Washington, DC

1. US escalates in Iran
2. Gas prices near $4
3. Trump endorses Darline Graham
4. Michigan, Maine heat up
5. US pushes propane

Nvidia shares ▼ 2.21% amid a chip stock rout, as investors fret about overspending on AI.

US escalation in Iran continues

The US began striking Iran this afternoon for the seventh day in a row as escalation continues on both sides of the conflict. Overnight, US missiles hit bridges and other Iranian infrastructure, as Defense Secretary Pete Hegseth posted a photo on X of a crumbling maritime control tower that overlooked the Gulf of Oman. In addition, Trump is considering launching an attack on Pickaxe Mountain, an underground site that could serve as a home to a future Iranian nuclear program. The US also plans to send dozens of additional refueling planes to Israel, Axios reports. Iran has retaliated by firing on its neighbors, including Qatar, a mediator in peace talks; Jordan; and Kuwait, where a desalination plant was damaged. The Houthis, meanwhile, are considering blocking Saudi Arabia’s main oil export route as a favor to Tehran.

Gas prices approach $4 a gallon

Gas prices are likely to cross $4 a gallon in the next few days, as the renewed conflict in Iran disrupts oil flows through the Strait of Hormuz. After the US and Iran signed a memorandum of understanding in June, gas prices fell precipitously to $3.77 a gallon after reaching a wartime high of $4.50 a gallon. The drop was enough to ease inflation for the month, though prices hadn’t recovered to their pre-war levels of below $3 a gallon. In the long run, Iran’s hold over the strait is expected to become less significant, as energy companies and Gulf countries invest in alternatives to moving energy out of the region. But in the near term, Trump’s recent call for gas stations to shoot for prices in the range of $2.50 is likely well out of reach.

Trump backs Darline Graham as she eyes Nov. run

Sen. Darline Graham indicated to the White House she is interested in running to serve a full Senate term, Semafor’s Burgess Everett and Shelby Talcott scooped — hours before President Donald Trump gave her his “Complete and Total Endorsement” to do so. At Trump’s encouragement, South Carolina Gov. Henry McMaster appointed Darline Graham to fill the seat left vacant by the death of her brother, Sen. Lindsey Graham, until the end of the year. She was sworn in on Tuesday and, by Thursday, had already joined with Sen. Richard Blumenthal, D-Conn., to introduce a Russia sanctions bill. Getting Trump’s support for a sprint campaign to replace her brother on the ballot in November makes her the heavy favorite in an open primary that’s attracting interest from across the state GOP.

Sanders heads to Michigan as Maine picks delegates

It’s a big weekend for Democrats in Maine and Michigan — two states at the center of their narrow path to the Senate majority this fall. In Michigan, Sen. Bernie Sanders, I-Vt., and Rep. Alexandria Ocasio-Cortez, D-N.Y., are parachuting in to stump for Abdul El-Sayed, a former state public health official who has made opposition to Israel central to his campaign. Pro-Israel groups are overwhelming his spending to boost his primary opponent, Rep. Haley Stevens, who has faced a decidedly personal online pile-on in recent weeks. Even El-Sayed called on his online supporters today to stop making fun of Stevens for “things that have nothing to do with her policies or politics.” In Maine, meanwhile, Democratic voters will head to county meetings to select delegates who will go on to pick the candidate to replace Graham Platner as the party’s nominee for Senate.

Trump pushes propane exports

The Trump administration is replacing the gutted American foreign aid apparatus with, in part, a push to export more propane, Semafor’s Tim McDonnell reports. US Energy Secretary Chris Wright made a digital appearance last week at an International Energy Agency summit focused on replacing African households’ use of charcoal and other indoor cooking fuels with cleaner alternatives, especially propane and other petroleum-derived gases. “Access to clean cooking is one of the most impactful, yet overlooked, challenges of our time,” Wright told attendees, who included Kenyan president William Ruto and African Union energy commissioner Lerato Mataboge. “By expanding access to affordable and reliable propane gas, we can transform human lives across the globe.”

Steve Hilton has lived many lives. He’s been a key strategist to former British Prime Minister David Cameron, a populist Fox News host, and now — after renouncing his UK citizenship — he’s become the Republican nominee in California’s gubernatorial race. On this week’s episode of Mixed Signals, Max and Ben ask him about a career that has intertwined politics and media at every turn, why he succeeded in a primary where Spencer Pratt failed, and how he balances conservative media’s portrayal of California with his campaign to lead the state. Plus, they ask whether David Ellison’s Paramount would really flee Hollywood, what people get wrong about the Murdochs, and what he really thinks about the character he inspired on The Thick of It.

White House

• President Trump’s media company pitched a $100,000 monthly fee for instant access to the president’s social media feed. — FT
• FIFA President Gianni Infantino is meeting with White House officials to discuss potential smoke-related hazards ahead of Sunday’s World Cup final. — Sky
• Homeland Security Secretary Markwayne Mullin threatened state election officials with jail time if they do not cooperate with federal authorities on security efforts.

Media

• President Trump threatened to revoke the licenses of ABC and NBC, after the networks did not carry his speech from the White House last night.

Business

• The Securities and Exchange Commission is expected to drop required quarterly earnings reports, despite a flood of criticism. — WSJ

Technology

• US semiconductor stocks were set to wrap up their worst week in a year.
• Apple surpassed Nvidia to again become the world’s most valuable company.
• Elon Musk’s SpaceX is in talks to provide data-center capacity to the Pentagon. — WSJ

Campaigns

• Democratic Wisconsin Lt. Gov. Sara Rodriguez ended her bid for governor, acknowledging that her campaign made significant errors in its own campaign finance reports.

Congress

• House Republicans released a stopgap government funding bill that lasts until Dec. 4.

World

• China said the US was set to restore Hong Kong’s special trade status, which President Trump first revoked in 2020.
• German troops will join a French nuclear exercise for the first time, the countries’ leaders announced.

— President Trump on Truth Social, addressing the Canadian wildfire smoke affecting US states.

Semafor DC Team

Laura McGann, editor

With help from Elana Schor, senior Washington editor, and Morgan Chalfant, Washington briefing editor

Brendan Ruberry, copy editor

Contact our reporters:

Burgess Everett, Eleanor Mueller, Shelby Talcott, Nicholas Wu, David Weigel