Iran’s missing energy crisis is a win for ‘drill, baby, drill’
View / Trump’s Iran strike induces ceasefire, resets the Middle East
The World at a Glance
Updated 9:40am EDT
1
Donald Trump issued a stark warning to Israel not to strike Iran, as an uneasy truce appeared to be crumbling.
2NATO leaders convene in The Hague today for one of the alliance’s most significant summits in years.
3New York Democrats are voting in a close mayoral primary, the outcome of which could signal the future direction of the Democratic party.
4Germany said it would turn to conscription if there are not enough volunteers for its armed forces.
5Fed Chair Jerome Powell is headed for a congressional grilling over the bank’s decision to keep interest rates on hold.
6Parents in Gaza are feeding their children milky water to stave off starvation as aid supplies remain inadequate.
Senate Republicans juggle Iran and tax cuts in monumental week
There’s a bipartisan effort underway to force a vote on Trump’s war powers, alongside consideration of his megabill.
Annabelle Gordon/ReutersNew York to build first nuclear power plant in 15 years
The announcement shows a reversal of the state’s animosity toward the sector.
Indian Point Nuclear Power Plant, closed in 2021. Tony Fischer/Wikimedia Commons/CC BY 2.0Africa tightens grip on key minerals
As China, the US, and Russia vie to control the continent’s natural resources, African countries are moving to develop their refining and manufacturing abilities.
Zohra Bensemra/ReutersIran launches missile attack on US base in Qatar
US President Donald Trump on Monday downplayed Tehran’s response, urging Iran and Israel to find a peaceful solution to the conflict.
Stringer/ReutersAD
White House braces for ‘escalatory’ Iranian retaliation
Any response from Iran would likely force the administration to commit further to the conflict.
Carlos Barria/ReutersMurkowski opens up about pressure to caucus with Democrats and her call with Trump
The Alaska Republican talked to Semafor ahead of the Tuesday release of her new book, “Far From Home.”
Thaier Al-Sudani/ReutersUS says strikes caused ‘severe damage’ to Iran nuclear sites
US President Donald Trump later on Sunday suggested he may be open to regime change in Iran.
Damaged buildings near the Isfahan Nuclear Technology Center. Maxar Technologies/Handout via Reuters 
politics
Yuki Iwamura/Pool via ReutersAnnabelle Gordon/Reuters 
Vincent Alban/Pool via Reuters
New York City Democrats vote in tight mayoral primary
The primary race has come down to former Gov. Andrew Cuomo and Zohran Mamdani, a left-wing state legislator who’s half his age.
Yuki Iwamura/Pool via ReutersSenate Republicans juggle Iran and tax cuts in monumental week
There’s a bipartisan effort underway to force a vote on Trump’s war powers, alongside consideration of his megabill.
Annabelle Gordon/ReutersNew York City Democrats face a clear choice: Socialist, or Cuomo?
The Democratic establishment is hoping Zohran Mamdani doesn’t survive Tuesday’s ranked-choice vote.
Vincent Alban/Pool via ReutersTrump announces ceasefire between Israel and Iran
The US president said the truce would start within hours.
Iran launches missile attack on US base in Qatar
US President Donald Trump on Monday downplayed Tehran’s response, urging Iran and Israel to find a peaceful solution to the conflict.
Murkowski opens up about pressure to caucus with Democrats and her call with Trump
The Alaska Republican talked to Semafor ahead of the Tuesday release of her new book, “Far From Home.”
Iran strikes test Congress
Most Republicans are falling in line behind Trump’s strikes on Iran’s nuclear facilities while Democrats are dinging the president for not seeking congressional approval. There are a handful of people in the middle.
Republicans’ tax cut whirlwind heads to Senate floor
Senate Republicans will receive an update on their tax-cuts plan on Monday evening, and they could take the bill to the floor as soon as Wednesday.
Uncommon bonds: Tracking abductions of Ukrainian children
A Yale-led initiative tracking children sent to Russia is about to run out of federal funding. Bipartisan lawmakers want the Trump administration to change that.
