Geopolitics & Markets

The Iran conflict expanded: Houthi strikes hit Saudi energy sites and wounded 73, Brent neared $100, Iran threatened 'economic warfare' and said it fired a new missile at US warships, the US sanctioned Iran's airlines, and Qatar and China tried to revive talks.

The US-Canada trade war escalated: $20B of Canadian retaliation took effect, President Trump threatened Bombardier's US market access, and Canada's PM called the response unavoidable.

On Ukraine, Russia resumed ballistic-missile strikes on Kyiv as US envoys left, even as envoy Steve Witkoff claimed 'substantive progress' and Zelensky relayed that Russians were ready to negotiate; Kyiv's prosecutor general resigned in a corruption scandal.

Diplomacy and elections shifted: Britain, France and Canada banned Israeli settlement imports and Israel retaliated; Israel hit south Lebanon; Germany's CDU reeled from the AfD's state-election win; Serbia called snap elections; and Huawei's US racketeering trial opened.