Background: Oil prices had rebounded on Thursday after Kuwait intercepted Iranian missiles following US strikes on Iranian missile sites and minelaying boats. New development: On Monday, fresh fighting threatened the US-Iran ceasefire, pushing Brent crude up 4.7% to an unspecified level. US stock markets showed minimal reaction, with the S&P 500 down 0.1% from its record high, the Dow dropping 166 points, and the Nasdaq little changed. Technology stocks outperformed, and Treasury yields moved higher. Shares in Science Applications International Corp. surged after reporting quarterly profits above expectations, indicating continued market calm despite geopolitical tensions.

Over the weekend, US forces conducted self-defense strikes against Iranian radar and drone command sites in Goruk and Qeshm Island after Iran shot down a US MQ-1 drone over international waters. In retaliation, Iran's IRGC launched ballistic missiles targeting a US airbase in Kuwait, which were intercepted by Kuwaiti air defenses. Kuwait condemned the attacks as a dangerous escalation. The exchanges occurred despite a fragile ceasefire in effect since April 8, as negotiations for a permanent deal remain stalled over disputes regarding the Strait of Hormuz, Iran's nuclear program, and the release of frozen assets. The conflict has disrupted global energy markets and drawn in regional actors, with oil prices rising over 3%.

Multiple Federal Reserve officials caution that AI-driven investment is boosting demand and inflation risks, while productivity gains remain uncertain and may take years to materialize. St. Louis Fed President Alberto Musalem and others argue against relying on AI to solve inflation, contrasting with Kevin Warsh's view that AI is disinflationary. Fed Governor Lisa Cook notes AI investment is pushing up prices for chips, equipment, and construction.

The Minnesota Republican Party held a moment of silence for Derek Chauvin, the former police officer convicted of murdering George Floyd, at their annual convention in Duluth. State Attorney General Keith Ellison, who led the prosecution, condemned the act as 'profound cruelty' and disrespectful to law enforcement. The gesture reflects Chauvin's emergence as a cause célèbre among right-wing figures, with calls for a presidential pardon.

The Delaney Hall detention center in Newark, New Jersey, has been the site of ongoing protests and a detainee hunger strike over conditions. Newark Mayor Ras Baraka imposed a nightly curfew from 9:00 PM to 6:00 AM around the facility after days of escalating protests. Governor Mikie Sherrill reported that masked protesters attacked police barricades, threw projectiles, used barriers as weapons, and lit tires on fire. She urged calm and reiterated calls for the facility's closure. The DHS defended its operations, stating they would continue as usual.

Background: Cheng Li-wun, chairperson of Taiwan's main opposition Kuomintang (KMT), met with Chinese President Xi Jinping in Beijing in April 2025, emphasizing the 1992 Consensus and cross-strait peace. Now, Cheng travels to the US for a two-week visit starting June 1, 2026, seeking meetings with President Donald Trump and US lawmakers. She faces scrutiny over blocking a $40 billion Taiwanese weapons procurement plan, including US arms. Her itinerary includes San Francisco, Boston, New York, Washington, and Los Angeles, with plans to meet US lawmakers, government officials, think tanks, and supporters. Cheng expressed willingness to meet Trump, stating she is prepared to meet anyone conducive to peace.

Background: Mexico's Senate approved a constitutional reform allowing election annulment for foreign interference. Today, President Claudia Sheinbaum accused the US of interfering in Mexico's internal affairs after a US Justice Department agency requested the extradition of ten Mexicans, including a governor, a mayor, and a sitting senator. She declared Mexico is a free, independent, and sovereign country, adding 'Mexico is nobody's piñata,' and called for public information events to defend national sovereignty.

Analysts warn that the next five years are critical for Western allies to reduce dependence on Russian state nuclear company Rosatom, which controls over 44% of global uranium enrichment capacity and supplies about a quarter of Europe's needs. Western companies like Urenco and Orano are expanding capacity but face industrial timelines that lag behind the urgency of decoupling. Rosatom's integrated packages of reactor construction, financing, and lifetime fuel supply create century-long infrastructure dependencies. The US ban on Russian uranium imports takes effect in 2028, while Europe lacks a comprehensive ban due to a Hungarian veto. Russia also holds a near-monopoly on high-assay low-enriched uranium (HALEU) needed for advanced reactors and small modular reactors.

U.S. Special Operations Command (SOCOM) will begin fielding the MK24 Medium Range Gas Gun Assault (MRGG-A) rifle before the end of the fiscal year, replacing the MK17 SCAR. The rifle, produced by LMT Defense under a $92 million contract, features a swappable barrel allowing operators to switch between 7.62mm and 6.5mm Creedmoor cartridges in about one minute. The adoption of 6.5mm Creedmoor reflects SOCOM's shift to more effective long-range ammunition, with potential implications for future small arms procurement across U.S. military services.

Media mogul Barry Diller has launched an $18 billion takeover bid for MGM Resorts, a major casino and hospitality company. The offer signals significant consolidation activity in the gaming and entertainment sector.