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Trump defends the Iran Deal saying he didn't want an economic catastrophe
Donald Trump, the U.S. president, made his comments at the end of a G7 summit in France on Wednesday. He said he didn't want an economic disaster that could have resulted from a prolonged war in the Middle East. "The one thing I did not want to see was an economic catastrophe. Trump said to reporters at the resort on Evian-les-Bains' lake that if you had kept going with this, "that could have happened." The?U.S. The?U.S. The conflict, which began on February 28, with U.S.-Israeli strikes against Iran, and has since spiraled out of control, has caused energy prices to rise sharply. It also has increased inflationary pressures, and raised concerns about food shortages in developing countries. Economists claim that the peace agreement is good news for the global economy. However, they warn of the risks involved if it fails and the conflict intensifies. The economists say that restoring trade?flows will take at least months, and possibly longer. Fuel sector analysts and maritime experts also believe it could take up to a year to restore bunker fuel supplies. (Reporting and editing by Michelle Nichols; Additional reporting from Daphne Psaledakis in Washington, and Andrea Shalal).
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Trump and Modi discuss the safety of Indian sailors, trade and commerce in Gulf region
Donald Trump, the U.S. President, said that he and Indian Prime Minister Narendra Modi had a "very positive" discussion during the G7 Summit in France. He also stated that both countries are working to reach a trade agreement. Trump described Modi as a "tough negotiator" and told reporters he would visit India "sometime soon". India has been pressing for months that Trump visit the United States, perhaps as part of an event with Japan and Australia. This is the first time the two leaders have met since February 2025 when Modi visited Washington just weeks after Trump returned to the White House and both sides agreed to settle their differences on trade and tariffs. The relationship has deteriorated since then, as Washington imposed high tariffs on Indian products, punished New Delhi for buying Russian oil and engaged closely with India's arch rival?Pakistan. U.S. State Secretary Marco Rubio, who visited India in November to try and repair relations, has now strained the relationship again after the U.S. Navy killed three Indian sailors during an attack on commercial ships in the Gulf. Modi said to Trump in front of reporters that the safety of Indian sailors working in the Strait of Hormuz was of "utmost concern" for New Delhi. MODI WANT IRAN DEAL TO INCLUE SAFETY OF SAILORS. "You are aware of the fact that hundreds of thousands of Indians are employed around the globe, performing their duties on international maritime trade routes -- including the Strait of Hormuz. Their safety is of the utmost concern to us," Modi stated. Modi, in reference to the U.S. peace agreement with Iran, said: "You made tremendous efforts to achieve this understanding. I am confident that seafarers' safety will be given the highest priority when this agreement is implemented." When asked by reporters whether he shared the condolences of the Indian sailors' deaths, Trump replied: "It is a tough profession, no doubt?about it. And we work together to solve it. We love all those people. They're great people." Trump said that the United States will also defend India. When asked about the U.S. and Indian defense relationship, Trump replied, "We would help them if they were attacked." Trump said, referring to Modi, "If anyone attacks that man, we will be there." "Now, if a new leader is in place, I am not certain about it."
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US NHC: Tropical Storm Arthur forms near Texas Coast
The U.S. National Hurricane Center announced on Wednesday that Tropical Storm Arthur has formed 'near the Texas coastline and will bring a life-threatening 'flooding to parts of the southeastern U.S. This is the first named hurricane of the Atlantic hurricane season 2026. The storm was located approximately 40 miles (60 km) east-northeast from Port O'Connor in Texas. It produced maximum sustained winds of 40 miles an hour (65 km per hour). Tropical Storm Arthur is expected to bring rainfall totals between five and ten inches. The Miami-based agency stated that isolated higher totals of?nearly 20 inches were expected from the 'Middle and Upper Texas Coast east-northeast to southern and central Louisiana, Mississippi, Alabama, as well as western portions of Georgia, and the Florida Panhandle. It added that this could cause "life-threatening to dangerous flash flooding". The NHC reported that a tropical cyclone warning is in place for High Island in Texas to Morgan City in Louisiana and a tropical cyclone watch for Sargent in Texas up to High Island in Texas. The center is moving over land, so there will be little change in strength. The agency stated that a weakening of the low is expected once it moves inland. It could dissipate as early as tonight or Thursday morning. Reporting by Anjana Anil in Bengaluru and Ashitha Shivprasad; editing by Mark Porter
