America and Iran agree to two-week truce, and more

Geopolitical tensions and corporate shifts dominate the global landscape as Donald Trump announces a two-week ceasefire with Iran, contingent on the immediate opening of the Strait of Hormuz. While Iran claims victory through a 10-point peace proposal involving sanctions relief and security guarantees, markets have responded with a sharp rally, including a 10% plunge in crude oil prices to under $100 a barrel. In the technology sector, Intel is partnering with Elon Musk’s TeraFab project to manufacture specialized chips for space-based robotics and data centers. Meanwhile, the pharmaceutical industry sees heightened competition as Novo Nordisk launches a high-dose version of Wegovy at a 40% discount to rival Eli Lilly’s ZetBound. Cultural and financial disruptions also surface with Pershing Square Capital’s $64 billion bid for Universal Music Group and the cancellation of London’s Wireless Festival following the British government’s entry denial of the rapper Ye.