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  • 15 years after ‘Video Games,’ Lana Del Rey has an actual video game song

    The James Bond franchise has a long history of getting pop stars to record its theme songs (perhaps most memorably with Live and Let Die), and it looks like that tradition will now extend to video game adaptations about the fictional spy. IO Interactive has announced that Lana Del Rey co-wrote and performed the theme for 007 First Light, the developer’s playable James Bond origin story.

    “First Light” is written and performed by Lana Del Rey and composer David Arnold, and like the moody and abstract opening credits released alongside the song, could vaguely gesture at the themes of the game. IO Interactive has previously said that its game focuses on a young, inexperienced and more reckless Bond, before he developed his trademark cool. The developer is also integrating the stealth mechanics it perfected in Hitman into the upcoming game.

    Del Rey’s personal gaming experience may begin and end with her hit “Video Games,” which was apparently written about a former boyfriend’s love of World of Warcraft, but the artist does know how to write a song with Bond in mind. Lana Del Rey shared in 2024 that her song “24” from the album Honeymoon was originally written for 2017’s Spectre, one of several songs that were cast aside in favor of Sam Smith’s “Writing’s on the Wall.”

    007 First Light is coming to Xbox Series X/S, PlayStation 5 and PC on May 27, 2026. A Nintendo Switch 2 version of the game is now coming out this summer.

  • Judge Rules Caitlyn Jenner’s JENNER Memecoin Is Not a Security in Class Action Blow

    Judge Rules Caitlyn Jenner’s JENNER Memecoin Is Not a Security in Class Action Blow

    TL:DR:

    • Judge Stanley Blumenfeld Jr. determined that the token does not meet the criteria of an investment contract, invalidating claims of unregistered securities.
    • The lead plaintiff, Lee Greenfield, reported losses exceeding $40,000 after investing in the Solana and Ethereum versions of the asset.
    • The ruling concludes that there was no “common enterprise” according to the Howey Test, exempting Jenner from federal securities fraud allegations.

    On Friday, a district judge in California issued a landmark ruling by decreeing that Caitlyn Jenner’s JENNER cryptocurrency does not constitute a financial security. The decision follows a class-action lawsuit accusing the celebrity of promoting unregulated assets.

    The court analyzed the case under the Howey Test, a legal tool that defines whether an asset is an investment contract. The judge concluded that there was no “common enterprise” or technical capital pooling mechanisms to justify the classification.

    Despite the plaintiff’s argument that Jenner’s fame influenced the expectation of profits, the ruling maintains that investors did not share profits or losses collectively. This technical nuance is crucial for differentiating memecoins from traditional stocks.

    The defense for Jenner and her late manager, Sophia Hutchins, always maintained that the Ethereum-based token lacked the characteristics of a security. The court finally validated this stance, pointing out deficiencies in the prosecution’s arguments.

    The Impact of the Howey Test on the Memecoin Ecosystem

    This verdict represents a significant precedent for the celebrity-linked cryptocurrency sector. By ruling in favor of the defense, the court limits the ability of investors to claim damages based strictly on market volatility.

    Furthermore, the resolution highlights that the simple act of investing money does not guarantee the existence of a security if there is no corporate structure behind it. This distinction protects, in part, token creators against litigation over price fluctuations.

    The judge rejected the idea that transaction taxes or marketing plans constituted an investment in a common enterprise. According to the record, resources were not pooled to generate capital beyond the coin itself.

    Consequently, Judge Blumenfeld dismissed the federal charges, suggesting that any remaining state-level claims must be resolved in other venues. The sentence closes a tense chapter for Caitlyn Jenner’s public image in the crypto space.

    U.S. justice has drawn a clear line by determining that the JENNER memecoin does not qualify as a security. The ruling underscores the lack of a common enterprise, leaving claims for economic losses outside federal securities jurisdiction.

  • Chainalysis Details ‘Shadow Crypto Economy’ Exposure as Grinex Suspends Operations

    Chainalysis Details ‘Shadow Crypto Economy’ Exposure as Grinex Suspends Operations

    Grinex’s shutdown is intensifying scrutiny of crypto laundering tactics, as fund movements suggest behavior inconsistent with typical enforcement actions. Chainalysis analysis highlights patterns that raise questions about whether the activity aligns with a conventional external hack or alternative explanations.

