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Fighting between Washington and Tehran resumed in and around the Strait of Hormuz.

We speak with Middle East history professor Toby Jones about the ongoing crisis in the Strait of Hormuz, where overlapping blockades by Iran and the United States have disrupted shipping and the wider global economy since the start of the war in late February. Jones says this latest conflict is part of a decadeslong project by the United States to exert imperial control over the oil-rich region, but that it’s now in danger of a strategic loss signaling a deeper imperial decline. “Through an unprovoked assault on Iran, Trump has accelerated, or at least clarified, the real limits of American imperial power,” says Jones. “He’s definitely put the United States in a much more vulnerable and weakened position globally as a result of this war.”

Most industry analysts are surprised that oil prices haven’t gone higher, but there are signs that is about to change.

The European Commission said it would ban some Chinese components in EU-funded energy projects.

Brussels and Washington reached a trade deal last year, but Trump said the EU was not complying and threatened to raise duties on cars.

The original design was meant to create a reflective space—but that restraint feels increasingly out of step with the current aesthetic: louder, shinier, with a hint of Mar-a-Lago.

Australia raised its interest rates, though European and US central banks have held off on hikes to avoid hurting growth and labor markets.

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