The world lurched between catastrophe and catharsis this week as a resurgent US-Iran war sent oil prices soaring through $85 a barrel, the UK anointed a new prime minister, China dropped the largest open-source AI model ever seen, and Lionel Messi stepped onto the pitch for one last shot at immortality.

Monday: The Strait Burns

Iran declared the Strait of Hormuz closed and launched missiles at Gulf neighbors after Donald Trump ripped up the ceasefire —...