Iran conflict drives oil >$100 & proxy rockets on Israel; Ukraine hits Russian missile plant; US trade deficit narrows; Nvidia boosts AI infra. Markets & security on edge.

Trump administration opens new Section 301 trade probes to protect manufacturing and advances bipartisan housing reforms amid DHS funding standoffs. U.S.-Israel operations reach day 12 with Iranian Hormuz threats neutralized, triggering SPR drawdowns to cushion energy prices. Russian gains persist in Donetsk as Ukrainian drone expertise aids allies, weighing on UK/EU growth outlooks, while China sets a pragmatic 4.5-5% target and Meta and Apple accelerate AI silicon and iOS development.

President Trump’s decisive U.S.-Israeli strikes have brought the Iran conflict near conclusion, heavily degrading Tehran’s capabilities and stabilizing oil markets. Ukraine has proven its alliance value by supplying critical drone support to U.S. forces while Russia gains modest relief from temporary energy waivers and European growth forecasts are trimmed. China has adopted its lowest growth target in decades amid mounting pressures, offset by accelerating American AI leadership through Meta’s bold acquisitions and investments.

Your daily brief. Just the bottom line up front (BLUF).