Oil rises on Iran report

Good morning. Oil prices climb on a report that Israel is preparing to strike Iran. Trump’s getting frustrated with delays to his “big, beautiful bill.” And CVS really wants you to get your Covid booster. Listen to the day’s top stories.

Oil prices rose after CNN reported that Israel may be preparing to strike Iran’s nuclear facilities. The report, citing US intelligence, also said it wasn’t clear whether Tel Aviv has made a final decision. Last week, Donald Trump suggested the US is “getting close” to a deal to curb Iran’s nuclear activities, but later Iran’s top negotiator shared hopes for a “more realistic approach” to talks.

President Trump is growing frustrated with demands to significantly boost the cap on the state and local tax (SALT) deduction, signaling a deadlock in passing his giant tax-cut bill. Here’s our explainer on what’s at stake and how the SALT fight is threatening a bill that Trump called “big and beautiful.”

The DOJ opened a criminal investigation into Andrew Cuomo over testimony he gave relating to his actions during the Coronavirus pandemic, according to the New York Times. Cuomo, who is running for NYC mayor, denied any wrongdoing and suggested the probe is politically motivated—blasting the Trump administration. Read more about Cuomo's candidacy process and his ongoing dispute with the Republicans.

Top corporate news: TikTok told US e-commerce staff that “difficult decisions” are coming, suggesting the firm is preparing layoffs. Ketchup-maker Kraft Heinz is exploring potential “strategic transactions” to boost its stock price. And a federal judge dismissed a lawsuit by a Jefferies hedge fund, which claimed it was defrauded by a former portfolio manager who invested $100 million in a Ponzi-like scheme.

In the world of chips, Nvidia CEO Jensen Huang criticized US curbs on AI semiconductor sales to China, warning it may lose a potential $50 billion opportunity to rivals like Huawei. And component maker Wolfspeed may be preparing to file for bankruptcy.

Bloomberg Tech: Join top tech decisionmakers and influencers on June 4-5 in San Francisco. Decode technology’s evolving role across business, culture and healthcare as we discuss the advances transforming industries and how they impact society. Learn more.

Deep Dive: Trump’s Dome Plan

Trump vowed that a missile-defense shield called Golden Dome will be "fully operational" by the end of his term—an ambitious plan given that much of the technology remains unproven.

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The Big Take

In the middle of a global trade war, Congo is trying to woo the White House without risking critical investment from Beijing. Read the Story.

Opinion

Trump’s tariffs may deliver a double blow threat to US small banks, Paul J. Davies writes. His trade policies and deficit-boosting budget may end up with the Fed having to bail out smaller lenders.

Before You Go

In the fight to boost vaccine sales, CVS is offering bonuses to some staff whose stores exceed goals, as well as pizza parties and other incentives. The move comes just as Robert F. Kennedy Jr. is questioning shots and the FDA set a higher bar for Covid booster approvals.

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