US and Iran Trade Fire; Secret Service Shoots Man Near White House

The broadcast opens with reports of renewed U.S.-Iran military hostilities in and around the Strait of Hormuz, nearly a month into a fragile ceasefire. U.S. Central Command reported fighting off Iranian drones, missiles, and small armed boats while escorting two U.S.-flagged vessels through the strait. The UAE also intercepted Iranian cruise missiles and suffered damage to its Fujairah oil export facility from an Iranian drone — the first such incident since the ceasefire began. Bloomberg's Dubai correspondent Jumana Bersetchi described receiving multiple missile alert texts throughout the evening.

Chevron CEO Mike Wirth, speaking at the Milken Global Conference, warned that the conflict is forcing oil majors to reduce Middle East production and that supply buffers are being drawn down, creating upside price pressure and volatility risks. He said he has been advising the White House of these energy market concerns.

Bloomberg's Stuart Livingston-Wallace provided deeper analysis of the ceasefire's fragility, noting that open fire had occurred within the first few days of the ceasefire as well. He described the Iranian response to the U.S. attempt to open a Hormuz passageway as a dramatic effort to close it again, and questioned what Iran's long-term strategy is beyond blocking the strait. He noted Pakistan and other parties are working behind the scenes to restart talks, referencing an earlier aborted second round of negotiations in Islamabad.

Near the White House, the Secret Service shot an unidentified man near the Washington Monument after he fired on agents. A teenager was also shot but not seriously injured. A motorcade carrying Vice President J.D. Vance had passed through the area shortly before, though the Secret Service stated there was no indication Vance was a target.

Senate Republicans unveiled immigration enforcement spending plans totaling $71.7 billion for ICE and CBP, along with $1 billion for Secret Service security enhancements. The bills could move through the Senate via budget reconciliation without Democratic votes.

In Ohio primaries, Trump-backed entrepreneur Vivek Ramaswamy is running for governor, while former Senator Sherrod Brown is seeking to reclaim his Senate seat. A crowded Republican field is also competing to challenge 22-term incumbent Marcy Kaptur.

On markets, futures were higher after war-related declines the prior day. Citi's Stuart Kaiser noted retail investors account for about 7.5% of equity trading volumes, down from highs of 15%, with institutional investors and returning international buyers driving the current rally. Palantir beat earnings estimates but disappointed on U.S. commercial sales, sending shares down over 3%. Intel shares rose over 3% on reports that Apple held early-stage discussions with Intel and Samsung about chip manufacturing. HSBC shares fell about 6% after profit missed estimates due to fraud charges and Middle East risk concerns. Elon Musk agreed to pay $1.5 million to settle SEC allegations related to his Twitter stake disclosure, far below the $200 million the SEC initially sought.

Other news included a United Airlines jet striking a tractor trailer and light pole at Newark Airport with no passenger injuries, the collapse of Spirit Airlines affecting regional airport economies, anti-Semitic graffiti appearing on Jewish homes and synagogues in Queens, and Rudy Giuliani breathing on his own but remaining in critical condition in a Florida hospital.