Iran War
President Trump said Thursday that Iran’s enriched uranium stockpile was no longer a central concern, telling reporters there was no reason to retrieve what he called “nuclear dust” because it is “entombed.” Washington is not considering any covert seizure operation, he said, while stating that cameras continue to monitor the material. Trump said the objective is to ensure Iran can’t have a nuclear weapon, proposed a broader deal on Strait of Hormuz commerce, and said he would be honored to meet the Ayatollah. He warned that any killing of US troops would reignite hostilities, stated that Iran has no navy and no air force, and linked the Lebanon track to the wider conflict. That all said, a restricted IAEA document reportedly states that Iran’s nuclear risk is higher now than before the war, as inspections have largely halted.
Senior Khamenei advisor Mohsen Rezaee told Gulf states to pick a side or lose territory: “If the UAE and Kuwait are with the Zionists, they should give Abu Dhabi and Bubiyan to Saudi Arabia and Iraq.” Rezaee said any Israeli strike on Beirut’s suburbs would have triggered missile salvos on northern Israel many times greater than the 40-day war. He stated Iran’s regional doctrine as: “If we don’t defend our allies today, no one will come to our aid tomorrow.” He said Qatar and Saudi Arabia are adjusting to realities, while the UAE, Bahrain, and Kuwait still rely on American power.
Meanwhile, US CENTCOM said it shot down at least four Iranian one-way attack drones headed toward the Strait of Hormuz and bombed Iranian coastal radar sites in Goruk and on Qeshm Island. Iranian state media claimed its forces fired warning missiles at US destroyers DDG-103 and DDG-87 in the Gulf of Oman. However, CENTCOM denied Iranian claims of firing warning missiles at U.S. destroyers as false. Meanwhile, Foreign Minister Abbas Araghchi said there is no tangible progress in talks and that US bases used for aggression are legitimate targets, while affirming Tehran’s commitment to ties with Riyadh. Kuwaiti air defenses were reported active, and an explosion near Oman’s Mina al Fahal terminal halted oil loading.
Lastly, satellite imagery from Soar Atlas shows a destroyed shelter, charred ground, and impact craters at the US Ali Al Salem Air Base in Kuwait. CENTCOM had said the two missiles aimed at Kuwait fell short or broke apart en route, but Kuwait’s foreign ministry confirmed strikes on the international airport and diplomatic missions that killed an Indian citizen and injured roughly 60 others. Iran denied targeting the airport and blamed a US Patriot interceptor.
Other Geopolitics
Ukrainian President Volodymyr Zelensky published an open letter to Vladimir Putin proposing a face-to-face meeting and a full ceasefire for the duration of the negotiations. Zelensky cited Ukraine’s drone strike on the St. Petersburg forum and suggested Switzerland, Türkiye, or Arab states could host. He noted that the United States is fully focused on the issue of Iran.
However, Putin rejected the appeal as pointless and said he had sent an informal envoy to Kyiv last month at Ukraine’s request, after which Ukrainian forces struck a Lugansk dormitory, killing 21 people.
In other news, satellite imagery from Shanghai’s Jiangnan Shipyard shows a roughly 120-meter Chinese submarine with no traditional sail, X-shaped stern surfaces, and a possible shrouded pumpjet propulsor. A parallel launch occurred at Huludao Shipyard. China has launched 15-20 submarines in five years, surpassing US output capacity. Official Chinese confirmation or details on the vessel’s class, role, and propulsion remain unavailable.
Economy
The May Logistics Managers’ Index showed transportation costs at the highest level in the index’s history. Respondents forecast aggregate logistics costs rising 253.6 over the next 12 months. Some analyses indicate markets have limited the Hormuz-related shock through redundancy and adaptation, resulting in minimal CPI impact.
Blackstone has gated its $79 billion flagship private credit fund, capping redemptions at 5% after investors sought to pull 10% of shares. Cliffwater imposed a similar 5% cap against 17% requested. Last quarter, Blackstone used senior executives’ personal cash to honor a 7.9% redemption. Blackstone’s COO described the caps as a feature of the fund structure rather than a sign of distress, noting that redemption requests began decelerating.
