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Oil Prices Rise, Stocks Fall as Trump’s Iran Deadline Looms

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Oil prices climbed sharply while global stocks wavered and mostly declined on Tuesday as President Donald Trump’s looming deadline for Iran to reopen the Strait of Hormuz or face escalated U.S. strikes heightened geopolitical tensions and investor anxiety.

Brent crude futures rose about 1% to trade near $111 per barrel, with U.S. West Texas Intermediate crude also pushing higher amid fears that prolonged disruption to the critical waterway through which a significant portion of global oil supplies passes could worsen energy shortages. Oil has surged more than 50% since the conflict intensified.

Meanwhile, major U.S. stock indexes showed mixed but largely cautious trading, with many shares slipping as investors weighed the risk of further military escalation, including potential strikes on Iranian power plants and infrastructure.

European and Asian markets were similarly tentative, reflecting broader concerns over inflation, energy costs, and economic fallout from the ongoing Middle East conflict.

Trump has set a firm deadline of 8 p.m. ET Tuesday (1 a.m. GMT Wednesday) for Iran to reach a deal and reopen the strait, warning of decisive action if unmet. He has threatened to “decimate” Iranian bridges and power plants, stating the country “could be taken out in one night.

”Iran has rejected recent ceasefire proposals, calling instead for a permanent end to hostilities, while markets remain on edge with no clear resolution in sight.

Analysts warn that sustained high oil prices could fuel global inflation and slow economic growth, though some investors still hope for a last-minute diplomatic breakthrough.

The developments come as the International Energy Agency has described the current oil and gas crisis linked to the Hormuz blockade as potentially more severe than previous major shocks combined.

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International

Zimbabwe Wins UN Security Council Seat for 2027-2028

The five countries were elected by the 193-member General Assembly to serve as non-permanent members of the Security Council for two-year terms beginning on January 1, 2027.

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Zimbabwe has been elected to a non-permanent, two-year term on the United Nations Security Council, the third time the country will be represented on the body mandated to maintain international peace and security.

Voice of Nigeria reports that the other countries that secured seats around the iconic horseshoe table are Austria, Portugal, Trinidad and Tobago, and Kyrgyzstan.

The five countries were elected by the 193-member General Assembly to serve as non-permanent members of the Security Council for two-year terms beginning on January 1, 2027.

Austria and Portugal won the two seats allocated to the Western European and other States (WEOG) Group, while Trinidad and Tobago and Zimbabwe were elected from the Latin American and Caribbean Group and the African Group, respectively.

Kyrgyzstan secured the Asia-Pacific seat after defeating the Philippines in four rounds of voting.

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Finland’s president says EU should expand to 40 states — including Canada

His comments come as the Trump administration’s actions, alongside Russia’s war with Ukraine, prompt some countries to reconsider the benefits of EU membership.

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Finland’s president Alexander Stubb

Finnish President Alexander Stubb has stressed the need for a much larger European Union, saying the 27-nation bloc should increase its membership to 40 states and named the U.K., Canada, Turkey, Norway and Iceland as potential candidates to join.

Stubb made the call at an energy conference in the Finnish capital on Wednesday.

His comments come as the Trump administration’s actions, alongside Russia’s war with Ukraine, prompt some countries to reconsider the benefits of EU membership.

Stubb told the Eurelectric Power Summit that “the window of opportunity” for EU enlargement “is quite short because when the war in Ukraine ends and perhaps when the U.S. administration changes, I don’t know, then people are going to take their foot off the gas pedal and start heckling about unnecessary stuff again.”

Stubb added that “European strategic autonomy or European geopolitical power” is “often based on size and scale and I think the best European policy ever has been European enlargement.”

“In this moment, we need to think big and geographically, we need to enlarge or at least create memberships which are flexible enough to bring in a sum total of 40 European states — or even non-European,” Stubb said.

Finland’s president said the EU should look to its western flank and bring the U.K., which left the bloc in 2020, back into the fold, or at least “as close as possible

.”Canada should be considered as another option, Stubb said. “Wouldn’t it be lovely if Canada was the 28th state of the European Union rather than the 51st state of the United States?”

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International

Iran Kuwait’s airport attack injures 63

Health ministry spokesman Abdullah al-Sanad said 25 ambulances were dispatched at Kuwait International Airport, adding that “63 injured individuals were received and distributed among hospitals.

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Today Wednesday June 3: Kuwait International Airport was hit by Iranian drones.

An Iranian attack on Kuwait’s airport wounded at least 63 people on Wednesday, the health ministry said, with authorities earlier reporting one person killed.

Health ministry spokesman Abdullah al-Sanad said 25 ambulances were dispatched at Kuwait International Airport, adding that “63 injured individuals were received and distributed among hospitals.

This includes serious injuries… including head wounds, cerebral hemorrhages, amputations and injuries resulting from explosions.”

An airport source told AFP that the death in Kuwait was an Indian national at the airport.

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