U.S. crude oil rallies more than 4%, tops $80 as Pentagon sends more forces to Middle East
U.S. crude oil topped rallied Monday to top $80 per barrel as the Pentagon dispatched more forces to the Middle East in anticipation of an Iranian attack on Israel.
Defense Secretary Lloyd Austin ordered a carrier strike group, including F-35 warplanes, to accelerate its deployment to the region. Austin also ordered a guided-missile submarine to the Middle East.
Israel has put its military on high alert, a person familiar with the matter told The Wall Street Journal.
Here are Monday’s closing energy prices:
- West Texas Intermediate September contract: $80.06 per barrel, up $3.22, or 4.19%. Year to date, U.S. crude oil has gained 11.7%.
- Brent October contract: $82.30 per barrel, up $2.64, or 3.31%. Year to date, the global benchmark is ahead 6.8%.
- RBOB Gasoline September contract: $2.44 per barrel, up more than 5 cents, or 2.2%. Year to date, gasoline has risen about 16.2%.
- Natural Gas September contract: $2.18 per thousand cubic feet, up more than 4 cents, or 2.15%. Year to date, gas is down nearly 13%.
Israel has been preparing for strikes by Iran and the Hezbollah militia for nearly two weeks, after the assassination of a Hamas leader in Tehran. Israeli intelligence has assessed Iran is likely to respond directly to the killing within days, two sources with direct knowledge told Axios Sunday.
“We see allocations to oil and gold as the main means to add some protection to portfolios against a further escalation in geopolitical tensions,” UBS analysts told clients in a Monday research note.
U.S. crude oil is trading higher even as OPEC lowered its global demand growth forecast by 135,000 barrels per day, citing softening consumption in China.
“The oil markets reacted strongly to the increased geopolitical risk even as OPEC has shown some concern about its demand growth,” said Phil Flynn, senior market analyst at the Price Futures Group, though he said the market is still on track for a deficit as inventories fall.
U.S. crude oil finished last week more than 4% higher, snapping a 4-week decline, as the stock market recovered most of its losses from a flash sell-off caused by mounting fear of a recession and after the Bank of Japan lifted interest rates a fraction.
Tesla’s sales have now collapsed in Sweden, with only just over 200 cars delivered in the country last month – down 80% year-over-year.
In 2024, Tesla had its best year yet in Sweden. The automaker delivered on average 1,825 vehicles per month.
That was a great result amid Tesla fighting against boycotts related to its dispute with a local union that some of its service workers were trying to join.
But in 2025, Tesla faces a much bigger boycott over its CEO’s involvement in politics, and the impact is being felt all the way in Sweden.
As we reported yesterday, we are starting to get the first registration numbers for Tesla in Europe for April, and they are looking bad.
Now, we get Tesla’s registration numbers for April, and the automaker delivered only 203 vehicles despite having plenty of old Model Ys in inventory and deliveries of the new Model Y AWD.
So far in 2025, Tesla has delivered an average of 533 vehicles per month, down 71% from last year.
This amounts to a demand collapse for Tesla in the country despite the new Model Y AWD being available for the last two months and deliveries available within days.
Tesla is still stuck with a decent amount of inventory of the old Model Y in Sweden despite having stopped production over 2 months ago.
The only hope for Tesla right now is the start of deliveries of the new Model Y RWD next month. As you can imagine, RWD vehicles are not super popular in the Swedish market. AWD vehicles account for the majority of sales.
Electrek’s Take
71% drop in average monthly deliveries in 2025 versus 2024. This is scary stuff and completely unsustainable. Unfortunately, I would even anticipate layoffs for Tesla advisors and delivery staff in the country.
With sales down to just a few hundred monthly units, it can’t justify the same sales staff as last year.
Tesla is being squeezed out of Europe at a pace few people saw coming.
The automaker has introduced lower interest rates to help with demand, but it’s certainly not enough.
Sales should be bad but not disastrous by the end of Q2, due to Model Y RWD helping a bit. The real test will be Q3, when everything should be back to normal in terms of the availability of Tesla’s lineup and there’s no backlog of demand for people waiting for their specific trim.
