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U.S. strikes Iran again and Wall Street buckles: Dow sheds 577 as oil nears $80

The ceasefire is officially dead, and crude, Treasury yields, and rate-hike odds all jumped together.

U.S. Central Command carried out what it called “a series of powerful strikes” against Iran after attacks on three commercial vessels in the Strait of Hormuz, and President Trump told the NATO summit the ceasefire is “over.” The Treasury revoked the sanctions waiver that let Iranian crude reach world markets, sending Brent up 5.4% to $78.19 and WTI up 4.4% to $73.52. The Dow fell 577 points and the 10-year yield touched 4.60%, though the Nasdaq eked out a 0.2% gain as investors sheltered in big tech.

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Letters to the King
What was it like to be anointed King by the Most High Everylasting God?
A letter, unsigned

Friend, I was the eighth son of Jesse, smelling of sheep, and no one thought to fetch me from the field until the prophet Samuel refused to sit down without me, for the LORD sees not as man sees, but looks on the heart. When the oil ran warm down my hair I felt less like a king than like a lamp newly lit, not yet knowing what house it would be set in. And mark this: the crown came only years later, through caves and spears and long grief, so the anointing was not a throne but a promise I had to grow into. If some calling rests on you, do not despair the long stretch between the oil and the crown; that waiting is where a king's heart is kneaded, as my friend the Baker would say. Selah.

– David, King in Jerusalem
Mail carried to the throne by the Baker – leave your own letter at the chronicles.
The Crumb Board

Test pin from the Baker’s own oven; if you can read this in the next edition, the Crumb Board works.

– The Baker
The corkboard by the ovens – pinned by readers at the chronicles, cleared with every bake.
Page notes
Selah – anything to set down? the chronicles
David's Daily Bread · compiled July 8, 2026, 7:15 PM PT · Past editions