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Nigerian officials claim that joint US strikes have killed 175 Islamic State militants and senior leaders
Defence Headquarters announced on Tuesday that Nigerian forces working with the United States have killed 175 militants of the Islamic State in a recent series of air and ground strikes. The military stated that operations conducted in conjunction with U.S. Africa Command have destroyed checkpoints and weapons caches as well as logistics hubs and financing networks of the?Islamic State West Africa Province?, which has been leading a long-running insurgency?in this region. According to the crisis monitoring group Armed Conflict Location & Event Data, Islamic State, after suffering major setbacks throughout the Middle East, has shifted its focus towards Africa. This continent accounted for 86% the group's global activity? in the first quarter of 2026. In a press release, Nigerian Defence spokesperson Major General Samaila Uba stated that as of 19 May assessments indicated that 175 ISIS terrorists had been eliminated from battlefield. The strike that killed Abu-Bilal al-Minuki, described by both governments to be Islamic State's "global number one" on May 16 was followed up with more raids last weekend. The statement stated that the raids on May 2 killed Abd al-Wahhab an ISWAP leader who oversees attacks and propaganda. Abu Musa?al-Mangawi and Abu al-Muthanna al-Muhajir was also killed. The Defence Headquarters said that the operations were part of a broader campaign to "hunt down" and "destroy" militants who pose a threat to Nigeria and the region.
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Chairman of India's BPCL says that the company reviews its oil imports every day and buys more on the spot amid Iran War.
Bharat Petroleum Corporation, India's state refiner. Sanjay Khanna, the chairman of Bharat Petroleum?Corp. said on Tuesday that it is recalibrating their crude import strategy nearly daily and ramping up its spot purchases following the U.S./Israeli conflict against Iran which disrupted Middle East supplies. India, which is the third-largest oil importer and consumer in the world, has been affected by the rising prices of crude and the disruption of supply following the closing of the Strait of Hormuz. South Asian nation raised retail petrol and diesel prices twice in one week. BPCL planned to procure about 55% its crude requirements?for 2026/27 via annual contracts mainly from Middle Eastern suppliers, and the remainder through spot markets. Khanna stated that BPCL has been forced to increase its spot purchases by Gulf suppliers to maintain refineries at a?115% level of capacity. Our spot volume has increased significantly in recent years because of the uncertainty. BPCL has three?refineries that can process up to 706,000 barrels of oil per day. Khanna stated that the'state-run refiner' meets 40-45 percent of its crude oil needs by buying Russian oil primarily on the spot market, after Washington lifted sanctions. Discounts have also narrowed dramatically. Finance director Vetsa RAMAKRISHNA GUPTA said that discounts on Russian crude are now $5 to $6 per barrelle compared to Brent dated on a delivery basis, down from $10 to 12 earlier. Gupta stated that despite recent fuel price increases, BPCL still suffers a loss in revenue of between 25 and 30 rupees (26-31 U.S. Cents) per litre for diesel, and between 10 to 14 rupees a litre for petrol. BPCL anticipates that spot purchases will ease if Saudi Arabian contracted'supplies' improve following the restoration of the Kingdom’s east-west pipe capacity. Gupta stated that Saudi Arabia currently gives only "a small amount of commitment" to supply through the pipeline. BPCL is also evaluating new annual supply agreements with producers for the next?year if these offer flexible delivery terms, competitive pricing and the company prefers to source from local regions rather than distant suppliers - such as Venezuela and Canada. The refiner has an annual option crude purchase agreement with Brazil. BPCL announced earlier on Tuesday that its fourth-quarter profit, before special items and taxes, rose 42.6% to 86.07 trillion rupees ($892 millions), thanks to steady fuel demand.
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Barrick increases Ebola screening after Congo outbreak kills at least 131
A spokesperson said that Barrick Mining has increased Ebola preventions at its gold mine in the eastern Democratic Republic of Congo. This includes worker screenings and tracking after an outbreak occurred in a neighboring province. Ebola is a deadly virus that spreads through bodily fluids. It was first detected in Congo's Ituri Province in early May, but the outbreak can be traced back to late April. Officials confirm that 131 people have died, but say the death toll could be much higher. A Barrick spokesperson confirmed that preventive measures are being taken at the Kibali mine in Haut-Uele, a neighbouring province. Experts say that the mobility of eastern?Congo mining and trading hubs with their frequent border crossings makes it difficult to contain. Barrick employee who asked not to be identified said that some?Kibali employees are from the province. Barrick's response, according to the person, included daily temperature checks and awareness campaigns. In an emailed response, Toronto-headquartered Barrick said it requires its employees and contractors, around 7,600 in total, to declare where they are travelling from to help screen for potential ?cases. The weekend saw the launch of a campaign to explain the symptoms and risks of Ebola. It also announced that the temperature screening program, which had already been implemented, would be completed by the 20th. Kibali is Africa's biggest gold mine. It is jointly owned by Barrick and AngloGold Ashanti, with 45% of each, as well as 10% by Congo State Miner SOKIMO. Previous?Ebola outbreaks had significant economic implications. The outbreaks that occurred in the Congo between 2018 and 2020 and in West Africa from 2014 to 2016 killed thousands of people and disrupted business, investment, and mining operations in the region. According to annual reports, Kibali is expected to produce between 600,000 - 688,000 ounces of Gold in 2026. Maxwell Akalaare Adombila and Portia Crowe reported the story. Editing was done by Veronica Brown and David Goodman.
