Skyrocketing oil prices amid the Iran war threaten to disrupt this year's summer travel season, Axios' Rebecca Falconer reports.

• Airfares are up 20% from 2025. Flight and hotel bookings are dipping.
• ⚽️ Even World Cup demand looks shaky, with hotels in some host cities cutting prices.

Virginia Tech tourism professor Mahmood Khan tells Axios that some people may decide to travel domestically "rather than going far away from home."

• Khan adds: "People are very hesitant to make long-term bookings."

🤑 Jet fuel prices have surged from around $90 per barrel before the war to over $200.

• The average international airfare soared from nearly $780 prewar to almost $1,100 by mid-April, per Kayak. The average domestic ticket jumped from $335 to $358.
• Recent flight bookings from the U.S. to Europe for July are down 10.5% year over year, says aviation data firm Cirium.

🇺🇸 What's next: The U.S. has plenty of oil, helping insulate it from the global energy mess — but only to a point.

• Henry Harteveldt, an airline analyst with Atmosphere Research Group, tells Axios: "Expensive jet fuel prices are here to stay until there is a lasting resolution to the war with Iran, and we see Gulf oil production and deliveries start getting close to normal levels."

Go deeper.

Iran has delivered its response to the latest U.S. changes on a draft peace plan, Axios' Barak Ravid reports.

• It's a signal that diplomacy is not entirely frozen, even as President Trump maintains a naval blockade and considers fresh strikes.

🚢 Iran sent the U.S. a proposal last weekend to reopen the Strait of Hormuz and end the war, while postponing nuclear talks.

• On Monday, White House envoy Steve Witkoff sent amendments that reinserted the nuclear issue, according to a source with knowledge.
• Among those changes: A demand that Iran commit to not moving enriched uranium out of its bombed nuclear facilities or restart activity at those sites while negotiations continue.

🪖 Behind the scenes: Trump huddled on Iran with his top national security team for about 45 minutes yesterday afternoon.

• Top military officials briefed Trump and his team on plans for more possible military action. Go deeper.

🏛️ NEW: Trump notified Congress today that the hostilities initiated against Iran on Feb. 28 have been "terminated," though he did not rule out future military action, Axios' Hans Nichols reports.

• He's effectively resetting the clock on the War Powers Act's 60-day deadline to seek congressional approval for military hostilities. Go deeper.

1. ✈️ Spirit Airlines is preparing to shut down after a $500 million government rescue plan fell apart, per multiple reports. Trump suggested to reporters today that a deal may yet materialize. Go deeper.
2. 🚔 A 45-year-old man was charged today with attempted murder in the stabbings of two Jewish men in London. It's the latest in a string of attacks that have sparked fear and anger in Britain's Jewish community. Get the latest.
3. 🪐 NASA boss Jared Isaacman wants to "make Pluto a planet again." That's outside the agency's control, but he told lawmakers this week: "We are doing some papers right now on ... a position that we would love to escalate through the scientific community to revisit this discussion." Go deeper.

A pair of Porsche 963s competing at Laguna Seca Raceway in Salinas, Calif., this weekend will feature classic Apple rainbow designs.

• They're an homage to Porsche's racing team, which first sported Apple Computer colors back in 1980 — and a celebration of Porsche Motorsport's 75th and Apple's 50th anniversaries.

🐎 🌴 Two other big races are on this weekend's schedule: the Kentucky Derby and F1's Miami Grand Prix.

• Derby predictions ... Miami preview.