Initial US jobless claims rose to 225,000, while continuing claims fell to 1.777 million. Challenger, Gray & Christmas reported 38,242 tech-sector job cuts announced in May, with AI cited as the reason for 38,579 cuts. AI has been linked to 87,714 cuts year-to-date. However, some indicators show labor market resilience, with continuing claims near two-year lows and hiring announcements slightly ahead of last year’s pace.
Crypto News
Coinbase and Better Home & Finance will allow qualified borrowers to pledge Bitcoin or USDC as collateral for Fannie Mae-backed mortgage down payments beginning in the summer of 2026, following a June 2025 FHFA directive. Five Democratic senators warned in July that the policy could destabilize housing. Critics have pointed to potential volatility risks that could indirectly affect housing stability.
Privacy coin Zcash (ZEC) fell more than 30% to $410 after the disclosure of a critical Orchard pool vulnerability. Security engineer Taylor Hornby discovered the bug, which had existed since May 2022. Zcash deployed a hard fork on June 3. BitMEX co-founder Arthur Hayes said he sold his entire ZEC position. Some analysts noted that the turnstile mechanism prevents withdrawals exceeding deposits, limiting overall supply risks.
US Politics
Former Trump national security adviser John Bolton has reached a plea deal with federal prosecutors, agreeing to plead guilty to one count of illegal retention of classified documents and pay a fine exceeding $2 million, according to CNN. Bolton was originally charged with 18 counts. A hearing is set for June 26.
Sources
Trump Downplays Iran’s Uranium as Nuclear Risks Rise and Ceasefire Hopes Fade
The nuclear risk posed by Iran is now higher today than it was before the war began.
Source | Submitted by PhilH
Blackstone Gates Flagship Credit Fund After Investors Seek 10% Redemption
Blackstone has also limited redemptions from its flagship private credit fund for the first time after investors sought to pull 10% of the shares
US Jobless Claims Rise as Tech AI Cuts Hit Two-Year High
AI is now the leading reason companies give for cutting jobs.
Supply Chain Strains Push Transport Costs to Records, Fueling Inflation Fears
This previous peak was part of a run of high logistics inflation that led to the highest U.S. inflation in 40 years.
Khamenei Advisor Threatens to Redraw Gulf Map Over Beirut Red Line
If we don’t defend our allies today, no one will come to our aid tomorrow.
China’s 120-Meter Sailless Submarine Emerges from Satellite Shadows
China continues to accelerate submarine development while experimenting with increasingly unconventional underwater designs.
Zelensky’s Open Letter Urges Putin: Meet to End War, Ukraine Offers Ceasefire
Ukraine proposes ending this war through direct engagement between us – and you. I am proposing a meeting.
John Bolton to Plead Guilty, Pay $2M Fine in Classified Documents Case
John Bolton, former national security adviser to President Donald Trump, has reached a plea deal with federal prosecutors and is expected to plead guilty to one count of illegal retention of sensitive national security documents, according to CNN, citing three sources familiar with the matter.
Trump Calls Iran’s Uranium ‘Entombed Dust,’ Shifts Focus From Retrieval to No Nukes
There was “no reason” to retrieve what he called Iran’s nuclear “dust” because it is now effectively “entombed.”
Coinbase to Allow Bitcoin, USDC for Fannie Mae Mortgage Down Payments
Coinbase and its partner, Better Home & Finance, said the mortgage structure plan launching “by summer 2026” will allow borrowers to initially use Bitcoin (BTC) or USDC (USDC) as collateral for loans to fund down payments for homes.
ZEC Plunges 30% After Zcash Orchard Bug Disclosure
ZEC Falls After Disclosure of Patched Zcash Orchard Vulnerability
US Downs Iranian Drones Over Hormuz, Strikes Radar Sites as Talks Stall
These ‘limited’ escalations are becoming more regular, and even almost nightly at this point, raising the stakes and possibility of a more full-on, dangerous renewed war.
Putin Rejects Zelensky Peace Letter as ‘Pointless’
So far, I see no point in this.
Satellite Imagery Shows Damage at US Kuwait Base Despite Interception Claims
Satellite imagery appears to show damage to a US air base in Kuwait following Iranian strikes on Wednesday.
by mike-from-jersey 
