Reuters Daily Briefing

"How US-Iran standoff risks fresh conflict."

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Daily Briefing

By Kate Turton

Hello. Iran says its peace proposal includes reparations for war damage as the US-Iran standoff risks fresh conflict. Meanwhile, Ukrainian mid-range strikes deal a double blow to Russia's war effort, and health workers race to contain a fast-spreading Ebola outbreak. Plus, Swatch's 'drop culture' gamble takes a leaf from Labubu.

Today's Top News   Vessels in the Strait of Hormuz, Musandam, Oman, May 18, 2026. REUTERS War in Iran Three months after the United States and Israel staged an attack on Iran, a US blockade and Tehran's grip on the Strait of Hormuz have created a deadlock, with neither side bending, economic pain deepening and the risk of renewed war rising. Tehran's latest peace proposal to the US involves ending hostilities on all fronts including Lebanon, the exit of US forces from areas close to Iran, and reparations for destruction caused by the US-Israeli war, state media reported. In other news From burning oil refineries to a stalling ground offensive, Russia is suffering problems in its war against Ukraine that partly stem from a growing Ukrainian military strength: the use of medium-range drone attacks. China's armed forces secretly trained about 200 Russian military personnel in China late last year and some have since returned to fight in Ukraine, according to three European intelligence agencies and documents seen by Reuters. Read our exclusive. Chinese leader Xi Jinping is set to host his "old friend" Vladimir Putin less than a week after US President Donald Trump's high-profile visit, as Beijing seeks to project itself as a stable and predictable power in a world shaken by trade tensions, wars and an energy crisis. Two teenage gunmen opened fire at the Islamic Center of San Diego, California, killing a security guard and two other men outside the mosque before the suspects were found dead, apparently from self-inflicted gunshot wounds, police said. Trump is targeting Representative Thomas Massie in the Republican primary in Kentucky, backing a challenger to try to purge one of his loudest critics from within the party. Maldivian authorities are investigating multiple possible factors behind the deaths of five Italian divers in a deepwater cave last week, including whether they descended far deeper than expected, a government spokesperson told Reuters. Twenty-six more suspected Ebola deaths were recorded in 24 hours in eastern Democratic Republic of Congo, authorities said, and the head of the World Health ‌Organization expressed deep concern about the outbreak's spread.

Business & Markets   The latest sharp selloff in US Treasuries may be far from over. A combination of stubborn inflation, shifting expectations about interest rates, and changes in investor behavior could keep pressure on bond prices. Birkenstock went public more than two years ago, riding a wave of Barbie-fueled hype and high-end ambitions. Now its stock is near record lows. Danielle Kaye tells the Reuters World News podcast how the brand has to walk the fine line between exclusivity and growth. Standard Chartered will eliminate more than 7,000 jobs over the next four years as it seeks to replace "lower-value human capital" with technology, becoming one of the top names in finance to target headcount cuts using artificial intelligence. Meta detailed its layoff plans for this week in a memo shared with employees, saying cuts to its workforce globally would be accompanied by ‌a fresh round of organizational changes aimed at improving the company's AI workflows. Indian air safety officials plan to travel to Seattle to observe Boeing's testing of a fuel-control switch panel that was removed from an Air India 787 in February after ‌the pilots on a London-Bengaluru flight flagged a possible defect. SpaceX is getting closer to a $1.8 trillion IPO. In this episode of The Big View podcast, astrophysicist Adam Becker, author of ‘More Everything Forever,’ tells Jeff Goldfarb about the folly of ascribing value to plans to put data centers in space.

High gas prices spur Americans to improvise, from bus rides to toy cars     Mali Hightower poses with a pink Power Wheels Barbie Dream Camper, at a gas station in Ellenwood, Georgia. REUTERS/Jayla Whitfield-Anderson Mali Hightower's answer to high gas prices is a toy he fished out of someone's trash. The handyman from Ellenwood, Georgia stuck a two-gallon, one-piston engine from a power washer into a broken pink Power Wheels Barbie Dream Camper - a battery-operated toy car less than four feet tall. One pull of the lawnmower-like rip cord and he's off to the supermarket, knees at his ears, dirtbike helmet on his head. His real car, a 1996 Mercedes-Benz convertible, costs about $90 to fill.  His solution may be unusual, but the soaring cost of gasoline is reshaping everyday decisions and inspiring creative workarounds in households across the country. Read more

Swatch's 'drop culture' gamble takes leaf from Labubu, Popeyes playbook A box of Audemars Piguet and Swatch "Royal Pop" watches is displayed at a Swatch shop in London, Britain, May 18, 2026. REUTERS/Corey Rudy Swiss watchmaker Swatch and luxury partner Audemars Piguet are betting big on a Gen Z "product drop" culture - buzzy, often limited launches that have helped spur sales from Labubu dolls and Nike trainers to Popeyes chicken. The maker of popular colorful watches has stirred debate - and seen some punches thrown - with a product launch of its Royal Pop pocket watch collection with Audemars Piguet, which forced it to close some ‌stores and limit queues. Read more

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