#iran-conflict

#iran-conflict

Donald Trump threatened last week that Iran would be bombed at a "much higher level and intensity than it was before" if it did not agree to terms - but faces pressure at home to wind down the conflict and seek approval from Congress to continue strikes.

Italian Prime Minister Giorgia Meloni has met United States Secretary of State Marco Rubio in Rome, as tensions grow between Italy and Washington over the US-Israel war on Iran. Rubio arrived in Italy on Friday for a two-day visit to ease tensions after Italy refused to back the US-Israeli war and amid backlash over US President Donald Trump's attacks on Pope Leo.

Trump surprised Gulf allies by announcing "Project Freedom" on social media Sunday afternoon, the officials said, angering leadership in Saudi Arabia. In response, the Kingdom informed the U.S. it would not allow the U.S. military to fly aircraft from Prince Sultan Airbase southeast of Riyadh or fly through Saudi airspace to support the effort, the officials said.

Study this Chart! President DJT, wrote Trump. In the attached Length of Wars chart, Trump's Iran Excursion was listed at the bottom at just six weeks, even though the conflict has actually been going on for more than nine weeks.

The S&P 500 is set to extend a record run as crude tumbles and traders welcome signs the Iran conflict could be winding down. Stocks are soaring because the Strait of Hormuz appears clear and a chip-led rally is rolling into a second day.

Next now expects the conflict in Iran to cost £47m this financial year, a significant increase from the £15m estimate provided in March, indicating the escalating impact of geopolitical instability on global supply chains.

Rubio accused Iran's leaders of being insane in the brain and promised economic collapse and growing isolation if they do not stop their blockage in the Strait of Hormuz.

Rubio stated that the US was very fortunate as a net exporter of oil, which is not as reliant as other countries on oil from the Middle East. He added, 'We've been insulated to some degree.'

OPEC+ has agreed to a modest, largely symbolic oil output increase for June as the United States-Israel war on Iran disrupts Gulf supplies through the Strait of Hormuz.

Trump stated, 'Because it's never been sought before. There's been numerous, many, many times. Nobody's ever gotten it before. They consider it totally unconstitutional.' He emphasized that the administration is in touch with Congress but insists that seeking authorization has never been a precedent.

Brent crude futures for June hit $126.41 a barrel before expiry, marking the highest level since March 2022, with a 5.7 percent gain over the week.

The average price of one gallon of gasoline in the United States has reached $4.30, according to the American Automobile Association (AAA), up from less than $3 before the February 28 start of the US-Israel war on Iran.

Kelly told Hegseth the Iran war feels stuck and grilled him on depleted munitions stocks due to the war. He asked for clarification on Hegseth's statement about no quarter and no mercy for enemies.

Rolls-Royce has brushed aside investor jitters over the war in Iran, telling shareholders it remains firmly on course to deliver at least £4 billion of underlying operating profit this year, with engine flying hours running 15 per cent ahead of pre-pandemic levels.

The European Central Bank has kept interest rates on hold, despite inflation rising to an estimated 3.0% in April 2026, driven primarily by energy prices.

The war in Iran, now in its ninth week, is still setting the tone. The war disrupted global oil supply, which pushes energy prices and inflation higher. Inflation doesn't just hit gas and grocery bills - it also spooks the bond market, which mortgage rates tend to follow.

I left both Iraq and Afghanistan with a profound respect for the human cost of war, not just for American service members but for the populations of those countries. War is not clean, and the people who bear the longest burden are rarely the ones who made the decisions.

Currently they're okay but... they're not sure what's happening to them tomorrow. They're under massive stress. They don't have a normal life, they can't go to work and school. [It's] a very horrible situation currently.