World leaders call for deescalation after US bombs Iran
European and Gulf leaders urged diplomacy after the US targeted Iranian nuclear sites, while Tehran’s allies China and Russia criticized the strikes.
White House braces for ‘escalatory’ Iranian retaliation
Any response from Iran would likely force the administration to commit further to the conflict.
business
Brendan McDermid/Reuters
BlackRock’s Fink backs ‘MAGA’ accounts
BlackRock Chairman and CEO Larry Fink said he supports the GOP’s proposal to create investment accounts for children at birth.
Brendan McDermid/ReutersTesla rolls out robotaxis in major test of self-driving capabilities
Elon Musk’s Tesla finally launched its robotaxi service Sunday, offering rides in self-driving Model Ys to passengers in Austin, Texas.
Oil markets brace for shock after US attack on Iran
Oil prices are expected to jump in reaction to the US strikes on Iran’s nuclear facilities, but the long-term impact may be muted, experts said.
Barbarians no more: Private equity is giant now, and a bit boring
On the anniversary of Blackstone’s 2007 IPO, a look at how going public changed the private-equity industry forever.
Is Washington open to railroad mergers? This regulator isn’t saying no.
The Surface Transportation Board’s chairman has privately signaled a break from the reflexive antipathy of his Biden-era predecessor toward consolidation, as CEOs float benefits of mergers.
technology
Courtesy of Worldcoin
Ken Cedeno/Reuters
Reddit in talks to embrace Sam Altman’s iris-scanning Orb to verify users
Reddit, racing to preserve “humanness and authenticity,” has discussed using Sam Altman’s World ID, sources say.
Courtesy of WorldcoinTrump extends TikTok ban deadline for a third time
TikTok’s fate has since entangled in US-China trade talks, though there appears to be little political appetite to force a sale or shut it down in the US.
Ken Cedeno/ReutersNAACP plans to sue Musk’s AI company over Memphis facility pollution
The civil rights group said air pollution related to at least 35 combustion turbines at the facility — operating without proper permits — negatively impacts nearby Black communities.
AMD unveils big AI ambitions and glimpse into chip industry’s future
Moore’s Law has been replaced by an all-out effort for efficiency in the world’s largest supercomputers.
WhatsApp to host ads for first time
Social media platforms have increasingly turned to ads to boost revenue in a turbulent economy.
US should prepare for possibility of losing AI race to China, experts say
US firms currently have the upper hand, but breakthroughs by Chinese companies like DeepSeek and Huawei suggest the gap is narrowing fast.
net zero
Leah Millis/ReutersIndian Point Nuclear Power Plant, closed in 2021. Tony Fischer/Wikimedia Commons/CC BY 2.0 
Phil Noble/File Photo/Reuters
Trump’s ‘revenge’ tax has energy companies worried
The Republican-backed program would hike taxes on income generated by the US branches of foreign companies.
Leah Millis/ReutersNew York to build first nuclear power plant in 15 years
The announcement shows a reversal of the state’s animosity toward the sector.
Indian Point Nuclear Power Plant, closed in 2021. Tony Fischer/Wikimedia Commons/CC BY 2.0Climate fundraising facing ‘headwinds’: General Atlantic
The private equity giant’s global head of climate said anti-ESG rhetoric was a bigger challenge than geopolitics or trade tensions.
Phil Noble/File Photo/Reutersgulf
The White House/Handout via Reuters
Trump’s Iran strike induces ceasefire, resets the Middle East
The US bombing of Iran’s nuclear sites was Trump’s boldest foreign policy gamble yet, affirming his red lines and forcing Tehran to blink.
The White House/Handout via ReutersOman plans Gulf’s first income tax
People earning more than 42,000 Omani rials ($109,000) a year will be levied a 5% tax, starting in 2028.
Gulf countries ponder: Go abroad or opt for staycation?