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Oil eases after Trump's Iran remarks, stocks fall as US bond rates rise
U.S. bond rates?rose on Tuesday as major U.S. indexes declined. Oil prices also eased following the announcement by U.S. president Donald Trump that he had paused an attack against Iran and referred to "a good chance" for a nuclear agreement. Trump said on Monday that he halted the planned resumption of attacks against Iran in order to give time to negotiate a peace deal after Tehran sent Washington a new proposal. Trump said that there was a'very good chance' the U.S. would reach an agreement with Iran in order to prevent Tehran obtaining a nuke weapon. The yields on U.S. Treasuries have moved up. On Monday, the 10-year yield reached a high of 4.659%. This was its highest level for 15 months. Peter Cardillo is the chief market economist of Spartan Capital Securities, a New York-based brokerage. He said that the long-term market was continuing to rise. Cardillo said that the stock market is on the defensive because of Trump's remarks about a possible halt in planned Iran attacks. Nasdaq was the leading decliner on Wall Street. Earnings from Nvidia, the world's largest chipmaker, are expected on Wednesday. The trade in artificial intelligence will be put to the test. The Dow Jones Industrial Average dropped 170.38 points or 0.34% to 49,515.42, while the S&P 500 declined 47.16 points or 0.63% to 7,356.14, and the Nasdaq Composite fell 255.26 or 0.98% to 25,835.47. MSCI's index of stocks around the world fell 6.07 points or 0.55% to 1,092.16. The European stock market was higher on Monday, however. They recovered ground that they lost last Friday, when they fell 1.5%, as bond market worries spread to equity markets. Stocks in Europe are still below their pre-war level and far behind those of the U.S. The STOXX 600 pan-European index increased by 0.3%. U.S. crude dropped 0.52%, to $108.09 per barrel. Brent was down to $110.26 a barrel on the same day. U.S. U.S. U.S. Treasury Yields have risen as concerns remain over a long-lasting inflationary shock caused by the Iran War. The yield on the benchmark 10-year U.S. notes increased 4.6 basis points, to 4.669% from 4.623% at late Monday. Prices and yields are inversely related. British bond yields dropped after reports that the most likely successor to Keir starmer, the Prime Minister of the United Kingdom, would not change the country's borrowing regulations. The U.S. Dollar was up partly?because higher U.S. Yields were driven by inflation fears, and uncertainty about how the new Federal Reserve Chairman Kevin Warsh would respond if prices continue to increase. The markets are pricing in major central bank rate increases this year based on the expectation that policymakers will tighten their policy to combat an inflation resurgence driven by high energy prices for longer. The dollar index (which?measures greenback against a currency basket including the yen, the euro and others) rose by 0.4%, to 99.39. However, the euro fell by 0.51%, at $1.1595. The dollar gained 0.14% against the Japanese yen to 159.06. Data released on Tuesday revealed that Japan's first-quarter economy grew at a rate of 2.1% annually, which supports expectations for an increase in Bank of Japan rates in June. Investors also await details of the government’s supplementary budget, which could further stress Japan's public finances already in decline and weigh down the yen. Spot gold dropped 1.45% to $4.500.36 per ounce.
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Chairman of Bharat Petroleum India says that Bharat Petroleum reviews oil imports every day and buys more on the spot amid Iran War.