    Key Takeaways:

    • Chainalysis flags Grinex swaps as inconsistent with typical law enforcement seizures.
    • Tron-based conversions show illicit actors avoiding stablecoin issuer intervention.
    • Grinex activity does not clearly align with patterns of a conventional external hack.

    Grinex Shutdown Raises Questions About Crypto Laundering Tactics

    Sanctions pressure continues to test the resilience of crypto networks tied to restricted financial activity. Blockchain intelligence firm Chainalysis on April 17 examined Grinex after the sanctioned exchange suspended operations. The review described the shutdown as a new stress point for infrastructure tied to sanctions evasion.

    Grinex claimed a cyberattack cost about 1 billion rubles, or $13.7 million, and published the source and destination addresses involved. Chainalysis then assessed the transfers using on-chain data rather than relying on the exchange’s narrative. The analysis found that the stolen assets were mainly a fiat-backed stablecoin before being moved through a Tron-based decentralized exchange into TRX.

    “In the case of the alleged Grinex hack, the stablecoin funds were quickly swapped for a non-freezable token, thereby avoiding the risk of having the stablecoins frozen by the issuer,” the blockchain analytics firm stated, adding:

    “This frantic swapping from stablecoins to more decentralized tokens is a hallmark tactic of cybercriminals and illicit actors attempting to launder funds before a centralized freeze can be executed.”

    Chainalysis argued that this behavior does not fit a typical Western law enforcement seizure because authorities can request freezes from centralized stablecoin issuers. The firm instead said the rapid conversion raises questions about whether the activity aligns with a conventional external hack.

    Shadow Crypto Economy Shows Deep Interconnected Structure

    Those conclusions rest on more than the attack claim alone. Chainalysis noted that the decentralized exchange used in the swap had previously served Garantex, the sanctioned predecessor to Grinex, as a liquidity source for hot wallets. That detail is notable because Chainalysis has already described Grinex as the direct successor to Garantex after international enforcement disrupted the earlier platform. The company also tied Grinex to A7A5, a ruble-backed token issued by sanctioned Kyrgyzstani company Old Vector.

    According to the analysis, A7A5 was built for a narrow Russia-linked payments ecosystem aligned with cross-border settlement needs under sanctions pressure. Chainalysis added that the exfiltrated funds were still sitting in a single address at publication time, leaving a live trail for future forensic review.

    The broader takeaway was less about one theft than about the financial system surrounding it. Chainalysis observed that the episode is the latest disruption inside a “shadow crypto economy.” That phrase captured the firm’s larger conclusion that Grinex, Garantex, A7A5, and related services formed an interlinked network designed to keep value moving despite sanctions. Chainalysis further disclosed that it labeled the relevant addresses in its products to help customers identify exposure as the funds move downstream. Even without final attribution, the firm made clear that Grinex’s suspension damages a key channel within that sanctioned ecosystem.

  • Is the FCC’s Foreign-Made Router Ban Only the Beginning?

    Is the FCC’s Foreign-Made Router Ban Only the Beginning?

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  • Pedro Pascal Didn’t Know He’d Be in Bad Bunny’s Super Bowl Halftime Show Until Right Before He Was “Being Marched Out Into the Field”

    Pedro Pascal Didn’t Know He’d Be in Bad Bunny’s Super Bowl Halftime Show Until Right Before He Was “Being Marched Out Into the Field”

    Pedro Pascal didn’t know he’d be involved in Bad Bunny‘s 2026 Super Bowl halftime performance until right before he was being brought onto the field.

    The Last of Us actor reflected on his cameo in the Grammy Award winner’s monumental Super Bowl performance in a profile with Fantastic Man. Pascal admitted that he reached out to Bad Bunny’s team about participating somehow, even if that meant he’d be volunteering or serving coffee.

    “I wanted to participate in any way — literally a volunteer position, like serving coffee if needed — and I put the feelers out through people I work with,” he said. “When it comes to representation synchronized with celebration there’s no one better than Benito at the moment, and that fills me with inspiration outside of just being super into his music.”

    The Emmy nominee explained he went into shooting Tony Gilroy’s Behemoth! and hadn’t heard back from Bad Bunny’s team, so he “sent someone an email with a selfie of me sticking my tongue out, being, like, ‘It’s really me.’ Within 25 minutes, they called me back and they were, like, ‘We want you to come to the show.’”

