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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.
Turkish Foreign Minister Hakan Fidan called on the international community to unite diplomatically to prevent Israel from disrupting the US-Iran agreements, expressing optimism about the negotiations and warning of the conflict's global economic impact.
Argentina awards a 25-year, $10 billion contract to deepen the Paraná River to a Belgian-Argentine consortium with ties to China, sparking criticism from US-backed rivals and highlighting geopolitical tensions in Latin America.
A hundred days into the US-Israel war on Iran, American households are feeling the financial strain with higher petrol and food prices. President Trump visited Wisconsin to reassure farmers hit by tariffs and the war's economic fallout, as polls show widespread disapproval of his handling of the conflict.
Israel has resumed heavy airstrikes on Hezbollah's Dahiyeh stronghold in Beirut, following the group's repeated violations of a US-brokered ceasefire. The escalation comes amid political pressure in Israel and ongoing diplomacy over the US-Iran conflict.
Iran has denounced a confidential IAEA report citing restricted access to its nuclear sites as a tool of political pressure, while denying any pursuit of nuclear weapons. The agency has warned that the lack of inspections poses a proliferation concern and urged restoration of verification activities. Differing accounts from regional outlets highlight competing views on the impact of past strikes and ongoing diplomatic efforts.
The United States intends to make Iranian assets available to Gulf allies for rebuilding and repairs after damage caused by Iran, according to a source familiar with the matter. Treasury Secretary Scott Bessent has directed a team to assess the costs of damages already inflicted. The move follows recent attacks and counterstrikes, with peace negotiations reportedly stalled.
Pakistan's Interior Minister Mohsin Naqvi has made his third visit to Tehran in recent weeks, part of Islamabad's ongoing mediation efforts between the U.S. and Iran. The visit comes amid heightened tensions, including recent military clashes and stalled negotiations, with Pakistan playing a central role as intermediary.
Rosneft CEO Igor Sechin said India will account for about half of global oil demand growth over the next decade, with consumption projected to rise 44% by 2035. Speaking at the St. Petersburg International Economic Forum, he also highlighted risks from Hormuz tensions to India's energy security.
Ministers are being urged to treat the UK’s food supply as an immediate national priority amid warnings of complacency over risks from fuel shortages, cyber attacks, and extreme weather. The Cold Chain Federation and food experts warn of a potential crisis, citing import dependence, climate change, and the impact of the Iran war on fuel and fertiliser prices.
Rosneft CEO Igor Sechin told the St. Petersburg International Economic Forum that US oil companies have been the main beneficiaries of the Strait of Hormuz crisis, while warning of potential oil price spikes and food price surges. His comments covered Russian oil benefits to China and India, fertilizer price increases, and the impossibility of replacing lost Middle East oil volumes.
The US military said it struck Iranian coastal surveillance radar sites on Qeshm Island and Goruk after shooting down four Iranian drones launched toward the Strait of Hormuz. Iran's navy reported firing warning shots at US forces, a claim denied by CENTCOM. The conflict is also pushing millions into acute hunger, the UN food agency warned.
The UN World Food Programme warns that up to 45 million additional people could be pushed into hunger as the Iran conflict continues to drive up energy and food prices. New data highlights acute food insecurity in Somalia, Afghanistan, and Sri Lanka, with aid operations strained by funding shortfalls and rising operational costs.
Recent reports detail US military involvement in coordinating vessel passages and conducting secretive ship-to-ship oil transfers near the Strait of Hormuz, amid ongoing tensions with Iran. The New York Times, as cited by TASS, reports over 100 vessels were assisted, while Reuters details an operation involving at least 92 ships.
Pakistan's ambassador to Russia says Islamabad is ready to facilitate talks between Iran and the United States, citing its role in securing ceasefires. Iran's ambassador confirms negotiations are ongoing, while Pakistan also maintains contact with Moscow over the Iran crisis.
The US military says it intercepted Iranian missiles and drones aimed at Kuwait and Bahrain, while conducting self-defense strikes on Iran's Qeshm Island. The attacks mark an escalation in the Gulf conflict despite a ceasefire, with Kuwait reporting damage at its international airport and diplomatic fallout.
US President Donald Trump said Iran has about 21-22% of its missiles remaining after US-Israeli strikes, while Western intelligence suggests Tehran retains about three-quarters of its pre-war arsenal. The conflicting assessments come as a framework deal for ending the war excludes any discussion of Iran's missile programme.
US stocks tumbled on Friday, with the S&P 500 and Nasdaq posting their biggest one-day losses in months, after a stronger-than-expected May jobs report raised fears that the Federal Reserve will keep interest rates high or even hike them. Tech and chip stocks led the decline, while investors rotated into safer sectors. President Donald Trump reacted with confusion, saying stocks should rise on good jobs data.
Iran's national football team received US visas just 10 days before their World Cup opener, but several staff and federation officials, including the federation chief, were denied entry. The team has relocated its base to Tijuana, Mexico, amid a war with the US, marking the first time a host nation receives a team it is at war with.
Israeli airstrikes on southern Lebanon on Friday killed at least six people and forced thousands to flee, hours after Hezbollah rejected a US-brokered ceasefire. Lebanese political leaders demand full Israeli withdrawal, while the humanitarian toll mounts.