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Kremlin: Peace in Ukraine still far away
The Kremlin said on Saturday that the United States was in a hurry to clinch a peace agreement to end the Ukraine War, but that it would be a long time before they could reach any kind of agreement because the issues are so complex. Russia and Ukraine confirmed that they had agreed on a three-day ceasefire, which will run from May 9 through May 11. U.S. president Donald Trump said he hoped that it would be prolonged. Pavel Zarubin, a reporter for state television, was told by Kremlin spokesperson Dmitry Peskov that it is understandable why the Americans are in a rush. Peskov stated that "the issue of a Ukrainian solution is too complex and the process to reach a peace agreement is long with many complex details." Russian troops have been fighting in Ukraine since well?over a year - 'longer than Soviet forces in World War Two in Russia, also known as the "Great Patriotic War" of 1941-45. Trump has promised repeatedly to end the Ukraine War, calling it a "stupid and crazy"?war which is causing?vast casualties on both side, but has not yet achieved peace. (Reporting and editing by Guy Faulconbridge; reporting by Vladimir Soldatkin)
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Indonesia continues to search for missing hikers after Mount Dukono eruption
An official says that Indonesian authorities resumed their search efforts for three missing hikers on Saturday following the eruption of Mount Dukono?on Halmahera Island. The volcanology agency of Indonesia reported that Mount Dukono in North Maluku Province erupted at 7:41 am on Friday (2241 GMT, Thursday), releasing volcanic ash up to 10 km (6 miles) high into the air. Rescue agency had stopped the search on Friday evening because it was still raging. Iwan Ramdani is the head of the local rescue agency. He said that at least 100 rescuers and military personnel, as well as?police officers, as well as thermal drones were deployed on Saturday morning to search for the missing three. He added that the hikers were two Singaporeans, and one Indonesian. Iwan stated that "we are focusing the search around a crater covering an area of around 700 meters." On Friday, authorities evacuated 17 people. Seven of them were Singaporeans while the other ten were Indonesians. Erlichson Pasaribu, the local police chief, said that three people died, including two Singaporeans. However, the rescue agency had not confirmed the deaths by Saturday. Iwan said that Saturday's search had been hampered because of the continued eruptions. Lana 'Saria, head of the agency, said that the volcanology agency had recorded at least four explosions on Saturday morning. She added that the agency maintains the alert status of Mount Dukono on the third highest level. She said that residents and tourists should not engage in any activity within a radius of 4 km (2 miles) from the crater. No reports have been made yet about flight disruptions due to the eruption. Indonesia is located on the Pacific “Ring of Fire”, an area of intense seismic activity at various tectonic plate boundaries.
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Maryland lawmakers are waiting for answers about jet fuel spill at an air base
The U.S. Air Force has yet to answer Maryland's congressional delegation about the delay in notifying them of a fuel spill from Andrews Air Force Base. Maryland lawmakers say they have yet to receive a response from Defense Department following a letter they sent earlier this week asking for answers regarding a fuel spill into Piscataway Creek, Prince George's County. They were notified of the incident on March 23 - two months after it occurred. About 22,000 gallons were released into the environment contaminating soils, and Piscataway Creek. The delegation, with the exception of Republican Congressman Andy Harris said that the Air Force initially did not disclose the full extent and scope of the spillage, but only weeks after it occurred. In a Friday statement, Democratic Senator Chris Van Hollen stated that "their failure to contain the spill immediately is unacceptable by itself. But their lack of transparency has made matters worse. They denied the Maryland Department of the Environment the chance to implement containment methods that could have reduced the damage." The Air Force stated that the Air Force secretary would directly respond to lawmakers. The base responded to the fuel spill on Friday after personnel "discovered fuel odors" and noticed a sheen in Piscataway Creek, March 23, 2026. "Mitigation Measures are in place to prevent further migration and contain the release, while the spill investigation and treatment is underway. The installation is working closely with the environmental authorities to take all necessary steps to protect nearby waterways and eco-systems, according to the base. The lawmakers wrote to Air Force Sec. Troy Meink informing him that Joint Base Andrews did not reveal the full extent?of the spill until April 8, more than two weeks after announcing the state of the event. Next week, Defense Secretary Pete Hegseth will testify before House and Senate appropriations committees. He is expected to answer questions about the spill. The spilled oil is the latest environmental incident to affect the Potomac Watershed. In January, an enormous DC Water sewer line burst in Montgomery County, Maryland near the C&O Canal, contaminating the river with raw sewage. Potomac Conservancy stated that the river is also susceptible to pollution due to the rapid construction of data centers around the D.C. metropolitan area. The environmental group stated that the incident is part of an ongoing pattern of infrastructure failures, and pollution events which continue to pose a threat to the health of the Potomac River.