    Once he made it to Super Bowl LX, the actor explained he did not explicitly know he’d be taking the field to appear in Bad Bunny’s La Casita, a set piece he utilizes in his live performances. All he was told was to wear the color beige, but he quickly realized he was going to be featured in the performance.

    “I was under the impression that I would be in a suite. There was a dress code – ‘wear beige’ – but I thought it was in case there’d be a photographer,” Pascal said. “So we’re up in the stands watching the game and somebody pulls me from my seat and takes me backstage and then there’s Cardi B and there’s Young Miko and Karol G and Jessica Alba. They do a wardrobe check and then they tell me, ‘Okay, so the vibe is: you’re dancing.’”

    That’s when the Materialists star realized he’d be featured in the show, specifically in Bad Bunny’s La Casita. “I started to realize right before they started, and I was, like, ‘It’s the Casita. I’m such a fucking idiot. Oh my god, I’m going to be in the Casita,’ as I was being marched out into the field. So I think that’s why I seemed like a deer in headlights,” he added.

    As Pascal outlined, he was not the only star featured in the singer’s performance. Alongside Cardi B, Young Miko, Karol G and Jessica Alba, the “Tití Me Preguntó” singer also tapped Ricky Martin and Lady Gaga to perform with him mid-set, while Alix Earle, Dave Grutman and Ronald Acuña Jr. also appeared in Bad Bunny’s La Casita.

  • ‘RuPaul’s Drag Race’ Names Season 18 Winner: See Who Snatched the Crown (and Miss Congeniality)

    [This story contains major spoilers from the finale of RuPaul‘s Drag Race season 18.]

    RuPaul has crowned America’s Next Drag Superstar!

    Season 18 of RuPaul’s Drag Race has come to an end, and Myki Meeks has snatched the crown.

    Heading into Friday night’s finale, Darlene Mitchell, Myki Meeks and Nini Coco were named the top three of the competition. Each drag artist dished out a performance to their own original song in the cumulative episode, though it was Myki and Nini who RuPaul named the top two queens of season 18.

    Darlene was named second runner-up, and before she exited the stage to make way for the lip sync, she jokingly turned back to RuPaul and asked, “You sure?”

    But before RuPaul’s Drag Race named its mint winner, Jane Don’t was presented with the coveted title of Miss Congeniality, voted on by the cast. While she did not win season 18, Jane Don’t was a frontrunner throughout the season, with her elimination in episode 13 coming as a surprise. (She unpacked her Drag Race tenure with THR here.)

    Miley Cyrus was on hand to receive the Giving Us Lifetime Achievement Award, and the top two queens performed in a Lip Sync for the Crown to her song “Every Girl You’ve Ever Loved.”

    Myki Meeks and Nini Coco in the final lip sync of RuPaul’s Drag Race season 18.

    MTV

    Both queens dished out impressive performances, but it was Myki who ultimately won the lip sync, also securing her newfound title of America’s Next Drag Superstar. Onya Nurve, winner of Drag Race season 17, presented Myki with their crown and scepter.

    Hailing from Orlando, Florida, Myki was a dominating force throughout the tailend of season 18, consecutively winning the final three challenges of the installment. She won a total of four challenges, joining a lucrative list of queens from the Drag Race universe who have won a quartet of episodes on the series.

    “This is for my friends, my family, all of Orlando, live fiercely, love boldly, and write it in the books baby, the Meeks shall inherit the crown!” Myki said after snatching the top spot.

    The season 18 winner won a cash prize of $200,000, and for the first time, an official makeup collaboration with Anastasia Beverly Hills Cosmetics. During the finale episode, Darlene, Myki and Nini each visited the makeup company’s headquarters, where they spoke with president Norvina about what their potential collaboration would look like.

    See how the queens of RuPaul’s Drag Race season 18 finished below.

