P.M. Edition for June 25. Talks between Shell and rival BP are in their early stages, according to people familiar with the matter, but a tie-up would be the largest oil deal in a generation. WSJ reporter Ben Dummett discusses what each company would get out of a deal. Plus, Wall Street is panicking after Democratic Socialist Zohran Mamdani won the Democratic primary for New York City mayor. We hear from reporter Kevin Dugan about what Wall Street is worried about. And the war between Israel and Iran has revived China’s interest in a pipeline that would import Russian natural gas. WSJ foreign correspondent Georgi Kantchev weighs in on the geopolitical impact of such a move. Alex Ossola hosts. Sign up for the WSJ's free What's News newsletter. Learn more about your ad choices. Visit megaphone.fm/adchoices

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“What did the council decide on item 42?” — answered with the speaker and the moment.