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Trump’s desire to end the Iran war is being put to the test after Tehran fired at American warships on Monday and violently disrupted a U.S. effort to revive shipping in the Strait of Hormuz. Still, Trump wants to avoid a fresh bombing campaign, officials say, preferring a negotiated end to Tehran’s nuclear advancements and the weekslong war that has raised gas prices and hurt the global economy. WSJ

U.S. intelligence assessments indicate that the time Iran would need to build a nuclear weapon has not changed since last summer, when analysts estimated that a U.S.-Israeli attack had pushed back the timeline to up to a year. The unchanged timeline suggests that significantly impeding Tehran's nuclear program may require destroying or removing Iran's remaining stockpile of highly enriched uranium, or HEU. RTRS

Trump says war could stretch 3 more weeks, claims US 'already won.’ ABC

Iraq is offering discounts for crude loaded this month, with tankers having to transit the Strait of Hormuz to collect the barrels. The discounts include as much as $33.40 a barrel for Basrah Medium crude, according to a notice from state oil marketer SOMO: BBG

Trump said he’s looking forward to seeing Xi Jinping, signaling his plans for the high-stakes summit later this month are still on despite fresh tensions.

Australia’s central bank has raised interest rates for a third time this year, bucking a trend among global peers as it fights inflationary pressures intensified by the conflict in the Middle East. The Reserve Bank of Australia on Tuesday raised its borrowing rate to 4.35 per cent. The move, its third consecutive rise, undid the effect of three cuts last year. FT

SEC Chairman Paul Atkins said the agency is probing fraud allegations at private credit firms. BBG*

Switzerland’s inflation quickened to a 16-month high in April as energy costs jumped. Consumer prices rose 0.6% from a year earlier. BBG

The US is weighing an executive order to create an AI working group and a review process for new models. NYT

Apple Inc. has held exploratory discussions about using Intel Corp. and Samsung Electronics Co. to produce the main processors for its devices in the US, a move that would offer a secondary option beyond longtime partner Taiwan Semiconductor Manufacturing Co. INTC +380bps premkt. BBG

Japan can conduct only two more sessions of three-day interventions by November to maintain its status of having a freely floating exchange rate, based on International Monetary Fund guidelines: BBG

Ahead of Race to IPO, OpenAI Discussed Spinning Out Robotics, Hardware Divisions: WSJ

The European Union has tools it can use if Donald Trump makes excessive threats to strategic industries, according to French Trade Minister Nicolas Forissier: BBG

https://x.com/zerohedge/status/2051634183601041545

[*Ed. Note:: Unpossible!11]