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WASHINGTON — President Donald Trump threatened Saturday that Iran would “no longer exist” if the United States is forced to resume full-scale war with the Islamic Republic, after American forces carried out fresh strikes on Iranian military targets in retaliation for a drone attack on a tanker in the Strait of Hormuz.

The exchange marked the latest and most serious test yet of a fragile ceasefire that has repeatedly come under strain since the United States and Iran signed a memorandum of understanding earlier this month aimed at ending months of war and reopening one of the world’s most critical shipping lanes.

Trump’s warning on Truth Social

Trump confirmed the U.S. strikes in a post on Truth Social, framing them as a response to repeated Iranian violations of the ceasefire. “United States aircraft just struck Iranian missile and drone storage locations, and coastal radar sites, for violating the Cease Fire Agreement, AGAIN!” Trump wrote.

He went further, issuing one of his starkest threats yet against the Iranian government. “There may come a point when we are no longer able to be reasonable, and will be forced to militarily complete the job that we very successfully started,” Trump wrote. “If that happens, the Islamic Republic of Iran will no longer exist!”

What prompted the latest strikes

U.S. Central Command said the operation was launched in direct response to an Iranian drone attack on the Panama-flagged oil tanker Kiku, which was carrying roughly two million barrels of crude oil through the strait. According to CENTCOM, the strikes targeted “surveillance infrastructure, communication systems, air defense sites, drone storage facilities, and minelayer capabilities,” hitting a total of 10 Iranian military targets at multiple locations in and near the Strait of Hormuz. Iranian state media reported several explosions in the Sirik and Qeshm areas of southern Iran following the strikes.

Saturday’s operation followed a similar round of U.S. strikes carried out Friday in response to an earlier Iranian drone attack on a separate vessel, the Ever Lovely, a Singapore-flagged cargo ship. Trump had described that earlier Iranian strike as a “foolish violation” of the ceasefire, writing on Truth Social that one of the drones “solidly hit the upper deck of a large and very expensive Cargo Carrying Ship,” though the vessel was able to continue on its way after U.S. forces shot down three additional drones.

Iran’s retaliation in Kuwait and Bahrain

Iran’s Islamic Revolutionary Guard Corps responded to Saturday’s American strikes by launching what it described as joint missile and drone attacks against U.S. military sites in Kuwait and Bahrain. The IRGC said in a statement carried by Iran’s Press TV that the U.S. strikes amounted to a violation of “Clause 1 of the Islamabad Memorandum of Understanding” and warned that continued violations “will result in the complete halt of all diplomatic processes.”

The IRGC claimed it had “destroyed eight important US military facilities at the Ali al-Salem base in Kuwait and at the Fifth Fleet naval base in Port Salman in Bahrain,” and warned that any further American action would be met with a “crushing response.” The statement added, “Any enemy aggression, whatever the pretext, even against insignificant targets… will have a crushing response.”

Kuwait’s military said its air defenses were “engaging hostile missile and drone attacks” following the IRGC’s claims. In Bahrain, which hosts a major U.S. naval base, the interior ministry activated air raid sirens and urged residents to “remain calm and head to the nearest safe place.”

A U.S. official speaking on condition of anonymity told Reuters there were no reported U.S. casualties or major damage to American facilities in the Middle East in the immediate aftermath of the Iranian attacks.

A pattern of escalation despite the ceasefire

Saturday’s clashes are the latest in a string of incidents that have repeatedly tested the truce reached between Washington and Tehran. Vice President JD Vance, who traveled to Switzerland the previous weekend for talks with Iranian counterparts, wrote on social media Friday that “Iran signed a ceasefire agreement. We have honored it,” adding, “If they have disagreements about how the MOU is being applied, they can pick up the phone. But violence will be met with violence.”

Iranian officials have pushed back on characterizations that their actions in the strait constitute ceasefire violations. Ebrahim Azizi, who heads the Iranian parliament’s national security commission, wrote on social media that “the Strait of Hormuz is governed by Iran, so: Respect the rules,” adding, “This is not a violation of the ceasefire; it is ceasefire management.”

Ongoing disputes over the strait

The renewed violence underscores unresolved disagreements between the U.S. and Iran over control of the Strait of Hormuz, a waterway that in peacetime carries roughly a fifth of the world’s oil and liquefied natural gas exports. Iran imposed a blockade on the strait after the United States and Israel launched a bombing campaign against the country on February 28, an operation aimed at curbing Iran’s nuclear and ballistic missile programs.