Sanjay Khanna, the chairman of India's Bharat Oil Corp. said that it is recalibrating its crude import strategy nearly daily and increasing?spot purchase after the U.S./Israeli conflict in Middle East disrupted Middle East supply. India, which is the third largest?oil?importer and?consumer in the world, has been affected by the rising crude prices as well as supply disruptions after the Strait of Hormuz was closed. South Asian nation raised retail petrol and diesel prices twice in one week. The refiner planned to purchase about 55% of its crude requirements for 2026/27 via annual contracts, mostly from Middle Eastern producers. Khanna stated that Bharat has been forced to increase spot purchases to maintain refineries at 115% capacity due to force majeure declarations from some Gulf suppliers. Our spot volume has increased significantly in recent years because of the uncertainty. Bharat runs three refineries with a processing capacity of?706,000 barrels of oil per day in?India. Khanna stated that the state-run refiner purchases 40% to 45% of its crude oil needs from Russia, mainly on the spot market, after Washington lifted sanctions. Discounts have also narrowed dramatically. Finance director Vetsa RAMAKRISHNA GUPTA said that discounts on Russian crude are now $5 to $6 a barrel compared to Brent dated on a delivered basis, down from $10 to 12 earlier. Gupta stated that despite recent fuel price increases, BPCL still suffers a loss in revenue of between 25? and 30 rupees (26 - 31 U.S. Cents) per litre for diesel, and between 10? to 14? rupees ($26 to $31 cents) per litre for petrol. BPCL anticipates that spot purchases will ease if Saudi Arabian contracts improve?after the restoration the Kingdom's east west pipeline capacity. Gupta stated that Saudi Arabia is currently only giving "a small commitment" to supply through the pipeline. BPCL also evaluates annual supply 'deals' with new producers if they offer flexible?terms of delivery and competitive pricing. However, the company prefers to source from local regions rather than distant suppliers like Venezuela and Canada. The refiner has also an optional annual crude purchasing arrangement with Brazil.
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UAE claims drone which struck near its nuclear facility was launched by Iraq
The United Arab Emirates (UAE) said that six drones were launched from Iraq against them in the past 48 hours, including one 'that caused a fire at a nuclear plant in the Gulf State on Sunday. In a press release, the UAE's Defence Ministry said that all drones except one had been intercepted. The ministry said that three drones?in all?were targeting the Barakah Nuclear Power Plant which is?the Arab World's first commercial nuke power station. The drone that breached the UAE's defenses struck an electric generator outside of the inner perimeter, according to the?ministry. The UAE's Federal Authority for Nuclear Regulation stated that the plant was safe and no radioactive materials were released as a result of the drone attack. Officials from the UAE have stated that the UAE has the right to respond fully to "terrorist" attacks. Iraq has powerful Iranian-backed militias that have attacked "enemy base in Iraq and the area" during the war. Although hostilities in the Iran 'conflict' have been largely scaled back since a ceasefire came into effect in April, Iraqi drones were launched towards Gulf countries including Saudi Arabia and Kuwait. Saudi Arabia announced on Sunday that it had intercepted 3 drones from Iraqi airspace, and would take all 'necessary steps' to respond to attempts?to violate their sovereignty?and security. Iraq has said that its air defences have not detected any drones launched from its airspace. Menna Alaa el-Din, Jana Choukeir and Gareth Jones edited the report.
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US sanctions new Iranian shadow fleet and exchange houses
As the U.S. continues to pressure Tehran, the Trump administration imposed sanctions Tuesday on an Iranian foreign currency exchange house as well as a number of 'front companies' that it claimed were overseeing transactions for Iranian banks. The sanctions were imposed after Iran's latest peace proposal was presented to the United States regarding the U.S. and Israeli led war which began on February 28. It included ending hostilities across all fronts, including Lebanon, and the withdrawal of U.S. troops from areas close to Iran. Treasury Department sanctions?Iran's Amin Exchange (also known as Ebrahimi and Associates Partnership Company), which has a network of front companies in multiple jurisdictions including the United Arab Emirates. Turkey and Hong Kong. The U.S. has also blocked 19 vessels that it claims were involved in the shipping of Iranian oil and petrochemicals abroad. Treasury Department stated that "Iranian Exchange Houses facilitate billions of dollars in foreign currency transaction a year. This allows the government to avoid sanctions and access international financial system. The Treasury Department said that the front companies supervise hundreds of millions in transactions for Iranian banks. Treasury Secretary Scott Bessent stated in a press release that "Iran’s shadow banking system facilitates illicit transfers of funding to terrorist purposes." As the Treasury dismantles Tehran’s shadow fleet and banking system under Economic Fury the financial institutions need to be aware of how the regime is manipulating the international financial system to cause havoc. The Office of Foreign Assets Control has also identified the following companies, which it said were "front companies" assisting Amin Exchange. * China-based Ningbo Jiarui Trading Co., Ltd.; Starshine Petrochemical Corporation Limited, based in Hong Kong * Hong Kong based Vigorous Trade?Limited Alieen Goods Wholesalers LLC, based in the UAE Bold Trading FZE is based in the UAE The UAE-based Materia Group FZE Bestfortuna Company Limited, a Hong Kong-based company; Cheng Pan Co., Limited is a Hong Kong-based company. The sanctions prevent Americans from doing business with those who are designated, and block their assets in the U.S. The U.S. has also designated vessels to transport Iranian oil, petroleum products, and petrochemicals, including the Barbados-flagged liquefied gas tanker Great Sail; the Palau flagged products tanker Ocean Wave; and the Panama flagged chemical/oil vessel Swift Falcon. (Reporting and editing by Chizu Nomiyama; Timothy Gardner)
