Brent crude rose more than 6% to $100 a barrel after Iran-backed Houthi forces attacked two Saudi oil tankers in the Red Sea, adding to disruption from the wider US-Iran conflict. The increase matters because higher oil prices can raise fuel, transport and household costs while worsening inflation pressures. Separately, President Trump introduced fresh import tariffs, continuing his use of trade policy despite weak public support.

The new tariffs, set at 10% and 12.5%, took effect as a previous 10% global levy expired after being struck down by the Supreme Court. They cover dozens of trading partners and are intended to press other countries for trade concessions, though critics warn tariffs can increase costs for US consumers. The newsletter also reports on protests in Madison, Wisconsin, following the police shooting of Corey Ruiz, with video evidence appearing to conflict with the police account.