Shipping traffic through the strait has increased since Trump and Iranian President Masoud Pezeshkian signed their memorandum of understanding earlier this month, but it remains well below prewar levels. Iran has continued to insist that vessels seek its permission before transiting the strait and use routes closer to its coastline, while the U.S. has encouraged ships to instead use a route closer to Oman. Under the terms of the memorandum, the two countries have 60 days to work out remaining details, including arrangements for shipping traffic and the future of Iran’s stockpile of highly enriched uranium.

Israel, which is not a party to the U.S.-Iran agreement, has criticized the memorandum for not securing a concrete commitment from Iran on its nuclear program.

Markets and Iran’s economy

Despite the latest flare-up, oil prices fell sharply Saturday on hopes that shipping traffic through the strait would continue recovering. The economic toll on Iran, meanwhile, continues to mount. The country’s official statistics agency reported Saturday that year-on-year inflation had climbed to 88.6%, up sharply from 68% in February, when the war with the U.S. and Israel first began.

With both sides continuing to trade strikes even as negotiators work behind closed doors on the terms of a lasting peace agreement, the durability of the ceasefire remains in serious doubt. Trump and Iranian officials have increasingly conducted much of their negotiating in public, trading threats and disputed claims of concessions, even as mediators continue working to prevent the fragile truce from collapsing entirely into renewed full-scale conflict.

Snap Inc. CEO Evan Spiegel and his wife, Australian model Miranda Kerr, have erased $550 million in medical debt for more than 261,000 Californians through a partnership with a national nonprofit, the organization announced this week.

Undue Medical Debt, the Santa Monica-based nonprofit behind the gift, said the donation marks one of the largest single contributions of its kind to date, providing relief to families across the state at a moment when healthcare costs and broader affordability concerns continue to weigh heavily on households.

How the couple revealed the gift

Spiegel and Kerr announced the donation themselves in a video posted to Instagram on Saturday, choosing to make the gift public specifically so recipients wouldn’t mistake the upcoming notification letters for a scam. “Hey everybody, Evan and Miranda here,” Spiegel said at the start of the video. “And today we are so excited because we’re announcing a partnership with Undue Medical Debt to relieve over half a billion dollars of unpaid medical debt for more than 250,000 Californians.”

Kerr followed by explaining the reasoning behind going public with the donation rather than keeping it private. “If you happen to receive a letter in the mail letting you know that your medical debt has been forgiven, we want you to know, it’s real,” she said.

The couple also spoke to the personal motivation behind their decision to focus on medical debt specifically. “When someone you love is sick, all you want to do is focus on helping them get better,” Kerr said. “That’s why we wanted to support this effort and help relieve medical debt, so families can focus on caring for their loved ones and really supporting their healing.”

Spiegel echoed that sentiment, expressing hope that the gift would offer recipients more than just a financial reprieve. He said he hoped the donation gave families “a little peace of mind” and allowed them “to focus on what matters the most.”

How the relief actually works

Undue Medical Debt operates by purchasing qualifying medical debt in bulk directly from hospitals, physician groups and collection agencies, often for a fraction of its original value. According to the organization, every $10 donated translates into roughly $1,000 in medical debt relief for families in need, allowing relatively modest contributions to produce an outsized impact at scale.

Recipients of the relief don’t need to take any action to qualify. The debt is identified and canceled directly by the nonprofit based on income thresholds, with qualifying individuals earning at or below 400% of the federal poverty level, or carrying medical debt amounting to more than 5% of their annual income. Affected Californians are expected to begin receiving notification letters in the mail starting in mid-July.

The scale of impact across California

The donation’s reach extends across numerous counties throughout the state, with some regions benefiting more significantly than others. San Diego County is expected to see the largest impact, with the gift relieving approximately $99 million in debt for roughly 40,369 residents. Los Angeles County will also see a substantial benefit, with about 17,466 people set to have a combined $26.7 million in medical debt wiped away. Other counties included in the top 10 beneficiaries are Riverside, San Bernardino, San Joaquin, Stanislaus, Monterey, San Francisco, Sonoma and Alameda.

