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Oil, gas prices jump as Trump flirts with striking Iranian oil infrastructure

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President Donald Trump’s suggestion that Iranian oil infrastructure could be a U.S. target sent oil and gasoline prices higher on Monday, as traders weighed the risk of a deeper confrontation that could further exacerbate global energy supplies.

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On Friday, Trump ordered strikes on military assets on Iran’s Kharg Island, a strategically vital island in the Persian Gulf that serves as Tehran’s largest oil terminal and a key hub for its crude exports. Over the weekend, he raised the prospect of another bombing raid targeting the island’s oil infrastructure.

«We can do that on five minutes’ notice. We have it all locked and loaded and ready to go if we want to do it,» he said. «We chose not to do it. I chose not to do it again. We’ll see what happens,» Trump told reporters on Air Force One.

TRUMP SAYS US ‘OBLITERATED’ MILITARY TARGETS IN STRIKE ON KEY IRANIAN OIL HUB: ‘POWERFUL BOMBING RAIDS’

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A satellite image shows an oil terminal at Kharg Island, Iran, Feb. 25, 2026. (2026 Planet Labs PBC/Handout via Reuters)

The island, located roughly 35 miles off Iran’s Bushehr province in the country’s southwest, is about the size of New York City’s Central Park but carries huge importance for Iran’s economy.

It has a loading capacity of about 7 million barrels per day, and roughly 90% of Iran’s crude oil exports pass through it. Most of those exports are shipped to China and India, underscoring the island’s importance not only to Iran’s energy trade but also to broader global oil markets.

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Fears of a fresh strike sent oil prices higher Monday, as traders braced for the possibility that fighting could further disrupt exports from the Persian Gulf, including through the Strait of Hormuz, a critical shipping corridor for global energy supplies.

BEFORE-AND-AFTER SATELLITE IMAGERY OFFERS A RARE LOOK AT DAMAGE INSIDE IRAN

Satellite view showing the Strait of Hormuz connecting the Persian Gulf to the Gulf of Oman

A satellite image shows the Strait of Hormuz, a key maritime passage connecting the Persian Gulf to the Gulf of Oman, vital for global energy supply. (Amanda Macias/Fox News Digital)

Those concerns helped drive oil above $100 a barrel last week for the first time since 2022, as fallout from the U.S.-Israeli conflict with Iran roiled global markets and investors priced in the risk of tighter supply.

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Now, that surge is beginning to hit consumers. As crude prices climb, gasoline and diesel prices are rising quickly — especially diesel, which often reacts faster because of its close ties to freight and industrial demand.

As of March 16, AAA put the national average for regular gasoline at $3.70 a gallon, up 77 cents from a month earlier, while diesel climbed to $4.97, up $1.31 over the same period.

THE UNLIKELY TOOL TRUMP IS EYEING TO TACKLE RISING OIL PRICES AMID THE IRAN CONFLICT

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Price increases have not been spread evenly across the country. The lowest averages were in Kansas, North Dakota and Oklahoma, at roughly $3.08 to $3.14 a gallon, while the highest were in California, Hawaii and Washington.

«Americans today will spend $275 million more on gasoline than they did before the U.S. attacked Iran, now totaling nearly $2.5 billion since the start,» wrote Patrick De Haan, head of petroleum analysis at GasBuddy.

The run-up has extended beyond gasoline and diesel. 

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In the U.S., the Argus U.S. Jet Fuel Index — a daily benchmark averaging prices in Chicago, Houston, Los Angeles and New York — climbed to $3.88 a gallon on Friday, after hovering mostly in the low-to-mid $2 range for weeks.

TRAVEL IS ABOUT TO GET MORE EXPENSIVE AS IRAN CONFLICT SPARKS JET FUEL CRUNCH

Higher fuel prices could ripple through the broader economy if they persist, raising costs for airlines, trucking firms and other businesses that depend heavily on transportation. For consumers, sustained increases at the pump also threaten to squeeze household budgets at a time when inflation remains a key concern.