If Q3 turns out as bad as the first half of 2025, Tesla is basically done in Europe. it will be a small niche automaker rather than the growing market leader it was just 2 years ago.
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Environment
The 2025 Chevy Equinox EV is even cheaper to lease than the gas-powered model this month
GM’s top-selling electric SUV is now on sale. Starting at just $289 per month, the 2025 Chevy Equinox EV is now even cheaper to lease than the gas-powered SUV.
The 2025 Chevy Equinox EV is cheaper to lease in May
GM is offering more savings on “America’s most affordable 315+ mile range EV” this month. With monthly lease prices starting as low as $289 per month, the 2025 Chevy Equinox EV is hard to pass up this May
It’s even cheaper than the gas-powered Equinox right now, which starts at $299 per month. The offer is a 24-month lease on the 2025 Chevy Equinox EV 2WD LT model, with $3,399 due at signing.
Despite being an entry-level model, the Equinox EV FWD LT offers a range of up to 319 miles and over 15 standard driver assistance and safety features.
The interior features a 17.7″ center infotainment screen, which GM claims is the largest in its class, and an 11″ driver display. It also has plenty of cargo space with up to 57.2 cubic feet.
With over 10,300 models sold, the electric Chevy Equinox was GM’s best-selling EV in the first quarter. Alongside the electric Blazer and Silverado, the Equinox EV has helped propel Chevy to become the fastest-growing electric vehicle brand in the US.
GM is offering the Equinox EV deal for those who take delivery by June 2, 2025. It’s based on the 2025 Chevy Equinox EV FWD LT trim with an MSRP of $34,995.
Monthly payments total $6,936, and you will have the option to purchase once the lease is up. GM said the amount would be determined at the lease signing.
Other deals for the 2025 Chevy Equinox include 1.4% APR for 36 months and a $7,500 federal EV tax credit. If you opt for the 2024 model year, GM offers 0% APR for 60 months.
Ready to take advantage of the savings? We’ve got you covered. You can use our link to find the best deals on 2025 Chevy Equinox EV models in your area today.
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Rivian is ringing in spring with an enticing new lease offer for Gen 2 R1 EVs. Through May, customers can lease any Rivian R1 dual-motor EV with a Max battery and performance upgrade for $0 down.
Rivian continues to be a shining star in American EV innovation. Riding the success of its flagship R1 models, the company continues to bolster its manufacturing prowess en route to additional models, including the R2, R3, and R3X.
Now in their second generation, the R1S and R1T have become best sellers, helping fund the company’s progress in building out its R2 assembly lines in Normal, Illinois—a vehicle that has already garnered hundreds of thousands of reservations.
While we await those new Rivian models, we can’t sleep on the current flagships. I lease a Gen 2 R1S and love it. For those interested in leasing an R1 of their own, there is no better time to do so. Today, Rivian announced a new “Nothing But Adventure” lease offer running this entire month, where you can save big bucks on your monthly payment with $0 down.
Rivian introduces “Nothing But Adventure” lease offer
The American automaker shared details of its latest demand lever today, which applies to any R1 EV with a dual motor configuration, a Max battery pack, and a performance upgrade package. Now through May 31, 2025, Rivian will cover your lease down payment with a $6,500 offer.
Additionally, customers can take advantage of the usual $7,500 EV credit, which is underwritten into each lease for being a BEV manufactured in the US. That mean’s its an additional point of sale bonus without having to wait for a tax credit at the end of the year. score!
So in total, Rivian’s May lease offer can total $14,000 off a new R1 model. That’s huge.
As expected, there is some fine print to be aware of. For example, Rivian leases are not available in all states. The $6,500 lease offer may be combined with the $7,500 EV Lease Credit, but “may not be combined with other public offers unless permitted by Rivian.”
Lease customers must take delivery of their Rivian Dual Max R1S or R1T with a performance upgrade by May 31, 2025, to qualify for the offer. The amount due at signing includes a $500 deposit, first month payment, $895 acquisition fee, and $0 security deposit.
Learn more here. You can also shop all Rivian’s available configurations here.
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