The US and Israel continued bombarding Iran yesterday in an aerial campaign that began with the killing of the country’s supreme leader and military top brass this weekend. Iran kept striking US allies in the Gulf region after earlier attacks on American bases. And with markets back open, the world mulled the economic disruptions a protracted war would entail.

The conflict broadened with Qatar shooting down two Iranian bomber planes, Israel exchanging rockets with the Iran-aligned militant group Hezbollah in Lebanon, and Iranian drones striking the US embassy in Saudi Arabia and Amazon data centers in the United Arab Emirates. Meanwhile, three US F-15E fighter jets were shot down in Kuwait yesterday in what the DOD called an episode of friendly fire from Kuwait. All six pilots ejected and landed safely.

Casualties are rising: The deaths of three additional US service members were announced yesterday, bringing the US death toll to six. The Pentagon warned that it expects “additional losses.” The Iranian Red Crescent said at least 787 Iranians have been killed so far.

Beyond the battlefield

Industries reliant on safely moving people and products through skies and seas are struggling, and investors are wary:

• Commercial flight cancellations across the region—which caused some to evacuate Dubai by road-tripping across borders and others to pay a premium for private flights—are hurting airlines. The US Global Jets stock index, which includes several major airlines, fell 2.6% yesterday.
• Middle Eastern waters becoming off-limits tanked the stocks of sea cruise operators Norwegian Cruise Line and Carnival by 11% and 8%, respectively.
• Liquified natural gas prices surged after Qatar stopped production at the world’s largest export facility following an Iranian drone attack. This could drive up electricity costs globally.

Meanwhile…Shares of weapons manufacturers soared, with Northrop Grumman and Lockheed Martin gaining 6% and 3% yesterday. Oil producers outside the Middle East also stand to profit. Oil futures surged as Iran doubled down on its blockade of the Strait of Hormuz yesterday, choking off a fifth of the world’s petroleum exports.

And gold prices rose almost 2% as investors sought safety amid market volatility.

When will the war end? Despite US commanders reportedly expressing concerns about potential munition shortages, President Trump said yesterday the US expects to fight for four to five weeks or “far longer.” And Defense Secretary Pete Hegseth said he would not rule out sending ground troops.—SK

Primaries kick off 2026 midterm season. The favorite time of year for anyone who obsessively follows Nate Silver has begun, with three states voting in primaries today to pick nominees for November’s midterm elections. The most high-profile races are in Texas, where incumbent Republican Sen. John Cornyn faces tough competition from state Attorney General Ken Paxton, Rep. Wesley Hunt, and others in a primary that’s expected to end in a runoff. On the D-side, US Rep. Jasmine Crockett and state Rep. James Talarico are also in a close race, along with a third candidate. With Republicans holding only a narrow margin in the House and several states having redrawn their maps, the election cycle is likely to be heated.

Prediction markets see influx of geopolitics bets—and backlash. Over the weekend, traders on Polymarket moved $529 million through bets tied to the timing of the US and Israeli strikes against Iran, according to Bloomberg. Responding to reports of insider trading on the attacks, Sen. Chris Murphy posted on X: “It’s insane this is legal.” Murphy added that he would introduce legislation to ban it. Because Polymarket operates offshore, it allows betting on military conflict, something US regulations and therefore rival prediction market Kalshi—which is US-regulated—forbid. But both platforms took bets on Iran’s Supreme Leader Ayatollah Ali Khamenei, who was killed in the strikes, being out of power, leading to online controversy for Kalshi over the payouts, per WSJ.

Trump admin to stop defending orders against law firms. The Department of Justice will reportedly no longer defend President Trump’s executive orders targeting law firms whose attorneys had opposed or investigated him. The president aggressively sought concessions from law firms early in his present term, threatening their security clearances and access to federal buildings. Some major firms agreed to do free legal work, but WilmerHale, Perkins Coie, Jenner & Block, and Susman Godfrey fought back and were named in executive orders that they successfully challenged in court. In an apparent victory for the firms, the DOJ is now said to be dropping its appeals of the rulings striking down those orders.—AR

The likelihood of a Yellowjackets and Heated Rivalry crossover has never been higher. Paramount Skydance, which won the Warner Bros. Discovery bidding war last week, said it plans to combine its Paramount+ streaming service with WBD’s HBO Max to compete with Netflix.

Paramount CEO, David Ellison, didn’t provide any detail about the potential new service, including its cost, or if they’re going to push for Spencer Pratt to join the next season of I Love LA. He did, however, praise HBO CEO, Casey Bloys, promising to let the brand continue to operate independently.

Two is still weaker than one. Paramount says that the combined service would have 200 million subscribers. But:

• That doesn’t account for crossover between the two platforms, which is estimated to be about 14% of the total subscriber pool, according to Antenna.
• It would still be significantly less than Netflix’s reported 325 million global subscribers.

In addition to revealing the streaming plans, Ellison said the merger will include $6 billion in cost cuts. The fate of WBD’s CNN remains unclear, but staffers are nervous.

Is HBO Max rebranding again? You’d think the platform was a pair of jeans that fits the whole friend group based on how many times it’s been passed around. It may have to change its name for the umpteenth time if Paramount’s takeover of WBD is approved by regulators.—MM

If you’re budget-conscious and addicted to doomscrolling, Apple kicked off a week of new product announcements yesterday with the iPhone 17e. It’s the nearly no-frills version of the iPhone 17 ($799) that offers upgrades over the 16e at the same $599 price.

Here’s what you can get for the cost of the best night of your life at Dave & Buster’s:

• MagSafe charging: Wireless charging wasn’t available on the iPhone 16e but it is built into the new model.
• More storage: While the 16e had 128GB of storage, the 17e has double the capacity, which means you can put more things in hidden folders your significant other won’t know about download more apps.
• Split screen: Apple says the 17e’s screen is three times more resistant to scratches and better at reducing glare compared with the 16e.

The 17e is Apple’s way of competing with lower-priced devices from Samsung, Google, and Chinese phone makers in markets where cost sensitivity is paramount.

What else is coming: A new iPad Air that’s 30% faster than the most recent incarnation, per Apple, will arrive in stores on March 11, as will the iPhone 17e. This week, Apple is also expected to reveal a more affordable iPad and a low-cost MacBook that the company hopes will convert Windows loyalists.—DL

The sweat of the ~25,000 people who pass through the Vatican’s museums every day isn’t just the stinkiest thing in Rome outside of Taleggio—it also has a visible impact on one of the Sistine Chapel’s most famous decorations.

To combat this, restorers are cleaning Michelangelo’s iconic fresco “The Last Judgment” for the first time in more than 30 years and carefully removing the white film of salt all that sweat has left behind on the 16th-century masterpiece, according to the Associated Press.

The famous chapel got a major restoration between 1979 and 1999 to get rid of centuries of smoke, grime, and wax, and the chapel’s other frescoes get cleaned once a year. But because “The Last Judgment” is located behind a raised altar, cleaning it requires full scaffolding. So, it’s covered up for now until Easter, with the chapel open but a replica on a screen subbing in for the fresco—in case you ever wondered what a cross between a religious experience and a dorm room poster was like.—AR