    Myki Meeks (WINNER)
    Nini Coco (2nd place)
    Darlene Mitchell (3rd place)
    Juicy Love Dion (4th place)
    Jane Don’t (5th place)
    Discord Addams (6th place)
    Kenya Pleaser (7th place)
    Athena Dion (8th place)
    Mia Starr (9th place)
    Vita VonTesse Starr (10th place)
    Ciara Myst (11th place)
    Briar Blush (12th place)
    Mandy Mango (13th place)
    DD Fuego (14th place)

  • Six years after wrong man cremated in body mix-up, California widow’s lawsuit headed back to court

    Six years after wrong man cremated in body mix-up, California widow’s lawsuit headed back to court

    The service in the Chula Vista mortuary chapel was soon to start, and Celina Gonzalez was ready to see her husband’s body. She’d not seen the long-haul trucker since he’d died in Texas a month earlier, the victim of a blood clot. It was April 2020, the mystery of COVID was new and restrictions were tight. As guests were about to arrive, she had her first chance to see him. The grieving widow finally looked into the casket.

    It was not him.

    Through a Spanish-language interpreter, Gonzalez would later tell a San Diego jury that a funeral home official tried to explain that yes, it was her husband. But Gonzalez was certain. Her husband had tattoos. This man did not.

    His body had been mixed up with another man’s body in Texas. Jose Gonzalez Jr.’s body had instead been sent to a medical school, donated to science. His body sat there for three weeks and was then cremated — a fate Celina Gonzalez told the jury was expressly against her husband’s wishes. He had feared cremation.

    She sued the local funeral home, Community Mortuary, and an official there, alleging negligence and breach of contract. In 2024, a San Diego Superior Court jury found in favor of the mortuary and its official.

    But the case is not over. Last week, the 4th District Court of Appeals, Division 1, reversed the verdict, citing a legal matter it said the trial judge had incorrectly decided before trial.

    At trial, the jury found that while the mortuary had breached its contract by not producing the correct body, it would have been impossible for the mortuary to uphold the contract because the body had been cremated. That question of an impossibility defense, the appellate court said, was one that should have been decided by a judge, not a jury. The case is now headed back to the lower court.

    An attorney representing Community Mortuary declined to comment, citing the active litigation. The widow’s attorney, Dave Sullivan, said he was pleased with the appellate decision regarding the argument over the impossibility defense.

    Jose Gonzalez Jr., 47, died March 20, 2020, at a hospital in Fort Worth. The following day, a man by the name of Jesse Gonzales — same last name, different spelling — also died in Fort Worth. Both bodies were taken to the Tarrant County Medical Examiner’s Office.

    The appellate opinion, published April 8, suggests it’s possible a staffer there mixed up identification tags, inadvertently attaching them to the wrong body bags.

    Jesse’s family had authorized donating his body to science. But on March 23, it was Jose’s body that was taken to the medical school. That same day, Jose’s wife sat in Community Mortuary in Chula Vista, discussing arrangements to bring her husband’s remains home.

    A few days later, the Medical Examiner’s Office released Jesse’s body — thinking it was Jose’s body — to a transport company working for a Texas funeral home hired by the Chula Vista mortuary, according to the opinion. At the funeral home in Texas, Jesse’s body was embalmed, his body bag bearing the official tag from the Medical Examiner’s Office was incinerated, and the mortuary placed a new name tag on Jesse’s ankle.

    On March 27, Jesse’s body, with Jose’s name on it, was delivered to Community Mortuary in Chula Vista. It was refrigerated until the open casket service.

    On April 23, with guests about to arrive, Celina Gonzalez got her first look at the body in the casket. She would later learn that her husband’s body had been cremated in Texas six days earlier.

    Sullivan, her attorney, contends that Community Mortuary had the three-week stretch before Jose was cremated in which it could have caught the mistake. Sullivan says the lack of the official tag from the Medical Examiner’s Office should have been a red flag that prompted a further check by Community to ensure it had the correct body.

    “This whole thing, even though it started in Texas, was all avoidable if these guys had done what they were supposed to have done when the body arrived, which was to confirm that they have the right body,” Sullivan said.

    At trial, the widow said she had tried unsuccessfully to see her husband’s body before the service and had supplied photos of him. That assertion is in dispute, according to the opinion.

    “She still blames herself and beats herself up for not knocking down the door of the mortuary when her husband arrived to make sure that it was the right body,” Sullivan said.

    The appeals court also noted there was testimony that the body bag containing Jose’s body was labeled as a suspected COVID-19 case, and in the early days of the pandemic, the practice of opening a bag to check the ankle tag as an extra precaution against misidentification had been suspended.

    Other members of Jose Gonzalez’s family also sued, but the appeals court found that only the widow had standing to bring a breach of contract action against the Chula Vista funeral home that she had hired.

