New risks to the global economy emerged following the US’ airstrikes on three Iranian nuclear sites on Saturday (early Sunday local time). President Trump called the action a “spectacular military success” toward his goal of destroying Iran’s nuclear enrichment capacity and stopping the nuclear threat from the nation.

While the physical damage gets assessed, economic experts are on alert for repercussions that might impact oil flows, commercial shipping, and aviation as Iran considers retaliation:

All eyes are on the Strait of Hormuz, which flows between Iran and Oman. About 20% of the world’s oil and gas supply needs to travel through it. The Iranian Parliament voted in favor of shutting down the strait in response to the US’ attacks, which Secretary of State Marco Rubio said would be “suicidal” if acted upon, given its economic impact. While that move would snarl US oil supply from neighboring nations, it would also affect China, Iran’s key ally and biggest oil buyer.

A less extreme scenario would see Iran “harass” commercial ships in the Strait of Hormuz and the waters around the Arabian Peninsula, intensifying the impact on global shipping. Crews have already been on high alert since Israel began a series of strikes on Iran on June 13, with shipping prices increasing between Shanghai and the Arabian Gulf’s largest port, Jebel Ali.

Commercial airlines are exercising caution. Since the fighting began between Israel and Iran, over 150 air carriers stopped flying over Israel, Iraq, and Jordan as a precaution. This weekend, British Airways and Singapore Airlines canceled or diverted flights to Dubai and Doha following the US action in Iran. More disruptions could follow.

Zoom out: Crude oil prices had already jumped 11% since June 13, but they rose only modestly yesterday evening, the first time markets opened since the attack. However, further increases could push inflation up around around the globe and prevent central banks from cutting interest rates.—HVL

More news from the aftermath of the US strikes on Iran. Details of Operation Midnight Hammer, the US military operation against three Iranian nuclear sites that unfolded on Saturday, emerged yesterday: Defense Secretary Pete Hegseth said that 14 “bunker-buster bombs” and seven B-2 bombers were used in the operation. Hegseth said, “Our initial assessment is...that all of our precision munitions struck where we wanted them to strike and had the desired effect.” On ABC’s This Week, Vice President JD Vance suggested that Iran still controlled its enriched uranium stockpile that could be used to make around 10 nuclear weapons. The International Atomic Energy Agency said that Iranian authorities did not report any contamination or pollution as a result of the US attacks. Sources told NBC News that Iran warned President Trump through intermediaries last week that if the US attacked its nuclear facilities, it would activate sleeper-cell terrorists within the US. Last night, NYC Mayor Eric Adams said the city was on heightened alert, particularly for potential “lone wolf attacks” and cyberattacks.

Tesla robotaxis, commercialized and supervised, hit the streets in Austin. Yesterday, the autonomous ride-hailing service became available to an invite-only list, with trips taking place within a geofenced area of the Texas capital for the special promotional price of $4.20 each. In The Verge’s roundup of initial reviews, the outlet found “smooth,” “great,” and “normal” to be common descriptors of trips. While CEO Elon Musk said in January that the service would launch unsupervised, the vehicles include Tesla-employed safety monitors who verify the identity of the passenger when they enter the car (but seem to be instructed not to talk to passengers otherwise). The initial trial is said to include about 20 Tesla Model Y vehicles with special branding; the fully autonomous Tesla Cybercab will not be available until at least 2026.

Fred Smith, FedEx founder and chairman, died at 80. Smith, a Marine Corps veteran and Yale graduate, founded Federal Express in 1973. He became an overnight shipping pioneer with a small fleet of planes based out of Memphis and the “hub and spokes” air cargo fulfillment system plan he devised in college. An under-the-radar philanthropist, he made generous donations to the Marine Corps Scholarship Foundation, the University of Memphis, and Yale, among others. But one big bet he placed in Las Vegas became legendary: In 1973, FedEx was close to bankruptcy when Smith decided to wager its last $5,000 in a blackjack game. He won $27,000, which bought him enough time to get more funding and restructure. Maybe don’t try that at home.—HVL

As Senate Republicans take a red pen to the massive tax and spending bill passed by the House last month, some GOP lawmakers are pushing to add a provision that would green-light the potential sale of 2.1 million to 3.2 million acres of public land across 11 Western states.

