An Iran ceasefire agreement that began after the U.S. and Israeli-led war started on February 28, 2026 is collapsing as both sides continue military strikes, with President Trump calling it "on life support" on May 12, 2026. Oil markets are experiencing severe volatility, with Brent crude topping $104 per barrel and prices rising over 40% since February, prompting Trump and Republicans to consider suspending the federal gas tax ahead of midterm elections. Trump is scheduled to hold a summit with Chinese President Xi Jinping later in the week, accompanied by CEOs Elon Musk, Tim Cook, and Larry Fink, while Treasury Secretary Scott Bessent meets Japanese officials to discuss Iran, rare earth metals, and the weak yen. Meanwhile, Nintendo shares plunged 8.4% to their lowest level since August 2024 after announcing Switch 2 price hikes, even as U.S. stock indices reach new highs.
Story comments
Loading comments…