On Thursday evening, President Trump called Israeli Prime Minister Benjamin Netanyahu with news he did not want to hear: He expected to sign a deal with Iran within days.
"This is the deal. It's a great deal, and it's time to end this war," Trump told Netanyahu, according to a senior U.S. official.
Why it matters: When Netanyahu went to war alongside Trump, this is not how he envisioned it ending.
Iranian Foreign Minister Abbas Araghchi said Friday that an agreement with the U.S. to extend the ceasefire, reopen the Strait of Hormuz and launch negotiations on Iran's nuclear program "has never been closer."
Why it matters: Araghchi's comments on X were the most positive yet from Tehran about the prospects for a deal in the coming days, and appeared designed to prevent the deal from collapsing amid a battle to shape the narrative around it.
A decade of shocks has left much of the developing world weakened just as AI begins reshaping the global economy, World Bank economists conclude in a new report.
Why it matters: A series of shocks — the COVID-19 pandemic, the Ukraine war and now the Iran war — have buffeted the world's poorest countries particularly hard. These countries risk being poorly positioned to benefit from an AI-driven productivity and spending super-cycle.
The globe's poorest countries will enter this period burdened by debt, weak investment and years of stalled development, with little capacity to build the infrastructure and skills needed to share in those gains.
The economic mood across American households improved for the first time in five months as lower gasoline prices offered some relief.
Why it matters: Fuel prices remain one of the fastest ways geopolitical shocks reach American households, making energy costs a key driver of the Trump administration's economic standing.
Flutter Entertainment, the NYSE-listed parent company of FanDuel and Betfair, has disclosed plans to delist shares from the London Stock Exchange.
Why it matters: London keeps losing listings to New York, either at IPO or after, with companies citing everything from market liquidity to costs to executive compensation rules.
Oil prices have defied predictions of even bigger increases than we've seen — but the markets' shock absorbers could easily wear out later this summer unless the Strait of Hormuz opens soon, analysts warn.
Why it matters: If the stockpiles run too low and oil prices surge, prices at the pump — which have been falling lately — could spike again as the midterm elections approach.
As Europe pursues tech sovereignty, European Commission tech chief Henna Virkkunen is trying to boost competitiveness while upholding some of the world's toughest tech regulations.
Why it matters: The EU wants to move faster on AI and emerging tech without weakening the regulations at the heart of its digital strategy.
U.S. health officials are deploying emergency measures against New World screwworm while monitoring other infectious disease risks ahead of the World Cup and America250 celebrations.
Why it matters: Health experts warn existing and proposed federal funding cuts could weaken disease surveillance and outbreak response ahead of major U.S. events.
The U.S.-Iran memorandum of understanding President Trump claims will soon be signed calls forthe Strait of Hormuz to reopen immediately without tolls and for Iran to receive sanctions relief based on compliance, according to a diplomat from one of the mediating countries and a U.S. official.
Why it matters: The MOU would extend the ceasefire for 60 days, including in Lebanon, during which time nuclear negotiations would be held. The text includesa framework for addressing Iran's enriched uranium stockpile, though any action on Iran's nuclear program would depend on a second, more detailed accord.
President Trump announced that he canceled planned strikes against Iran on Thursday and claimed Iran's leadership "approved" a draft agreement that would extend the ceasefire, reopen the Strait of Hormuz and launch 60 days of negotiations on Iran's nuclear program.
Why it matters:Trump has claimed an agreement was close multiple times before, and Tehran said in response to Trump's latest claim that there had been no "final decision." However, three sources briefed on the talks told Axios that key gaps were narrowed during talks between Iranian officials and Qatari mediators on Wednesday.
President Trump is once again threatening to seize Kharg Island, Iran's main oil export hub and a high-value target in the months-long war.
The big picture: Attacks on the small island's oil infrastructure — or a full-blown takeover — could choke Iran's revenue, but there's no guarantee the stark escalation would persuade Iran to accept Trump's terms.
President Trump said the U.S. will hit Iran with new strikes Thursday and threatened to seize Kharg Island, Iran's main oil export hub.
Why it matters: This will be the third consecutive night the U.S. military strikes Iran. U.S. officials say the goal is to push Iran to show more flexibility in the negotiations over its nuclear program.
A year's worth of inflation-adjusted wage gains vanished in just four months, leaving workers little better off than when President Trump returned to office.
Why it matters: The reversal shows how the recent energy-driven inflation surge is eating into household purchasing power. Real pay for rank-and-file workers is up just 0.1% since Trump took office in January 2025.
Rising real wages helped underpin the White House's case that the economy was improving. That advantage has now largely disappeared.
Elon Musk is on the verge of financial immortality: The world's richest man — and potentially its first trillionaire — has built a sovereign corporate kingdom that is too systemic to fail.
And yet, on the eve of SpaceX's monster IPO, its CEO was hunkered down in his digital fiefdom stoking far-right culture wars with an impunity unmatched in modern corporate history.
Why it matters: Musk's years in the public eye, marked by serial controversy and an accelerating embrace of white identitarian politics, have inured investors to conduct that would be disqualifying for almost any other CEO.
The U.S. military launched strikes on Iran on Wednesday for the second consecutive evening. U.S. officials said the intent was to pressure Tehran to sign a deal, but the strikes also carry a risk of military escalation.
The big picture: U.S. officials said they expected an Iranian response, possibly targeting U.S. bases, as happened Tuesday. Tehran announced Wednesday night its military had targeted the U.S. Navy's 5th Fleet in Bahrain with drones in response to the latest American strikes — though it wasn't immediately clear whether it had struck anything.
