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Morning Brew··12 min read
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AI Summary

The ongoing Middle East war involving Iran has disrupted global oil supply chains by blocking the Strait of Hormuz, causing severe fuel shortages in Southeast Asia and pushing US gas prices up by $1/gallon to nearly $4. Global markets suffered a fourth consecutive down week, with multiple indices briefly entering correction territory and gold recording its worst week since 2011. Separately, CBS News is overhauling its operations under Bari Weiss, cutting its radio division and ~6% of staff.

Key Facts

✓Iran's refusal to reopen the Strait of Hormuz has caused fuel station closures across Laos and Cambodia, four-day workweeks in the Philippines and Sri Lanka, and a $400M fuel cost surge for American Airlines.
✓US gas prices have risen ~$1/gallon to nearly $4 since the war began, while jet fuel has spiked from $85–90 to as high as $200 per barrel.
✓CBS News eliminated its 99-year-old radio division and cut ~6% of staff under new editor-in-chief Bari Weiss as parent company Paramount pursues acquisition of Warner Bros. Discovery.

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