Escalating US military actions against Iran have led to a jump in oil prices and concerns about the Strait of Hormuz closure, with Trump raising the prospect of regime change and Gulf allies feeling shaken by the strikes. The perils of war with Iran and Tehran's potential responses are under intense scrutiny as the US bombs nuclear sites and Israel weighs its next campaign phase.

• Energy Markets Wait to See if Iran Will Close the Strait of Hormuz — The New York Times Business -
• Oil price jumps after US strikes Iran — Financial Times -
• Netanyahu says Israel is close to fulfilling goals of Iran campaign — Financial Times -

• Trump taunts Iran with prospect of ‘regime change’ after strike on nuclear sites — Financial Times -
• FirstFT: Trump raises possibility of ‘regime change’ in Iran — Financial Times -
• How the US used stealth and decoys to launch surprise attack on Iran — Financial Times -
• Gulf allies shaken by Trump’s Iran strikes — Financial Times -
• Trump’s step into the dark — Financial Times -
• In maps: Iran’s three nuclear sites targeted by US bombers — Financial Times -
• Oil Markets on Edge After American Bombing of Iran — The New York Times Business -
• Trump gambles his presidency as US enters war with Iran — Financial Times -
• The perils of war with Iran — Financial Times -
• Iran’s supreme leader faces his defining moment — Financial Times -
• Israel weighs next phase of Iran campaign after US strikes — Financial Times -
• Could an American bunker-buster have destroyed Iran’s nuclear mountain? — Financial Times -
• BA and Singapore Airlines cancel Dubai flights after US bombs Iran — Financial Times -
• Trump has opened a Pandora’s box — Financial Times -
• US bombs nuclear sites in Iran — Financial Times -
• The Iran war: how far will it go? — Financial Times -
• The nuclear mountain that haunts Israel — Financial Times -
• How Iran could hit back at the US — Financial Times -
• Trump faces backlash from Maga base — Financial Times -
• Who has Trump’s ear on Iran? — Financial Times -

Trump's economic policies are facing scrutiny, with tariffs impacting industries like toy manufacturing and bridal wear and Chinese factories rushing to reduce US reliance. Discussions also cover whether tariff pressures will affect the Fed's inflation measures and the potential deeper scars from US immigration crackdowns.

• Opinion | Trump’s Golden-Share Mistake — Wall Street Journal -
• A Toy Maker Sued Trump Over Tariffs and Won. Its Operations Are Still in Tatters. — Wall Street Journal -
• US immigration crackdown will leave deeper scars than tariffs — Financial Times -

• Will tariff pressures show up in the Fed’s preferred inflation measure? — Financial Times -
• As Tariffs Make Weddings Costlier, David’s Bridal Tries to Adapt — The New York Times Business -
• Chinese factories rush to reduce reliance on Donald Trump’s US — Financial Times -

Policy shifts are underway with energy price cuts for businesses in the UK and a welcome expansion at the EPA. Other domestic concerns include Wall Street-backed elite fellowships struggling amid diversity backlash, the unfunded promise of increased job support for the disabled in the UK, and how Palm Beach's new MAGA vibe is not pleasing locals.

• Energy prices cut for business as part of UK industrial strategy — Financial Times -
• Opinion | A Welcome Expansion at the EPA — Wall Street Journal -
• Palm Beach, Never Richer, Is a Draw for Young MAGA. Locals Aren’t Pleased. — The New York Times Business -

• Elite fellowship backed by Wall Street struggles amid diversity backlash — Financial Times -
• UK promise of £1bn boost to job support for disabled not yet funded — Financial Times -
• US vaccine overhaul unnerves investors as sceptics seize advisory posts — Financial Times -

Investment highlights include Pimco's bet on long-term Japanese debt in a dislocated market and a revival in SPACs in New York as traditional IPOs struggle. Broader economic news covers Venezuela's crackdown on black market dollars, the new investment case for pubs, and the boom in Northern Ireland's film industry driven by High-tech Studio Ulster.

• Spac revival puts spring in step of investors in New York — Financial Times -
• Pimco bets on long-term Japanese debt in ‘dislocated’ market — Financial Times -
• Venezuela arrests dozens in crackdown on black market dollars — Financial Times -

• High-tech Studio Ulster drives boom in N Ireland’s film industry — Financial Times -
• The new investment case for pubs — Financial Times -

Europe is finally ready to spend more on defense to deter Russia, debating how to unify its fragmented manufacturing, while Spain secures an opt-out from a new NATO spending goal. This marks a key week for NATO and defense deals, and Trump's actions are seen as a chance for Europe to shape its own future.

• Spain secures opt-out from new Nato spending goal, says Sánchez — Financial Times -
• Europe Is Finally Ready to Spend More on Defense. The Hard Part Is How. — The New York Times Business -
• A key week for Nato and defence deals — Financial Times -

• Trump has handed Europe a chance to shape its own future — Financial Times -

The business world mourns the passing of Frederick W. Smith, the founder of FedEx, who built it into a global giant. Meanwhile, News Corp has extended CEO Robert Thomson's contract to 2030, affirming stability in its leadership.

• Opinion | Frederick W. Smith, 1944-2025 — Wall Street Journal -
• News Corp Extends CEO Robert Thomson’s Contract to 2030 — Wall Street Journal -
• ‘Heart and soul of FedEx’ Fred Smith dies — Financial Times -

• How Fred Smith Went From Vietnam Vet to the Father of FedEx — Wall Street Journal -

Tesla has launched its long-promised robotaxi service in Austin, initially to a select group of invitees with safety monitors. The limited service is a significant step for Elon Musk's autonomous ambitions, though more restricted than initially envisioned.

• Tesla’s Robotaxis Are Here: What You Need to Know — Wall Street Journal -
• Tesla launches robotaxi service in Austin — Financial Times -
• Tesla Begins Limited Robotaxi Service in Austin — The New York Times Business -

Beyond the Iran conflict, Taiwan is launching a unity drive as the China threat looms, while a suicide bombing at a Damascus church in Syria claimed at least 20 lives, attributed to Isis.

• At least 20 people killed in suicide bombing at Damascus church — Financial Times -
• Taiwan launches unity drive as China threat looms — Financial Times -

Pixar's 'Elio' had its worst box office opening ever, putting new pressure on the once-unstoppable studio. Separately, the NBA Finals' champagne celebration has become a lucrative marketing moment for various brands.

• With ‘Elio,’ Pixar Has Its Worst Box Office Opening Ever — The New York Times Business -
• How the NBA Finals’ Champagne Celebration Became a Marketing Moment — The New York Times Business -