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Russia scales back its WW2 victory parade amid growing concerns over the war in Ukraine
The Russian Victory Day Parade will be the smallest in recent years due to the threat of an attack by Ukraine. Moscow's forces have been unable to win the war, which has been the deadliest European conflict for more than four years. The parade on Red Square, which takes place May 9, is Russia's most revered national holiday. It's an opportunity to commemorate the Soviet Union's triumph over Nazi Germany, and pay tribute to the 27,000,000 Soviet citizens who died, many of whom were Ukrainians. The parade, which was once used to display Russia's military might, including its intercontinental missiles with nuclear capability, will not feature any tanks or military equipment this year. Soldiers are still going to march and cheer under the shadow of Vladimir Lenin’s Mausoleum. Fighter planes will be flying above the Kremlin’s towers and Vladimir Putin is set to make a speech and lay flowers on the tomb of Unknown Soldier. Yuri Ushakov, a Kremlin aide, told reporters that "in general, everything was as usual except for the display of military equipment." Russia, who invaded Ukraine 2022, warned that Kyiv's attempt to disrupt the event could lead to a "massive missile attack" on the Ukrainian capital. Moscow has told foreign diplomats to evacuate Kyiv's staff in the case of an attack. Volodymyr Zelenskiy, Ukraine's president, said that the country's response on May 9 will depend on what happens on Friday. He accused Moscow of violating their own ceasefire. Moscow is protected by a ring of electronic barriers and air defences that are designed to confuse drones and missiles as they approach the capital. The region around the city has 22 million people. The war in Ukraine haunts Russia's parade The Red Army drove Nazi forces from Berlin in 1945 after Nazi Germany invaded Soviet Union. Adolf Hitler then committed suicide, and the Soviet Victory Banner, a red banner, was raised above the Reichstag. The unconditional surrender of Nazi Germany took place at 11:01 pm on May 8, 1945. This day was declared by Britain, France, and the United States as "Victory in Europe Day". In Moscow, it was already May 9th. This became "Victory Day", for the Soviet Union in the Great Patriotic War (1941-45), which the Russians refer to. This year's parade is taking place amid growing anxiety in Moscow over the outcome of the war in Ukraine. The war has left Ukraine in ruins, and Russia's economy is now $3 trillion short. Relations with Europe have never been worse. The crisis is deepening slowly, but any sudden movement could send the economy into a tailspin. This was the statement of Igor Girkin in a Telegram post. He has been jailed for criticizing the Kremlin's conduct during the war. Girkin,?a former Federal Security Service Officer, used an analogy of a shipwreck to suggest that Russia's top leaders are more concerned about being thrown out of their cabins. Dmitry Peskov, Kremlin spokesperson, dismissed reports from CNN and other Western media that Putin's protection had been intensified due to fears of a coup d'état or assassination. Russian officials have brushed aside reports of a plot to stage a coup as nonsense. Putin sat alongside President George W. Bush, France's Jacques Chirac, and Chinese President Hu Jintao at the Moscow Parade 21 years ago. This year, Belarusian president Alexander Lukashenko will be there, as well as Malaysia's Sultan Ibrahim, and Laos Prime Minister Thongloun Sisoulith. (Dmitry Antonov contributed additional reporting; Mark Trevelyan, Emelia Sithole Matarise and Emelia Sithole Matarise edited the article.)
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Fed report on financial stability cites geopolitical risks and oil shock as the top concerns
According to a report by the Federal Reserve released on Friday, the ongoing war with Iran has risen to the top of the list for financial stability concerns. In the Financial Stability Report of the U.S. Central Bank, respondents cited geopolitical risk and the oil crisis as their top concerns. Artificial intelligence and private credit also rose to become major concerns. Geopolitical risk was cited as the top concern by three-quarters, and the oil shock resulting from the war was cited 70% of the time. Half of respondents cited AI and private credit as possible threats to financial stability. The report warned, in particular, that a prolonged conflict, especially if it is combined with shortages in commodities and damaged supply chains, would likely increase inflation and slow the economic growth in the U.S. Sharp price changes in the energy market and financial products related to it could also lead to market tensions. Many respondents noted that the inflationary pressure caused by the "energy shock" could force central bankers to tighten their monetary policies, even if economic growth is weaker. The report warns that "higher interest rates and increased inflation could have significant economic and financial effects, including a decline in asset prices." The survey's concerns about rising oil prices and inflation they have rekindled are similar to those expressed by many U.S. policymakers in