Economy
India raised import tariffs on gold and silver to 15% from 6%, including a 10% basic customs duty and 5% agriculture levy, to reduce demand and support the rupee. The measure followed Prime Minister Narendra Modi’s appeal to avoid gold purchases and non-essential travel. The rupee fell over 6% in 2026, approaching 100 per U.S. dollar, largely due to the Iran war. As the world’s second-largest bullion market and third-largest oil importer, India faces increased import costs and foreign exchange pressures.
CME Group partnered with Silicon Data to launch futures contracts for AI compute power, pending regulatory approval. The contracts are based on indexes tracking GPU rental rates, such as the H100, to help traders, AI firms, and cloud providers hedge volatility. CME CEO Terry Duffy described compute as essential for AI training and data processing amid rising demand. Some analysts cautioned that compute lacks the fungibility of traditional commodities across chip generations.
A CNN poll of 1,499 Americans from April 30 to May 4 found 76% cited cost of living as their top economic concern, with majorities pessimistic about recession risks and affording expenses. Fuel and food prices have risen since the Iran war, offsetting prior wage gains over inflation. Eighty-eight percent said it is a better time to save than spend on major purchases, across income and partisan lines. Some economists counter that recent jobs data show wage growth outpacing inflation.
Energy
China’s teapot refiners in Shandong reduced operating rates to 50% from 55% in April as margins turned negative at $74 to $88 per ton due to the Hormuz crisis. Authorities had required sustained output to maintain crude import quotas despite losses, but refiners prioritized cuts. Asia could see up to 6 million barrels per day in crude processing reductions, given 65% Middle East dependency, though China’s 1.4 billion barrel stockpile offers a buffer.
The U.S. Department of Energy loaned 53 million barrels from the Strategic Petroleum Reserve to companies including Trafigura, Marathon, and ExxonMobil, raising total releases to 172 million barrels in coordination with the International Energy Agency. Deliveries from Louisiana and Texas address supply disruptions and gas price increases, with Brent crude at $108 per barrel. The repayable loans target peak summer demand amid Hormuz threats, following a Jones Act waiver. Critics warned that the drawdowns are depleting reserves at a record weekly pace.
Geopolitics
Iran presented five demands for restarting U.S. peace talks mediated by Pakistan:
- Ending the war on all fronts, including Lebanon
- Lifting sanctions
- Releasing frozen assets
- Providing compensation for war damages
- Recognizing Iran’s rights over the Strait of Hormuz
President Donald Trump rejected the demands, stating Iran must comply or face consequences. Iran has not exported crude oil by sea for 28 days amid a Hormuz blockade.
Meanwhile, Kuwait arrested four Islamic Revolutionary Guard Corps operatives following a clash on Bubiyan Island, where they allegedly attempted infiltration by sea in a rented fishing boat for hostile activities. One Kuwaiti service member was seriously wounded. The island hosts the China-backed Mubarak Al-Kabeer Port project. Kuwait summoned Iran’s ambassador. Iran denied the infiltration allegations, claiming the individuals entered Kuwaiti waters due to a navigation malfunction on a routine patrol.
Turning to Russia and Ukraine, U.S. and Ukrainian officials have drafted a memorandum to allow Ukraine to export technologies such as FPV drones, AI kill chains, and ground robots to the U.S. The agreement reportedly aims to enable joint ventures between U.S. defense firms and Ukrainian companies for mass-producing low-cost, one-way attack drones. Critics have raised concerns about the risks of transferring Ukrainian technology to adversaries and past procurement corruption involving kickbacks.
In an interview with Tucker Carlson, Yulia Mendel, former press secretary to Ukrainian President Volodymyr Zelensky, accused him of prolonging the war with Russia for personal profit and called him a dictator who shifts positions to secure funding. She claimed secret polls indicate Zelensky is unelectable and that early 2022 peace talks nearly succeeded before reported U.S. and UK intervention. Ukrainian MP Kira Rudik dismissed Mendel’s claims as outdated personal opinions promoting Russian narratives.
