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US-Israel war on Iran

US-Israel war on Iran
Latest news and updates on the US and Israel's strikes on Iran, in which Supreme leader Ayatollah Ali Khamenei was killed, and Iran's responses.
An oil pumpjack is seen in the US state of North Dakota. The US-Israel war on Iran has upended global oil markets, with stockpiles likely to fall to “critical levels” by summer, according to the International Energy Agency. Photo: AFP
China energy security

Global oil stockpiles could fall to ‘critical levels’ by summer, IEA warns

Even China’s inventories are now starting to decline, with Gulf oil supplies likely to take months to recover even if a peace deal is agreed.

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Iran

Kuwait airport hit and flights suspended as US and Iran exchange attacks

Donald Trump

‘You’re crazy!’: Trump-Netanyahu relationship under growing strain over Iran

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Energy

Letters | Asia can’t wait for the US to lift its naval blockade on Iran

Readers discuss how to make the blockade costly for Washington, the Power of Siberia 2 pipeline, and the success of a grass-roots film.

Life goes on around a shopping arcade in Tehran on May 31. Washington’s strategy rests on a Western fantasy: that a heavily sanctioned authoritarian state will simply collapse quietly. History says otherwise. Photo: AFP
Japan

Japan runs low on ethylene, putting bananas at risk of disappearing from homes

The closure of the Strait of Hormuz has squeezed the supply of the naphtha-derived gas that Japan uses to ripen the fruit.

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Malaysia

Why oil-hungry Asia ignores risks linked to Russia’s ‘dark fleet’

Asia prioritises fuel needs over security risks from Russian oil to survive the energy crisis, despite sanctions and diplomatic dilemmas.

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Iran

US-Iran diplomacy mired in uncertainty as Trump claims Lebanon de-escalation

Israeli leader vows to continue operations in southern Lebanon despite the US president claiming ‘no Troops going to Beirut’.

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An Israeli airstrike on the outskirts of Tyre in southern Lebanon on Monday. Photo: AFP
Energy

Oil prices rally on Hormuz talks but will Asia’s energy woes ease?

Analysts say recovery ‘will take a far longer time’, with ship backlogs and damaged facilities weighing on Asia’s energy importers.

Middle East

Netanyahu orders strikes on Beirut’s southern suburbs, clouding Iran mediation

Order came a day after Israeli ground forces seized a historic castle, reaching their deepest point in Lebanon in 26 years.

Russia

How ‘strategic ambiguity’ made Turkey a winner in the Iran war

However, experts caution that the country’s economic instability and enduring regional rivalries have capped its gains.

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Turkish President Recep Tayyip Erdogan has reiterated his country’s support for peace talks. Turkey can be a “natural release valve” for companies trying to deal with the instability caused by the Iran war, an expert has said. Photo: AFP
China trade

‘Unsustainable’: firms face huge spike in shipping costs amid Hormuz crisis

Shipping lines say they have no choice but to pass on steep cost rises, as the Iran war sparks a fuel crisis that could last well into next year.

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A container ship is moved into position at a port in China’s eastern Shandong province. Photo: AFP
Hong Kong economy

Impact of Middle East war on Hong Kong’s inflation limited, finance chief says

Inflation forecast raised to 2.6 per cent, but Financial Secretary Paul Chan says service-based economy and stable mainland Chinese supplies cushion impact.

Iran

US says struck Iran sites, Tehran responds by targeting base

Kuwait intercepts incoming drone and missile fire as negotiations to end the Iran war drag on.

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Iran

Iran says US not to be trusted as Trump toughens deal terms

Ceasefire remains elusive as both sides still remain apart on conditions for peace.

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An anti-US mural in Tehran, Iran. Photo: West Asia News Agency via Reuters
Middle East

Israeli forces capture historic castle in deepest push into Lebanon in decades

Troops take over the medieval fortress of Beaufort, returning to the strategic peak occupied by Israel from 1982 to 2000.

An Israeli flag and a flag of the Golani Brigade raised on Beaufort Castle. Photo: Reuters
US-China relations

Opinion | US quietly plays the long game on energy dominance against China

Behind the Trump administration’s detente with Beijing lies a strategy to redirect global energy flows and disrupt Chinese competitiveness.

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Banking & finance

Macroscope | Why bond yields are going up everywhere

Unlike stock markets, bond markets are signalling a more cognisant and mature appreciation of the state of government finances.

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Kyrgyzstan

Why the Shanghai Cooperation Organisation isn’t Nato for Iran

Central Asian members in particular see bloc’s main value as preserving their sovereignty rather than enabling collective military action.

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Illustration: Henry Wong
China-EU relations

Brussels agrees on tougher China trade policy, as Beijing vows retaliation

Trade chief details why bloc needs to take stronger steps to defend itself from what is described as a new ‘China shock’ to its industries.

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US-China relations

Hegseth at Asia defence gathering, China-EU tensions, Computex

This week: US allies wait to hear from Defence Secretary Pete Hegseth in Singapore, EU works on China trade measures and Huawei announces chip advance. Next week: Computex is held in Taiwan, China reveals PMI, UK foreign minister visits Beijing, and more.

Middle East

Outside In | How Trump’s war on Iran is jeopardising Asia’s remittance lifeline

In Gulf economies, lost migrant jobs and remittances risk plunging millions across Asia into crisis.

Workers take a break with the city skyline of Dubai seen in the background on March 11. Photo: AFP
Central Asia

China’s expanding footprint in Central Asia

From addressing critical water security fears to driving a regional green tech revolution, Beijing is cementing its role as an indispensable partner to Central Asia. This three-part series investigates China’s expanding influence in the region amid global geopolitical uncertainty, exploring how new investments and diplomatic ties are reshaping the Central Asian landscape.

Chinese President Xi Jinping (left) arrives in Astana for the second China-Central Asia Summit in June 2025. He was welcomed at the airport by Kazakhstan’s President Kassym-Jomart Tokayev. Photo: AFP
US-China relations

China, US at ‘historical crossroads’, Beijing’s envoy tells New York gala event

Nixon, Bush and Rockefeller families are among evening’s honorees, along with former Hong Kong leader Tung Chee-hwa.

Middle East

Israel launches deadly strike near Beirut as it widens offensive in Lebanon

Escalating hostilities in Lebanon strain a fragile ceasefire ahead of crucial negotiations in Washington.

Donald Trump

US boasts viable Iran deal: no nuclear weapons, Hormuz open. Will Trump agree?

US president said to be weighing proposed deal as fragile ceasefire holds after renewed strikes and Iranian retaliation.

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A man waves an Iranian flag in Tehran’s Valiasr Square as uncertainty surrounds a proposed peace deal. Photo: EPA
United States

US key inflation gauge worsens, eroding Americans’ income, spending power

Inflation of 3.8 per cent in April was the highest since May 2023 amid high petrol prices and food costs.

Supermarket shoppers in Chicago, the US earlier this month. Photo: Getty Images via AFP
China energy security

Stockpiles, distribution hubs: inside China’s drive to Hormuz-proof its economy

Beijing is bolstering strategic reserves and accelerating the buildout of distribution hubs, as China rushes to adapt to the Middle East crisis.

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Commodities

Gold continues decline as inflation fears outweigh hope of end to Iran war

The metal is down nearly 20 per cent from its all-time high in January as investors focus on the Federal Reserve’s plans to combat inflation.

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