This is the Weekend Edition of Bloomberg Opinion Today, a roundup of the most popular stories Bloomberg Opinion publishes each week based on web readership. New subscribers can sign up here; follow us on Bluesky, TikTok, Instagram, LinkedIn and Threads.

Few noticed earlier this month, but there was a symbolic crack in the world’s geopolitical map. Everyone’s attention at that point was on the nuclear talks between Tehran and Washington. In the oil market, some looked at a major shift: For just a week in early June, the US didn’t import a single barrel of Saudi crude — a feat only seen once before in half a century.

The timing couldn’t be more fortuitous. On June 9, US President Donald Trump received a fateful call from Israeli Prime Minister Benjamin Netanyahu saying war against Iran was imminent.

Since the first oil crisis in 1973-1974, generations of American politicians have dreaded a similar call, fearful of the risks around oil. In the global economy there are hardly any certainties, but one of the few is that conflict in the Middle East means higher energy prices. In US politics, too, there are few certainties, but one is that Americans hate expensive gasoline.

Read the whole thing.

Private Equity Has Peaked, and It’s About Time — Allison Schrager

This 1970s Bestseller Just Might Save Burned Out Millennials — Stephen Mihm

The US Is Making the World a More Dangerous Place — James Stavridis

Reagan Wasn’t the Conservative He’s Made Out to Be — Adrian Wooldridge

California’s High-Speed Rail Deserves to Be Canceled — Matthew Yglesias

Is Hong Kong’s New World Too Big to Fail? — Shuli Ren

Meta Gets Out Its Checkbook to Catch Up in the AI Race — Dave Lee

The G-7 Was a Great Idea — Until it Became One Against Six — Andreas Kluth

America’s Immigration Mess Shows It Failing as a Nation of Laws — Clive Crook

• AI doesn’t have to be our robot overlord. There’s a better way to think about the future, says Catherine Thorbecke.
• A lot of companies have either ended or downgraded their support of Pride Month this year: Pepsico, Nissan, Mastercard, just to name a few. But it doesn’t make business sense, says Beth Kowitt. 
• If a widespread power outage (caused, say, by a zombie apocalypse) suddenly affected your country, would you be ready? This is your sign to start prepping, says Lara Williams.

Want to test your knowledge of the week? Try out Bloomberg News’ Pointed quiz, a first-of-its-kind trivia game that allows you to place bets on your own smarts.