US stocks posted their biggest weekly loss since the war began. A Financial Times investigation found $580 million in oil futures bets placed 15 minutes before Trump's March 23 pause announcement

Day 24. The most dramatic single-session market reversal of the entire war. Trump posted on Truth Social that the US and Iran have had "VERY GOOD AND PRODUCTIVE CONVERSATIONS" about a complete and total resolution. Oil crashed 10%. The S&P 500 gained 1.2%.

Trump says there is "nothing left to target" and the war is "very complete, pretty much." Hegseth says it won't end until the "enemy is totally and decisively defeated." Oil hit $119.50 then crashed to $90. A US Tomahawk missile destroyed an Iranian girls' school, killing ~175 students. Trump blamed Iran — which doesn't own Tomahawk missiles.

Oil crossed $100 on Monday. Then fell 11% on Tuesday. The IEA has proposed the largest emergency oil reserve release in history. Mojtaba Khamenei is Iran's new Supreme Leader. Russia has shifted from passive observer to active mediator. And this morning, Iran's joint military command announced that banks and financial institutions are the next targets. Day 11 of Operation Epic Fury — here is what you need to know at Europe midday.

Brent crude ended last week at $92.69 — up 27% in five sessions. WTI settled at $90.90, up 36% from last Friday. Diesel doubled in Europe. Jet fuel surged 200% in Asia.

Day 6 closed with Iran's missile and drone capacity degraded by more than 80% from Day 1 — yet the conflict shows no sign of terminating. Iran's Foreign Minister declared Tehran is not seeking a ceasefire. Trump endorsed a Kurdish ground offensive into Iran. The USS Abraham Lincoln was reportedly targeted. Al-Aqsa mosque was closed for the first Friday prayers of Ramadan. The war is simultaneously narrowing militarily and widening geopolitically.

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