Your morning briefing.

All the news you need to start your day.

On today's podcast:

(1) Oil fluctuated after the Wall Street Journal reported that US President Donald Trump told aides he’s willing to end the military campaign in Iran even if the vital Strait of Hormuz remains largely closed.

(2) An Iranian drone hit a fully laden Kuwaiti oil tanker off Dubai early on Tuesday in one of the most significant attacks on a vessel in a month of war, pushing oil prices higher and heightening tension around the vital Strait of Hormuz.

(3) Iran is pushing the Houthis to prepare for a renewed campaign against Red Sea shipping, contingent upon any further escalation by the US in its war on the Islamic Republic, according to European officials familiar with the matter.

(4) Secretary of State Marco Rubio said the US may need to reassess its relationship with NATO after the Iran war is finished, calling the military alliance’s alleged lack of support during the Middle East conflict “very disappointing.”

(5) China’s factory activity expanded for the first time this year despite higher energy prices and disruptions caused by the escalating conflict in the Middle East.

(6) UK shoppers should brace for a wave of price increases, the retail industry warned as a survey taken immediately after the outbreak of the US-Iran war found higher energy costs had yet to filter through to household budgets.

(7) Russia’s main security agency is expanding its sweeping surveillance powers, deepening the state’s reach into economic and social life to suppress any risk of dissent to President Vladimir Putin.