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A drone hit an electrical generator outside Abu Dhabi’s Barakah nuclear plant Sunday. Two of three drones were intercepted. The one that got through came from the western border. First strike on the Arab world’s only nuclear plant since it opened in 2020. Fox
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Trump posted on Truth Social Sunday: “For Iran, the Clock is Ticking” — warning the country would be hit “much harder than before.” He meets his national security team in the Situation Room Tuesday to discuss military options. He also posted an AI-generated image of red arrows pointing at Iran from every direction. Fox
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Supreme Leader Khamenei rejected Trump’s nuclear proposal Sunday, calling US demands “excessive and outrageous” and accusing Trump of lying about wanting peace. Iran’s foreign minister said talks with Europeans in Istanbul ended with a warning on sanctions. Three months of ceasefire talks. Still no deal. Reuters
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WTI crude hit $103.06 this morning, up 2% on the Barakah strike. Last week WTI gained 11% as the Strait of Hormuz stayed closed. Saudi Arabia also intercepted three drones entering from Iraqi airspace overnight. Reuters
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Trump’s two-day summit with Xi in Beijing ended Friday without concrete progress on the Strait of Hormuz. China said it told Trump that Taiwan is a red line. Trump said he left with “fantastic trade deals.” Experts said the two sides don’t agree on what they agreed on. AP
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IAEA director-general Grossi said he was “gravely concerned” by the Barakah strike and called for maximum military restraint near nuclear facilities. One reactor at the plant ran on emergency diesel generators after the attack. The UAE supplies 25% of its electricity from the plant. It’s the only nuclear station in the Arab world. AP
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Trump pushed over the weekend for a temporary pause of the 18.4-cent federal gas tax as pump prices hold near record highs. Suspending it requires an act of Congress. Trucking and construction groups said no thanks — they want a permanent fix, not a temporary one. Fox Business
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China agreed to buy 200 Boeing jets — but the market expected 500. Boeing shares fell 4% Thursday on the shortfall. It was the first Chinese purchase of American commercial aircraft since 2017. A nine-year wait, and Boeing still couldn’t close the number. WSJ
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Kevin Warsh took over as Fed chair May 15, confirmed 54–45 — the most divided vote in Fed history. His first FOMC meeting is June 16–17. Traders now price a 45% chance of a rate hike by December. Trump wanted rate cuts. He got a chair who may have to hike instead. CNBC
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The 10-year Treasury yield hit 4.63% Monday, its highest since January 2025. April CPI came in at 3.8% annually. April PPI ran 6.0%. Both topped forecasts. Energy costs from the Strait closure are now moving through the broader price index, not just at the pump. CNBC
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