A nonprofit leader’s reaction

Allison Sesso, president and CEO of Undue Medical Debt, characterized the donation as one of the most significant gifts the organization has received. “The scale of this gift to Californians is truly astonishing, unburdening over a quarter million families of over half a billion dollars of un-payable medical debt,” Sesso said in a statement. “In the U.S. 1 in 4 adults are in medical debt; it’s a growing crisis undermining healthcare access, economic wellbeing, and mental health. We’re so grateful that Evan Spiegel and Miranda Kerr share our belief that no one should go bankrupt because of a cancer diagnosis, and no family should have to choose between insulin and groceries.”

Sesso added that the organization’s technology-driven approach to acquiring and canceling debt at scale is designed to address one of the central barriers preventing people from seeking necessary medical care, regardless of where in the state they live. The nonprofit has said it has erased more than $40 billion in medical debt across all 50 states since its founding in 2014, working with nearly 30 government partners nationwide, including Los Angeles County.

A pattern of giving for the couple

The medical debt gift is not the first large-scale act of philanthropy from the pair. In 2022, Spiegel paid off student loans for the graduating class of Otis College of Art and Design. More recently, in January 2025, Spiegel — who grew up in Pacific Palisades and lost his childhood home in that month’s devastating Los Angeles County wildfires — personally donated $5 million in immediate aid through Snap and was among those who helped form a relief initiative known as the Department of Angels to assist wildfire survivors. At the time, Spiegel said California had given so much to him and his family, adding that he cares “deeply about the wellbeing of our communities.”

Backgrounds of the philanthropic couple

Spiegel co-founded Snapchat in 2011 alongside two of his Stanford University fraternity brothers, and the disappearing photo and video app’s rapid rise helped him become the world’s youngest self-made billionaire at age 24 in 2015. His net worth currently stands at approximately $2.1 billion, according to Forbes.

Kerr, 43, built her career as one of the fashion industry’s most recognizable models, including a lengthy run as a Victoria’s Secret Angel, before founding skincare brand Kora Organics in 2009. The company now generates more than $23 million in annual revenue. The couple met at a Louis Vuitton dinner at New York’s Museum of Modern Art in 2014, married in 2017, and share three sons together: Hart, 8, Myles, 6, and Pierre, 4. Kerr also has a 15-year-old son, Flynn, from her previous marriage to actor Orlando Bloom.

Why medical debt remains a pressing issue

The donation arrives amid mounting national concern over medical debt, which health policy researchers have identified as the leading cause of bankruptcy in the United States. Surveys have found that a majority of Californians worry about facing unexpected medical bills, with roughly 40% of the state’s population already carrying some form of medical debt. Advocates say gifts like Spiegel and Kerr’s, while substantial, represent one piece of a much larger affordability challenge facing households nationwide, even as they offer immediate, tangible relief to the families directly affected.

SpaceX shares at some points Friday traded below their first opening-day price from two weeks ago, while the rocket maker’s market cap flirted with levels below $2 trillion, where it hasn’t closed since the biggest listing on record.

Despite all that, the stock bounced back in the last hour to close at $153.23, up 23 cents on the day. For the week, SpaceX shares dropped 17%, a sign of waning enthusiasm for the biggest listing of all time. But for now, they remain comfortably above the opening IPO price of $150.

MIAMI — Colombia and Portugal played out a scoreless draw at Miami Stadium on Saturday in a meeting of World Cup heavyweights, with Colombia securing top spot in Group K despite the stalemate, as Cristiano Ronaldo was kept largely quiet by a determined Colombian defense.

The result extends a mixed tournament for Ronaldo, who had drawn attention for his celebratory outburst following Portugal’s earlier win over Uzbekistan, but found himself a peripheral figure for long stretches against a Colombian side that controlled much of the match’s tempo.

A chance encounter early on

The match nearly burst into life within the opening minute, when a deflected effort from Bayern Munich winger Luis Díaz spun unexpectedly onto the head of forward Jhon Córdoba inside the box. Córdoba, seemingly as surprised as anyone to find himself with the chance, lifted his attempt over the bar. Portugal goalkeeper Diogo Costa was called into action shortly after, producing a sharp one-handed save to deny Córdoba a second opportunity.

Portugal struggled to generate much of a response in the first half. A shot from midfielder Bruno Fernandes was batted away by Colombia goalkeeper Camilo Vargas, and Ronaldo’s follow-up attempt on the rebound, an overhead effort, was blocked before it could threaten the goal. Forward João Félix also tested Colombia’s defense with an effort that sailed over the bar, but for the most part, the opening 45 minutes offered little in the way of clear chances for either side, with Ronaldo struggling to find space against a well-organized Colombian back line.