    Aside from the local suit, Celina Gonzalez filed suit in Texas against the Texas businesses that briefly had custody of her husband’s body, and those suits ended in confidential settlements. She also sued the Tarrant County Medical Examiner’s Office, but the governmental entity was found to have immunity and was dismissed from the case.

    Jesse Gonzales’ body was returned to Texas, and Jose Gonzalez’s remains were sent to California. Two years after her husband died, Celina Gonzalez had his remains interred in a San Diego cemetery.

  • Circle Hit With Class Action Lawsuit Over $285M Drift Protocol Hack

    Circle Hit With Class Action Lawsuit Over $285M Drift Protocol Hack

    In brief

    • Stablecoin issuer Circle is facing a class action lawsuit from Drift Protocol investors who lost money in a recent $280 million exploit of the DeFi protocol.
    • The suit targets Circle’s handling of the exploit, alleging that hackers moved stolen USDC through the firm’s own cross-chain infrastructure.
    • Circle has defended its actions, saying it only freezes assets when legally mandated to do so.

    USDC issuer Circle has been hit with a class action lawsuit from Drift Protocol investors who lost money during the April 1 exploit that saw $285 million drained from the the Solana DeFi platform.

    The suit, filed on April 14, accuses Circle Internet Financial of failing to freeze stolen funds during the exploit.

    The lawsuit centers on an eight-hour window during which attackers moved $232 million in USDC from Solana to Ethereum using Circle’s Cross-Chain Transfer Protocol. The hackers had exploited Drift Protocol through pre-signed administrative transfers using “durable nonces,” a legitimate Solana feature they weaponized weeks before the April 1 attack.

    Drift Protocol subsequently linked North Korean state-affiliated hackers to the attack, noting that they had infiltrated the company over the course of six months by posing as a quantitative trading firm.

    The incident prompted sharp criticism of Circle from within the crypto community, with blockchain investigator ZachXBT accusing the firm of having been “asleep,” during the Drift exploit, adding, “Why should crypto businesses continue to build on Circle when a project with 9 fig TVL could not get support during a major incident?”

    Circle maintains it acted appropriately within legal constraints. “Circle is a regulated company that complies with sanctions, law enforcement orders, and court-mandated requirements,” a company spokesperson said. Earlier this week, CEO Jeremy Allaire warned that unilateral freezing decisions outside established legal processes could create a “significant moral quandary.”

    Chief Strategy Officer Dante Disparte reinforced this position in a blog, stating that, “when Circle freezes USDC, it is not because we have decided, unilaterally or arbitrarily, that someone’s assets should be taken from them. It is because the law requires us to act.”

    While Circle defended its position, Drift Protocol secured recovery commitments of up to $127.5 million from Tether and $20 million from other partners on Thursday. Tether CEO Paolo Ardoino positioned his firm as more responsive, stating that, “Tether’s role in the digital assets ecosystem is to provide a platform for individuals and institutions alike that is ready to step forward to help the industry in the moment of darkness.”

    The legal action arrives amid broader concerns about stablecoin issuers’ responsibilities in combating illicit finance. TRM Labs data shows around $141 billion in stablecoin transactions last year were linked to illicit activity including sanctions evasion and money laundering, while ZachXBT has documented approximately $420 million in suspicious USDC flows since 2022 that went unblocked.

    Circle reported soaring USDC circulation and transaction volume figures in its Q4 2025 report, with Allaire claiming that the firm would grow in tandem with the artificial intelligence industry, and “drive the greatest acceleration of economic activity we’ve ever seen in human history.”

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  • Negative Funding Rates Hit Yearly High as Bitcoin Tests $76K

    Negative Funding Rates Hit Yearly High as Bitcoin Tests $76K

    In brief

    • Bitcoin funding rates have remained negative for over a month even as BTC touched $76,000, signaling heavy bearish positioning.
    • A potential uptrend could see Bitcoin revisit $125,000 in 30-60 days, Decrypt was told.
    • Despite bullish catalysts, analysts remain cautious, highlighting $80,000 as a key trigger level; failure risks a double-digit sell-off similar to that seen in May 2022.

    Bitcoin’s recent rally toward $76,000 faces a dilemma, leaving investors split on its near-term outlook.

    Funding rates for Bitcoin—a fee paid by derivatives traders to maintain the alignment between spot and futures prices—have remained negative for over a month and hit the highest level this year, according to Coinglass data.

