Happy Monday. The week starts with oil prices jumping again, a scare near an air base in England, and a big week ahead in Washington. Don’t worry, we saved a good penguin story for the end.

What’s worth your time today

1. Oil prices jump over 4% as Trump rejects Iranian proposal to reopen Strait of Hormuz (CNBC). Brent is back above $108 a barrel, and that shows up fast at the gas pump and in stubborn inflation.
2. Trump calls Iranian plan to reopen Strait of Hormuz not ‘acceptable’ (NPR). Iran’s offer looked a lot like a deal both sides agreed to back in June, so saying no pushes any end to the standoff further away.
3. 5 arrested near a U.K. air base used by U.S. on suspicion of preparing a terrorist act (NPR). A late night call from a local may have stopped an attack on a base the US relies on for the Iran war, and police still haven’t named a motive.
4. Trump, Xi wrap state visit centered on spectacle over substance. Here are the top takeaways (CNBC). Lots of pomp, few deals. Still, the trade truce now runs into 2027, which gives businesses in both countries some breathing room.
5. What to know about the $810 million in spending canceled by President Trump (NPR). Even some Republicans call this clawback of health and education money illegal. It sets up a real fight over who controls the federal purse.
6. Supreme Court rejects GOP-backed Missouri map, preserving key seat for Democrats (NPR). The House is so closely split that one protected seat could matter a lot in November.
7. Trump and Johnson meeting with AI executives set for Tuesday (Washington Examiner). Tomorrow’s sit-down is the clearest sign yet that Washington is thinking seriously about rules for AI before the midterms.
8. Crusoe abandons $1.25B plan to use Boom turbines at AI data centers (TechCrunch). AI’s hunger for electricity is reshaping energy deals quickly. Even a flashy plan like jet engines for data centers can disappear in a few months.
9. Powerful nor’easter causes coastal flooding and knocks out power to parts of the U.S. Northeast (CNBC). A rare September storm left over 100,000 customers in the dark and dumped more than 7 inches of rain on parts of Cape Cod.
10. Scientists discover first new penguin species in more than 100 years (ScienceDaily). Gentoo penguins turn out to be four separate species. The catch is that three of them could lose much of their habitat as the climate warms.

That’s the list. Thanks for reading, and see you tomorrow.