Colombia presses for a breakthrough

The pattern of Colombian pressure continued into the second half. Midfielder Richard Ríos fired a shot just wide of Costa’s left-hand post from close range shortly after the hour mark, continuing a string of Colombian opportunities that went unrewarded. Ronaldo had a half-chance of his own at the other end, but was ruled offside before his effort could be assessed further.

Costa was forced into another important save soon after, denying Jhon Arias as Colombia continued searching for the goal that would settle the contest. Forward Luis Suárez also found space inside Portugal’s box but miskicked his attempt with Costa’s goal in sight, while a shot from James Rodríguez was cleared away by defender Renato Veiga before it could test the Portuguese goalkeeper.

Portugal’s response off the bench

With Colombia controlling much of the second-half play, Portugal manager Roberto Martínez turned to his bench in search of a spark, introducing forward Rafael Leão. The substitution nearly paid off when fullback Diogo Dalot curled an effort just wide of the target after receiving a corner delivery from Fernandes, offering one of Portugal’s better chances of an otherwise difficult night in front of goal.

A disallowed goal in stoppage time

Colombia appeared to have snatched a dramatic late winner in stoppage time, when defender Davinson Sánchez headed home what was initially celebrated as the decisive goal. Colombian substitutes streamed off the bench in celebration before officials intervened, ruling Sánchez offside and wiping out the goal. The disallowed effort proved to be the match’s final notable moment, with the contest finishing scoreless.

Martínez reflects on a missed opportunity

Speaking after the match, Portugal manager Roberto Martínez acknowledged that his side had allowed Colombia to dictate the terms of the contest. “We let Colombia have the match they wanted,” Martínez said. “We did not control possession as much as we wanted. We weren’t able to control the game or use our talent.”

The result leaves Martínez with plenty to address, given that Portugal has now struggled in two of its three matches so far in the tournament, despite possessing one of the most talent-laden rosters in the competition.

Where both teams go next

Despite the draw, Colombia’s result was enough to secure top spot in Group K, a notably positive outcome for a team that will now face Ghana in the round of 32. Portugal, meanwhile, finishes the group stage in second place and advances to face Croatia in the next round.

For Colombia, the result represents an encouraging marker after an entertaining and largely one-sided performance against one of the tournament’s most decorated squads, even if questions remain about the team’s finishing in front of goal after multiple missed opportunities throughout the match.

A raucous atmosphere in Miami

Saturday’s match also stood out for the scene inside Miami Stadium, where Colombian supporters appeared to dominate the crowd by a wide margin, continuing a recent trend of passionate fan turnouts at the venue. The atmosphere followed a similarly charged scene days earlier when Brazilian fans filled the same stadium for their team’s win over Scotland.

While Colombian fans have a more complicated recent history at major tournaments, including incidents involving fans storming gates at the 2024 Copa América final, Saturday’s crowd was orderly and high-spirited throughout, creating an atmosphere that made Colombia feel almost like a host nation despite not holding that status at this World Cup.

A measured night for Ronaldo

For Ronaldo, who turns 42 later this year, Saturday’s match offered a stark contrast to his prior outing against Uzbekistan, when his enthusiastic on-camera celebration drew attention across the tournament. Against a well-drilled Colombian defense, the Portuguese forward was unable to find the same rhythm, spending long stretches of the match on the periphery of the action and managing little in the way of direct goal-scoring threat before his side’s lone offside chance late in the second half.

With the group stage now behind them, both Colombia and Portugal turn their attention to the knockout rounds, where Colombia will look to build on a group-topping finish against Ghana, while Portugal and Martínez will look to address the possession and control issues that have plagued the team through much of the tournament when they face Croatia in the round of 32.

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What Happened in Markets Today

Stock indexes closely tied to AI fell Friday. Japan’s benchmark index slid more than 4%, weighed down by a 13% plunge in SoftBank Group’s shares, after a media report suggested OpenAI could hold off going public until next year. South Korea’s Kospi index, which includes Samsung and SK Hynix, dropped almost 6%. In the U.S., Micron fell almost 7%, reversing some of the memory-chip maker’s gains after Wednesday’s blockbuster earnings report. The PHLX semiconductor index dropped about 5%, while the Roundhill Memory ETF fell 6.5%. Major U.S. indexes were down slightly. The Nasdaq fell 0.2% while the Dow industrials and S&P 500 each fell 0.1%.