Global oil reserves are depleting faster than ever recorded after the Strait of Hormuz closure, pushing Brent crude past $105 a barrel and forcing the U.S. to drain its Strategic Petroleum Reserve at record rates. The Ebola outbreak prompts an unprecedented travel ban on green card holders from affected regions. SpaceX files for its IPO at a $2 trillion valuation, with Starlink revealed as the company's main revenue engine.

President Trump wrapped a two-day summit in Beijing with Chinese leader Xi Jinping that produced $17 billion in annual agricultural trade commitments but left Taiwan's status deliberately unresolved. Trump also scrapped a planned executive order requiring federal AI safety reviews after Elon Musk and other tech leaders lobbied against it, citing competition with China. Plus Fed chair Kevin Warsh confirmed by the narrowest Senate vote ever, a former federal prosecutor charged with stealing a cla…

President Trump halted a planned military operation against Iran after Gulf leaders said they were close to a diplomatic deal. Meanwhile, the Senate voted 50-47 to advance a war powers resolution for the first time, with Republican Senator Bill Cassidy breaking ranks. Also: a banking executive order that lets lenders treat deportation risk as a lending factor, Russia's largest nuclear drills on record, and natural hydrogen being produced beneath Ontario's ancient rocks.

The House narrowly approved a sweeping tax and spending bill that would raise the child tax credit and increase the SALT deduction cap, adding $2.3 trillion to the national debt. Meta is laying off 14,000 workers while simultaneously raising AI spending to $145 billion, cutting headcount to pay for computing power. Plus the White House is expected to release an AI executive order requiring companies to share frontier models 90 days before public release, and Treasury yields hit their highest le…

A federal jury rejected Elon Musk's $180 billion lawsuit against OpenAI and Sam Altman on a procedural grounds — the claim was filed outside a three-year statute of limitations — without ruling on whether OpenAI actually betrayed its nonprofit mission. A federal judge also found the Justice Department engaged in systematic deception while seeking patient records from a Rhode Island hospital. Plus NextEra Energy's $67 billion acquisition of Dominion to secure data center power for AI, escalating…

OpenAI reached $25 billion in annualized revenue in just three years, but CEO Sam Altman and CFO Sarah Friar are at odds over an IPO as the company's cash burn widens. A New York Times investigation revealed Israel operated covert military bases in Iraq's western desert for over a year, leading to the killing of a Bedouin shepherd. Plus the EU agreed on AI regulation extensions, Samsung workers threaten a costly strike, and China's consumers pull back while exports surge.

Global oil stockpiles fell by a quarter-billion barrels in just two months as the Strait of Hormuz blockade tightens, pushing inventories toward record lows ahead of summer demand. Saudi Arabia's sovereign wealth fund is closing in on a $55 billion take-private of video game giant Electronic Arts in what would be the largest leveraged buyout ever. Plus Russia loses ground in Ukraine despite record aerial bombardment, Hungary's new government ends Orbán's 16-year grip, and scientists discover fo…

Oil shipments through the Strait of Hormuz have plummeted to 30 percent of peacetime levels as the U.S.-Iran standoff deepens with no diplomatic off-ramp in sight. China rolled out economic incentives for Taiwan while warships patrolled nearby. The Department of Homeland Security is capping international student visas at four years, and Cerebras raised nearly $6 billion in the largest tech IPO since Uber.

The Trump-Xi summit wrapped with Xi issuing his sharpest warning yet on Taiwan while the joint statement avoided the issue entirely. The Strait of Hormuz remains effectively closed by Iran's blockade despite both leaders calling for it to reopen, leaving thousands of mariners stranded. A federal judge blocked DOJ subpoenas for medical records and accused attorneys of deception, part of a widening legal confrontation over how the department is pursuing such requests.

Trump and Xi Jinping met at the Great Hall of the People as Xi warned that Taiwan could create a dangerous situation if mishandled, while the leaders agreed the Strait of Hormuz must remain open and discussed U.S. energy sales to China. Kevin Warsh was confirmed as the next Federal Reserve chair in the most partisan vote in history, taking office tomorrow with plans to shrink the Fed's balance sheet and cut policy meetings. Meanwhile, April's producer price data came in nearly triple forecasts,…