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Chapter 1: What recent events led to President Trump's small business summit?
Live from NPR News, I'm Giles Snyder. President Trump hosted a small business summit at the White House today with the Iran war in the backdrop.
Can't let them have a nuclear weapon or you're going to have problems like nobody would believe. And it's going very well.
Trump spoke as fighting in the Middle East flared up again today. The U.S. and Iran launched fresh follies after President Trump announced a new effort to reopen the Strait of Hormuz to ship traffic. The U.S. military says it sank six small Iranian boats and the United Arab Emirates as an oil port came under attack by Iranian missiles.
In a social media post, Iran's foreign minister warned that the U.S. and the UAE should be wary of being dragged back into a quagmire. The national average for a gallon of regular gas around $4.46 in California at $6.11, up nearly 35 cents in just one week. The oil cartel OPEC has announced a boost in production, but as NPR's Camilla Dominovsky reports, that will not provide any near-term relief.
OPEC and its allies have lost some of their leverage over markets now that United Arab Emirates has left the group. But the bigger problem is that key members rely on the Strait of Hormuz to export crude. So whatever OPEC announces, the biggest question remains, how many ships are getting through that key waterway? And the answer to that is not many between Iranian tolls and the U.S. blockade.
In the U.S., gasoline prices had been easing since the ceasefire announcement, but between the global oil supply crisis and U.S. refinery outages, prices are rising aggressively again. Camila Dominovsky, NPR News.
The Secret Service says it exchanged gunfire with an armed suspect near the White House on Monday. The incident led to a brief White House lockdown and happened not long before Vice President J.D. Vance's motorcade passed through the area. The Secret Service says there is no indication that Vance's motorcade was a target.
Officials say the suspect has been hospitalized and that a minor was shot but not seriously injured. GameStop has proposed buying eBay with an eye toward creating a rival to Amazon. GameStop offering about $56 billion in a long-shot bid, as NPR's Alina Selyuk reports.
eBay says it received no notice or outreach before GameStop made its takeover bid. And eBay as a company is about four times bigger than GameStop. Still, in a statement, eBay says it will bring the proposal to its board for review. In recent years, GameStop, under its CEO Ryan Cohen, has risen in profile as a darling of meme stock investors.
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Chapter 2: How are rising gas prices affecting consumers and the economy?
The 2026 Pulitzer Prizes have been announced in peers on Astasia Siolkas' reports.
The Fiction Prize went to author Daniel Kraus for his novel Angel Down, a story of World War I soldiers who find a fallen angel among the dead, a tale that Kraus tells entirely within one sentence. Other winners include historian Jill Lepore for her engaging book We the People, A History of the U.S. Constitution.
The audio journalism winner was the staff of the podcast Pablo Torre Finds Out, which investigated how the Los Angeles Clippers seemingly ducked the NBA salary cap rule by funneling extra money to their star forward, Kawhi Leonard, via an endorsement deal.
The board also gave a special citation to Miami Herald journalist Julie K. Brown for her work in 2017 and 2018 investigating Jeffrey Epstein, whose crimes are still very much part of today's discourse. Anastasia Tsiloukas, NPR News, New York.
Stocks in Asia mixed in Tuesday, trading after Wall Street turned lower. I'm Giles Snyder, NPR News.
This week on Up First, gas prices just jumped 30 cents per gallon in a single week. With the Strait of Hormuz still closed, the global energy shock is only getting deeper. Listen for overnight developments on Iran, plus primaries in Ohio and Indiana as midterm election season heats up. We'll have the very latest every morning on Up First. Listen on the NPR app or wherever you get your podcasts.
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