Tariff refunds are coming. From Marketplace, I'm Sabrina Bennishoor in New York. The Trump administration says it will start issuing refunds next week for tariffs that the Supreme Court ruled were collected illegally. The administration is starting with the simpler cases. More complicated claims will have to wait. Marketplace's Nancy Marshall-Gensar has the details.

U.S. Customs and Border Protection says it'll launch the first phase of its refund system this Monday.

CBP says the automated system will be able to process about 82% of the tariff payments it has to refund.

They're worth about $127 billion. The system won't be

able to handle about $3 billion in more complicated refunds. They have to go through a slower

manual process. The refunds are for tariffs that were struck down by the Supreme Court earlier

this year. The court did not rule on refunds, leaving that up to the Court of International

Trade, which decided importers could get their money back. Meanwhile, Treasury Secretary Scott

Bessent said yesterday that new tariffs under a different section of trade law could be

implemented this summer and that import taxes could be back, quote, at the previous level,

by the beginning of July.

I'm Nancy Marshall Genser for Marketplace.

A barrel of Brent Crude is $96.

That is up just a touch after falling yesterday on optimism that the U.S. and Iran could soon have a second round of peace talks. The current ceasefire ends next week.

Meanwhile, the U.S. says its military blockade has entirely halted Iranian trade through the Strait of Ormuz.

And in the background of all of this, are global oil and gas supply chains that are continuing to experience shockwaves from this war.

So to get us up to speed on all of that, we are talking to Fernando Valley.

He's managing director of energy for the investment firm Hedge Eye Risk Management.

Fernando, nice to have you back.

Happy to be here, Smith.

President Trump has said the closure of the Strait of Hormuz could be great for U.S. oil producers. Is that the case? Yes. For the most part, he's correct. There are two challenges

there, which is there's a limitation on how much global refiners can take of U.S. crude because U.S. crude produces a lot of gasoline.

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