The New York Times

1. U.S. Plan Is Said to Pull a Third of Fighter Jets It Provides NATO for Europe

   The plan, outlined by officials and in a written document, provides rare clarity about the extent to which the Trump administration intends to reduce its commitment to NATO.

2. What the SpaceX I.P.O. Means for You, and a Giant Act of Vandalism in D.C.

   Plus, the Friday news quiz.

3. Neither Peace Nor War: Iran Conflict Leaves World in Dangerous Limbo

   Since announcing a nominal cease-fire two months ago, Iran, Israel and the U.S. have remained locked in low-intensity violence that has become a new normal.

4. The World Is Draining Oil Reserves, Raising Pressure for a Peace Deal

   The amount of oil and fuel stored by businesses and governments has fallen sharply since the start of the U.S.-Israeli war against Iran.

5. Risk Strait of Hormuz or Wait? Shipping Companies Face a Costly Dilemma.

   With more than 500 ships still stranded in the Persian Gulf, pressure on the shipowners and sailors is growing by the day.