    Negative funding rates indicate investors are shorting the recent rally with the expectation of a reversal.

    The divergence between bearish derivatives positioning and bullish spot catalysts sets up a potential short squeeze—or a bull trap—depending on which side breaks first.

    “Funding rates this negative tell you the market is heavily short,” Daniel Reis-Faria, CEO of ZeroStack, told Decrypt.

    The derivatives data directly contrasts with Bitcoin’s recent uptick, which was in part driven by bullish catalysts such as sustained ETF inflows, regulatory development surrounding the CLARITY Act, and the two-week ceasefire between the U.S. and Iran, Decrypt previously reported.

    “For a squeeze to gain real momentum, Bitcoin would need to break and hold above $80,000,” Illia Otychenko, lead analyst at crypto exchange CEX.IO, told Decrypt.

    Such a move could trigger “cascading liquidations of short positions and accelerate the rally,” Otychenko said.

    Reis-Faria’s bullish forecast involves Bitcoin pushing close to “$125,000 in the next 30 to 60 days,” adding that a short squeeze would help this case.

    Bitcoin is currently trading at around $75,580, up 1.2% in the past 24 hours after having reached an intraday high of $76,114, according to CoinGecko data.

    Short squeeze or bull trap?

    At this stage, a short squeeze isn’t guaranteed.

    Options data reveal the 7- and 30-day 25-delta skew hovers between -2% to -4%, according to Deribit, suggesting that investors are paying a premium for downside protection via bearish bets.

    Additionally, the 0.72 put/call ratio is climbing, also reflecting growing demand for downside protection. “The pattern closely resembles late May 2022, when a similar squeeze setup instead preceded a double-digit sell-off,” Otychenko said.

    Despite the demand from ETF investors and improving geopolitical outlook, there is a “real risk this setup turns into a bull trap rather than a breakout,” he warned.

    Experts who spoke to Decrypt also maintained a similar outlook, adding that the geopolitical risks haven’t subsided but merely paused. A resumption of the U.S.-Iran war could further push oil prices higher, awakening inflation concerns and subsequently reducing risk appetite, keeping Bitcoin and the broader financial markets capped.

    On prediction market Myriad, owned by Decrypt‘s parent company Dastan, users are increasingly optimistic on Bitcoin’s prospects. They now place a 67% chance on its next move taking it to $84,000 rather than $55,000, up from 54% at the start of the week. Myriad users are similarly positive about the geopolitical situation, putting a 66% chance on the number of ships transiting the Strait of Hormuz averaging more than 15 before May, up from 49% on Monday.

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  • The three clocks of the Iran war

    The three clocks of the Iran war

    In every conflict, the calendar is as consequential as the cannon. The war that has consumed the Gulf between the United States, Israel and Iran is no exception. Beyond their primary adversaries, each of the three protagonists is battling time. Each is operating on a different political clock, facing a unique and potentially lethal deadline.

    Washington: The midterm clock

    In January 2025, Donald Trump returned to office with a philosophy of rapid-fire diplomacy, prioritising the art of the deal over the machinery of war. He dispatched Steve Witkoff to Oman and set a 60-day deadline. He genuinely believed that a sharp, decisive shock to Iran’s leadership would produce regime collapse within days, an expectation apparently reinforced by the Mossad and Netanyahu. It did not.

    When that quick victory failed to materialise, the US found itself in a war of attrition in which time is on Iran’s side. Professor John Mearsheimer of the University of Chicago was blunt: “Trump committed a colossal blunder.” The problem is structural: Iran holds substantial leverage over the global economy through the Strait of Hormuz and its continued ability to penetrate Gulf states’ and Israeli air defences, leaving the US with no clear exit strategy.

    The domestic political cost is already severe. US crude oil jumped past $90 per barrel, up from $67 the day before the war broke out. Inflation climbed at an annual rate of 3.3 percent in March, with gasoline prices rising 21.2 percent, while higher energy costs accounted for nearly three-quarters of the monthly rise in the consumer price index.

    Trump’s approval rating on the economy has hit an all-time low of 29 percent, and even 40 percent of Republicans now disapprove of his handling of inflation and rising prices.

    The president is in a precarious political position, seven months before the midterm elections, facing his lowest approval ratings and presiding over an unpopular war. Even if the conflict ends soon, voters could still be grappling with pain at the petrol pump deep into the election season, as Republicans struggle to defend razor-thin majorities in Congress.