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What happens next will likely depend on whether the conflict escalates further and whether oil infrastructure or major shipping lanes are affected. 

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With that risk in mind, the White House is weighing steps to protect commercial shipping through the Strait of Hormuz and considering the use of emergency oil stockpiles to help blunt the impact.

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Before boarding Air Force One for Mar-a-Lago late Friday, Trump told reporters the U.S. Navy may begin escorting tankers through the strait «very soon.»

war with iran,economy,energy,donald trump,politics

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Una reconocida automotriz cancela tres modelos eléctricos y reporta pérdidas por USD 15.700 millones

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Honda cancela tres modelos eléctricos para el mercado de Estados Unidos ante una disminución significativa de la demanda local. (Europa Press)

El fabricante japonés Honda Motor Co. anunció la cancelación de tres modelos eléctricos que serían comercializados en Estados Unidos y la aplicación de un ajuste contable por USD 15.700 millones en su negocio global de electrificación. La medida fue comunicada el 12 de marzo y afecta tanto a la empresa como a la industria automotriz internacional, en un contexto de disminución de ventas de autos eléctricos y una competencia global creciente, según informó Reuters.

De acuerdo con la agencia, Honda explicó que la reestructuración obedece a la menor demanda de vehículos eléctricos en el mercado estadounidense. La compañía puntualizó que parte del ajuste financiero deriva de la depreciación de activos en China y la compensación a proveedores por los modelos cancelados. Se fusionan aquí los motivos y consecuencias: la magnitud del ajuste representa la mayor pérdida anual de la compañía en casi siete décadas, una situación relevante porque desde hace más de medio siglo la empresa no reportaba un resultado negativo de semejante escala, según datos recogidos por Fox Business y el portal especializado MotorBiscuit. El cambio de estrategia ocurre tras una baja en las ventas globales de eléctricos, la reducción de incentivos fiscales en Estados Unidos y el avance de fabricantes chinos con ciclos de desarrollo más rápidos y una inversión considerable en tecnología.

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En los últimos años, Honda había presentado su línea Honda 0 Series, que incluía los modelos Saloon, SUV y Acura RSX. Todos ellos iban a fabricarse y venderse en Norteamérica a partir de 2024, anuncio realizado en la feria CES de Las Vegas en enero de ese año.

La cancelación de los modelos eléctricos Saloon, SUV y Acura RSX responde a factores económicos y de mercado. Según el comunicado oficial de Honda, la marca decidió retirar estos lanzamientos ante “la menor demanda de vehículos eléctricos en Estados Unidos y la necesidad de ajustar la estrategia según la rentabilidad y tendencias del mercado”.

La empresa también citó la presión competitiva de fabricantes chinos que, con ciclos de innovación más cortos y una inversión considerable en software y asistentes de conducción, han creado “productos con mejor relación valor-precio”, lo que afectó la competitividad de Honda en Asia y en otros mercados globales.

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El ajuste contable de USD
El ajuste contable de USD 15.700 millones marca la mayor pérdida anual de Honda en casi siete décadas, según datos oficiales. (Imagen Ilustrativa Infobae)

El ajuste anunciado es de 2,5 billones de yenes (USD 15.700 millones). Según Reuters, este monto incluye la depreciación de activos en China y los costos asociados a la cancelación de contratos con proveedores norteamericanos. Honda prevé que esta decisión le genere su primera pérdida neta anual desde 1955.

Un portavoz de la automotriz declaró a Fox Business que “la mayor parte de los costos se destinará a compensaciones para proveedores y reducción de inventarios asociados a los modelos cancelados”. La compañía también reconoció no haber alcanzado la competitividad de las empresas chinas, orientadas a la innovación rápida y la tecnología de asistencia a la conducción.

Para 2025, Honda reportó que los eléctricos representaron sólo el 2,5% de sus ventas globales, con 84.000 unidades sobre un total de 3,4 millones de vehículos, según cifras citadas por el portal especializado MotorBiscuit. En China, la empresa vendió 17.000 eléctricos, lo que también representa el 2,5% de su volumen en ese país y apenas una quinta parte de sus ventas globales de eléctricos.

