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View / The oil market’s most important signals
View / Egypt’s crisis playbook is improving. The risks are the same.
The World at a Glance
Updated 8:31am EDT
1
Astronauts aboard NASA’s Artemis II launched into space, in the first manned mission to the moon since 1972.
2US President Donald Trump threatened to bomb Iran ‘back to the Stone Ages,’ adding that the war would end within weeks.
3More than 30 foreign ministers are due to meet to discuss a diplomatic solution to reopen the Strait of Hormuz.
4China’s involvement in a Middle East peace proposal points to Beijing’s growing geopolitical ambition — and limits to that ambition.
5The Strait of Hormuz blockade is strangling global helium shipments, vital for technology from AI chatbots to MRI scanners.
6Soaring fuel costs across Africa threaten a resurgence of inflation, just as many countries managed to contain rising prices.
US college students using AI despite school restrictions
More than half of US college students say they’re using the technology in their coursework at least once a week.
Florence Lo/Illustration via Reuters DCCC chief says tariffs will hand Democrats the House
“This anniversary is a reminder to the American people who’s responsible for making their lives harder,” said Suzan DelBene, D-Wash.
Evelyn Hockstein/Reuters Trump asks Americans to stick with him on Iran war
Markets were initially skeptical of Trump’s optimism.
Alex Brandon/Pool via ReutersDHS reminds Congress: TSA perks still on hold
Making travel less comfortable was supposed to pressure members of Congress to act, but they left Washington without passing a funding bill anyway.
Daniel Heuer/ReutersTrump threatens to pull US out of NATO
The US president called the military alliance a ‘paper tiger’ for its refusal to back his war with Iran.
NATO chief Mark Rutte and US President Donald Trump. Jonathan Ernst/ReutersLawmakers get TMZ treatment during DHS shutdown
Photos seen by Semafor show House Republicans from the pragmatic Main Street Caucus at Edinburgh Castle in Scotland.
Special to Semafor via Nicholas WuGas prices poised to weigh on spending
The Commerce Department will release data on Wednesday that reveals how consumers were spending their money before the war in Iran.
Marco Bello/Reuters 
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PoliticsFlorence Lo/Illustration via Reuters Evelyn Hockstein/Reuters 
Kent Nishimura/Reuters
US college students using AI despite school restrictions
More than half of US college students say they’re using the technology in their coursework at least once a week.
Florence Lo/Illustration via Reuters DCCC chief says tariffs will hand Democrats the House
“This anniversary is a reminder to the American people who’s responsible for making their lives harder,” said Suzan DelBene, D-Wash.
Evelyn Hockstein/Reuters Congress eyes DHS shutdown endgame
Senate Republicans plan to try to pass virtually the same bill the chamber approved last week before it hit a wall in the House.
Kent Nishimura/Reuters Trump asks Americans to stick with him on Iran war
Markets were initially skeptical of Trump’s optimism.
US Supreme Court signals skepticism of Trump birthright order
Trump attended Wednesday’s hearing on the case, making him the first sitting president to attend oral arguments at the Court.
Europe’s far right sours on Trump over Iran war
France’s Marine Le Pen said the strikes against Iran had “catastrophic consequences.”
US military seeks to expand Greenland presence
The US military is negotiating with Denmark for more access to military bases on the Arctic island.
Trump to address nation on Iran
Trump may lay out an endgame, but is not expected to announce a full end to the one-month military campaign.
DHS reminds Congress: TSA perks still on hold
Making travel less comfortable was supposed to pressure members of Congress to act, but they left Washington without passing a funding bill anyway.
‘They don’t care and I don’t care’: Emanuel on trans rights, Israel, and hyperloops
Semafor talked to the newest player in the 2028 Democratic presidential mix.
The Musk-funded mural backlash elevates the messy politics of martyrdom
The murals went up in Chicago, Washington, Los Angeles, San Francisco, and Fort Lauderdale before Democrats finally took notice.
Business
Brendan McDermid/File Photo/Reuters
Blue Owl credit funds face heavy redemption requests as private credit jitters persist
Blue Owl’s largest fund, a $36 billion pot of corporate loans known by its ticker, OCIC, received redemption requests for 22% of its assets.
Brendan McDermid/File Photo/ReutersThe cost of ‘war insurance’ in the Gulf has risen 1,900%
Traditional commercial insurance policies don’t cover armed conflict, sending property owners and developers to the specialty war market.
Emma Walmsley on leading and leaving GSK
What does it take to hand over a company after years at the helm?
US approves new Eli Lilly GLP-1 pill
The drug, which will be sold under the brand name Foundayo, will compete with the pill version of Novo Nordisk’s Wegovy.
SpaceX prepares to go public
The Elon Musk-founded rocket and satellite maker is aiming to hit the stock market in June.
TechnologyFlorence Lo/Illustration via Reuters 
Gabriel V. Cardenas/Reuters
US college students using AI despite school restrictions
More than half of US college students say they’re using the technology in their coursework at least once a week.
Florence Lo/Illustration via Reuters SpaceX prepares to go public
The Elon Musk-founded rocket and satellite maker is aiming to hit the stock market in June.
Gabriel V. Cardenas/ReutersNASA’s historic Moon mission heralds new space race
A crew of astronauts prepared to journey around the Moon for the first time in 50 years, traveling the furthest ever from Earth.
The compute bottleneck could be good for tech innovation
The shortage of AI compute is actually forcing companies to stay focused.
