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Bonjour from Paris, I thought I’d open today by borrowing from Bill Blain’s (UK) morning newsletter.

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“War is a continuation of policy by other means,” said Carl Von Clausewitz, founder of the Prussian General Staff 200 years ago. Since then, we’ve come to understand policy and economics are interchangeable; war is a policy tool used to achieve economic objectives, Blain writes. 

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Thus far the immediate consequences of the Iran War are clear – economic instability from an energy shock due to blocked gas and oil supply chains.

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Last night, the 32 nations of the International Energy Agency agreed to open up their strategic (oil) reserves to provide short-term relief to what looks like a long-term constraint to oil supplies. It’s a smoothing gesture – and unless the Strait of Hormuz is swiftly reopened, will do little to calm markets in the medium term. 

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It is not clear what Trump’s objectives have been. He has demonstrated the unparalleled military might of the USA. Trump sees wreckage as victory.

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But what has been achieved? Give Trump some credit – intelligence suggests he may have re-obliterated the Iran nuclear threat, having last obliterated it a few months ago, Blain writes. 

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In typical Trump style, he’s managed to further destabilize the Western alliance by unnecessary insults and petty squabbles with the UK and Spain.

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The longer it lasts, the greater the economic damage to the West will be.

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Trump does not appear to have understood the enemy and how asymmetric warfare works. Iran might be bombed flat and beaten on every metric Trump presents, but it wins by inflicting a sustained energy shock on the global economy – which the West is singularly unprepared for. The consequences will be huge and extremely damaging, Blain writes. 

Subscribe to Bill Blain's newsletter here. 

Amid Economic Instability: Future of Finance Paris Focuses on Europe’s Financial Resilience (Bloomberg)

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Today in Paris, Bloomberg is convening the fourth edition of the Future of Finance forum —bringing a sharper focus to the forces reshaping Europe’s financial landscape amid global uncertainty.

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We’re gathering at Pavillon Gabriel, a stone’s throw from the Champs-Élysées, for an afternoon of conversations with the region’s top policymakers, investors, and financial leaders.

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Mike Bloomberg will deliver opening remarks, framing the day around geopolitical uncertainty, the capital needed to advance Europe’s energy security and defense priorities, and how Bloomberg’s AI tools are helping clients navigate fast-moving markets.

The forum’s welcome keynote comes from Bertrand Dumont, Director General of the French Treasury, who will share a policymaker’s view on strengthening Europe’s competitiveness—from mobilizing investment to building deeper, more integrated capital markets. Governor François Villeroy de Galhau will bring the forum to a close with a view on financial stability in the current context. 

Learn more about the event here. 

Iran Latest

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Emergency Oil Draw: IEA to Release Record 400 Million Barrels From Oil Reserves (Bloomberg)

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The International Energy Agency agreed to discharge 400 million barrels from emergency oil reserves, its largest-ever release, as governments seek to contain a price spike driven by the Middle East war.

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The volume far exceeds the 183 million barrels that member states released in 2022 after Russia invaded Ukraine. But potential supply losses from the current crisis may also be much larger, with the near-halt of flows through the critical Strait of Hormuz keeping vast amounts of crude and fuels off the global market.

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The Iran war is causing unprecedented turmoil in oil markets, hitting 7.5% of global supply and an even bigger swath of exports, the International Energy Agency said.

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“The war in the Middle East is creating the largest supply disruption in the history of the global oil market,” the IEA said in its monthly report on Thursday.

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Heavy importer Japan, one of the countries most exposed to oil-price shocks, said it would release about 80 million barrels. The UK will contribute 13.5 million barrels, Germany about 19.5 million and France as much as 14.5 million. South Korea plans to release 22.5 million barrels.

Overnight Strikes: Iran Escalates Attacks on Dubai and Shipping, Sending Oil Higher (Bloomberg)

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Iran escalated attacks on parts of Dubai and shipping assets, pushing oil prices above $100 a barrel and causing more concern about the length of the Middle East war and the effective closure of the Strait of Hormuz.

Dubai residents received at least two missile alerts on Wednesday night and a drone fell on a building in Creek Harbour, a new development of residential towers. The authorities said they quickly had the resulting fire under control and there were no casualties reported.

