What to know
- Defense Secretary Pete Hegseth, Joint Chiefs of Staff Chairman Gen. Dan Caine and Pentagon CFO Jules Hurst are testifying today before the Senate Armed Services Committee on the Defense Department’s budget and the war with Iran. The hearing follows one yesterday before the House Armed Services Committee, during which Hegseth sparred with lawmakers over the cost of the war and strategy for ending it.
- Hurst told the House panel yesterday the war with Iran has cost the U.S. $25 billion so far. The Trump administration is seeking a record $1.5 trillion defense budget.
- Oil prices dropped below yesterday’s four-year high, with Brent crude, the global benchmark, at $114 per barrel this morning. West Texas Intermediate, the U.S. benchmark, fell about 2% to around $105 per barrel.