LATEST FROM THE IRAN CONFLICT: 🔸Oil spikes: Brent Crude jumped to $119.50 before easing to around $102 after reports G7 finance ministers may discuss a coordinated oil reserve release. 🔸NATO intercept: NATO shot down an Iranian ballistic missile headed for Turkey, raising the risk of wider involvement. 🔸Hormuz disruption: With the Strait of Hormuz nearly shut, Gulf producers face storage shortages. Saudi Arabia has begun cutting output. 🔸Trump reaction: Donald Trump said higher oil prices are a “small price” for security and is set to address House Republicans. 🔸New Iranian leader: Mojtaba Khamenei has replaced his father as supreme leader after the U.S.-Israeli strikes and is expected to maintain a hardline stance.(*Walter Bloomberg)