US President Donald Trump speaks during a healthcare affordability event in the South Court Auditorium of The White House in Washington, DC, on May 18, 2026. <\/p>\n
Kent Nishimura | AFP | Getty Images<\/p>\n
Hello, this is Dylan Butts writing to you from Singapore. Welcome to another edition of the CNBC Daily Open.<\/p>\n
As major U.S. stock benchmarks fell, and bonds saw a sell-off, President Donald Trump said he had paused his plan to attack Iran.<\/p>\n
Following the decision to halt military action, oil was lower, but the broader energy shock continues to ripple globally, amid continued warnings of an extended energy crunch.<\/p>\n
Enjoy!<\/p>\n
What you need to know today<\/p>\n Iran was back in the headlines Monday, with Trump saying he would postpone a “scheduled attack of Iran<\/a>,” following requests from leaders in Saudi Arabia, the UAE, and Qatar, while threatening a “large scale assault of Iran, on a moment’s notice.”<\/p>\n International benchmark\u00a0Brent crude\u00a0futures<\/a>\u00a0for July\u00a0delivery fell more than 2% to trade at $109.15 per barrel on Tuesday. The\u00a0West Texas Intermediate<\/a>\u00a0futures declined 1.27% to $107.28 per barrel.<\/p>\n But the broader energy supply worries remain intact as the critical energy waterway, the Strait of Hormuz, continues to be blockaded by Iran. <\/p>\n Commodity analysts and strategists have sounded alarms that European oil shortages could emerge <\/a>within weeks as inventories deplete as a result of disruptions to the Strait of Hormuz. Global stockpiles may not recover until 2027, with major implications for prices and supply chains, they warned. <\/p>\n That has also resulted in pressure on airlines, with Ryanair’s CFO warning of a potential “armageddon<\/a>” jet fuel crunch, saying weaker European carriers may not survive.\u00a0<\/p>\n Heightening global inflation fears have also led to a rout in global bond markets<\/a>, with the 10-year U.S. Treasury yields reaching their highest level in a year on Monday and Japan’s 30-year government bond yield rising to a record high.\u00a0<\/p>\n Easing those inflation fears will be on the agenda for the Trump-nominated Fed Chair Kevin Warsh, who, a White House official told CNBC, will be sworn in on Friday.\u00a0<\/a><\/p>\n Meanwhile, U.S. markets started the trading week down, with the S&P 500 posting back-to-back losses amid a tech sector sell-off.\u00a0However, Asia-Pacific markets opened broadly higher<\/a> Tuesday as oil prices, while elevated, eased.<\/p>\n Amid the tech sell-off in the U.S., Meta is expected to begin a round of layoffs this week<\/a>, reflecting the impacts of AI investment and efficiency drives inside the American tech giant.<\/p>\n Also in tech news, Tesla and SpaceX CEO Elon Musk lost his court battle<\/a> against OpenAI and its CEO Sam Altman over claims they allegedly violated an agreement to run their artificial intelligence venture strictly as a charitable nonprofit.<\/p>\n A federal jury in Oakland, California, determined that Musk waited too long to launch the suit, with Musk and his attorneys saying they would appeal the verdict. \u00a0<\/p>\n Investors will continue to monitor geopolitical developments, with Russian leader Vladimir Putin scheduled to begin an official state visit to Beijing<\/a>, just days after President Trump concluded his trip to China.\u00a0<\/p>\n \u2014 Dylan Butts <\/p>\n And finally…<\/p>\n Trump pivots to midterms, affordability after China summit as Iran war persists<\/a><\/p>\n President Donald Trump<\/a> has returned stateside and so has his administration’s focus, even as the Iran war<\/a> and the aftermath of his China trip<\/a> remain front-burner issues.<\/p>\n Trump and his top officials are fanning out across the U.S. this week for events aimed at touting his domestic achievements \u2014 a notable pivot after major foreign policy matters in Iran, China, Cuba, Venezuela and elsewhere have dominated headlines for months.<\/p>\n Trump on Monday afternoon is set to unveil his latest effort to bring down healthcare costs, while Defense Secretary Pete Hegseth<\/a> travels to a campaign event in Kentucky and Vice President JD Vance<\/a> attends a manufacturing-focused event in Missouri.<\/p>\n The apparent shift, days after Trump’s return from Beijing, comes ahead of the fast-approaching 2026 midterm elections<\/a>, where Democrats hope to regain at least one chamber of Congress and fiercely push back against the president’s policy agenda.<\/p>\n \u2014 Kevin Breuninger<\/p>\n