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Sources say that the US Embassy in Iraq is preparing to evacuate due to "heightened security risks".
An Iraqi official in charge of security and a U.S.-based source confirmed on Wednesday that the U.S. Embassy in Iraq was preparing to evacuate due to increased security risks in this region. Aziz Nasirzadeh, Iran's Minister for Defense, said earlier that day that Tehran would strike U.S. military bases in the area if conflict and nuclear talks with Washington arise. The State Department didn't immediately respond to an inquiry for comment. The State Department has ordered the departure of (the) U.S. Embassy in Baghdad. Another U.S. official stated that the intention is to use commercial means but that the U.S. Military is ready to help if needed. Donald Trump, President of the United States He said According to a Wednesday interview, he was less confident in the agreement between Washington and Iran to end uranium enrichment. A second U.S. official confirmed that the U.S. embassy in Qatar was still operating normally and there had not been any evacuation orders issued to employees or their families. He has repeatedly warned Iran of bombings if they do not agree to a new deal on nuclear energy.
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Colorado State University continues to predict four major hurricanes for 2025
Colorado State University's meteorologists, who released their forecast in April for a hurricane season that begins on June 1 and is above average in 2025, have not changed their predictions. There will be four major hurricanes with sustained winds exceeding 111 miles an hour (178.6 kilometers per hour) among nine named hurricanes and 17 tropical storms by the end of November. Forecasters from the U.S. Government issued a similar forecast in May for a similar amount of storms, major hurricanes and hurricanes this year. Colorado State forecasters warned the outlook could be affected by the uncertainty surrounding the development of El Nino conditions between August to October, when hurricane activity is at its peak. The forecast stated that "while the odds of El Nino for this hurricane season is low, it's still higher than last year." El Ninos are formed when cooler regions in the Pacific Ocean combine to create high winds that can tear apart hurricanes. Forecasters say that the above-average forecast is based upon higher sea surface temperatures than the average in the Atlantic Ocean and Caribbean.
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Platinum prices surge, but palladium is lagging behind due to a narrower demand profile
The prices of platinum and palladium have both risen this month. They are now at their highest levels in more than four years and seven months, respectively. Analysts, however, remain cautious due to the narrower base of demand for palladium. Analysts say that spot platinum traded at $1,272.45 an ounce on Wednesday 1545 GMT, its highest price since February 2021. It has increased 41% in the past year due to supply concerns, renewed interest from investors following London Platinum Week, and an increase in jewellery demand, as high gold prices are driving consumers towards cheaper alternatives. The spot palladium price, on the other hand, is trading at $1.078.62/oz. This is its highest level since 2024. It has also gained 18% in this year but still struggles to reach October 2024's high of $1.244.75/oz. The biggest factor in platinum's popularity is probably its wider appeal. Platinum is used in more varied applications. These include industrial applications, jewelry and investor demand," Zain Vawda said, a market analyst with MarketPulse. This diversification protects platinum from the headwinds that palladium faces such as the declining long-term automotive demand due to the EV shift. Palladium is used primarily in catalytic convertors for gasoline-powered vehicles. Platinum has a broader range of uses, including jewellery, industrial applications and emerging hydrogen technologies. PALLADIUM PRICES LAGGING Bank of America stated in a recent note that 90% of the demand for palladium comes from auto manufacturers. The note continued, "China's increasing EV penetration rates have a particularly negative impact because they mean that gasoline-powered cars with palladium engines are being rapidly replaced." Analysts said that the transition to EVs would also affect platinum, but in a smaller way, over the medium-term. Large commercial vehicles are likely to use more platinum than palladium, and will take longer to electrify. Over time, platinum will be absorbed by the hydrogen economy, which limits the downside risk of platinum compared to palladium. In April, global sales of plug-in hybrids and battery-electric vehicles reached 1.5 million. In April 2024, sales in China increased by 32% to 0.9million vehicles. PLATINUM RALLIES Alexander Zumpfe is a precious metals dealer at Heraeus Metals Germany. He said that platinum will be supported moderately over the next 6-12 months. However, the price may not rise much if there is no clear recovery in auto demand, or a meaningful acceleration of hydrogen-related applications. Analysts said that the demand for platinum jewellery is likely to benefit from continued high gold prices. We believe platinum will maintain recent gains and may rise further as silver and gold prices increase. "We are less confident in palladium's ability to go higher than it is now until the turmoil in the automotive industry has settled," Shah said. Silver has increased 26% since 2025, and gold has soared 27% in the past year.
