/ International Affairs

Trump says war on Iran will end β€œvery shortly”

Alex Brandon / AP Photo / Bloomberg via Getty Images

On Wednesday, President Donald Trump delivered a primetime national address and said that the war in Iran is approaching its end, estimating another two to three weeks of US involvement.

A short (?) conflict

In his address (watch here), Trump stated that the military campaign’s β€œcore strategic objectives” are close to being achieved. Those include:

  • Dismantling Iran’s missile production

  • Weakening its naval forces

  • And limiting the influence of its regional terrorist proxy groups

The operation, which began roughly one month ago after the US and Israel initiated a coordinated airstrike campaign, also aims to prevent Tehran from developing a nuclear weapon.

However, the timeline remains unclear: While Trump said notable progress has been made, he suggested the conflict could wrap up within two to three weeks. He also warned that US forces would continue aggressive military action during that time, but offered limited detail on long-term strategy. Analysts suggest it may include invading Kharg Island, a critical hub that controls roughly 90% of Iran’s oil exports.

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Why does this matter?

Trump addressed rising gas prices in the US, arguing that instability in key shipping routes has driven up energy costs. But without a clear end date, ongoing uncertainty may keep gas prices high and make everyday expenses like commuting and groceries more expensive.

We’re tracking this issue live on NextGen+. Click the button below to see its status, momentum, and other key developments.

/ Energy

Gas hits $4 per gallon for the first time since 2022

Designed by NextGen News

Amid the war in Iran, the average price of gas in the US surpassed $4 per gallon for the first time in over four years, according to AAA.

Paying more at the pump

Since the US and Israel began launching strikes about a month ago, the global energy market has been crippled due to instability around major transit routes like the Strait of Hormuz (see explainer).

That has prompted US gas prices to climb roughly 35% from just under $3 before the conflict began on February 28. As of writing:

  • States on the West Coast have seen the biggest spike, with California hitting as high as $5.89 per gallon.

  • Price increases in the Midwest and on the East Coast have been comparatively low, averaging around $3.50 and $4, respectively.

See an interactive map of how high gas prices are in your state (and county) here.

It may have a ripple effect: Even consumers in states less affected so far could see higher fertilizer and food prices, as every 10% increase in fuel costs may drive up food prices by 2–3%, according to the New York Times.

The scramble to lower prices

As higher gas prices are beginning to ripple through the economy and put pressure on household budgets, the Trump administration has been in a mad dash to help ease the burden.

Since the start of the year, the White House:

  • Pledged to release 172 million barrels of oil from strategic reserves.

  • Lifted sanctions on Russian oil.

  • Scrapped a century-old maritime law to ease supply chains.

Outside of the executive branch, the Environmental Protection Agency relaxed rules requiring cleaner summer gasoline, while delivery and ride-share companies have begun boosting fuel rebates for drivers.

Most Americans don’t support the reason behind the high prices either: A recent Pew Research Center survey found that most Americans oppose US military action in Iran, with nearly 6 in 10 disapproving of recent strikes.

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Why is this important?

While higher gas prices make it more expensive to fill up (which has many Americans skipping summer vacation), rising fuel costs also increase shipping and production expenses, which can push up prices on groceries, deliveries, and other essentials.

We’re tracking this issue live on NextGen+. Click the button below to see its status, momentum, and other key developments.

/ International Affairs

Cuba’s oil shortage ends amid US blockade

Yamil Lage / AFP via Getty Images

Earlier this week, a sanctioned Russian oil tanker delivered about 730,000 barrels of crude oil to Cuba, breaking a month-long US blockade that had triggered daily blackouts.

What’s with the blockade?

The US signaled it would allow the shipment to arrive despite President Donald Trump instituting the effective blockade in January, citing national security concerns and accusing Cuba of harboring terrorist organizations.

  • The US has been pressuring Cuba by cutting off most of its access to foreign oil in an effort to push political change on the island (see overview).

  • However, Trump said he had β€œno problem” with the delivery, describing it as a humanitarian exception.

The tanker, which is already under US, European, and UK sanctions tied to Russia’s war in Ukraine, docked at the port of Matanzas, a key hub for Cuba’s fuel supply (watch video).

It’s a boon for the country: Cuba relies heavily on imported oil, and the US-led restrictions have sharply reduced its access to fuel, contributing to significant economic strain and massive infrastructure breakdowns.

