U.S. Navy escorts oil tankers through Strait of Hormuz

Interior Secretary Doug Burgum said the U.S. Navy has escorted more than 20 crude oil tankers through the Strait of Hormuz on some nights as part of restarted operations. Burgum told CNBC that some vessels are ultra-large tankers carrying 2 million barrels each. He said the effort, known as Project Freedom, resumed without public announcement after ending in May.

Energy secretary comments on Venezuelan crude Energy Secretary Chris Wright said about 7 million barrels of oil and fuel are moving through the strait each day, roughly half the volume stranded since the start of the conflict. He added that no Iranian crude is currently exiting the waterway.

Wright also said U.S. refineries can process more Venezuelan crude. Venezuela is now sending half of its 1.2 million barrels per day in exports to the United States, triple the December level.

Oil prices decline Brent crude fell 3.83 percent to $86.92 a barrel and West Texas Intermediate dropped 3.74 percent to $84.43 a barrel by mid-afternoon. Traders cited increased confidence that shipments are clearing the strait.

Renewable groups sue over Pentagon review freeze Renewable Northwest and Advanced Power Alliance filed suit against the Department of War last week. The groups say a months-long halt in military reviews has stalled 106 onshore wind projects across 21 states and cost $47 billion in planned investment.

They asked a federal court to order the Pentagon to resume the reviews, which assess whether turbines interfere with radar or flight paths.