Your morning briefing. All the news you need to start your day.

On today's podcast:

(1) President Donald Trump began a US naval blockade of the Strait of Hormuz, a move intended to raise pressure on Tehran, even as the two countries weigh another round of talks to secure a longer-term ceasefire.

(2) HSBC Chief Executive Officer Georges Elhedery said the conflict in the Middle East and broader “uncertainties” are beginning to dent client confidence as investors navigate an increasingly volatile global landscape.

(3) Italian Prime Minister Giorgia Meloni called Donald Trump’s tirade against Pope Leo XIV “unacceptable,” exposing a growing rift with the US leader over his war on Iran.

(4) Sales at LVMH’s biggest division fell at the start of this year as the war in the Middle East crimped demand for Louis Vuitton and Dior products.

(5) Hungary’s next leader Peter Magyar said he won’t stand in the way of Ukraine receiving a €90 billion ($105 billion) loan from the European Union that was blocked by the outgoing Prime Minister Viktor Orban.

(6) A Ukrainian war hero is taking President Zelenskiy's office in a new direction, and might offer a glimpse of Ukraine’s political future.

Podcast Conversation: Is the Pope American? No, He's Catholic