Cuba may be getting another shipment: Russia is preparing to send a second oil tanker to Cuba, which will test the limits of Washington’s energy blockade.

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Why should you care?

Russia testing US sanctions could raise the risk of escalating tensions that can ripple into global energy markets, potentially pushing gas prices even higher than they already are for everyday Americans.

We’re tracking this issue live on NextGen+. Click the button below to see its status, momentum, and other key developments.

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/ Business

SpaceX is gearing up to launch the world’s largest IPO

Mario Tama / Getty Images

Guess you could say Musk is giving it the green light. Elon Musk’s SpaceX and xAI have confidentially filed for an initial public offering (IPO), putting the company on track for a record-breaking stock market listing.

The biggest IPO in history

SpaceX is reportedly aiming to raise $75 billion at a $1.75 trillion valuation, according to Bloomberg, a scale that would dwarf any previous IPO. For comparison:

  • The entire US IPO market β€œonly” brought in $44 billion last year.

  • Saudi Aramco holds the current record with $29 billion raised in 2019.

If SpaceX reaches its target, it would rank among the 10 most valuable public companies in the world, but would still trail the rest of the β€œMagnificent Seven,” whose profits are at least 10 times higher. Additionally, it could make Elon Musk the world’s first trillionaire.

What are the details?

Well, there aren’t any. Because the IPO filing was confidential, details like the number of shares and share price will be disclosed later. However, one little piece of info was left in:

  • Up to 30% of shares could reportedly be set aside for individual investors, over triple the traditional amount.

Why does that matter? That means everyday people, not just big institutions, could get early access to the stock, which suggests SpaceX may be aiming to attract strong retail participation, similar to the investor base behind Tesla. For the IPO, it could boost hype and demand, potentially driving up the stock price while also making ownership more widely distributed.

Looking forward: SpaceX could go public as soon as June, and thanks to a new rule kicking in May 1, SpaceX could join Nasdaq’s main index just 15 days after going public instead of waiting three months.

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Why should you care?

SpaceX’s IPO will not only give Americans the chance to buy into a company that’s been private until now (although at very high prices) but also pour massive new investment into the space and tech sectors, potentially creating jobs, boosting wages, and accelerating innovation.

/ Money

Alternative investments may be coming to your 401(k)

Malte Mueller / Getty Images

US regulators are moving closer to allowing 401(k) retirement plans to include alternative investments like private equity, real estate, and even cryptocurrencies alongside stocks and bonds.

What’s going on?

Earlier this week, the Department of Labor proposed a new rule that aims to modernize retirement investing by expanding beyond the traditional stock-and-bond mix.

Currently, alternative assets are only available to large institutional investors, like pension funds. But should your everyday American have access too?

  • Supporters say that adding alternative investments could improve diversification and long-term returns while giving everyday investors access to parts of the market that were previously off-limits.

  • However, critics warn these assets often come with higher fees, less transparency, and limited liquidity, meaning they can be harder to sell quickly if needed.

Regardless, if finalized, the rule could open up a massive pool of retirement savings (over 12 trillion dollars worth) to Wall Street firms that specialize in alternative assets.

Why change this now? The rule stems from an August executive order by Donald Trump aimed at expanding access to private markets by lowering the legal risks of including them in 401(k) plans.

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Why is this important?

While the new rule could give everyday investors access to higher-reward options in their retirement accounts, it could also give them a greater risk of losing retirement savings or having less access to their money when they need it.

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/ Fast Facts

Catch up on this week’s weird news

A Bug’s Life / Walt Disney Pictures

> A booming global black market is now targeting queen ants worth up to $220 each, as smugglers exploit loopholes in wildlife laws to trade the tiny (but extremely lucrative) species.

> New research suggests squid and cuttlefish originated in the deep sea around 100 million years ago and only began rapidly evolving after the mass extinction that wiped out the dinosaurs.

> India has launched what is expected to be the world’s largest census, a massive count of more than 1.4 billion people that could reshape government spending, welfare programs, and political representation.

> How fast you walk may say more about your health than your blood pressure, with new research finding walking pace is one of the strongest predictors of early death.

> A supermarket in Scotland accidentally ordered 38,000 bananas (which is almost twice the local population) and is now giving them away to schools and communities after bad weather blocked returns.

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