Signal

Good morning. Trump is dramatically reshaping Middle East dynamics by linking Ukrainian weapons support to European participation in reopening the Strait of Hormuz, while Iran continues to defy expectations by refusing to negotiate despite mounting pressure. The president's transactional approach has hit a wall with Tehran, which appears willing to fight on principle rather than cut deals, leaving key shipping lanes closed and testing traditional alliances as Saudi Arabia grows increasingly uncomfortable with Washington's aggressive tactics. On the business front, SpaceX just filed confidentially with the SEC for what could become the largest IPO in history, with a summer listing on the horizon that would finally give public investors a piece of Musk's space empire. Meanwhile, there's troubling news closer to home as BBC presenter Scott Mills was dismissed after police revealed their investigation involved an alleged victim under 16, and a disturbing Travelodge incident highlights serious security failures after a sex assault victim had to personally email the CEO when a stranger was given access to her room.