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Israeli airstrikes and gunfire kill 60 people in Gaza. Many are near aid sites, say medics
Local health officials reported that Israeli airstrikes and gunfire killed at least 60 Palestinians on Wednesday in Gaza, the majority of whom were near a Gaza Humanitarian Foundation aid site in the middle of the enclave. Shifa and Al-Quds Hospitals said that at least 25 people died and dozens were injured as they approached an old Jewish settlement near Netzarim, before dawn. Israel's military said that it fired warning shots at a group overnight of suspecteds who posed a danger to troops near the Netzarim Corridor. The warnings about the active combat zone in this area were ignored. "The IDF is aware that there have been reports of injuries; details are being reviewed," the statement said. Health officials from Nasser hospital in Khan Younis, in the southern Gaza Strip, said that at least 14 people were killed by Israeli gunfire on Wednesday as they approached a second GHF site in Rafah. The foundation stated that they were unaware of the incidents that occurred on Wednesday, but that they worked closely with Israeli authorities in order to maintain safe passageways and to make sure that Palestinians closely followed instructions. In response to questions, it replied by email that "the solution is more assistance, which will create greater certainty and less urgent among the population." There isn't enough food in Gaza to feed all those in need. We are currently focused on feeding as many people safely as possible in a volatile environment. GHF released a statement saying that it had distributed 2,5 million meals on the day of the distribution, making it the largest delivery in a single day since it started operations. This brings the total number of meals served since the start of operations at the end May to over 16 million. Gaza's Hamas run health ministry reports that 163 Palestinians have been killed since then and more than 1,000 injured trying to get the food boxes. The United Nations condemned the killings, and refused to provide aid through the foundation. This foundation uses private contractors backed by Israeli military forces in a violation of human rights standards. In Gaza, the health ministry reported that at least eleven other people had been killed in separate Israeli attacks and gunfire across the coastal enclave on Wednesday. It began 20 months ago, after Hamas militants killed 1,200 people - mostly civilians - on October 7, 2023. This was Israel's deadliest day. According to Gaza's health authorities, Israel's recent military campaign has killed more than 55,000 Palestinians. Most of these were civilians. The densely-populated area, home to over two million people, was also flattened. Malnutrition and displacement are widespread. Benjamin Netanyahu, the Israeli prime minister, said that there had been "significant" progress in the efforts to free the remaining hostages from Gaza. However, it was still "too early" to hope that a deal will be reached. Two Hamas sources said they were unaware of any progress in the negotiations. Reporting by Nidal Al-Mughrabi. Alex Cornwell, Crispian Balmer and Michael Perry contributed to the reporting; Philippa Fletcher, Mark Heinrich and Michael Perry edited.
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Fear of a 'deadly summer' fuelled by looming energy aid cuts
US Energy Aid Program Helps Six Million Low-Income Americans Budget talks bring balance to future of programs Increasing number of cities require working air conditioning By Carey L. Biron Experts warn that the combination of climate change and increased summer temperatures could be deadly for communities in poverty. In April, the Department of Health and Human Services, which oversees the LIHEAP program, fired the staff of the federal Low-Income Home Energy Assistance Program. Trump's budget plan for the following month recommended eliminating LIHEAP entirely, stating that it was "unnecessary" because states have policies to prevent utility disconnection of low-income families. Residents are unsure of how to keep cool. "My air conditioner is my top priority," said Venus Little who lives in an apartment complex for low-income families in Washington, D.C. where the windows only open a small crack. Since her electricity was cut off, Little, 58 has used LIHEAP. She is now the president of the tenants' association and she is worried about the effect of LIHEAP cutbacks at the complex of 284 units, where renters are already struggling with "sky-high utility rates". She said, "That program made a big difference in the lives of many tenants." "I don't know what to say. It's cold-hearted." As Trump's government shrinkage efforts expand, it is up to the federal legislators to decide whether or not to continue with the program. HHS has not responded to a comment request. This is not just about cutting LIHEAP. Mark Wolfe said, "You're destroying the financial infrastructure for low-income families." "These are vulnerable families - the elderly, disabled, and families with young kids." He said that utility rates are rising faster than the inflation rate. One in six U.S. homes is behind on their utility bills, and they collectively owe $21 billion, which is the highest amount Wolfe and colleagues have ever tracked. In a report published in May, NEADA warned that the price of cooling could reach record levels in coming months. The summer season could be "deadly" for households with low incomes. Heat does kill. According to the 2024 Heat Related Mortality Report, approximately 350 New Yorkers die every year from extreme heat. It said that the greatest risk factor is the lack of air conditioning in homes. People in 'Danger' The LIHEAP program was originally created in 1980 to provide assistance with heating during the colder months. However, since then, summers are more scorching. According to federal data, heat waves in 2023 will