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Bessent will examine US sanctions list and urge more disruption of Iran's financial system
Treasury Secretary Scott Bessent called on allies on Tuesday to'more forcefully disrupt Iran’s financing networks. He also said that the Treasury would scrubbing its outdated sanctions list to make it easier to root out sophisticated terrorist financing schemes. Bessent, in remarks prepared for a conference on anti-terrorism finance after the G7 finance leaders had met in Paris said that participants should "stand with us fully" against Iran. Bessent stated that "that will require our European partners, for example to join the United States by taking action against Iran, by designating its financials, unmasking their shell and front companies and?shuttering their bank branches and dismantling his proxies." It will be up to those in the Middle East and Asia, including you, to eliminate Iran's shadow banks. The U.S. Treasury, as the Trump administration attempts to press Tehran to reopen the Strait of Hormuz in order to restore vital oil flow disrupted by U.S. and Israeli attacks against Iran, has increased its sanctions efforts through a?program dubbed Economic Fury." The program aims to disrupt Iran’s shadow banking networks and has frozen nearly half a billion dollars of cryptocurrency tied to the regime. Treasury will update its sanctions system to make it more effective because "our enemies adapt and innovate", by creating new shell corporations. Treasury sanctions are mostly imposed against individuals, companies, and other entities who are on the Specially Designated Nationals List. This list contains tens and thousands of designated persons and entities. These are cut off from a dollar-based financial system, and their assets are frozen. Transacting with designated entities can lead to sanctions for the person or company involved. Treasury tailors its sanctions program to the 21st Century in order to sharpen national?security?outcomes. Bessent stated that we are reviewing outdated and obsolete designations to help financial institutions focus their attention on the most sophisticated terrorist funding schemes and sanctions evasion plans. He said that the most effective sanctions are aggressive and targeted. Those left in place for too long may have unintended effects. Bessent stated that sanctions are not meant to punish people, but to change their behavior. "Sanctions in place for many years without any visible or 'tangible' changes in behaviour can have generational impacts that are almost impossible to predict." He stated that Treasury would maintain "agility to maximize effectiveness", and gave examples such as easing sanctions against Venezuela and Syria after regime changes. (Reporting and editing by David Lawder)
Gold drops more than 1% amid inflation fears as Treasury yields and the dollar weigh.
On Tuesday, gold prices fell by over 1% on the back of a stronger U.S. dollar and persistent inflation fears.
By 1:45 pm, spot gold had fallen 1.4% to $4,503.98 an ounce. ET (1745 GMT). Earlier in the session, prices fell to their lowest levels since March 30.
U.S. Gold Futures for June Delivery settled 1% lower, at $4,511.20.
"We're?seeing an increase in real rates across the globe, and this is really weighing on gold." Edward Meir is an analyst with Marex.
Benchmark 10-year ?U.S. Treasury yields reached a new high of more than a year, and the U.S. Dollar strengthened. Both rose amid speculation that the Federal Reserve might take a more hawkish stance to combat energy-driven inflation.
A stronger dollar increases the cost of commodities priced in greenbacks.
Brent crude oil prices are rising due to supply concerns. This is causing concern about global inflation. Inflation is on the rise, forcing central banks to maintain high rates to reduce price pressures.
Gold is a good inflation hedge but it can be a problem in high interest rate environments.
The markets now expect no rate changes or tightening in late 2018 and into 2026.
Ole Hansen is the head of commodity strategy for Saxo Bank. He wrote: "While gold's structural investment case remains largely intact, short-term macro developments have created an increasingly challenging backdrop for its prices."
As the immediate energy-related pressures start to ease, it is possible that central bank demand will reappear as a?more dominant driver." The market is awaiting the minutes of Wednesday's Fed policy meeting.
Silver spot fell 4.1%, to $74.53 per ounce. This is after it touched a two-week low earlier in the session. Platinum fell?2.2% at $1,936.10, while palladium fell 4.2% at $1,359.26.
J.P. Morgan forecasted $2,400/oz for platinum in the fourth quarter 2026, while palladium is expected to be $1,600/oz during the same time period. (Reporting and editing by Alexander Smith in Bengaluru, Anjana Anil from Bengaluru)
(source: Reuters)