Today: Even if the pact holds, it will likely take months for the oil market to return to normal; Kevin O’Leary is blaming the backlash over his data center on an unusual target; Everyone loves Chinese cars, except the Chinese.

Welcome back: President Trump’s deal with Iran is set to reopen the Strait of Hormuz, but how quickly it can arrest a steep decline in oil stockpiles will determine the trajectory of energy prices, report the WSJ’s Collin Eaton, Benoît Morenne and Michael R. Gordon.

For more than 15 weeks, the U.S. and other countries around the world have had to dip into oil tanks, salt caverns and strategic reserves to make up for the millions of barrels of oil trapped behind the strait. Now, the stocks are nearing critical levels, and energy executives say without an influx of more oil, prices will have to surge to stop the run on supplies.

Relief could be on the way. The U.S. and Iran agreed Sunday to a deal—set to be signed Friday in Switzerland—that would quickly reopen the strait, through which 20% of the world’s petroleum typically passes. But even if that deal holds, it would likely take months for the oil market to return to normal.

With global oil stockpiles nearing critically low levels, countries around the world are accelerating their adoption of renewable energy—such as solar and wind—to combat the current crisis. Meanwhile, a resurgence of interest in the nuclear power industry could also help soften future energy shocks.

Tell us what you think: Send your feedback and suggestions at perry.cleveland-peck@wsj.com or reply to any newsletter. If you were forwarded this newsletter, you can sign up here.

Kevin O’Leary is trying to build one of America’s largest data centers. That is, he said, if he can stop the Chinese government from interfering, the Journal's Will Parker reports from Box Elder County in Utah.

O’Leary aims to develop a natural-gas and data-center project covering thousands of acres in the Hansel Valley. For weeks, he has encountered furious pushback from people across the state, largely over the potential impact on the Great Salt Lake, which has been receding for years.

The entrepreneur-turned-TV personality said there is more to some of his local opponents than meets the eye. They are part of a propaganda campaign waged and funded by communist China to stymie U.S. progress in the race for AI global dominance, he asserts.

O’Leary hasn’t provided conclusive evidence of Chinese-government involvement, and some said his blame-China campaign is meant to discredit his opponents.

The world is applauding the latest Chinese vehicles and sales are surging almost everywhere the cars are available. The one exception: China itself.

New-car sales in China, the world’s largest new-vehicle market, fell 22% in May compared with the same month a year earlier to around 1.5 million vehicles. That was the eighth straight month of year-over-year declines, according to the China Passenger Car Association. Year-to-date car sales are running nearly 20% below last year, hitting profits at the country’s leading carmakers, the WSJ's Stephen Wilmot and Raffaele Huang report.

The troubles at home are pushing Chinese carmakers—including foreign brands that manufacture there—into an even more aggressive expansion overseas. The Chinese auto industry shipped 784,000 cars abroad in May, according to the association, 75% more than in the same month last year.

In January, Beijing halved a tax exemption for plug-in vehicles and reduced subsidies when people trade in an old vehicle for an electric vehicle, hitting EV sales. Then, in March, the Iran war led to rising gasoline prices, hurting sales of traditionally powered cars as well.

• Wind groups asked a federal judge to order the Defense Department to lift its freeze on approvals of wind-energy projects. (Bloomberg)
   
• Europe's green leaders risk losing out, as the EU waters down green regulations amid broader pushback against the industry. (FT)
   
• Scientists have unearthed communities of marine life thriving on a whale graveyard that is millions of years old. (LA Times)
   
• Tensions are rising between states that rely on the Colorado River, and litigation over access to water could lay ahead. (NYT)
   
• Canada will beef up its anti-forced-labor rules by creating a list of high-risk imports and requiring supply-chain screening. (DJ Risk Journal)

WSJ Pro Sustainable Business gives you an inside look at how companies are tackling sustainability. Send comments to bureau chief Perry Cleveland-Peck at perry.cleveland-peck@wsj.com and reporters Clara Hudson at clara.hudson@wsj.com and Yusuf Khan at yusuf.khan@wsj.com. Follow us on LinkedIn at wsjperry, clara-hudson and yusuf_khan.