Strait on Edge: Escalating Hormuz Crisis Raises Specter of Prolonged Closure (Wall Street Journal)

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Escalating Iranian attacks and the US government’s decision to hold off on military escorts for oil tankers through the Strait of Hormuz are raising the prospect of a prolonged closure that would choke off exports through the world’s most important energy-transport route.

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On Wednesday, the Islamic Revolutionary Guard Corps struck three cargo ships attempting to transit the waterway, the only sea route out of the Persian Gulf. It warned that any other vessels trying to move through the strait also would be targeted. Later on Wednesday night, in an incident far from the strait, two foreign tankers carrying Iraqi fuel oil were ablaze in Iraqi waters after being hit by projectiles, Iraqi ports officials said.

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The shutdown of the strait is fast causing a global economic disruption and a major military and political challenge for the Trump administration.

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War Expense Tracker: US Spent Estimated $4 Billion on Initial Strikes on Iran (Bloomberg)

Investigation Findings: US at Fault in Strike on School in Iran, Preliminary Inquiry Says (New York Times)
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An ongoing military investigation has determined that the United States is responsible for a deadly Tomahawk missile strike on an Iranian elementary school, according to US officials and others familiar with the preliminary findings.

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The Feb. 28 strike on the Shajarah Tayyebeh elementary school building was the result of a targeting mistake by the US military, which was conducting strikes on an adjacent Iranian base of which the school building was formerly a part, the preliminary investigation found. Officers at US Central Command created the target coordinates for the strike using outdated data provided by the Defense Intelligence Agency, people briefed on the investigation said.

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What I'm Reading

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Silicon Valley Takes Sides: Microsoft Backs Anthropic in Legal Fight with Pentagon (Financial Times)

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Microsoft has backed Anthropic’s lawsuit against the Pentagon, warning that the “drastic” and “unprecedented” moves against the AI start-up would have “broad negative ramifications” for the US tech industry.

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Microsoft is the first Big Tech company to take sides in Anthropic’s feud with the Pentagon over the terms governing military use of its AI models. The clash has split Silicon Valley, which has until recently carefully avoided openly challenging the Trump administration since the president’s return to office.

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Trust Meter: Americans’ Confidence in Fairness, Accuracy of Midterm Results Declining, Poll Finds (Politico)
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A majority of Americans remain confident that their state and local governments will conduct the 2026 midterm elections in a fair and accurate manner — but that trust is waning, according to a new poll released Wednesday.

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Two in 3 Americans are confident or very confident the government will run fair and accurate elections in November, per the NPR/PBS News/Marist Poll. The share of Americans losing faith in election administration is increasing, though, with 34% of Americans expressing little or no confidence, compared with 24% last year.

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Party Revival: Europe’s Far Left Is Having Its Moment (Wall Street Journal)
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Europe’s far right has surged. Now the far left is pushing back.

Some voters are moving to the left, boosting parties that appeared moribund just a few years ago, polls and recent elections show. The center is now struggling to contain challenges from both the right and the left.
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The shift is most marked among younger voters and in urban areas. Its drivers include anxiety about unaffordable housing and slow economic growth, as well as mounting anti-US sentiment, anger about America’s attack on Iran, Israel’s military actions in Gaza, and fading faith in centrist parties to solve the big problems of the day, according to analysts and pollsters.

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🔊 New Episode Alert: Today's Daily Read Podcast just dropped, featuring an AI-powered breakdown of today’s biggest headlines. We go beyond the scroll with key takeaways, smart context, and the “why it matters” behind each story—so you can stay ahead in less time. Listen now on Spotify or Apple Podcasts.

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Rewriting the NBA Records: Miami Heat’s Bam Adebayo Drops 83 Points, Second-Highest Scoring Game in NBA History (New York Times - The Athletic)

Bam Adebayo, a center known primarily for his outstanding defense and impressive work ethic, scored 83 points to lead the Miami Heat over the Washington Wizards 150-129 at Kaseya Center.