cause more than 2,300 fatalities across the country, an increase of 117% since 1999. According to federal statistics the share of low income families who use central air conditioning has increased from 8.5% in 1980 to more than 50% in 2020. Cooling expenditures have almost doubled from 1985 to 2022. Local officials claim that the LIHEAP program was funded by about $4 billion last year, and they say it is impossible for states and cities to replace this money even though they are playing a larger role in energy efficiency and efforts to lower electricity prices. Lorig Charkoudian is a Maryland General Assembly delegate. She said, "We need their support - otherwise it would be devastating." She said, "People are at risk this summer." If people cannot keep their air conditioners running, they will end up in hospitals, complicating their medications at a higher cost than LIHEAP. According to the NEADA, although Washington and 17 other states prohibit utilities from turning off electricity in summer, 33 other states do not have such protections. Washington lawmakers are also seeking to ban evictions in heat waves. This is similar to the rules that apply during freezing temperatures. TEXAS CITY MANDATES AIR - CONDITIONING Austin, Texas residents will have a new rule this summer. They must ensure that their homes have air conditioning. Austin is one of many cities that have taken this step in recent years. It has also seen record heatwaves and an increase in heat-related illnesses. Vanessa Fuentes said that tenants pressured landlords into taking action to cool their properties. She is also a member of the Austin City Council and Mayor pro tem. Fuentes was the driving force behind the new law. She said that renters can "report to the city, and file a complain about air conditioning not being installed or properly upgraded" when temperatures exceed 85 degrees Fahrenheit. Some landlords are concerned about the cost of upgrading old buildings, and claim that existing laws are sufficient. Fuentes explained that Austin is the only city in the state with a publicly-owned utility, and can provide help without relying on LIHEAP. However, the county surrounding Austin is part of the federal program. It is also home to some of the lowest-income households.
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Sources say that Trump Administration is set to announce rollbacks of power plant regulations
According to three sources, the U.S. Environmental Protection Agency (EPA) will announce Wednesday that it is rolling back the Biden administration's rules to reduce carbon dioxide, mercury, and other air pollutants from power plants. This follows through on the promise made by the agency in March. The announcement is a major step in President Donald Trump’s efforts to undo environmental regulations that he believes are unnecessary barriers to industrial growth and increased energy production. In March, EPA Administrator Lee Zeldin announced his intention to undo three dozen air and water regulations. Sources say Zeldin is expected to roll back carbon dioxide emission rules, mercury and air toxic regulations on Wednesday. The EPA confirmed Zeldin would make a major announcement Wednesday afternoon along with six legislators from coal-producing States but did not give details on the content of the announcement. According to a list published by the Environmental Protection Agency (EPA) in April, 47 companies have already been exempted from regulations that limit mercury and air pollutants for their coal-fired plants for a period of two years. This move aims to avoid power plants being forced to retire due to an anticipated increase in electricity demand in the U.S. linked to an explosion in datacenter construction. The Biden administration’s carbon emission regulations for power plants could have reduced greenhouse gasses by 1 billion tons by 2047 and was a key part of their broader agenda in fighting climate change. Nearly a quarter (25%) of the greenhouse gas emissions in the United States are attributed to the electricity sector. (Reporting and editing by Hugh Lawson; Valerie Volcovici)
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US Judge extends Citgo's auction schedule and moves final hearing to august
According to a Wednesday filing, a U.S. court in Delaware has moved the final hearing of the sale process to August 18th. The auction will be held by the Delaware Superior Court. Multiple delays have been experienced in the eight-year long court case aimed at compensating Venezuelan creditors for defaulted debts and expropriated assets. The first round of bidding last year did not satisfy the majority of companies who expected to receive cash proceeds. Citgo is the seventh largest refiner in the United States. It's owned by Venezuelan state oil company PDVSA. In the second round of bidding, the court selected a $3.7 billion offer from Red Tree Investments, an affiliate of Contrarian Funds. The offer also includes an agreement for the payment of holders of a Venezuelan defaulted Bond. Red Tree and its rival bidders will have until 18 June to make better offers. The court officer who oversaw the auction last month predicted that new bidders would emerge. The new calendar was approved after Venezuelan lawyers requested more time to conduct due diligence and secure robust bids. It sets July 2 for the judge to recommend a winner of the auction, with a period to submit objections until July 9. Judge Leonard Stark has moved deadlines at the request of bidders to avoid lengthy delays. The U.S. Treasury Department will have to approve the winner of the auction once it is confirmed. Citgo has been protected from creditors by the Treasury Department since 2019. In a report published last week, the consultancy Aurora Macro Strategies stated that "While increased investor engagement may marginally slow down the auction hearings, Judge Stark is still on track to finalize proceedings in late Q3 of 2025."