De acuerdo con la consultora sectorial TrustFinance, la demanda de autos eléctricos en Estados Unidos disminuyó en los últimos dos años, mientras que las ventas de híbridos muestran crecimiento sostenido. Las fuentes consultadas atribuyen este fenómeno a la reversión de incentivos fiscales federales para la compra de eléctricos, impulsada por el gobierno de Estados Unidos, lo que encareció el acceso a estos vehículos y afectó la viabilidad de nuevos lanzamientos.

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La cancelación afecta estos modelos:

  • Honda 0 Series Saloon
  • Honda 0 Series SUV
  • Acura RSX

Estos vehículos fueron presentados en la feria CES de Las Vegas en enero de 2024 y estaban previstos como los primeros eléctricos de la nueva generación de la marca para el mercado norteamericano, según lo comunicado por Honda y reportado por Fox Business.

Las ventas de vehículos eléctricos
Las ventas de vehículos eléctricos de Honda solo representaron el 2,5% de su volumen global en 2025, con escasa penetración en China y Estados Unidos. (REUTERS/Chalinee Thirasupa)

La política de incentivos fiscales federales para la compra de vehículos eléctricos en Estados Unidos experimentó importantes modificaciones. Según Fox Business, la eliminación de créditos fiscales para algunos modelos eléctricos elevó los costos para los consumidores, repercutiendo en la demanda y la rentabilidad proyectada para fabricantes como Honda.

Representantes de la automotriz señalaron a Reuters: “La retirada de estímulos fiscales redujo la competitividad de la oferta eléctrica en el país”. Además, existe una preferencia creciente por los híbridos, que ofrecen mayor autonomía y menores costos de uso.

Para los consumidores estadounidenses, la cancelación implica que Honda no ofrecerá, en el corto plazo, los eléctricos anunciados para la región; la gama de híbridos será ampliada y actualizada. Los proveedores vinculados a estos proyectos recibirán compensaciones, tal como se indicó en el comunicado oficial de la empresa.

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La producción de eléctricos para otros mercados no fue descartada. Honda aclaró que evaluará cada caso según la rentabilidad y el contexto local y anunció: “La introducción de nuevos modelos eléctricos se analizará con flexibilidad, monitoreando la rentabilidad y tendencias del mercado”.

La nueva estrategia de Honda pone el foco en el desarrollo y comercialización de vehículos híbridos en Estados Unidos, mientras reorganiza su portafolio eléctrico a nivel global. La automotriz busca, además, fortalecer su presencia en India y mejorar la competitividad de su oferta internacional.

La empresa anticipó en su comunicado que presentará detalles de su plan estratégico para el negocio automotor en una conferencia prevista para mayo de 2026.

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La cancelación afecta a los
La cancelación afecta a los modelos Honda 0 Series Saloon, SUV y Acura RSX, presentados en la feria CES de Las Vegas en enero de 2024. (Imagen Ilustrativa Infobae)

La competencia en China, el mayor mercado automotor del mundo, representa un desafío para Honda por el auge de fabricantes locales que priorizan ciclos de desarrollo ágiles y tecnologías avanzadas de software. Las ventas de eléctricos de Honda en China constituyeron sólo una fracción de su volumen total, y la compañía admitió su dificultad para igualar la relación valor-precio de sus competidores, según el informe oficial.

La estrategia incluye la depreciación de activos y una adaptación de la oferta al mercado local, enfatizando el desarrollo de híbridos y modelos más accesibles, conforme detalló Reuters.

Honda informó que presentará una actualización de su plan automotor durante la conferencia de mayo. El sector se mantiene atento a nuevas definiciones sobre próximos lanzamientos y a cómo la marca responderá a la evolución de la demanda global de eléctricos, las fluctuaciones regulatorias y la competencia internacional, según Fox Business y Reuters.

