The tide goes out

Markets, Saudi Arabia, OPEC+, Israel, Yemen, Sudan, the DRC, and Rwanda.

"Back!", Samuel D Ehrhart, illustration in Puck magazine, 24 June 1908, Library of Congress, Washington DC.

The five things you need to know today:

• GLOBAL MARKETS. Amid policy uncertainty, traders look for unhedged risks.

• SAUDI ARABIA. OPEC+. A gift to Trump may become a poisoned chalice.

• ISRAEL. YEMEN. Netanyahu raises the stakes in Gaza and Hodeidah.

• SUDAN…