Brent crude has jumped to its highest level since the start of the Ukraine war after US President Donald Trump signalled that the American blockade on the Strait of Hormuz could last for months. Also in this edition: the US Federal Reserve prepares for a new chief as its board tries to maintain political independence, and French oil giant TotalEnergies faces calls for a windfall tax amid soaring profits.

Shareholders in Warner Brothers Discovery are voting this Thursday to approve or reject a $110 billion acquisition offer from Paramount Skydance in the face of widespread opposition from Hollywood workers. Also in this edition: the US considers currency swap deals with its Middle Eastern and Asian allies, and European airlines face a turbulent summer travel season.

Iranians are confronting mass layoffs and soaring inflation amid destroyed infrastructure and internet blackouts. We take a closer look. But first: US senators grill Donald Trump's nominee for Federal Reserve chair, and the global condom industry takes a blow from supply chain issues tied to the closure of the Strait of Hormuz.