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Multiple allies decline US calls for Strait of Hormuz support amid rising Middle East tensions

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A growing number of U.S. allies are declining to take part in military efforts to secure the Strait of Hormuz, despite mounting pressure from Washington.

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From Europe to the Indo-Pacific, governments are signaling reluctance to be drawn into direct military action, instead emphasizing diplomacy, legal constraints or limited defensive contributions.

Countries declining military involvement in reopening the Strait of Hormuz

France

France has ruled out any military role in securing the Strait of Hormuz, stressing a diplomatic approach. In an interview with FRANCE 24 last week, Armed Forces Minister Catherine Vautrin said Paris is «not participating in this war.» 

«At this point, there is no question of sending any vessels to the Strait of Hormuz,» she explained. Vautrin also questioned whether Washington and Jerusalem share the same end goals in the conflict with Iran.

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President Donald Trump, however, suggested Monday he expects support from French President Emmanuel Macron.

UK DEPLOYING WARSHIP, HELICOPTERS TO CYPRUS AFTER DRONE STRIKE

President Donald Trump (right) takes part in the Gaza summit chaired by Egypt’s President Abdel Fattah el-Sisi alongside France’s President Emmanuel Macron in Sharm El Sheikh, Egypt, on Oct. 14, 2025. (Michael Kappeler/Picture Alliance via Getty Images)

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«I think he’s going to help. I mean, I’ll let you know. I spoke to him yesterday. I don’t do a hard sell on them because my attitude is we don’t need anybody. We’re the strongest nation in the world. We have the strongest military by far in the world. We don’t need them,» Trump said at the White House. «But, it’s interesting. I’m almost doing it in some cases, not because we need them, but because I want to find out how they react.»

IRAN HOLDS WORLD ENERGY HOSTAGE WITH ‘NIGHTMARE’ STRAIT OF HORMUZ SEA MINES, FORMER CENTCOM OFFICIAL WARNS

Germany

Germany has rejected military involvement, with Chancellor Friedrich Merz stating the conflict falls outside NATO’s scope. «We will not participate in ensuring freedom of navigation in the Strait of Hormuz by military means. The war in the Middle East is not a matter for NATO,» he said in a post on X. «Therefore, Germany will also not become involved militarily.»

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Friedrich Merz between American and German flags.

German Chancellor Friedrich Merz arrives at the White House on June 5, 2025, in Washington, D.C. (Anna Moneymaker/Getty Images)

Australia

Australia has declined to send ships to the strait despite U.S. calls for support. In an interview on ABC Radio National on Monday, Catherine King, minister for infrastructure, transport, regional development and local government, said, «We won’t be sending a ship to the Strait of Hormuz. We know how incredibly important that is, but that’s not something that we’ve been asked or that we’re contributing to.»

She noted Australia’s current contribution is limited to support in the United Arab Emirates, including providing aircraft to assist with defense given the number of Australians in the country.

IRAN DEPLOYS EXPLOSIVE ‘SUICIDE SKIFFS’ DISGUISED AS FISHING BOATS IN STRAIT OF HORMUZ

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Catherine King and Sam Mostyn greet each other during an official government ceremony at Government House in Canberra.

Minister for Infrastructure, Transport, Regional Development and Local Government Catherine King (L) shakes hands with Governor-General Sam Mostyn (R) during a swearing-in ceremony at Government House in Canberra, Australia, on May 13, 2025. (Hilary Wardhaugh/Getty Images)

Ireland

Ireland has ruled out participation in any EU naval mission to reopen the strategic waterway. Irish Prime Minister (Taoiseach) Micheál Martin told reporters ahead of his meeting with Trump, «We don’t have that offensive military capacity in any shape or form, so obviously it’s not something that’s on our agenda,» according to the Irish Examiner. «The world is in a very challenging situation and no one likes war. We certainly don’t as a country, and we want a specific resolution.»

