Axios

Oil prices jumped above $90 per barrel Sunday in the first major trading since the deaths of three U.S. service members and escalating Middle East hostilities.

Why it matters: Higher oil prices could quickly translate into more expensive gasoline for consumers and diesel for freight carriers while increasing inflation risks worldwide.

A senior Trump administration official and key adviser are slamming OpenAI head of strategic futures Dean Ball's views on regulation, casting a shadow on the future of the company's relationship with the government.

Why it matters: The criticism targets a former White House architect of the administration's AI Action Plan who now works at OpenAI, potentially complicating the company's relationship with the Trump administration.

The boom that powered semiconductor stocks to record-setting heights just last month is now sputtering.

Why it matters: Chipmakers are the picks and shovels of the AI gold rush, and they are now looking shaky.

• A recent selloff, combined with new stress over competition from Chinese open-source AI models, is raising concerns over the durability of the AI trade more broadly.

Just when Republicans thought they'd caught a break on gas prices, the collapse of President Trump's Iran deal is derailing their best chance to change the inflation story before the midterms.

Why it matters: Falling gas prices are one of the most tangible ways to ease voter anger over inflation. Renewed combat — and the threat of escalation — has prices shooting back up.

Two U.S. service members were killed and more wounded in an Iranian ballistic missile attack on an airbase in Jordan on Saturday, military officials said.

The big picture: This is the first time U.S. troops have been killed since the fighting resumed two weeks ago. The incident raises the number of U.S. service members killed in the war to 16.

Iran's Supreme Leader Mojtaba Khamenei on Saturday issued a belligerent statement accusing President Trump of violating the U.S.-Iran agreement and pledging a strong response by Iran and its proxies if the fighting continues to escalate.

Why it matters: Khamenei's statement came as renewed hostilities between the U.S. and Iran reached an eighth consecutive day. Both sides are heightening their attacks and expanding the scope of their targets.

Live shopping is projected to more than triple in the U.S. by the end of the decade as retailers, creators and streaming platforms embrace the format.

Why it matters: After years of failed attempts to replicate China's livestream shopping boom, the U.S. market is finally gaining momentum.

China's latest AI breakthrough is forcing Silicon Valley to confront a terrifying possibility: Building the world's smartest models may no longer be enough to win.

Why it matters: Chinese labs like Moonshot AI are cornering the market for cheap, customizable intelligence, threatening to turn America's prestige models into expensive niche products.

The latest NATO summit, held in Turkey this month, may be most remembered not for politicking and posturing, but for sideline dealmaking.

The big picture: The Ankara get-together concluded with more than $50 billion in new procurements on the books, according to the alliance's readout, as well as a handful of agreements to expand weapons production across borders.

• "One thing is clear: The money is there, and much more is coming. But this cash must be put to work," NATO boss Mark Rutte said at a defense-industrial-base forum that coincided with the summit.