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Gold prices rise; Fed meeting and details of US-Iran agreement in the spotlight
The gold price?advanced? higher on Wednesday, as investors waited for the first policy decision by the U.S. Central Bank under the new Chairman Kevin Warsh. They also hoped to get more details about the U.S. Iran peace agreement. By 11:09 am EDT (1509 GMT), spot gold had risen 0.3% to $4,344.47 an ounce. U.S. Gold Futures rose by 0.2% to $4,364.70. Tai Wong, a metals trader, said that gold buyers could be betting on the dovish Warsh to come later today. This would explain why prices are rising despite indifferent stocks, higher yields, and a stronger dollar. Federal Reserve rate decision, policy statement and updated projections for policymakers will be released by 2 pm EDT (1800 GMT) Warsh will hold a half-hour press conference after the announcement. He replaced former Fed chief Jerome Powell in December. Looking at the charts, the prices could?push up toward $4350 if $4300 is a reliable support. Lukman Otunuga is a senior research analyst with FXTM. He said that weakness below $4,300 would trigger a fall back to the $4250-4200 per ounce area of support. Last week, spot gold reached a low of nearly six months as inflation fears caused by the Iran conflict increased expectations for rate increases in the United States. Gold is often seen as a hedge to inflation but high interest rates can put pressure on bullion as it has no yield. Prices rose after the U.S. and Iran reached a framework agreement. Donald Trump, the U.S. president, said that "the agreement reached" with Iran this week was not final and that he would be able to resume a bombing if he didn't like it. "Gold and Silver could hit a cycle low between late 2026 and early 2027." Daniela Corsini, Intesa Sanpaolo's economist, said that in our baseline scenario gold could average $4,000 an ounce at the end of the year. Silver could be around $60. Silver spot gained 0.2% per ounce to $70.30 Palladium dropped 0.2% and platinum lost 1.2%. Reporting and editing by Shashkuber, Diti Pujara, and Ashitha Shivaprasad from Bengaluru.
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US allows waiver to expire on Russian oil
The U.S. Treasury did not publish a new extension to its waiver on sanctions against Russian oil carried by sea that expired at midnight on Wednesday. However, President Donald Trump and officials of the administration did not confirm if this meant that measures would be reinstated. Trump's administration waived U.S. oil sanctions during the war against Iran to assist vulnerable economies with the energy crises. Washington and Tehran have reached an agreement to end the conflict, which would allow Middle East oil to reach the global market. Trump was noncommittal on Wednesday about the possibility of reimposing sanctions by the United States on?Russia. "We're looking into that." "We're watching how much the price of crude oil drops, and it's really falling," he said to reporters at the G7 summit in France. Trump said on Tuesday that the U.S. would be able to reimpose sanctions if the waiver was ended. He said that "soon we will be able to do that" because oil was now flowing out of the Middle East. Last year, the Trump administration imposed sanctions on Russian oil giants Rosneft & Lukoil in order to pressurize Russia into ending its war with Ukraine by denying Moscow oil revenues. Russia, the United States, and Saudi Arabia are the top three oil exporters in the world. In recent months, the U.S. allowed the waiver to expire only to extend it a few days later. The White House, and Treasury Department’s Office of Foreign Assets Control didn't immediately respond to comments. A senior U.S. government official stated on Tuesday that Tehran could immediately begin selling oil following a signing ceremony, which is expected to take place later this week. It could take several months for oil and gas to flow at normal levels. Fatih Birol, the head of International Energy Agency (IEA), has stated that the Iran War has caused 'the biggest disruption in global energy markets history. Kirill Dmitriev was the special envoy of Russian President Vladimir Putin to the United States. On June 4, Dmitriev said that U.S. officials had understood the waivers role in stabilizing markets. The Kremlin announced on Sunday that U.S. envoys Steve Witkoff, Jared Kushner and who have been leading U.S.-brokered talks aimed at ending Ukraine's war, will soon visit Russia.