WHY GULF STATES AREN’T JOINING THE WAR AGAINST IRAN — DESPITE ATTACKS ON THEIR SOIL

Spain

Spain has rejected any involvement in a Hormuz mission and called for an end to the war. 

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Defense Minister Margarita Robles said, «We are on a defense and security mission in Cyprus and at this moment Spain is not considering any mission in Hormuz. What we are considering is the demand that the war end,» according to Spanish newspaper La Razón.

She described the conflict as an «illegal war that is causing many deaths.» 

Foreign Minister José Manuel Albares similarly argued to end the «spiral of violence» and «this escalation that does not have clear objectives.» 

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A split image featuring Spanish Defense Minister Margarita Robles and Foreign Minister José Manuel Albares.

Spanish Defense Minister Margarita Robles (L) and Foreign Minister José Manuel Albares (R) have rejected any military involvement in reopening the Strait of Hormuz. (Dursun Aydemir/Anadolu via Getty Images; Matias Chiofalo/Europa Press via Getty Images)

Countries signaling caution or limited involvement

United Kingdom

The U.K. has stopped short of committing to direct military action while emphasizing coordination with international partners. In a press conference on Monday, Prime Minister Keir Starmer said, «We will not be drawn into the wider war.» 

He called on allies and other European countries to «bring together a viable collective plan that can restore freedom of navigation in the region as quickly as possible.»

Keir Starmer speaks during a press conference.

Keir Stamer, U.K. prime minister, speaks during a news conference providing an update on the situation in the Middle East, at Downing Street in London, U.K., on Thursday, March 5, 2026. (Tolga Akmen/EPA/Bloomberg via Getty Images)

Japan

Japan is holding off on any deployment of naval escorts to the Middle East, citing legal constraints. Speaking in parliament during an Upper House Budget Committee meeting, Prime Minister Sanae Takaichi said, «No decision has been made whatsoever regarding the dispatch of escort vessels,» according to The Japan Times. «We are currently examining what Japan can do independently and what is possible within the legal framework.»

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TRUMP PRESSES NATO PARTNERS ON SUPPORT AS HEGSETH BLASTS HESITATION

Japan’s Prime Minister Sanae Takaichi speaks while responding to questions during a parliamentary budget session in Tokyo.

Japan’s Prime Minister Sanae Takaichi answers questions at a budget committee session of the House of Councillors in Parliament in Tokyo on March 16, 2026. (Kazuhiro Nogi/AFP via Getty Images)

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«Legally speaking, this is very difficult,» Takaichi added. «We are carefully examining what can be done within the scope of current laws and what is the best course of action at this time. At the same time, we are continuing to engage with Iran to help de-escalate the situation while also exchanging information with various countries.»

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New names emerge in Jack Smith’s wide-ranging bid for GOP lawmakers’ phone records, unearthed emails show

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FIRST ON FOX: Internal Department of Justice emails obtained by Fox News Digital show prosecutors working for special counsel Jack Smith sought phone records in 2023 for a wide-ranging group of Republican lawmakers, including newly revealed names such as a current Trump administration official.

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The email exchanges between prosecutors beginning Jan. 9, 2023, show Smith’s team mapped out a web of House and Senate lawmakers who interacted with key people in Smith’s probe into the 2020 election, including figures like President Donald Trump’s former chief of staff Mark Meadows and former New York City Mayor Rudy Giuliani, who led many of Trump’s unsuccessful legal challenges to the election results.

New names within the emails obtained by Fox News Digital include Rep. Brian Babin (R-Texas), Rep. Andy Biggs (R-Ariz.) and then-Rep. Lee Zeldin, who now leads the Environmental Protection Agency.

«I’d like to seek [the Public Integrity Section’s] concurrence to get phone tolls for several MOCs who had contact with pertinent parties in our investigation,» wrote former DOJ lawyer Timothy Duree. «I’ll keep the timeframe tight—probably October 1, 2020, to January 31, 2021.»

