Kharg Island: Donald Trump said the U.S. would strike the export terminal for 90% of Iran’s oil shipments if Tehran kept attacking vessels in the Strait of Hormuz. He also said the U.S. “obliterated” military targets on the island. Iran’s military said it would respond by hitting facilities owned by oil companies cooperating with the U.S. in the region.U.S. intelligence suggests that Iran’s leadership is not at risk of collapse any time soon.
Grounded: The war is driving up airline prices, squeezing capacity and throwing holiday plans into disarray as Iran targets Gulf states that are home to major airport hubs. The rising cost of jet fuel is threatening airlines that usually rely on hedging contracts to protect against oil price spikes. Air freight rates rose more than 70% on some routes since the start of the war.
Roundup: The U.S. military said it elevated an investigation into a strike on an Iranian girls’ school that Iran says killed 168 children after media reported that the U.S. was likely responsible. Tehran threatened Iranians living abroad with legal penalties if they express support for the U.S. and Israel. New Supreme Leader Mojtaba Khamenei is wounded and likely disfigured, Defense Secretary Pete Hegseth said.
Allies: Ukraine’s president said the U.S. decision to ease Russian oil sanctions would not help to end its war with Russia. German Chancellor Friedrich Merz’s comments suggested that the move surprised Europe. Hungary returned armored bank vehicles to Ukraine while keeping $82 million it took off seven Ukrainians. Zelenskiy called it theft.
Taking advantage: Settlers in the occupied zone are using curbs on movement imposed because of the Iran war to attack Palestinians, rights groups and medics said. Israel’s military dropped charges against five soldiers accused of torturing a Gaza detainee. Donald Trump’s peace plan for Gaza is on hold because of war.
AI strikes again: Facebook’s parent company needs to offset artificial-intelligence spending and is planning to seek more efficiency through AI-assisted workers, sources said. The cuts could affect 20% of Meta’s workforce, the sources said. It employed nearly 79,000 people as of the end of 2025.
A buying opportunity: Trump bought more than $1.1 million of Netflix bonds as the company unsuccessfully fought Paramount Skydance to buy Warner Bros Discovery – and while he talked Netflix down in the press. We don’t know if he made or lost money on the bonds because a filing does not disclose if or when he sold the bonds.
