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Hungary's new Prime Minister Peter Magyar has reaffirmed the country's refusal to supply weapons or troops to Ukraine, while a reported agreement to unblock EU military aid funds has sparked controversy among member states. Hungary also signals readiness to host peace talks.
British Foreign Secretary Yvette Cooper is visiting China and India, with talks in Beijing focusing on global challenges like the Strait of Hormuz, the Russia-Ukraine war, and the Ebola outbreak. Chinese Foreign Minister Wang Yi called for closer alignment and enhanced high-level exchanges, signaling a thaw in bilateral relations.
Iran, already facing extreme water stress from drought and overuse, now contends with damage to civilian water infrastructure during the US-Israel war. According to Al Jazeera, Lake Urmia has shrunk to under 10% of its former size, and nearly 31,000 villages have been abandoned due to water shortages.
European gas storage refill rates lag historical averages, with May injections down 13% year-on-year and storage levels at five-year lows. TASS attributes the slow pace to higher fuel prices driven by Middle East conflict, competition with Asia for LNG, and warns of challenges meeting EU's 90% fill target.
The European Union is unlikely to include a full ban on Russian oil in its next sanctions package, according to Politico, which cited EU diplomats. Instead, the bloc is focusing on adjusting the existing price cap mechanism, with discussions about temporarily freezing the threshold or suspending the automatic adjustment mechanism due to rising energy prices linked to the Iran conflict.
South Korea's consumer prices rose 3.1 percent in May from a year earlier, the fastest pace in 26 months, driven by a 24.2 percent jump in petroleum product prices amid the Middle East war. The government pledged to minimize the impact, while analysts note the war's effects have not yet spread broadly to other sectors.
The Bank of Russia set the official dollar rate at 71.5532 rubles for June 2, up 53.08 kopecks from the previous figure. The euro rate rose by 3.61 rubles to 86.2499 rubles, while the yuan rate was set at 10.5762 rubles, according to TASS.
US President Donald Trump has stated he is ready to terminate negotiations with Iran and maintain the naval blockade 'as long as necessary,' according to an NBC News journalist. The remarks come amid reports that Iran has suspended messaging with Washington in protest over Israel's escalation in Lebanon.
The US and Iran are engaged in a tense standoff, with talks continuing despite ongoing military clashes and a fragile ceasefire. While Washington pressures Tehran with threats and shows of force, Iran demands sanctions relief as a precondition for serious negotiations, leaving the region and global oil markets on edge.
Iranian officials say Israeli attacks on Hezbollah targets in Lebanon threaten a ceasefire with the United States that took effect in April, with state media reporting a halt to talks even as other Iranian channels say dialogue will continue. Fighting between Israel and Hezbollah has intensified, while Beirut and Tehran trade sharp words over Lebanon’s place in the wider diplomacy.
Iranian officials have warned that Israel's escalating attacks in Lebanon and Gaza, along with a US naval blockade, violate the ceasefire between Tehran and Washington. Foreign Minister Abbas Araghchi stated that the ceasefire applies to all frontsable, and that the US and Israel are responsible for any violations.
South Korean stocks closed at a fresh record high above the 8,800-point level on Tuesday, driven by continued optimism over artificial intelligence and strong gains in chipmakers. The KOSPI added 13.11 points to end at 8,801.49, while the local currency fell sharply against the U.S. dollar. The rally comes amid a global AI-driven surge that has also lifted Japan's Nikkei above 68,000 for the first time.
Iran's Islamic Revolutionary Guard Corps (IRGC) has announced retaliatory strikes on a US airbase following American military actions against Iranian targets, including a nighttime strike on Sirik Island and attacks after an Apache helicopter was shot down.
The United States has proposed a de-escalation framework to halt hostilities between Israel and Hezbollah, with Hezbollah reportedly accepting a mutual cessation of attacks. The proposal comes amid Israel's deepest military push into Lebanon in decades, including the seizure of Beaufort Castle, and as German Foreign Minister Johann Wadephul urges a return to the ceasefire.
South Korea and representatives from 50 African countries convened in Seoul for the Korea-Africa Foreign Ministers' Meeting, agreeing to strengthen economic and strategic cooperation in supply chains and critical minerals. Bilateral talks and a business forum highlighted African nations' proposals for investment and governance partnerships.
Hong Kong Chief Executive John Lee Ka-chiu concluded a five-day visit to Kazakhstan and Uzbekistan, sealing 96 agreements worth over US$1.65 billion. The mission aimed to explore new markets, bolster economic ties, and position Hong Kong as a gateway for mainland companies going global.
A potential US-Iran deal faces further delays as President Trump seeks additional amendments, while Iran's negotiator insists on securing Iranian rights. The IDF expresses concerns over the deal ignoring ballistic missile threats, and Israel's advance into Lebanon continues.
Iran's top negotiator says Tehran does not trust US guarantees, as reports emerge President Trump sent back a tougher peace proposal. Multiple outlets report a fragile ceasefire since April, with Pakistan mediating and disputes over nuclear material and frozen assets unresolved.
As the US withdraws from its conflict with Iran, analysts from Dawn and The Guardian describe a war that failed to achieve its aims, empowered hardliners in Tehran, and shifted global power dynamics in favor of Russia and China. The conflict is compared to Vietnam in its strategic miscalculation, though on a smaller scale, with lasting consequences for US influence and the international order.
At the Shangri-La Dialogue in Singapore, South Korean Defense Minister Ahn Gyu-back emphasized Seoul's push for stronger self-reliant defense capabilities alongside deepening its alliance with the United States. He also highlighted North Korea's closer alignment with Russia as a 'key variable' in global security and met with counterparts from the Philippines, Norway, and Japan to discuss defense cooperation.