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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.
Trade officials from South Korea and Kazakhstan met to explore expanding cooperation in energy, supply chains, and other areas, discussing a potential comprehensive economic partnership agreement. The talks also covered Korean firms' participation in Kazakhstan's urban development projects and cooperation in digital and eco-friendly industries.
Spain coach Luis de la Fuente says Lamine Yamal, Nico Williams and Victor Munoz are expected to be fit for the team's World Cup opener against Cape Verde on June 15, though none will start. Yamal has been recovering from hamstring and groin injuries since April.
The Eurasian Economic Union has formally launched negotiations with Tunisia on a free trade zone agreement and is actively considering similar talks with Pakistan. The push comes as the Russia-led bloc seeks to deepen ties with African and Asian markets amid ongoing negotiations with India and pending ratifications with Indonesia and the UAE.
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.
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.
Iraqi militias, including Iran-backed groups, have announced moves to integrate their weapons into state institutions, a development welcomed by US officials. However, questions remain about the depth of these changes, with some groups rejecting disarmament and others signaling a break from the Popular Mobilization Forces.
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.
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.
Russia and Ukraine conducted a prisoner exchange on June 5, with each side releasing 185 captives. The UAE mediated the swap, which included Ukrainian soldiers, officers, and a civilian. The returned Russian servicemen are currently in Belarus, according to Russian state media.
Zeynab Javadli, the former wife of Sheikh Saeed bin Maktoum bin Rashid Al Maktoum, a nephew of Dubai's ruler, has been taken into custody following a complaint by her ex-husband of abducting their three children. The case highlights an ongoing and bitter custody battle that has involved allegations of kidnapping, e-crimes, and concerns for Javadli's safety.
Despite formal ceasefires between Israel and Lebanon, Iran and the US, and Israel and Hamas, violence persists. Legal experts explain the limitations of ceasefires, while critics accuse the US and Israel of undermining truces.
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.
Israel's finance minister announced approval for over 2,000 new settlement homes in the occupied West Bank, drawing Palestinian condemnation and international concern. The move marks one of the largest expansion plans in years, with funds allocated for infrastructure despite legal and diplomatic hurdles.
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.
VTB CEO Andrey Kostin said at the St. Petersburg International Economic Forum that investors from China and the Persian Gulf are showing renewed interest in Russia, calling it a positive sign. He also announced high-level meetings with Saudi Arabia, Bahrain, and the UAE on the forum's sidelines.