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The emails come as part of Smith’s investigation and prosecution of Trump over the 2020 election, which initially began as an FBI probe called Arctic Frost. Ongoing House and Senate Judiciary Committee investigations have revealed through various public disclosures that the Biden DOJ targeted a large web of Republican people and entities with subpoenas during the probe, but the lawmakers’ records requests have become a top source of scrutiny.

JACK SMITH DEFENDS SUBPOENAING REPUBLICAN SENATORS’ PHONE RECORDS: ‘ENTIRELY PROPER’

Jack Smith, former special counsel, arrives for a closed-door deposition before the House Judiciary Committee in Washington, DC, on Wednesday, Dec. 17, 2025. (Kent Nishimura/Bloomberg via Getty Images)

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Duree produced 16 names and said he wanted to discuss whether to «subpoena these all at once.» The list included Babin and Biggs and now former Reps. Mo Brooks, Matt Gaetz, Paul Gosar, Louie Gohmert, Zeldin and Jody Hice. The list also included Gohmert’s chief of staff Connie Hair, and seven senators whose names were previously revealed through public disclosures, such as Sens. Ted Cruz, R-Texas, and Marsha Blackburn, R-Tenn.

Public disclosures previously showed that some of the 16 members’ phone records were indeed subpoenaed, but the new emails with new names, including Babin, Biggs and Zeldin, do not make clear if Smith ultimately executed subpoenas for their phone records. The phone records, also known as toll records, would have included dates, times and phone numbers but not the content of calls and messages.

Raymond Hulser, a prosecutor on Smith’s team, responded at one point in the January 2023 email chain by acknowledging the scale of the subpoena request.

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«And please there’s no hurry this morning, [Duree]» Hulser wrote. «It just occurred to me that before we tell Main we are going to fire off subpoenas for so many members tolls I should make sure Jack’s aware.»

DEM REP DEFENDS DOJ OBTAINING GOP SENATOR CALL RECORDS IN 2023: ‘YOU WEREN’T SURVEILLED’

Smith, who has since testified to the House Judiciary Committee about his work, has stood by the subpoenas, saying they were «entirely proper» and followed DOJ protocol. The Republicans who were targeted have, however, condemned the subpoenas as egregious violations of the Constitution’s speech or debate clause, which gives Congress members an added layer of immunity from investigations.

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Grassley, Hagerty, Johnson

US Senator Chuck Grassley announces an FBI whistleblower says the FBI during the Arctic Frost investigation had subpoenaed the records of Republican elected officials in Congress, during a press conference on Capitol Hill in Washington, DC, Oct. 6, 2025. (SAUL LOEB/AFP via Getty Images)

In addition to members of Congress, public disclosures by the congressional committees revealed that Smith targeted hundreds of Republican-affiliated people and entities as he pursued charges against Trump. Smith eventually brought four criminal charges against the then-Republican presidential candidate alleging he illegally attempted to overturn the 2020 election results but dropped the case after Trump won the 2024 election, citing a DOJ policy against prosecuting sitting presidents.

In another email from the January 2023 email chain, Hulser directed Duree to check the Jan. 6 Committee’s report for members who interacted with Trump and Giuliani on Jan. 6, the day of the U.S. Capitol breach, underscoring how Smith’s prosecutors used the investigative work of the committee to help with their probe. Republicans have widely dismissed the since-disbanded Jan. 6 panel as hyper-partisan as it comprised seven Democrats and two vocally anti-Trump Republicans.

Hulser later said Smith wanted to «narrow» down the list of 16, leading Duree to provide a bolded list of names «we should get in the first round.»

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No. 1 on the list, for instance, read «Brian Babin (texts with Meadows; calls with Chip Roy, Perry, Ratcliffe, and Meadows).» Other names noted on the list followed a similar structure. Roy and Perry were known targets in Smith’s probe and previously revealed that they had their records subpoenaed by the special counsel’s team.

Fox News Digital reached out to a Smith representative for comment, as well as the current House lawmakers mentioned in the emails and Zeldin’s office.

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