A weekend story about summer travel plans after the US struck Iran captured what is preoccupying some expats.
Markets are calm, but streets are empty in spooked Gulf
Dubai’s financial district was unusually quiet in the aftermath of the US strikes on Iran, as Gulf countries urged restraint.
Gulf calls for calm over Iran strikes but avoids pointing fingers
Their remarks highlight the tricky balancing act Gulf nations face as they seek to maintain close ties with Washington amid heightened regional instability.
africa
Hamza Ibrahim/Semafor
Flickr Creative Commons photo/AMISOM Public Information/CC0 1.0
Nigerian group criticizes Iran strikes
The country’s biggest Shiite Muslim group condemned the US attack on Iran’s nuclear facilities and strikes by Israel.
Hamza Ibrahim/SemaforCybercrime threat rises in Africa as mobile banking grows: Interpol
Phishing is the most frequently reported form of cybercrime in Africa, while ransomware attacks and business email compromise are also common.
Flickr Creative Commons photo/AMISOM Public Information/CC0 1.0Gene drive and mosquitoes: Turning a deadly foe into an ally
Target Malaria, a nonprofit research consortium, is exploring a new frontier in the fight against malaria.
Kenya doubles down on labor export plan despite resistance
President William Ruto’s administration has signed overseas labor partnerships in a bid to cut soaring youth unemployment and drive up foreign remittances.
Sub-Saharan Africa’s FDI flows drying up: Report
The region received around 5% of global cumulative FDI flows since 2005, due to “rising trade and investment barriers,” the report said.
Trump reportedly considering new Africa travel restrictions
The administration is reportedly considering extending its travel restrictions to 25 more African countries, including Nigeria and Angola.
media
From left: Pierre Haski and Marco Rubio. Stay Tunes/Wikimedia Commons/CC BY-SA 4.0 and Jonathan Ernst/Reuters
State Department delegation pressures Europeans on speech in Paris, London
Samuel Samson, a young and intensely ideological senior official, got a chilly reception from Reporters Without Borders.
From left: Pierre Haski and Marco Rubio. Stay Tunes/Wikimedia Commons/CC BY-SA 4.0 and Jonathan Ernst/ReutersSteve Bannon goes to war with Fox News
“The Murdochs don’t put America’s interests first,” Bannon told Semafor Sunday.
Is journalism bad for The New York Times’ business? with CEO Meredith Kopit Levien
The New York Times has weathered incredible changes in the media industry throughout its 174 years – and it’s managed to stay on top through the recent shift to digital, topping podcast charts and becoming a daily app for games and cooking.
Candle Media’s Kevin Mayer is pivoting to meet the streaming moment
When Candle Media launched, it was counting on ever-increasing growth for streaming services; now it’s adjusting its business model to lower demand.
Yahoo is going big at Cannes Lions for its 30th anniversary
Chief Revenue Officer Rob Wilk talks to Max Tani about why advertising near news content is good business, and how business uncertainty is affecting ad budgets.
security
Russian President Vladimir Putin, Iranian Ambassador Kazem Jalali, and Iranian Foreign Minister Abbas Araqchi. Sputnik/Alexander Kazakov/Pool via Reuters
Yves Herman/Reuters
Anatolii Stepanov/Reuters
Putin meets top Iranian minister in Moscow after US strikes
Russia has offered to help mediate talks to deescalate the conflict, but direct assistance for Tehran seems off the table for now.
Russian President Vladimir Putin, Iranian Ambassador Kazem Jalali, and Iranian Foreign Minister Abbas Araqchi. Sputnik/Alexander Kazakov/Pool via ReutersNATO agrees on 5% defense spending target
Spain had threatened to derail a NATO summit beginning Tuesday by blocking the measure, but dropped its opposition.
Yves Herman/ReutersRussia launches deadliest attack on Kyiv so far this year
Russia has taken advantage of Ukraine’s air defense shortages to launch increasingly deadly aerial assaults.
Anatolii Stepanov/ReutersAD