Cisco’s president on the new rules of AI capitalism
The tech world is “grossly underestimating” the amount of AI infrastructure needed, the Cisco executive told Semafor.
Jittery tech firms boost security on Iran threats
Iran threatened to attack the Gulf facilities of Nvidia, Apple, Meta, Microsoft, Google, and a dozen others.
Energy
Stringer/Reuters
NTB/Ole Berg-Rusten via Reuters
Alex Brandon/Pool via Reuters
The oil market’s most important signals
There are a few key data points to watch out for to understand the real state of the energy market.
Stringer/ReutersEnergy security rifts widen in Europe
The deepening energy crisis triggered by the US-Israel war with Iran has thrust energy security back onto the political stage in European countries.
NTB/Ole Berg-Rusten via ReutersOil prices surge over more Iran war uncertainty
In his first prime-time televised address on the conflict, Trump announced the US will hit Iran “extremely hard over the next two to three weeks.”
Alex Brandon/Pool via ReutersGulf
Mohamed Azakir/Reuters
The cost of ‘war insurance’ in the Gulf has risen 1,900%
Traditional commercial insurance policies don’t cover armed conflict, sending property owners and developers to the specialty war market.
Mohamed Azakir/ReutersTrump tries to shift Hormuz burden
The US president said countries that depend on Gulf oil and gas should assume responsibility to “grab it and cherish it.”
US tech company eyes Saudi’s lithium resources
The kingdom has lithium and vanadium in its oil-field brine, which Pure Lithium wants to use to produce rechargeable batteries.
Gulf aluminum output tumbles on Iran war
The Gulf accounts for around 23% of global, non-China aluminum production, most of which is sold overseas.
Gulf countries roll out more autonomous taxis
The conflict with Iran has slowed but not stopped progress on autonomous transport in Abu Dhabi, Dubai, and Riyadh.
Africa
Gasoline for sale in Cameroon. Desire Danga Essigue/Reuters
South African President Cyril Ramaphosa. Chen Wei/Xinhua via Getty Images.
Global energy prices spark Africa inflation fears
Most countries on the continent still import the majority of their refined fuels, and have been badly hit by the energy crisis sparked by the war in the Middle East.
Gasoline for sale in Cameroon. Desire Danga Essigue/ReutersSouth Africa pushes for $200B investment
For more than a decade, South Africa’s economy has barely grown, leaving it with crumbling infrastructure and the need to create jobs.
South African President Cyril Ramaphosa. Chen Wei/Xinhua via Getty Images.Africa’s top bank warns of Iran war growth impact
A possible six-month war would hurt the continent’s already fragile prospects, the development bank said.
Campaign for African artifacts looks to AI to expedite returns
The platform helps to collate and narrativize the often-fragmented research and bureaucracy involved in the return of artifacts to Africa.
African banks’ revenues surpass $100B
In the five years to 2024, Africa’s banking sector outperformed every other region, according to a new McKinsey report.
Nigerian-Americans push to revive Caucus in Congress
The struggle to revive the caucus comes as Nigeria’s designation as a “Country of Particular Concern” test ties between Washington and Abuja.
Security
David Dee Delgado/ReutersNATO chief Mark Rutte and US President Donald Trump. Jonathan Ernst/Reuters 
Denis Balibouse/Reuters
Trump fails to reassure investors on Iran war
Oil prices jumped and stocks fell after Trump’s address to the nation, in which he vowed to continue Iran attacks.
David Dee Delgado/ReutersTrump threatens to pull US out of NATO
The US president called the military alliance a ‘paper tiger’ for its refusal to back his war with Iran.
NATO chief Mark Rutte and US President Donald Trump. Jonathan Ernst/ReutersEurovision expands to Asia
Bangkok is set to host the international song competition in the fall.
Denis Balibouse/ReutersMedia
Screenshot/Nobody Knows Anything
Biden vet launches biweekly streaming show
Rob Flaherty and Jesse Lehrich will launch Nobody Knows Anything, a 90-minute biweekly show, later this month.
Screenshot/Nobody Knows AnythingAxel Springer’s Döpfner courts UK conservative elites
The German mogul is courting regulators and the country’s influential conservative political figures as he attempts to get his bid to buy the Telegraph approved.
Substack rival Beehiiv makes a push into podcasting
Beehiiv has privately been reaching out to independent podcasters on Substack and other platforms.
CBS News expands its investigative team
The network is expanding its investigative journalism efforts as editor-in-chief Bari Weiss continues to reshape it.
Politico taps a new top editor
Jonathan Greenberger garnered internal support from outgoing editor John Harris and CEO Goli Sheikholeslami.
CEO Signal
Courtesy of LSEG/Joey Pfeifer/Semafor
Courtesy of Schneider Electric/Joey Pfeifer/Semafor
Courtesy of IonQ/Joey Pfeifer/Semafor
LSEG’s David Schwimmer on activists, AI, and a global market test
The exchange operator is juggling investor expectations with the need to reshape its business model.
Courtesy of LSEG/Joey Pfeifer/SemaforSchneider Electric’s Olivier Blum on moving at the pace of Nvidia
Remaking an old industrial giant to meet new energy demands started with defining its mission.
Courtesy of Schneider Electric/Joey Pfeifer/SemaforWhy CEOs should care about the quantum ‘space race’
IonQ’s Niccolo de Masi says getting quantum security right is ‘a matter of survivability.’
Courtesy of IonQ/Joey Pfeifer/Semafor AD