AFBytes Quarter Rundown — Sunday, July 12, 7:00 PM ET

Here's what you need to know from the last 24 hours. According to Fox News, Senator Lindsey Graham, a prominent Republican voice on foreign policy, has passed away at the age of 71. Graham's career was marked by consistent support for Israel and Ukrainian assistance. His death removes a key figure in US foreign policy, affecting military aid levels and alliance commitments. Graham's emphasis on overseas alliances represented a traditional approach to projecting US power rather than strict domestic focus. His passing could alter legislative momentum on alliance funding and defense spending, impacting federal budgets and taxpayer obligations. ABC AU reports that fresh strikes hit a Kuwait oil platform amid ongoing tensions between the United States and Iran over control of the Strait of Hormuz. Both sides offered conflicting accounts of responsibility. Disruptions at the Strait of Hormuz directly influence global oil supply, affecting U.S. energy prices paid by drivers and manufacturers. Securing the Strait protects U.S. energy independence and reduces reliance on adversarial suppliers. Higher crude prices translate into elevated gasoline and heating costs for American households. Continued access through Hormuz remains central to protecting critical energy infrastructure and alliance commitments. ABC AU's Markets section reports that Wall Street advanced before fresh Gulf conflict reports emerged. Australian futures point higher amid uncertainty over energy supply. Oil price spikes raise gasoline and heating costs for American drivers and homeowners while affecting retirement portfolios tied to energy equities. Dependence on global oil markets highlights the value of expanded domestic production capacity. Rising oil prices increase gasoline and home energy expenses for American households. Conflict-related supply risks test strategic petroleum reserve policy and alliance coordination. That's the day from where we sit — thanks for spending part of it with us. Stay with us at AFBytes for what's next.