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Portugal takes the lead in marine protection with a new designated area
Portugal announced on Wednesday that it would create a new marine protected area around the Gorringe Ridge, in the Atlantic Ocean. This includes Western Europe's highest seamount. It is positioning itself as an international leader on the road to conservation goals. The announcement was made by the Environment Minister Maria da Graca Carvalho as the countries gathered in Nice, France for the third U.N. Oceans Conference. This conference aims to accelerate actions to preserve marine ecosystems. Carvalho stated that the percentage of the seas in Portugal protected by the Gorringe Marine Protected Area (MPA), which is located 200 km (124 mi) off the southern coastline of continental Portugal and two smaller areas, would increase to 27%, from 19%. "In terms marine protection, we are the most developed country in the World with our characteristics that combine continental and insular territories. "We are certainly the leaders in Europe," said she. The U.N. Conference has set a goal to create more MPAs around the world. This is in response to the push for more countries to ratify the 2023 High Seas Treaty which provides a legal structure to protect biodiversity within international waters. The treaty has been ratified by 51 countries, which is just one short of the required 60. A report published in October last year showed that only 8.4% of marine and coastal areas around the world were protected. This is less than one-third of the global goal to protect 30% of these areas by 2030. Carvalho stated that the MPA would be created by decree within the next few months. The total area and the details of how much of it will be designated as an entirely protected zone, where fishing is prohibited, are still to be determined. Emanuel Goncalves is the chief scientist of Oceano Azul Foundation. The foundation mapped the area in conjunction with the Portuguese Navy and its findings were used to inform the government's decision. He said that the MPA recommended would cover 100,000 square kilometres. He said that a large-scale MPA, if protected fully, would connect seamounts and abyssal flats with the open ocean and provide a safe habitat for migratory and highly mobile species. It will be a nursery and feeding area for turtles and sharks as well as marine mammals, seabirds and tunas. The kelp forests and corals can also be expanded or restored, and a breeding ground for torpedo-rays is created. Portugal established the largest protected area of the North Atlantic last year. It encompasses almost 300,000 square kilometers around the Azores Archipelago. Half of this area is fully protected. Reporting by Andrei Khalip & Simon Jessop Mark Potter edited the article.
Gold prices increase as traders watch US-China talks
The gold price rose on Tuesday as traders closely watched developments in the trade talks between China and the U.S.
As of 10:15 am EDT (1415 GMT), spot gold rose 0.3%, to $3335.79 per ounce, and U.S. futures gold gained 0.1%, to $3357.50.
David Meger is the director of metals at High Ridge Futures. He said that there has been a consolidation of prices in recent weeks. This was largely due to central bank purchases and uncertainty. U.S. commerce secretary Howard Lutnick reported that the talks were progressing well with China as both sides met in London for a second consecutive day, looking to reach a breakthrough over export controls which have threatened another rupture between the superpowers. The talks come after a temporary truce that was established in May, which halted new tariffs for 90 days.
Israel sent its navy to strike Iran-backed Houthi target near the Red Sea Port of Hodeidah. It also threatened further action should the group continue its attacks against the Jewish state. China's central banks added gold to their reserves for the seventh consecutive month in May, according to official data released on Saturday.
As a safe haven, gold thrives in times of geopolitical or economic uncertainty.
Investors also eagerly await the release of U.S. Consumer Price Index on Wednesday, which may provide important insights into future Federal Reserve monetary policy decisions.
Spot silver fell 0.8% to $36.42 an ounce.
After reaching its highest price since May 2021, platinum fell by 0.4% to $1214.29. Palladium fell by almost 1%, to $1 064.08.
Alexander Zumpfe is a precious metals dealer at Heraeus Metals Germany. He said that the rally in platinum was supported by supply concerns, speculation, and an overall uplift within the precious metals sector.
Palladium's lagging is due to its smaller demand base and lower investment appeal. Palladium, unlike platinum, lacks a compelling secondary demand story beyond auto catalysts. (Reporting by Sarah Qureshi and Anushree Mukherjee in Bengaluru; Editing by Paul Simao)
(source: Reuters)