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SpaceX's record-breaking IPO on the Nasdaq has raised over $75 billion and pushed Elon Musk's net worth past the trillion-dollar mark. The debut saw shares jump 11% on the first day, though subsequent trading saw volatility as shares dipped below the debut price before recovering. Analysts remain skeptical about the company's ambitious revenue projections.
US air strikes near the Strait of Hormuz damaged two drinking water reservoirs in southern Iran, leaving an estimated 20,000 residents without safe water amid extreme heat. Iranian officials condemned the strikes as a violation of international law, while US Central Command said it was looking into the reports. Experts have raised the possibility that the destruction could amount to a war crime if the tanks were deliberately targeted.
US President Donald Trump announced a potential peace deal with Iran that could be signed as early as this weekend in Europe, potentially reopening the Strait of Hormuz. The announcement comes after he cancelled planned military strikes on Iran, though Tehran's foreign ministry says nothing has been finalised.
US President Donald Trump cancelled planned strikes on Iran, citing that negotiations had reached the highest levels of Iranian leadership and that final points of a deal were approved by all parties. The announcement came amid reports of Qatari mediation and expectations of a signing in Europe. Regional reactions and details of the proposed agreement continue to emerge.
OPEC+ nations implementing voluntary oil output cuts produced 21.717 million bpd in May 2026, missing their target by 7.646 million bpd, according to OPEC data. Separate IEA figures indicate a larger shortfall of about 9.44 million bpd for all OPEC+ countries, with Kazakhstan the only major producer above its quota.
Gulf Cooperation Council ministers condemned Iranian attacks on Arab countries, warning of threats to regional stability and global energy supplies. The GCC called for UN intervention and reserved the right to self-defense amid escalating US-Iran confrontations.
Iran's military announced the closure of the Strait of Hormuz to all vessels, prompting US denial and a rise in oil prices. The escalation follows new US strikes and stalled negotiations, with no independent confirmation of the closure's effectiveness.
The IAEA's governing board passed a resolution demanding Iran provide complete information on its enriched uranium stocks and grant inspectors access, as the watchdog warns it cannot verify the location or size of the stockpile. Iran rejected the resolution, calling it politically motivated and legally flawed, while the US and Iran exchanged strikes in the latest escalation.
Iran's military command has threatened to target any ship transiting the Strait of Hormuz, while the US military conducts new strikes. Amid the escalation, diplomatic efforts continue, with reports of a possible memorandum of understanding and discussions about tolls and reconstruction funding.
The U.S. military has conducted new strikes against Iran, targeting military facilities, as President Trump threatens more action and imposes fresh sanctions. Iran has responded with threats to target ships in the Strait of Hormuz, raising concerns about global energy prices and the fragile ceasefire.
A second South Korean-operated vessel has successfully transited the Strait of Hormuz, reducing the number of stranded ships and sailors. An LNG carrier with eight Korean crew members departed after consultations between the shipper and a foreign charterer. Meanwhile, an earlier stranded oil tanker arrived in Ulsan, carrying Kuwaiti crude, as Seoul continues to seek alternative routes for oil imports.
Three Indian sailors were killed when the US military struck the tanker MT Settebello in the Gulf of Oman. The incident has prompted India to summon a senior US diplomat to protest. The US says the ship violated its blockade by attempting to transport oil from Iran.
The United States and Iran have exchanged new threats following a round of airstrikes, deepening concerns over the fragile ceasefire. The escalation follows the downing of a US helicopter, with both sides accusing each other of undermining diplomacy.
Iran's Revolutionary Guard claimed attacks on US bases in Bahrain and Jordan, and Kuwait reported intercepting hostile targets, after US strikes on Iranian territory. The exchange marks a sharp escalation in the days-long conflict, with analysts divided on whether de-escalation or further confrontation lies ahead.
Iran has launched missiles at U.S. targets in Jordan, Bahrain, and Kuwait after the U.S. struck Iranian sites in response to the downing of an American helicopter. The exchanges threaten the fragile ceasefire, with Jordan reporting it intercepted five missiles. The U.S. and Iran blame each other for the escalation.
Prediction market platform Kalshi has announced measures to prevent insider trading, including requiring users to disclose employment details for markets at heightened risk. The move follows investigations into former congressman George Santos, who allegedly bet on his own attendance at the State of the Union address.
Iran's Islamic Revolutionary Guard Corps says it struck the US Navy's Fifth Fleet in Bahrain and a base in Kuwait in retaliation for US attacks, following the downing of an American Apache helicopter. The US Central Command denies the attacks succeeded, saying all Iranian strikes failed.
Crude oil prices swung widely over recent sessions as Middle East tensions escalated and then eased. Reports from multiple outlets show Brent crude rising more than 3% after Iran's missile attack on Israel, then settling higher after both sides halted attacks, only to climb again after new U.S. strikes. A separate report from Dawn indicated a decline in prices following US-Iran talks in Switzerland.
OPEC+ has agreed to a fourth increase in oil output targets despite the ongoing closure of the Strait of Hormuz, which has severely curtailed production from key Gulf members. The group also announced a review of production capacity for 2027 baselines, while OPEC trimmed its 2026 demand growth forecast but raised it for 2027.
Seven OPEC+ nations, including Saudi Arabia and Russia, agreed to raise daily oil output by 188,000 barrels in July, while reaffirming commitment to existing agreements and extending the compensation period for overproduced volumes until the end of 2026. The decisions were announced after a series of OPEC+ meetings held on June 7.