War-driven inflation surge, geothermal energy boom, and Trump's China diplomacy dominate business news amid Middle East tensions and market volatility.

US inflation hit its highest rate in nearly three years in April as the Iran conflict rippled through the economy, with gasoline prices surging and wholesale prices jumping at their fastest pace in four years, prompting Federal Reserve officials to signal potential rate hikes may be needed.

Fervo Energy, a geothermal startup using oil and gas drilling techniques to generate clean power, raised $1.9 billion in an IPO and surged 33% on its debut, capitalizing on surging AI data center energy demands.

President Trump is in Beijing for a summit with Xi Jinping, bringing at least 17 corporate executives from Tesla, Nvidia, and other major companies, with analysts concerned that lack of Chinese intervention in the Iran conflict could prompt renewed US military action.

The US faces increased dependence on rare-earth minerals dominated by China to rebuild weapons stockpiles depleted in the Iran conflict, potentially tightening US-China economic ties despite geopolitical tensions.

Wholesale and consumer prices showed persistent inflation pressures with groceries and fuel spiking sharply, making travel costlier and intensifying concerns about whether inflation could reach 5-6% again similar to pandemic-era peaks.

Recent college graduates and job seekers face a tightening labor market despite overall economic growth, with hiring slowing and workers navigating unprecedented employment conditions that have broken traditional career patterns.

Pakistan received a $1.3 billion IMF tranche and is accelerating its shift toward indigenous renewable energy, reducing reliance on imported fuel for power generation as part of broader economic stabilization efforts.

Tobacco industry secured a regulatory win when Trump sided with vape companies over his FDA commissioner, who resigned in protest over allowing flavored e-cigarette sales despite child safety concerns.

A New York Times investigation revealed suspicious insider trading patterns on Polymarket, with dozens of long-shot bets on events like the Iran war and crypto markets defying statistical odds, raising fraud questions.

Defense contractor Anduril reached a $61 billion valuation in its latest funding round while working on Trump's "Golden Dome" antimissile shield system, positioning it for an eventual IPO as the administration's favored defense contractor.