One glaring result of President Trump’s war on Iran, one month in? High oil prices. If fuel stays expensive, the cost could ripple through the global economy. Analysts think the market for electric vehicles in the U.S. could see a boost, for example, as gas prices shoot up. And countries in Asia may reopen coal production plants as crude oil becomes scarce. Also in this episode: Aluminum prices spike, Unilever sells off its food brands to a spice giant, and plasma centers see more middle-class donors.
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President Trump hits out at US allies over Iran -- telling them to grow a backbone and go and get the oil stuck in the Strait of Hormuz. His Secretary of Defense Pete Hegseth then joins the fray. Do they have a point?
Also in the programme: has the European Union reached breaking point with Israel? A NASA scientist on a huge week for space travel; and wolf bites woman on a German city street - we hear the case for the defence.
(IMAGE: Cargo ships in the Gulf, near the Strait of Hormuz, as seen from northern Ras al-Khaimah, near the border with Oman’s Musandam governance, amid the U.S.-Israeli conflict with Iran, in United Arab Emirates, March 11, 2026 / CREDIT: REUTERS/Stringer//File Photo)
P.M. Edition for Mar. 31. The U.S. stock market caps off a tough quarter with a huge rally. WSJ markets reporter Hannah Erin Lang says there’s one big factor driving the turbulent trades. Plus, businesses paid $166 billion in illegal tariffs. WSJ legal affairs reporter Louise Radnofsky explains how uncertainty over refunds is leaving many companies in a cash crunch. And Unilever and McCormick strike a deal to create a giant new condiments company. Alex Ossola hosts.
Plus: Oracle lays off workers as it continues to invest heavily in AI. And Amazon signs deal to provide in-flight Wi-Fi on Delta Air Lines flights. Julie Chang hosts.
We’re only a couple of days into the week, but we’ve already seen some large merger & acquisition deals that could shake up the consumer goods and the food distribution industry. If that weren’t enough, the healthcare industry has its own deal announcements. Plus, mailbag questions
Tyler Crowe, Matt Frankel, and Lou Whiteman discuss:
- Sysco’s $26 billion deal for Restaurant Depot
- McCormick’s $44 billion deal for Unilever’s food division
- The track record of major consumer brand mergers
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Trump has served up so many rationales for why he had to do this war, but helping Iran project even more power in the region was surely not one of the reasons. And yet, here we are. Iran is in control of a good chunk of the global energy supply, and other countries are going to have to beg to get through the Strait of Hormuz. This is the moment for Democrats to show what a real opposition is—especially when warmonger Lindsey Graham runs off to play at Disney World. Plus, Trump's coalition is mid-crackup, Hegseth's self-pity and insecurity is pathetic, and of course, Tim and Jon react to the news of Kristi Noem's bimbofied husband.
Today the Supreme Court issued its opinion in Chiles v. Salazer, the case involving a Colorado ban on conversion therapy. Leah is joined by Shannon Minter, Legal Director at the National Center for LGBTQ Rights, to break it down.
OpenAI planned to launch an “adult mode” for ChatGPT, opening the door to AI-generated, sexually explicit conversations. The decision created an internal uproar as some company experts warned of potential risks to minors and unhealthy emotional attachments. WSJ’s Sam Schechner discusses the complicated future of sex and artificial intelligence. Ryan Knutson hosts.
