A new US-Iran memorandum of understanding allows Tehran to resume oil and fuel exports, potentially boosting the Iranian economy by over $60 billion annually. The deal eases sanctions, enabling wider sales and access to frozen funds, though critics warn of strengthening the regime.
US drivers are seeing relief as national average gas prices dropped below $4 a gallon on Thursday, driven by falling oil prices and a tentative peace agreement between the US and Iran. Despite the decrease, prices remain higher than pre-war levels.
China's CNPC calls for strengthened maritime security and emergency response capabilities, citing the fragility of global chokepoints like the Strait of Hormuz. Disruptions have driven up prices and inflation, with US inflation reaching 4.2% in May.
Energy shipments have resumed in the Gulf following an interim agreement between the US and Iran, allowing LNG tankers to sail through the Strait of Hormuz. This is expected to restore Qatar's LNG exports and ease Pakistan's gas shortage. The deal involves uranium dilution, sanctions waivers, and a 60-day negotiation period.
Malaysia received a completed food safety standards questionnaire from Thailand, a key step towards potentially lifting its ban on five species of Thai shrimp imposed on June 1. The ban was a response to Thailand's increased inspections of Malaysian sea bass.
G7 leaders aim to prioritize the Ukraine war, with Donald Trump suggesting the US may soon reinstate sanctions on Russian oil. Meanwhile, Ukraine reports a bomber crash and Russian strikes kill at least eight people across multiple regions. A Russian artist critical of Putin was killed in Poland.
Crimea has banned nighttime rides on mopeds, quad bikes, and motorcycles, citing their noise resemblance to drone attacks and alleging children are deliberately involved. Ukraine has intensified drone attacks on the peninsula, impacting supply routes and fuel availability. Meanwhile, a Ukrainian drone hit a Moscow refinery, halting operations, and Russia's strikes killed at least eight people across Ukraine.
India's trade map has been altered by the West Asia conflict. Oman rose to 10th from 30th in imports, driven by energy, while UAE slipped. Singapore overtook China as India's 3rd largest export destination.
A rights group investigation found Israeli exporters are mislabeling produce from occupied Palestine and Golan Heights as Israeli-grown to gain unlawful tax breaks in the UK and EU. Global Echo analyzed 30,000 documents, revealing a systemic issue that subsidizes settlement agriculture.
Oil prices dropped sharply Sunday after President Trump announced a "complete" deal with Iran and the "immediate toll-free reopening of the Strait of Hormuz." Brent crude fell 3.9% to $84/barrel, US crude 4.8% to $81. The waterway had been effectively closed since February.
Pro-Palestine activists anticipate a significant shift in the Labour party's stance on the Israel-Palestine crisis, potentially leading to a tougher UK government policy. Factors include Green party electoral gains, upcoming leadership changes, and member polling favouring an arms embargo.
The EU's 21st sanctions package against Russia will not include alumina, according to European Commission spokesperson Siobhan McGarry. This decision comes despite a recent political scandal in Ireland concerning large shipments of local alumina to Russia, for which there are no current trade restrictions.
Framework has postponed the launch of its Laptop 13 Pro by one month due to manufacturing problems with the haptic touchpad and custom display, pushing shipments from late June to late July. The company is redesigning the touchpad's PCB and updating the display's firmware to ensure hardware reliability. Orders not including these components will ship on time.
Framework Laptop 13 Pro production is delayed by one month, pushing shipments to late July or early August due to issues with the haptic touchpad and custom display. The company is addressing rare firmware bugs and electrical grounding problems with the touchpad and initialization parameter issues with the display. Mainboard shipments with Intel Core Ultra Series 3 will proceed on time in June.
UN warns US sanctions on Cuba cause spike in infant mortality and child cancer deaths due to lack of medical supplies, despite US claims humanitarian aid is exempt.
South Korea's stock market is surging, driven by AI chip demand and tech giants like Samsung Electronics and SK Hynix. However, the nation's currency, the won, is struggling, down 11% against the US dollar, due to reliance on oil imports and global energy shocks.
Turkey's Energy Minister Alparslan Bayraktar stated that natural gas supply via the Strait of Hormuz is non-existent and oil shipments are manageable, posing no threat to energy security. He highlighted increased domestic and renewable energy investments, with renewables comprising 62.4% of installed capacity.
Iran maintains control over the Strait of Hormuz, leading to around 160 oil tankers with 170 million barrels of crude oil being held up in the Persian Gulf. The Islamic Revolutionary Guard Corps has stated that 26 ships have passed through the strait in the last 24 hours after obtaining permission. Iran has established an ad hoc authority to manage maritime traffic, effectively normalizing tolls and maintaining transit at 26 ships per day. This strategy appears to be a tool for permanent negotiation rather than an indefinite blockade, though insurance premiums and delivery times are expected to remain high. Iran has also threatened to block the Bab al-Mandab Strait in response to escalation in Lebanon.
Australia has imported 1 million tonnes of fertilizer since the Middle East war disrupted trade. The government streamlined biosecurity processes to ensure supply for the winter crop, with plans for further shipments and domestic production.
Australia has imported 1 million tonnes of fertilizer since the Middle East war disrupted trade, prompting the government to streamline biosecurity processes. Fears of food price hikes were addressed by securing additional shipments and an investment in domestic production.
China will soon impose a 55% import duty on Australian beef as shipments approach an annual quota. The tariff adjustment will take effect three days after the 205,000-tonne quota is surpassed.
Chinese smartphone makers face their most challenging year since the pandemic due to skyrocketing memory chip prices. Analysts predict a nearly 14% drop in global shipments, forcing brands to absorb costs, raise prices, or reduce storage.
Chinese smartphone makers anticipate their most challenging year since the Covid-19 pandemic due to rising memory chip prices. Analysts predict a nearly 14% drop in global shipments this year, with Apple and Samsung expected to fare better than Chinese brands like Oppo, Vivo, and Transsion.
Jeju Province has designated 233 farms for the 2026 green tangerine (풋귤) harvest and shipment season, which runs from August 1 to September 15. The province aims to ensure stable production and distribution of the fruit, known for its high citric acid and flavonoid content, and will provide support to designated farms.