Adebayo’s 83-point performance surpassed the late Kobe Bryant’s 81-point game from Jan. 22, 2006, making it the second-highest single-game scoring total in NBA history—trailing only Wilt Chamberlain’s 100-point record set on March 2, 1962.

US Extreme Weather Alert: Record March Heat to Scorch Los Angeles, US Southwest (Bloomberg)

Child Prodigy in Paris: Los Angeles Fourth-Grader Becomes Youngest Ever Fashion Designer to Debut at Paris Fashion Week (CBS News)

At just 10 years old, Max Alexander has already accomplished a lot in the fashion industry. With his own design label, employees, millions of social media followers and a collection of clothing focused on sustainability, he's now adding one more accolade to his long list of successes by becoming the youngest ever designer to have a show at Paris Fashion Week. 

While full of childhood whimsy and a playful personality, he's all business when it comes to fashion. "My collection consists of 15 dresses and they're all, well, 90 percent of my show is biodegradable, recyclable, sustainable, made from dead stock and surplus," Max explained. "Dead stock is leftover material not used by companies. ... It would have been in the landfill unless I rescued it."

Explore Max Alexander's collection here. 

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[Left] Max Alexander poses for pictures at the end of his collection's show at Paris Women Fashion Week on March 3. 
[Right] A model presents a creation by Max Alexander for the Women's Ready to Wear Fall/Winter 2026-2027 collection fashion show.
Photos from Getty Images.

How to Confront Missteps: 'From Mistakes to Meaning' — A Bracing Guide to Owning Your Past (USA Today)

From two authors who made life-defining mistakes, ‘From Mistakes to Meaning: Owning Your Past So It Doesn’t Own You’ is a profound and entertaining look at the power of confronting missteps — and moving through them, according to a USA Today review.

Longtime friends Michael Lynton and Josh Steiner made mistakes that shaped their careers and lives, but it wasn't until the isolation of the pandemic that they began to open up to each other about them.

"Through a revealing examination of their own stories and candid interviews with influential figures such as Karol Mason, Joanna Coles, and Malcolm Gladwell, along with people from all walks of life, the authors unveil the hidden dimensions of mistakes and the universal struggle to move beyond them," USA Today writes. 

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"Working with Alison Papadakis, Director of Clinical Psychological Studies at Johns Hopkins, they ground their observations in relevant research and unpack the difference between failures and mistakes, the stages of mistakes, and how it's possible to break the patterns that lead to misunderstandings and shame."

USA Today says the book "is an essential and fascinating read, combining compelling narrative and actionable advice, showing that mistakes can be used as portals for personal growth instead of lifelong burdens."

Get your copy of the book here, and watch their appearance on ABC’s Good morning America here, where they explain their duet method to navigating mistakes. And be sure to watch their appearance yesterday on MSNOW’s Morning Joe by clicking the photo below.

Best of Late Night

On a government watchdog group reporting that the Pentagon, under Defense Secretary Pete Hegseth, spent billions of dollars on items unrelated to military spending in 2025:

“They spent $140,000 on doughnuts, $124,000 on ice cream machines and $3,160 on stickers with characters from ‘Dora the Explorer,’ ‘Frozen' and ‘Paw Patrol.’ And despite all that, nobody came to Pete Hegseth’s birthday party.”
-- Stephen Colbert

“You’re ordering fruit baskets so fancy they come with a stand? Come on, Pete. If you need fruit at work, do the normal thing: Put a clementine in your tote and find it three weeks later when it’s a furry, gray golf ball.”
-- Stephen Colbert

On reports that the Pentagon spent $2 million on crab legs, $6.9 million on lobster tail and over $15 million on rib-eye steaks:

"They’re just hearkening back to our founders. As Paul Revere declared on his famous ride, ‘One if by surf, two if by turf.’” 
-- Stephen Colbert

From The Late Show with Stephen Colbert: Stephen delivers his “Meanwhile…” segment, spotlighting offbeat headlines from beyond the traditional news cycle. In this clip, callers to a customer support line are caught off guard by a malfunctioning AI bot, the Brady Bunch house is officially designated a Los Angeles landmark, and New Yorkers are bracing for new audio ads in the subway system.

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