Additionally, Russia tested its Sarmat intercontinental ballistic missile, known as SATAN II by NATO. The liquid-fueled ICBM can carry up to 15 warheads or hypersonic glide vehicles and has overcome prior development issues, according to Commander Sergei Karakayev. He informed President Vladimir Putin that the first regiment will enter combat duty by year’s end, with a range exceeding 35,000 kilometers. Western analysts have noted the missile’s history of testing failures and deployment delays.
Turning to Gaza, Israeli soldiers in Gaza reported orders to shoot any man encountered on sight, regardless of age or armament, according to testimonies. Accounts described instructions to target individuals with white flags or elderly men as potential threats. A brigade commander stated that troops aim to kill moving terrorists, even if unarmed. These reports contradict official army investigations, such as the December 2023 killing of three shirtless Israeli captives waving white flags in Shujaiya.
Health
FDA Commissioner Dr. Marty Makary resigned after 13 months amid regulatory disputes, including approvals of updated mRNA COVID vaccines, a generic mifepristone, and resistance to flavored vapes. His tenure involved efforts to streamline side-effect reporting, consolidate trials for faster approvals, and remove hormone therapy warnings without advisory committees. Conflicts emerged with the Make America Healthy Again movement and industry over issues like Moderna’s mRNA flu shot application. Deputy Kyle Diamantas has assumed the acting role. President Trump praised Makary’s tenure.
Sources
US-Ukraine Defense Deal to Supercharge Kamikaze Drone Production
U.S. and Ukrainian officials have drafted a memorandum that could open a formal channel for Kiev to export battle-tested war technology to the U.S., while also easing the path for U.S. defense firms to form joint ventures with Ukrainian “war unicorns” to mass-produce low-cost, one-way attack drones.
Russia’s Troubled SATAN II ICBM Aces Test, Combat Ready by Year-End
Russia Successfully Tests Troubled SATAN II, Will Enter Combat By Year’s End
India Doubles Gold, Silver Tariffs to Shore Up Crashing Rupee
The government has more than doubled import taxes on gold and silver to about 15% from 6%
China’s Teapot Refiners Slash Output as Hormuz Crisis Crushes Margins
China’s Teapot Refiners Slash Output As Hormuz Crisis Crushes Margins
U.S. Loans 53 Million Barrels from Strategic Reserve to Combat Soaring Gas Prices
The U.S. government will loan 53 million barrels of oil from the Strategic Petroleum Reserve (SPR) to petroleum companies in a bid to relieve elevated gas and oil prices amid the conflict with Iran.
Iran Lists 5 Demands to Restart Stalled US Peace Talks
Iran Specifies 5 Demands To Restart Peace Talks With US
CME Launches Futures Market for AI Compute Power
Compute is the new oil of the 21st century.
Kuwait Thwarts IRGC Infiltration of China-Backed Bubiyan Island in Deadly Clash
Kuwait accused Iran on Tuesday of sending an armed paramilitary Revolutionary Guard team to launch a failed attack earlier this month on an island in the Middle East nation home to a China-funded port project.
Poll: 76% of Americans View Cost of Living as Top Economic Worry
Poll shows 76% of Americans see cost of living as their biggest economic problem
Zelensky’s Ex-Press Secretary: Dictator Prolonging War for Profit
But he thrives on this war. Why would he end it?
Israeli Soldiers Reveal Orders to Kill All Men in Gaza on Sight
A man, no matter what age, don’t play games with it; kill immediately.
FDA Commissioner Makary Resigns After 13 Months of Regulatory Turmoil
Dr. Marty Makary resigned as commissioner of the Food and Drug Administration Tuesday, ending a 13-month tenure marked by turmoil.
In addition to sources submitted by community members, the following were also used in the creation of this report: Volodymyr Tretyak, TickerTucker 2, Kira Rudik, Reuters, Hans Kristensen, UNITED24 Media, WSJ, Iran’s Foreign Ministry, The Cradle, Firstpost, Derrick Dao, Peter Navarro, DropSiteNews, and Rory Johnston.
by westcoastjan 
