The U.S. is tightening its squeeze—reimposing a blockade of ports and firing on a ship that violated it—but the renewed pressure might not be enough to crack Tehran. Iran is becoming a “survival economy” by rationing scarce goods, limiting access to foreign currency, slashing investment and shifting more burden onto households while preserving strategic imports. Analysts say this will deepen economic malaise, raising poverty and dysfunction, but also give Iran’s leaders room to stall talks with the U.S.

After a meeting in Ankara, President Trump secretly swapped planes—boarding Air Force One, then moving to a military jet via an airport catering truck—after being briefed on an Iranian threat to use shoulder-to-air missiles. The U.S. official said Israel provided the intelligence; it was the first such decoy effort in Trump’s presidency.

In private-credit, the payment-in-kind (PIK) option is losing popularity. Worsening loan performance and investor scrutiny have tightened standards. Firms extend less debt to borrowers bought by private-equity firms—especially software companies vulnerable to AI—and close loopholes on asset-based financing.

Gen. Carsten Breuer said Russia’s threat shapes Germany’s first military strategy since WWII. Last week, an explosive-laden drone was found near a Ukrainian cargo plane. Separately, Olympic canoeist David Hearn faces possible new charges after a prior case was dropped.