Global Energy Alarm: The Strait of Hormuz Oil Shock Is Now Heading West (Bloomberg)

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The biggest oil supply shock in history has reached the one-month mark. Prices have surged, growth forecasts are being cut worldwide, and shortages are emerging across Asia, from Thailand to Pakistan.

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But the energy industry is warning that the crisis is only beginning.

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In conversations with more than three dozen oil and gas traders, executives, brokers, shippers and advisers over the last week, one message was repeated over and over: The world still hasn’t grasped the severity of the situation.

This Weekend in Trump

Kings Day I: No Kings Protests Fill Streets at Over 3,300 Rallies in All 50 States and Across the World, a Record Number (Washington Post)

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Protesters filled the streets Saturday at more than 3,300 rallies across all 50 states for No Kings, a movement that describes itself as nonviolent opposition to what organizers see as authoritarian rule in the White House and beyond.

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The wave of marches marked the third major collective action for the grassroots campaign, which began as an outlet for those angered by the Trump administration. No Kings organizers said that eight million people took part, making it, in their words, the “biggest protest in US history.”

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Protests took place on a large scale in major cities such as New York, Washington, DC, Chicago, and Los Angeles, but also in deeply Republican enclaves such as Shelbyville, Ky., and Midland, Texas. 

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The movement has also spread globally, with rallies springing up in at least 15 other countries. Protesters gathered Saturday in Rome, Paris, Madrid, Amsterdam, Sydney, and Tokyo, among other major cities.

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Shown below on the left is an image from the New York City protest, where thousands marched down Seventh Avenue from Central Park in Manhattan.

On the right is one of the largest US rallies, held outside the Minnesota Capitol in St. Paul, where Bruce Springsteen headlined and performed “Streets of Minneapolis,” a song he wrote in protest of the immigration crackdown that preceded the fatal shootings of two American citizens by federal agents in January.

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[Top] Getty Images
[Bottom] New York Times

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Kings Day II: In First for Living President, Trump Plans to Add Own Signature to Dollar Bills, Face on Coins (New York Times)

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As anyone who has ever seen his buildings knows, Donald Trump has always liked to see his name displayed prominently. It’s become a hallmark of his presidency, to the point that the Treasury Department announced on Thursday that President Trump’s signature will appear on US dollars later this year, a first for a sitting US president.

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It is not clear whether his signature will appear on all currency notes, according to the Treasury Department. 

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“There is no more powerful way to recognize the historic achievements of our great country and President Donald J. Trump than US dollar bills bearing his name, and it is only appropriate that this historic currency be issued at the semiquincentennial,” Treasury Secretary Scott Bessent said in a statement.

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The administration is planning to feature Trump’s face on multiple coins to celebrate the nation’s 250th anniversary. The move is legally dubious. It’s also rare. Few people have made it onto US currency while still alive, the New York Times writes. 

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In total, since the start of Trump’s second term, there have been more than a dozen instances of his name, image or signature emblazoned on a variety of American initiatives and institutions. Some changes seem as if they could be lasting, some are caught up in the courts, and others may never get off the ground.

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What I'm Reading

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Conflict Expands: US, Israel Keep Up Strikes on Iran After Troops Arrive in Region (Bloomberg)

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US and Israeli forces pressed ahead with attacks on Iran while the Islamic Republic launched missiles across the Persian Gulf, sending oil prices higher once again amid no sign of an imminent peace deal.
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The Israeli military said on Monday that it’s carrying out airstrikes on Iranian military targets a day after attacks resulted in power outages in the capital, Tehran, and nearby areas. The United Arab Emirates issued multiple alerts overnight and Saudi Arabia and Kuwait reported strikes.

Fierce and widespread attacks in the war — now in its second month — continue even after the US extended a deadline for Tehran to agree to reopen the Strait of Hormuz, through which about a fifth of the world’s oil and liquefied natural gas typically flows.

The US military said over the weekend that about 3,500 sailors and Marines have arrived in the Middle East on an amphibious assault ship. The Tripoli Amphibious Ready Group that arrived in the region also has fighter aircraft, as well as amphibious assault equipment.

Brent crude — on track for a record monthly increase — surged as much as 3.7% to $116.75 a barrel in Monday trading.
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Tech Slump: Nasdaq 100 Sinks Into Correction as Big Tech Keeps Falling (Bloomberg)

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The Nasdaq 100 Index fell into correction territory on Friday amid a deepening slump in the shares of technology giants that have powered the bull market for most of the past three years.

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The tech-heavy benchmark fell 1.9% to close at 23,132.77, leaving the index down more than 11% from a peak in October. It’s the first time since Trump’s tariffs sent stocks plunging in April 2025 that the Nasdaq 100 has fallen into a technical correction, which is defined as a decline of at least 10% but short of a bear market plunge of 20%.

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Economic Gloom: US Consumer Sentiment Slips as Inflation Outlook Worsens (Bloomberg)

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Gulf Arms Push: Ukraine Finalizes Air Defense Deals With Gulf Nations Amid War in the Mideast (New York Times)

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Ukraine saw an opening to export its low-cost, innovative designs created during the war with Russia to compensate for shortages of weapons and ammunition. Ukraine’s military often relies on consumer technologies such as virtual-reality goggles for gamers and off-the-shelf drone components.

