{"id":59749,"date":"2026-03-13T12:38:28","date_gmt":"2026-03-13T16:38:28","guid":{"rendered":"https:\/\/stockmarketwatch.com\/stock-market-news\/crude-futures-turn-positive-amid-hormuz-closure-musk-orders-xai-layoffs-as-trump-eyes-cuba-deal\/59749\/"},"modified":"2026-03-13T12:38:28","modified_gmt":"2026-03-13T16:38:28","slug":"crude-futures-turn-positive-amid-hormuz-closure-musk-orders-xai-layoffs-as-trump-eyes-cuba-deal","status":"publish","type":"post","link":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/crude-futures-turn-positive-amid-hormuz-closure-musk-orders-xai-layoffs-as-trump-eyes-cuba-deal\/59749\/","title":{"rendered":"Crude Futures Turn Positive Amid Hormuz Closure; Musk Orders xAI Layoffs as Trump Eyes Cuba Deal"},"content":{"rendered":"<h2>Key Takeaways<\/h2>\n<ul>\n<li><strong>Crude oil futures<\/strong> reversed early losses to trade higher as the <strong>Strait of Hormuz<\/strong> remains effectively closed due to the ongoing <strong>U.S.-Israel-Iran<\/strong> conflict, keeping <strong>Brent crude<\/strong> near the <strong>$100 per barrel<\/strong> mark.<\/li>\n<li><strong>Iran<\/strong> has granted a rare diplomatic exception to the <strong>Indian government<\/strong>, allowing two <strong>LPG tankers<\/strong> to transit the waterway despite a broader blockade that has halted nearly <strong>20% of global oil supply<\/strong>.<\/li>\n<li><strong>Elon Musk<\/strong> has ordered a fresh round of job cuts at <strong>xAI<\/strong> as part of a foundation-up rebuild and a planned merger with <strong>SpaceX<\/strong> to create a <strong>$1.25 trillion<\/strong> entity.<\/li>\n<li>The <strong>White House<\/strong> confirmed that the <strong>U.S.<\/strong> is in active negotiations with <strong>Cuba<\/strong>, with President <strong><a href=\"https:\/\/thestockmarketwatch.com\/live\/trump-stock-market\" data-internallinksmanager029f6b8e52c=\"8\" title=\"Trump\">Trump<\/a><\/strong> signaling that a deal to end the current oil blockade could be <strong>&quot;easily done.&quot;<\/strong><\/li>\n<\/ul>\n<p><strong>Crude oil prices<\/strong> turned positive on Friday as the <strong>Strait of Hormuz<\/strong> remains a primary flashpoint in the escalating Middle East war. <strong>Brent crude<\/strong> futures hovered near <strong>$100.46<\/strong>, while <strong>West Texas Intermediate (WTI)<\/strong> settled higher at <strong>$95.73<\/strong> as markets braced for a prolonged disruption of the world\u2019s most critical energy chokepoint. <em>Analysts warn that volatility will remain elevated as long as the waterway, which handles roughly 20 million barrels of oil per day, remains impassable for most commercial traffic.<\/em><\/p>\n<p>In a significant diplomatic development, <strong>Iran<\/strong> has reportedly granted permission for two <strong>Indian<\/strong> LPG tankers to sail through the strait. This move follows high-level discussions between the <strong>Indian Ministry of External Affairs<\/strong> and Tehran to secure the passage of approximately <strong>20 stranded vessels<\/strong>. While this offers minor relief to <strong>India&#39;s<\/strong> energy security, vessels linked to the <strong>United States<\/strong>, <strong>Israel<\/strong>, and <strong>Europe<\/strong> continue to face a total blockade, sustaining pressure on global energy majors like ExxonMobil (<a href=\"\/stock\/XOM\">XOM<\/a>) and Chevron (<a href=\"\/stock\/CVX\">CVX<\/a>).<\/p>\n<p>In the technology sector, <strong>Elon Musk<\/strong> has initiated another round of layoffs at his artificial intelligence venture, <strong>xAI<\/strong>. According to the <em>Financial Times<\/em>, the cuts are part of a radical reorganization intended to &quot;improve speed of execution&quot; after Musk admitted the company was &quot;not built right&quot; initially. The restructuring comes as <strong>xAI<\/strong> prepares for a massive merger with <strong>SpaceX<\/strong>, with the combined company targeting a public offering later in <strong>2026<\/strong>.<\/p>\n<p>The reorganization at <strong>xAI<\/strong> follows the departure of several founding members and a pivot toward hiring specialized product engineers from competitors. <em>Market observers suggest the layoffs reflect Musk\u2019s signature &quot;hardcore&quot; management style, similar to previous overhauls at Tesla (<a href=\"\/stock\/TSLA\">TSLA<\/a>) and X.<\/em> Despite the staff reductions, <strong>xAI<\/strong> is reportedly aggressively recruiting new talent to rebuild its coding and video generation capabilities from the ground up.<\/p>\n<p>On the diplomatic front, the <strong>White House<\/strong> confirmed that the <strong><a href=\"https:\/\/thestockmarketwatch.com\/live\/trump-stock-market\" data-internallinksmanager029f6b8e52c=\"8\" title=\"Trump\">Trump<\/a> administration<\/strong> is engaged in &quot;high-level&quot; talks with <strong>Cuba<\/strong>. A senior official stated that the President believes a deal with Havana could be &quot;easily made,&quot; potentially ending a three-month U.S. oil blockade that has crippled the island&#39;s power grid. <strong>Cuban President Miguel D\u00edaz-Canel<\/strong> confirmed the negotiations, noting that the discussions are aimed at finding a &quot;dialogue-based solution&quot; to bilateral differences that have pushed the nation into a severe humanitarian crisis.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Key Takeaways Crude oil futures reversed early losses to trade higher as the Strait of Hormuz remains effectively closed due 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