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Alison-Madueke, Nigeria's former oil minister, is cleared of all charges following a UK corruption trial
Diezani Alison Madueke, the former 'Nigerian Oil Minister' was found not guilty on Wednesday by a London Jury of?six charges of bribery?after a rare?corruption?trial?of an high-profile?former energy official. Alison-Madueke was the minister of petroleum resources under Goodluck Jonathan between 2010 and 2015. She faced five charges of accepting bribes, and an additional charge of conspiring to commit?bribery. Both of these she denied. The prosecution alleged that Alison-Madueke 65 was granted "a luxurious life" in London by oil and gas industry leaders seeking lucrative contracts for?Nigeria which has been plagued with corruption and mismanagement. The former minister who was briefly president of the Organization for the Petroleum Exporting Countries said that she had never taken bribes, and did not have any real influence on the awarding lucrative government contracts. Alison-Madueke, after a trial in London's Southwark Crown Court and more than 46 hours of deliberation, was acquitted of all six charges. The British authorities have suffered a serious blow with the not guilty verdicts. They began their investigation into corruption allegations against Alison Madueke over a decade ago. Alison Madueke, along with oil industry executive Olatimbo Ayinde (54), was on trial for?bribery in relation to Alison Madueke, and another count?of Bribery of an Foreign Public Official. Doye Agama (69), Alison-Madueke’s brother, was charged for conspiracy to commit bribery along with his sister in relation to payments made?to Agama’s church. Ayinde, as well as Agama, both denied the charges and were acquitted. (Reporting and editing by William James; Sam Tobin)
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Trump claims he had a good conversation with Putin and Zelenskiy
On Wednesday, President Donald 'Trump said that he had good talks with Russian President Vladimir Putin as well as?Ukrainian president Volodymyr Zelenskiy at the G7 meeting. Zelenskiy, his European allies and Trump attended the G7 summit this week in Evian-les-Bains to convince Trump that Ukraine’s battlefield fortunes have improved due to its drone incursions into Russia. Trump refused to tell reporters, on the sidelines the meeting, if he believed that Putin was the main cause of the conflict in Ukraine. "Well, I'm not going to comment because 'I'm trying 'to 'get it settled' and that's not easy. Trump said that the desire of Ukraine to build U.S. rockets in Europe will be taken into consideration. "They'd like to be allowed to do that." He said, "We'll look into it." Treasury officials in the Trump administration did not immediately confirm that sanctions had been reimposed on Russian oil. When asked if Russian sanctions will be re-imposed by Trump, he told reporters that "we are looking at it, we're evaluating how much the price of oil has fallen, it is, it really tumbling."
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Trade deal between India and the UK worth $6 billion will start on July 15
The British government announced on Wednesday that the free trade agreement between Britain and India would come into force on July 15. They reached an agreement to 'implement' the deal in spite of a dispute regarding London's upcoming steel tariff regime. Indian officials raised the possibility of reopening the FTA worth PS4.8 billion ($6.5billion) signed last year or delaying its application, out of concern over the 'impact of new UK Steel Trade Measures, which are due to come into effect on July 1'. The two countries have agreed to move forward with the implementation of the deal after the British Prime Minister Keir Starmer met with his Indian counterpart Narendra modi at the G7 summit in France. In a press release, British Business and Trade Minister Peter Kyle said: "The deal gives British Exporters an advantage over international competitors. I encourage all businesses to make sure they are prepared." The deal will see 'India' slash whisky tariffs by 40%, from 150%. Automotives will go from 10% to 100% under a quota. The British government said that businesses have 28 days to register in order to receive tariff reductions.
INSEE predicts that the French economy will grow by 0.7% by 2026, as a result of the oil shock hitting consumers.
The French economy is set to grow modestly in '2026, as a spike in oil prices squeezes consumers. This will only be partially offset by a recovery in industrial production, according to the national statistics agency INSEE. INSEE's latest outlook forecast that the euro zone's 2nd-largest economy will grow?0.7% in this year following a 0.9% growth last year. The oil price spike caused by the Iran War would be a 0.2 to 0.3 point drag on the economy.
INSEE stated that as companies pass higher costs on to consumers, the households will 'bear the brunt' of the energy crisis due to a weakened labour market, which limits their?ability?to secure higher wages.
French industrial companies fare better than consumers, who are cutting back on spending and saving. Chemicals producers and refiners have gained market share over Middle East competitors affected by the disruption of Gulf trade.
INSEE stated that the shipbuilding and aerospace industries will support economic growth, as full civilian and military orders and shipments are expected to increase 10% this year.
After a 0.1% decline at the beginning of the year, the?growth rate is expected to increase to 0.3% on a quarterly basis.
In the third and fourth quarters of this year, growth is expected to slow down to just 0.1%.
It said that EU-harmonised prices are expected to increase from 2.4% to 3.0% in December, as rising oil prices slowly trickle down to other costs. Reporting by Leigh Thomas, Editing by Gareth Jones
(source: Reuters)