    The cruel irony is that the man who promised to bring prices down may have personally ignited the biggest energy shock in a generation. “All the issues that brought down Joe Biden are now threatening to bring down Trump and Republicans in the midterm,” warned one Republican strategist.

    Tehran: Holding burning coal

    Iran’s calculus is equally time-sensitive, but inverted. Where Trump needs a quick exit, Tehran’s survival strategy depends on endurance. The war, which began on February 28, 2026, inflicted enormous damage on Iran: The killing of Supreme Leader Ali Khamenei and senior military officials, strikes on nuclear infrastructure and a devastating economic shock. Yet the regime has not collapsed.

    Mearsheimer argued that Iran’s vast landmass and dispersed military assets made it difficult to weaken decisively through rapid strikes and that even sustained military operations would be unlikely to dismantle its capabilities. Iran retains significant deterrent capacity, including missile systems and a network of regional allies, enabling it to sustain a prolonged confrontation.

    Jeffrey Sachs, the Columbia University economist and a sharp critic of the war, argued that the conflict was strategically illiterate from the start. Trump, he says, “ripped up the agreement that already existed” to limit Iran’s nuclear programme. He then killed the Iranian religious leader who had long declared nuclear weapons contrary to Islamic law, before presiding over what is now a regional war.

    Iran is holding burning coal. The pain is unbearable, but the hand has not let go. Tehran’s strategy is to absorb punishment long enough for Washington’s domestic clock to run out. Should oil prices hover above $100 and eventually hit $150, Trump’s deal-making power could evaporate as his domestic support crumbles under the weight of rising energy costs.

    Sachs warned that a sustained closure of the Strait of Hormuz would trigger an unprecedented energy shock, as the strait carries approximately one-fifth of all oil traded globally and 30 percent of the world’s LNG.

    Tel Aviv: The war that must not end

    Israel’s temporal interests are the mirror image of Washington’s. Netanyahu, facing domestic legal proceedings and elections in a few months, has every incentive to keep the conflict going indefinitely. War marginalises critics, rallies the electorate around the flag and, crucially, creates political cover to pursue longstanding ambitions in Lebanon and beyond. Even after a US-Iran ceasefire was announced, Netanyahu’s office was explicit: The truce “does not include Lebanon”.

    Gideon Levy, the veteran Haaretz columnist and one of Israel’s most relentless domestic critics, has long maintained that militarism is not merely a political tool for Netanyahu, but his defining worldview. “War is always the first option, not the last one in Israel,” Levy told Chris Hedges, pointing to a political culture that consistently defaults to military solutions while sidelining diplomacy.

    Inside Israel, Levy observed, “there is no room for any question marks or doubts about this war.” War fever has gripped Israel, with polls showing overwhelming support among the Jewish public.

    Former Israeli peace negotiator Daniel Levy provided a sobering assessment of Netanyahu’s long-term strategy: A drive for regional hegemony and expanded dominion. Netanyahu appears to be operating under a “use it or lose it” logic. Netanyahu appears willing to secure this hard-power status even if it hastens the US’s decline and erodes Israel’s traditional support base there.

    The three clocks, ticking in different directions

    What makes this conflict so explosive is that the three protagonists are operating on conflicting timelines. Trump needs a resolution before November. Iran needs to outlast him until November. Netanyahu needs the war to continue for as long as possible, or at least long enough to redraw the map of Lebanon, neutralise Hezbollah and enter elections wrapped in the flag.

    Mearsheimer, assessing the outcome with characteristic directness, argued that Iran had won the war by surviving the initial assault, avoiding regime collapse and retaining enough military capacity to force Washington to look for an off-ramp. He argued that the final settlement would reflect that reality. Sachs went further, arguing that while Trump was publicly claiming Iran was desperate for a ceasefire, it was the White House that appeared increasingly eager for an off-ramp.

    In the end, time may prove to be the only actor in this conflict that cannot be bombed, sanctioned or deceived. The architecture of the “morning after” will be shaped by those who grasp this logic and possess the domestic political capital to endure its consequences. On current evidence, Washington is the only capital where the clock is running out.

    The views expressed in this article are the author’s own and do not necessarily reflect Al Jazeera’s editorial stance.