recent weeks. After its last policy meeting, the Fed kept interest rates at their current level. Since then, more central bankers have stated that they cannot rule out a rate increase if inflation rises and spreads. Since the U.S. and Israel attacks against Iran began on Feb. 28, the global benchmark crude price has risen by more than 50 percent. It remains above $100 per barrel despite conflicting reports on whether a peace agreement is close. The "oil crisis" was the number one concern in the latest Fed survey. The 'latest Fed survey' revealed that the No. 2 concern was "oil shock" after the previous report in last fall did not mention it at all. U.S. gas prices are at their highest level since July 2022, and inflation is now about a percentage-point above the Fed's target of 2%. Central bankers in the United States are concerned that the higher the prices, the more likely they will spread to other goods and services. AI, PRIVATE CREDIT CONCERNS FLAGGED The survey respondents expressed concern that AI investments are "increasingly financed" by debt. This increases leverage and increases fragility. They also said that, if the technology is widely adopted, it "may contribute to labor-market weakness." The survey presented a mixed picture of the private credit sector. The survey noted that while the sector is dealing with negative sentiments and an increase in redemption requests, the risks are manageable so far. The report stated that for the 10 biggest perpetual?business-development companies, which represent?roughly 80 percent of private credit assets in the sector, there was enough bank credit and cash to cover three quarters of redemptions if they held at a level of 5%. The Fed stated that the risks of private credit to financial stability appear "limited and managed," but also noted that continuing redemptions and negative attitudes could reduce credit access for some borrowers. This is especially true for those with higher risk. (Reporting and editing by Paul Simao, Michael S. Derby, Dan Burns and Pete Schroeder)
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Gold firms make weekly gains on US-Iran deals
Gold rose on Friday, pointing to a weekly gain as optimism about a 'potential' end to the Iran conflict eased concerns over inflation and high interest rates. Spot gold rose 0.7% to $4,719.68 an ounce at 1745 GMT. It has gained 2.3% in the last week. U.S. Gold Futures closed 0.4% higher, at $4.730.70. Due to its non-yielding properties, gold is under pressure when interest rates rise. "Gold is now trading more like a risky asset than a safe haven. Gold's rebound is linked to the prospect of a de-escalation with Iran. We're seeing Fed rate reductions in the future as energy prices drop, said David Meger of High Ridge Futures. The United States said that it expects an Iranian response to its latest proposal for ending the Gulf War as early as Friday, even though U.S. forces and Iranian forces are exchanging fire in the area. The U.S. Dollar index and oil prices are both expected to decline this week. Dollar-priced Gold becomes cheaper for holders of other currencies due to a weaker U.S. dollar, while softer energy costs ease inflation concerns. According to CME FedWatch, the market now sees only a 14% probability of an increase in U.S. interest rates this year. This is down from 22% on the previous day. Stephen Miran, the Fed governor, said he hoped that 'central bank chair Jerome Powell would stay on only for a brief period as governor. Kevin Warsh will'succeed Powell in the Fed leadership role, pending a Senate vote. The data?showed that U.S. unemployment increased more than anticipated in April. After the data, gold briefly extended its gains. The gold demand in India was muted last week as the price recovery encouraged potential buyers to postpone their purchases. Meanwhile, premiums on China remained stable due to safe-haven demand. Spot silver increased 2.5%, to $80.4 per ounce. Platinum gained 1.3%, to $2.047.88. Both are on track for gains this week. Palladium fell 0.5% at $1,487.71. Reporting by Ashitha shivaprasad, Bengaluru. Editing by Rod Nickel
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Top distillate trader departs Gunvor, sources say
Three sources confirmed on Friday that Zak Banks, a distillate trader from Houston, is leaving global commodity trading company Gunvor. His departure is not clear. Gunvor refused to comment while Banks was unable to be reached. According to the financial results published in April, the Swiss-based commodity traders?recorded a 85% decline in net profit by 2025. This equated to $104 millions. Gunvor employees staged an employee buyout last year to replace the former CEO and cofounder Torbjorn Tornqvist by Americas head Gary Pedersen. Pedersen stated that the company made $1.63 billion, the equivalent of the gross profit for 2025, in the first three months of '2026. This was after what he termed a pickup in "constructive volatile" late last yea. Gunvor, one of the largest oil trading companies in the world, buys and sells the equivalent 3% of the world's oil supply every day. Reporting by Arathy Andreasekhar and Georgina McCartney in Houston. Liz Hampton in Denver. Chizu Nomiyama, Mark Potter and Chizu Nomiyama edited the story.
