A.M. Edition for Mar. 24. U.S. allies in the Persian Gulf <a href="https://www.wsj.com/world/middle-east/iran-gulf-states-offense-decision-b8d98ff9?mod=WSJ_WNPOD">are tightening the screws</a> on Tehran in response to persistent attacks. Rystad Energy’s Jorge León explains how Iran’s continued strikes on the region and ability to exert control over the Strait of Hormuz mean oil is likely to <a href="https://www.wsj.com/livecoverage/stock-market-today-dow-sp-500-nasdaq-03-24-2026?mod=WSJ_WNPOD">remain expensive for longer</a>. Plus, the <a href="https://www.wsj.com/economy/trade/eu-and-australia-sign-free-trade-agreement-security-deal-f05f207e?gaa_at=eafs&gaa_n=AWEtsqeZU-17Dq96MVOT-JiGvf15pIen19y_Nz7XSqgLWvn54zguNnrWQJXkxXF6PLc%3D&gaa_ts=69c2238b&gaa_sig=qHrBdmA3Kf4BxNb-4dOxVwGgbFfeBwWsIcaThQEdy9FXYY0OhlpS_q5FZ68js0edkGGfBRdxra81yA_klMPOlA%3D%3D?mod=WSJ_WNPOD">EU and Australia ink a free-trade deal</a> as the world’s “middle powers” link up. And Estée Lauder is <a href="https://www.wsj.com/business/deals/estee-lauder-in-talks-to-acquire-spains-puig-to-create-global-beauty-giant-28c376d3?mod=WSJ_WNPOD">in talks to acquire</a> Puig Brands in a deal that would create a global beauty giant and add cult brands Charlotte Tilbury and Byredo to its sprawling portfolio. Luke Vargas hosts.

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