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 Good morning. Donald Trump touts prospects for diplomacy to end the Iran war as the financial repercussions spread. And he suffers a symbolic setback in his own backyard. Listen to the day's top stories. — Hellmuth Tromm
The US drafted a 15-point plan to help bring the Iran war to a close and delivered it via Pakistan, according to people familiar, but details of the proposal remain unclear. Iran's long-range missile attacks continued to take a heavy toll as the US is ordered the deployment thousands more troops to the Middle East. China urged Iran to engage in talks as soon as possible. Oil traders are, for now, buying into the optimism as Iran said non-hostile ships can cross the Strait of Hormuz—but only on Tehran's terms. Brent crude sank back below $100 a barrel, while US stock futures rose. Gold joined in, snapping a nine-day losing streak. To ease rising energy costs for farmers and rural voters, the Trump administration is preparing to expand sales of higher-ethanol E15 gasoline this summer. But strains are also surfacing elsewhere, with Chevron warning California risks an energy crisis as diesel topped $7 a gallon in the Golden State. Higher prices are even fueling a surge in crude theft across West Texas.   Air travel disruption in the Middle East is ongoing and some carriers have halted passenger flights to destinations such as Dubai, Riyadh, and Tel Aviv. The deadly collision at New York's LaGuardia Airport is once again putting a spotlight on air traffic controller shortages and raising concerns about aviation safety after a key system failed in the incident. Air traffic control has been in a downward spiral, with tight tower staffing for years, while a federal funding impasse is lengthening security lines from New York to Houston. Trump suffered a symbolic defeat in his own Mar-a-Lago backyard after a Democrat flipped a Florida state House seat in a special election. The upset adds to a string of Democratic victories, fueling unease among Republicans ahead of the midterms. Even the Latino support seems to be slipping. Bloomberg House arrives in Miami at the Formula One Grand Prix. Set against one of the world's most electrifying sporting events, we bring together business, investment, real-time data and Bloomberg journalism to fuel forward-looking discussions, as well as networking with global leaders. Register here. Deep Dive: Battle for Fertilizers Fertilizers waiting to be loaded onto ships this week in China's Shandong Province. Photographer: CFOTO/Future Publishing/Getty Images The Iran war is choking off fertilizer flows from the Middle East, sending prices higher, amplifying fears of a global food crisis and prompting a scramble by governments worldwide to secure supplies.
 The Big Take Illustration: Ibrahim Rayintakath for Bloomberg Sandvine built a business offering network management tools that, in the wrong hands, could be used for censorship—until the US government intervened. Here's the story of how selling to a repressive regime nearly broke a tech firm. OpinionThe Iran war is less likely to kill the AI boom than cleave it in two, exposing infrastructure players to energy and funding risks while leaving software-focused AI labs more insulated, Parmy Olson writes. More Opinions Play Alphadots!Our daily word puzzle with a plot twist.  Before You Go Cameras and Lidar sensors mounted to a BYD Yangwang U8 demonstration vehicle. Photographer: Qilai Shen/Bloomberg Falling short. BYD's God's Eye was supposed to spot road dangers and practically let the car drive itself. But customer complaints tell a different story, illustrating the risks of rushing to add cutting-edge tech. One More More From BloombergEnjoying Morning Briefing Americas? Get more news and analysis with our regional editions for Asia and Europe. Check out these newsletters, too:
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