Land of opportunity: Utah Republican Sen. Mike Lee is leading the charge, saying his sale proposal would only free up a tiny fraction of federal land and that the sales would help drive down housing costs. According to a draft of the provision obtained by Politico’s E&E News, the land will be required to be used for “the development of housing or to address associated infrastructure to support local housing needs.”

Conservationists, hunting groups, and politicians from both sides of the aisle have lined up to oppose the proposal:

• Several Republican senators oppose the plan, including Tim Sheehy and Steve Daines of Montana, as well as Idaho’s Jim Risch and Mike Crapo.
• The Senate Energy Committee’s ranking Democrat, Sen. Martin Heinrich, called the proposal a “sledgehammer to our national public lands,” and says it’s unclear whether it would even lead to substantial housing improvements.
• The Wilderness Society conservation group said in a statement that the sale would be a “betrayal of future generations,” and that it has considerable room to maneuver around some of the housing guarantees, especially in the long term.

Big picture: If the proposal survives—and the Senate approves the larger “big, beautiful bill”—it goes back to the House for another vote. President Trump has made it clear he wants the bill on his desk by July 4.—BC

Fed Chair Jerome Powell heads to Capitol Hill: Powell will testify before Congress this Tuesday and Wednesday as the Trump administration publicly pushes him to cut interest rates. He’s expected to face tough questions from lawmakers about the Fed’s decision last week to leave rates unchanged. Later this week, the central bank will have plenty of fresh data to consider: The personal consumption price expenditures index (the Fed’s preferred measure of inflation) comes out on Friday. Plus, data on home sales and prices will be released over the next couple of days.

Plenty of new stuff to watch: Get your snack situation in order ASAP, because you may be spending a lot of time on the couch this week. Hulu’s The Bear lets it rip this Wednesday for a fourth season. The third and final season of Squid Game hits Netflix on Friday. Plus, killer doll flick M3GAN 2.0 and Brad Pitt’s F1: The Movie will go wheel-to-wheel in theaters this Friday.

The summer heat has arrived: Dangerous temperatures are expected to blanket the eastern US this week, with new records anticipated from Illinois to Maine. Ninety-eight major cities are expected to see dangerous levels of heat this week, with the mercury easily topping 100 degrees Fahrenheit in Memphis, Baltimore, Pittsburgh, and Burlington, VT. Temperatures in New York and New England will be about 20 degrees above average, though humidity will make things feel even hotter. It’s probably better to avoid wearing gray this week, so your back doesn’t turn into a Rorschach test.

Everything else:

• Earth’s largest digital camera is expected to release its first public images today.
• Billionaire Jeff Bezos and Lauren Sánchez kick off a three-day wedding celebration in Venice, Italy, starting on Tuesday.
• New York City holds its Democratic mayoral primary on Tuesday. Former NY Gov. Andrew Cuomo, a moderate, and Democratic Socialist Assemblyman Zohran Mamdani are the favorites.
• President Trump is expected to head to the Netherlands for this year’s NATO summit, which begins on Tuesday.
• The World Economic Forum’s “Summer Davos” starts Tuesday in Tianjin, China. The annual meeting is focused on entrepreneurship and innovation.
• Wednesday is Leon Day, which marks the halfway point to Christmas (“Leon” is noel spelled backward).
• Dallas is expected to take Duke’s Cooper Flagg with the top pick in the NBA Draft this Wednesday.
• Thursday marks 10 years since the Supreme Court’s Obergefell v. Hodges decision that legalized same-sex marriage in the US.

Catastrophic news for the gigantic gift bow industry: Americans are getting priced out of the new-car market. The average cost to own and operate an automobile jumped 30% over the past decade, thanks to more expensive payments, soaring insurance costs, and high-priced repairs, according to the Wall Street Journal. So, rather than splurge on a new vehicle, many Americans are squeezing extra miles out of their older models, no matter how many times they have to ignore the check engine light.—BC