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Iran's military claims it fired warning missiles and drones at US warships in the Gulf of Oman, while US Central Command denies the incident. The exchange underscores ongoing tensions over maritime security and sanctions enforcement.
Russian President Vladimir Putin spoke at the St. Petersburg International Economic Forum's plenary session, focusing on economic sovereignty, the impact of sanctions, and the changing global trade landscape. He cited Russia's GDP growth, Rosneft's investments in India, and the doubling of BRICS' share in global trade.
Deputy Prime Minister Alexander Novak said Russia hopes for a rapid resolution to the global energy crisis, which he says is negatively affecting the oil market. Speaking at the St. Petersburg International Economic Forum, he cited shortages, rising freight costs, and a 12 million barrel daily supply shortfall. Novak also noted the UK is buying petroleum products refined from Russian oil via Asia-Pacific countries.
South Korean stocks fell sharply, with the KOSPI dropping over 5% on June 5, 2026, as investors locked in profits from a tech-led rally amid uncertainty over US-Iran peace negotiations. The won weakened against the dollar, and foreign investors continued selling.
Saudi Energy Minister Prince Abdulaziz bin Salman met with Russian officials in St. Petersburg, calling for stability in global energy markets as OPEC+ contends with the fallout from wars in Iran and Ukraine. The meeting underscored the deepening Saudi-Russia alliance, even as the UAE's departure from OPEC and falling Russian oil production complicate the group's ability to manage supply.
Pakistan's Foreign Office has refuted reports that Deputy Prime Minister Ishaq Dar shared intelligence on Iran's nuclear programme with US Secretary of State Marco Rubio during a meeting in Washington. The denial follows claims made by a former CIA analyst, which were also dismissed by Rubio himself.
At SPIEF-2026, Russian Finance Minister Anton Siluanov stated that real incomes have grown by more than 24% over the past three years, and that additional budget revenue from the Strait of Hormuz situation could reach 1 trillion rubles, potentially replenishing the National Wealth Fund. He also noted the Fund’s total stood at 12.955 trillion rubles as of June 1, with investments exceeding 4 trillion rubles.
Iran's Deputy Foreign Minister Kazem Gharibabadi announced plans to charge vessels in the Strait of Hormuz for services like navigation and search and rescue, while the Foreign Ministry spokesman emphasized these are not tolls. The fees aim to cover service costs, not transit passage.
Russian Deputy Prime Minister Alexander Novak said oil production is currently below levels at the start of 2026 but expects to meet OPEC+ quota this year. He also discussed a global market deficit and OPEC+ limitations amid the Middle East conflict.
Iranian Foreign Minister Abbas Araghchi reported no tangible progress in negotiations with the United States, tying any deal to an Israeli withdrawal from Lebanon, while President Donald Trump described the talks as going well. An Iranian drone strike on Kuwait International Airport killed one person, and Israeli operations continued in Lebanon amid competing demands over a ceasefire.
Israel and Lebanon have agreed to renew a ceasefire brokered by the United States, contingent on Hezbollah's withdrawal from southern Lebanon. The deal aims to remove a key obstacle in US-Iran negotiations, but Hezbollah has rejected the terms, and fighting continues.
US President Donald Trump has said he would like to meet Iran's Supreme Leader Mojtaba Khamenei, describing him as 'absolutely' involved in decision-making. Iran's Foreign Minister has dismissed the idea as unrealistic, while talks to end the conflict remain stalled.
Australia has imported more than one million tonnes of fertiliser since the Middle East conflict disrupted global trade, with the federal government accelerating biosecurity checks and securing additional shipments. While the possible reopening of the Strait of Hormuz offers hope, analysts caution that shipping normalisation will take time.
The US military conducted self-defense strikes on Iran's Qeshm Island after intercepting multiple missiles and drones targeting Kuwait and Bahrain. Iran launched seven ballistic missiles at the Gulf nations, while tensions with Israel also escalated. Meanwhile, US Secretary of State Marco Rubio denied offering sanctions relief to Iran, and direct Israel-Lebanon talks stalled.
The federal government, through a committee led by Deputy PM Ishaq Dar, extended operating hours for shops, restaurants, and markets, citing longer daylight hours. The move is part of ongoing austerity measures initially introduced in March due to the global energy crisis. Later, the Senate Secretariat terminated most fuel conservation measures after a US-Iran deal reduced fuel prices, though market timings remain.
US President Donald Trump is pressing for written Iranian concessions on its nuclear program, as negotiations progress toward a memorandum of understanding. Iranian sources dispute Trump's earlier claims about extracting and destroying enriched uranium.
US Central Command says it disabled an empty oil tanker trying to an Iranian port, firing a Hellfire missile into its engine room after the crew ignored repeated warnings. The strike is part of the ongoing US naval blockade of Iranian ports, though reports differ on details of the ship and how many vessels have been stopped so far.
The emerging US-Iran peace deal has triggered a crisis in the Trump-Netanyahu alliance, with the Israeli prime minister caught off guard and facing domestic political pressure. Sources report that Trump told Netanyahu it's time to end the war, while Netanyahu expressed concerns about Iran's nuclear program. The deal has drawn criticism from Israeli politicians and commentators, underscoring the delicate balance of power in the region.
US Secretary of State Marco Rubio testified that Iran's Supreme Leader Mojtaba Khamenei is alive and taking a more active role, while revealing that Tehran has agreed to discuss previously off-limits nuclear issues. However, he insisted no sanctions relief has been offered without nuclear concessions, as Iran warns of 'direct confrontation' over Israeli actions in Lebanon.
Reports of a heated phone call between US President Donald Trump and Israeli Prime Minister Benjamin Netanyahu over Israel's planned strike on Beirut have been disputed by an Israeli source, who said the disagreement centered on public messaging rather than personal insults. The call came amid heightened tensions as Iran threatened to suspend peace talks with the US, and Trump announced a ceasefire between Israel and Lebanon.