued to receive oil that was already in transit when the strait of Hormuz was closed. Meanwhile, Donald Trump has given Tehran a new ultimatum , telling the Iranian leadership to accept a deal to end the war or face a fresh wave of US bombing “at a much higher level and intensity than it was before”. US Central Command said it fired on an Iranian-flagged oil tanker attempting to breach the US blockade. People in Tehran drive past an anti-US billboard depicting Donald Trump and the strait of Hormuz. Photograph: Majid Asgaripour/Reuters What do we know about progress on a deal? Axios reported on Wednesday that Washington and Tehran were close to agreeing on a memorandum of understanding to end the war. …