Crypto News: Ceasefire Collapses

Good morning. Oil rises as the US prepares to impose another blockade on Iran. Futures hold steady after yesterday’s drop in tech shares. And why sleepy robotaxi riders are sparking frantic 911 calls. Listen to the day’s top stories.

— Marcus Wright

Market Snapshot
S&P 500 Futures	7,558.25	-0.1%
Nasdaq 100 Futures	29,613.00	+0.5%
Bloomberg Dollar Spot Index	1,221.02	-0.1%
Market data as of 07:00 AM ET. Data is subject to provider delays.	Your watchlist

Oil rose after the US struck Iran again and Donald Trump said he’ll reinstate his blockade of Iranian ships transiting the Strait of Hormuz. The UAE said two of its tankers were hit while crossing the strait, the most significant attack since the interim peace deal fell apart. Iran has responded to the renewed conflict by reverting to its tactic of going dark to move its own tankers through the waterway.

Futures steadied after yesterday’s big drop in tech stocks. South Korea’s memory chip makers rebounded with shares in SK Hynix rising around 5% in Seoul. While Samsung Electronics denied it’s reviewing the possibility of issuing ADRs, people familiar said the company is revisiting a potential US listing, motivated by SK Hynix’s successful move last week..

A judge ruled that Trump’s lawsuit against the IRS was a “bad faith” attempt to manipulate the judicial process and barred him and his administration from citing its supposed settlement in any future regulatory or judicial proceedings. The president had sued the IRS and US Treasury over the unauthorized leak of his tax information, but the judge found that the suit was not legitimate because Trump had authority over both defendants as president.

A Cocaine Bust in Spain Leads All the Way to Wall Street

As inflation bites, food companies are busy reformulating pretty much every product in your shopping carts. They’re using two main tricks to mask price increases: shrinkflation (keeping the price the same but cutting the amount of product you get) and skimpflation (swapping out ingredients for cheaper alternatives). Elsewhere on the grocery shelves, here’s how food companies are cashing in on “proteinmaxxing.”

Speaking of inflation, today is a big day for figuring out exactly where we stand. Bond traders are ramping up bets for a July interest-rate hike ahead of CPI data due out today and then an appearance before Congress by Federal Reserve Chairman Kevin Warsh.

Deep Dive: After Lindsey Graham

Darline Graham Nordone. — Darline Graham Nordone speaks to the media on Monday.

Trump plans to support a Russia sanctions bill that had been championed by the late Senator Lindsey Graham, according to a White House official, a move that would intensify pressure on the Kremlin to end its war in Ukraine.

Graham’s sudden death had sparked worries in Ukraine that the country had lost a key conduit to the White House. He was seen in Kyiv as a rare Republican who sincerely supported Ukraine.
His sister Darline Graham Nordone was picked yesterday to complete the remainder of his term, which expires in January. A political novice, Nordone is seen by many analysts as a placeholder until voters elect a more seasoned candidate.
Republican candidates are already jockeying to contest the seat for the next six-year term against Democrat Annie Andrews, who has criticized Graham’s closeness to Trump and his history of supporting US involvement in wars abroad. Check out our guide to the leading candidates.

The Big Take

Smoke rising from a reported Iranian strike on Qatar in March. *Photographer: Mahmud Hams/AFP/Getty Images*

One thousand days of turmoil — from Hamas’s 2023 attack on Israel through the Iran war — have reshaped diplomacy across the Middle East. Bloomberg Economics examines the shifting alliances.

Big Take Podcast

The War in Iran Has Remade the Middle East

Opinion

Money isn’t the root of all political evil, David M. Drucker writes. Does corruption exist in the US system of campaign donations? Inevitably. Are alleged violators prosecuted? All the time.

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Rubio the Hypocrite Is Still Better Than Trump the Nihilist

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US, Iran Check the Oil Price Before Pushing Limits

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Before You Go

As companies like Alphabet and Tesla bring self-driving taxis to more cities, the messier aspects of serving unpredictable humans are becoming harder to ignore. Passengers are spilling drinks, dropping food, and falling asleep — sparking a growing number of frantic 911 calls if they can’t be woken using the car’s speakers.

A Couple More