Iran has a deal to open the Strait of Hormuz-and shipowners are outraged by its plan to charge fees

Key Points:

• Bill Ackman, founder of Pershing Square, criticizes socialism as a "disaster" and highlights that nearly half of Americans do not benefit from capitalism's growth because they lack stock market participation, contributing to feelings of economic alienation.
• Iran and Oman are close to finalizing a deal to charge fees for ships transiting the Strait of Hormuz, a crucial oil shipping route, prompting protests from major international shipping groups concerned about increased costs and geopolitical implications.
• Global stock markets showed mixed activity with slight declines in the U.S. and Asia, while European markets edged higher; oil prices remained just below $80 per barrel amid ongoing geopolitical tensions.
• Investment in artificial intelligence is surging past historical infrastructure booms like canals and railroads, with analysts frequently revising upward capital expenditure forecasts, indicating strong confidence in AI's future economic impact.
• Hybrid electric vehicle sales in the U.S. have risen significantly due to high gas prices linked to the U.S.-Iran conflict, with hybrids accounting for 17.4% of car sales in May, reflecting a shift toward fuel-efficient transportation.