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Gold firms make weekly gains on US-Iran deals
Gold rose on Friday and is expected to gain a weekly gain, as optimism about a possible end to the Iran Conflict eased concerns over inflation and high interest rates. Spot gold rose 0.5% to $4,709.89 an ounce at 1551 GMT. It has gained 2.1% in the last week. U.S. Gold Futures increased 0.2% to $4.719.60. Due to its non-yielding properties, gold, which is typically seen as a safe haven in times of global turmoil, will be under pressure? when interest rates rise. "Gold is now trading more like a risky asset than a safe-haven. Gold's rebound is linked to the prospect of a de-escalation with Iran. David Meger is director of metals trading at High Ridge Futures. He said that with 'energy prices falling, we are seeing the prospects of Fed rate reductions increasing down the road. U.S. forces and?Iranian troops clashed in the Gulf, and the United Arab Emirates were again attacked. However, U.S. president Donald Trump claimed that a ceasefire held. The U.S. Dollar index and oil prices are both set to decline by a week's end. Gold priced in dollars becomes cheaper for holders of other currencies, and lower energy prices reduce inflation concerns. According to the CME FedWatch, the market now sees only a 14% probability of an increase in U.S. interest rates this year. This is down from 22% on the previous day. Stephen Miran, Fed Governor, said that he hopes Jerome Powell stays on as governor for a limited time. Kevin Warsh will succeed Powell in the Fed leadership role, pending a Senate vote. The data showed that U.S. unemployment increased more than anticipated?in April. Gold extended gains briefly after the data. The gold demand in India this week was muted, as the price recovery? prompted buyers to delay purchases. Meanwhile, premiums for China remained stable on the safe-haven?demand. Spot silver increased 2.1%, to $80.09 per ounce. Platinum gained 0.6%, to $2.034.80. Both are on track for gains this week. Palladium was down 3% on the week, falling 0.3% to $1476.04. Reporting by Ashitha shivaprasad, Bengaluru Editing Rod Nickel
OPEC+ manufacturers extend oil output cuts to 2nd quarter
OPEC+ members led by Saudi Arabia and Russia agreed on Sunday to extend voluntary oil output cuts of 2.2 million barrels each day into the second quarter, giving extra support to the marketplace in the middle of concerns over global growth and increasing output outside the group.
Saudi Arabia, the de facto leader of the Organization of the Petroleum Exporting Countries (OPEC), said it would extend its voluntary cut of 1 million barrels per day (bpd) through completion of June, leaving its output at around 9 million bpd.
Russia, which leads OPEC allies collectively known as OPEC+,. will cut oil production and exports by an additional 471,000 bpd in. the second quarter. Russian Deputy Prime Minister Alexander. Novak provided brand-new figures showing that cuts from production will. comprise a rising percentage of the procedure.
Oil has actually found support in 2024 from rising geopolitical. tensions and Houthi attacks on Red Sea shipping, although. issue about financial development has weighed. While OPEC+ was. widely expected to keep the cuts in location, Russia's statement. could strengthen costs further.
There was a surprise from Russia, stated UBS expert. Giovanni Staunovo, who called the advancements mainly anticipated.
If the Russian cuts are totally carried out extra. barrels would be gotten rid of from the market. So that is a surprise. move no one anticipated and might lift rates, he added.
Brent crude settled $1.64 higher, or 2%, at $83.55 a. barrel on Friday, up more than 8% so far this year.
OPEC+ members revealed the cuts individually on Sunday and. OPEC later released a statement confirming the 2.2 million bpd. overall. Saudi state news company health club said the cuts would be. reversed slowly, according to market conditions.
The choice sends out a message of cohesion and validates that. the group in not in a hurry to return supply volumes, supporting. the view that when this lastly takes place, it will be gradual,. experts at investment bank Jefferies stated in a report.
OIL SEEN OPENING HIGHER
OPEC+ in November had accepted the voluntary cuts amounting to. about 2.2 million bpd for the first quarter, led by Saudi Arabia. rolling over a cut it had first made in July.
The rollover was prepared for however extending it to the end of. the second quarter might come as a surprise, stated Tamas Varga. of oil broker PVM. The market is anticipated to open stronger.
For the 2nd quarter, Iraq will extend its 220,000 bpd. output cut, UAE will keep in place its 163,000 bpd output cut. and Kuwait will maintain its 135,000 bpd output cut, the 3. OPEC manufacturers said in different declarations. Algeria likewise stated it. would cut by 51,000 bpd and Oman by 42,000 bpd.
Kazakhstan stated it will extend its voluntary cuts of 82,000. bpd through the second quarter.
OPEC+ has actually carried out a series of output cuts because late. 2022 to support the market amid increasing output from the United. States and other non-member manufacturers and worries over need as. significant economies grapple with high rates of interest.
The overall OPEC+ pledged cuts because 2022 stand at about 5.86. million bpd, equal to about 5.7% of day-to-day world demand,. according to calculations.
Sources told recently that OPEC+ would think about. extending the current round of output cuts into the 2nd. quarter, with one stating it was most likely.
The oil need outlook is uncertain for this year. OPEC. anticipates another year of relatively strong demand development of 2.25. million bpd, led by Asia, while the International Energy Firm. expects much slower growth of 1.22 million bpd.
In a further headwind for OPEC+, the IEA also expects oil. supply to grow to a record high of about 103.8 million bpd this. year, nearly entirely driven by producers outside OPEC+,. including the United States, Brazil and Guyana.
(source: Reuters)