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The agreements under negotiation with the United Arab Emirates and finalized with Qatar extend for 10 years, Ukraine's President Zelenskiy told reporters on a conference call, and could be worth “billions.” He spoke from Qatar, one of the Persian Gulf states that has been targeted by Iranian drones.

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Zelenskiy said he had signed deals with Saudi Arabia and Qatar and expected to finalize an agreement with the United Arab Emirates. 

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Terror Probe: France Detains Two More Suspects After Foiled BofA Paris Bombing (Bloomberg)

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French authorities detained two new suspects in connection with a foiled bombing near the Bank of America Corp. office in Paris, which officials have said is likely linked to the conflict in the Middle East.

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The arrests follow the detention on Saturday of an initial suspect, a minor who remains in custody, the anti-terrorism prosecutor’s office said.

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The attempted attack in the early hours of Saturday, in which suspects attempted to detonate a homemade explosive device, was similar to recent events in neighboring European countries, including the Netherlands and Norway, Interior Minister Laurent Nunez said on BFM TV.

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Surprise on the Line: Trump and Modi Had a Call About the Iran War. Elon Musk Joined Them. (New York Times)

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Elon Musk participated in a phone call with President Trump and Prime Minister Narendra Modi of India, an unusual appearance by a private citizen on a call between two heads of state during a wartime crisis. It is unclear why Musk was on the call or whether he spoke.

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The call, American and Indian officials have said, was about the escalating crisis in the Middle East, and in particular the Iranian military’s control of the Strait of Hormuz, which is critical for the shipping of oil and gas around the globe. 

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War Calculus: Iran Thinks It Can Win a Long War (New York Times - Opinion)

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Iran didn’t want this war, but now it has reasons to prolong it. That’s a problem for ‎President Trump, who appears unable to reopen the Strait of Hormuz despite his threats, write Dina Esfandiary and Ziad Daoud of Bloomberg Economics in an op-ed for the New York Times. 

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It’s a problem for ‎the global economy, which is buckling under a surge in energy costs. It’s a problem for Gulf ‎leaders hemorrhaging oil revenue. And it’ll haunt future American presidents: Hormuz has been ‎closed once; it can be closed again.‎

Read the full piece here. 

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🔊 Tune In: Give today's Daily Read Podcast a listen, bringing you an AI-powered recap of the headlines shaping the day. From key takeaways to the context behind the stories, the pod covers what matters most—fast. Listen on Spotify or Apple Podcasts.

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Rental Surge: Some Airbnbs Are Topping $6,000 a Night in World Cup Housing Frenzy (Bloomberg)

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The biggest winners from this year’s World Cup, taking place this summer across the US, are poised to be those able to rent out their properties, especially in the tri-state area.

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Already, listings show a surge in prices. One six-bedroom Airbnb Inc. property in Princeton, New Jersey, is offered at roughly $6,000 a night during the World Cup, about 140% higher than its price a year ago. That’s despite being more than an hour’s drive from the games being played at MetLife Stadium.

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The fervor is reshaping the lodging market in World Cup cities across the US, which are expecting millions of visitors throughout the course of the tournament. Matches are also being held in Mexico and Canada.

Japan in Bloom: The 2026 Osaka and Kyoto Cherry Blossom Season Has Officially Begun (Time Out)

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It’s finally here! After Tokyo announced the official start of its cherry blossom season, Japan had been eagerly waiting for Osaka's turn. Good news: spring has arrived in the Kansai region.

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According to the 2026 cherry blossom data compiled by the Japan Meteorological Agency, the first sakura blooms were sighted in the city on March 26, thus marking the start of Osaka’s 2026 cherry blossom season.

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In Kyoto, the sakura season began a few days earlier, on March 23. Nara and Wakayama started blooming a day after that, on the 24th. 

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Cherry blossoms are celebrated for their fleeting beauty. From first bloom, it takes roughly a week for the trees to reach full bloom (known as mankai). After that, the flowers remain at their peak for only a few days before withering. This means the clock is ticking — you have at most a two-week window to enjoy these iconic symbols of spring, Time Out writes.

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Osaka Castle during sakura season. Photo: Time Out

Best of Late Night

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On the recent developments in the Middle East:

“Yep, Trump sent a 15-point peace plan, then celebrated with a 16-piece from KFC.”
-- Jimmy Fallon
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“Meanwhile, Iran immediately rejected the peace plan and called it ‘excessive.’ Yep, Trump got turned down faster than someone with an annoying voice on ‘Love is Blind.’”
-- Jimmy Fallon

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“Pakistan has offered to mediate peace talks. And this is exciting: Andy Cohen has agreed to host the reunion.”

-- Jimmy Fallon

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And from The Daily Show: Desi Lydic highlights the politicians striking out on social media in both short-form and long-form as they try to garner Gen Z's attention ahead of the midterms. From short cringey TikToks to long cringey podcasts, Desi is begging politicians to connect with young people by talking like actual human beings. Click the photo below to watch.
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