NEED TO KNOW
ME US-Israel war with Iran escalates and spreads across the region: The war that broke out last week after Israel and the US launched strikes against Tehran dramatically intensified with sustained airstrikes on Iranian military and nuclear infrastructure, as well as retaliatory Iranian missile and drone attacks across the region. Iranian strikes pummeled Israel and also hit targets in the UAE, Qatar, Oman, Kuwait, Saudi Arabia, Iraq, and Bahrain, while the US reported casualties among its troops. On Saturday, Tehran said it will no longer attack neighboring countries or launch missiles unless an attack on Iran originates from those countries. The conflict is now a regional war with major geopolitical and economic implications.
ME Energy crisis fears skyrocket as Gulf infrastructure and shipping are disrupted: The war has triggered a serious energy security shock. Oil and gas flows through the Strait of Hormuz, through which roughly 20% of global oil supply passes, have been almost entirely suspended, with tankers attacked, insurers dramatically raising premiums and shipping companies rerouting or delaying cargoes. Additionally, Qatar temporarily halted gas production after drone strikes on facilities, while Kuwait also declared force majeure and cut crude oil output. Global oil and gas prices rose sharply and fears of a broader Gulf export shutdown, while inflation concerns are also on the rise.
FR France to expand nuclear forces and stop disclosures: President Macron announced that France will stop publicly disclosing the number of nuclear warheads it possesses, ending a policy of relative transparency about its deterrent, and he also signaled plans to expand his country’s nuclear forces and potentially deploy nuclear-capable aircraft across allied European countries.
VE Venezuela gold deal with US after Maduro’s removal: After Nicolás Maduro’s removal from power two months ago, the US has reportedly signed a multimillion-dollar deal with state-owned company Minerven to furnish 650 to 1,000 kilos of Gold Dore bars destined for US markets, according to Axios.
EU Ukraine–Hungary confrontation: Ukrainian President Volodymyr Zelensky appeared to threaten Hungarian Prime Minister Viktor Orbán amid disputes over EU funding and Russian energy flows. Hungarian authorities then intercepted two armored vehicles transporting cash and precious metals belonging to Ukraine’s state bank, arrested seven Ukrainian nationals and seized about $40 million, €35 million, and roughly 9 kg of gold, launching a money-laundering investigation.
US BlackRock private credit fund under pressure: BlackRock limited withdrawals from its $26 billion HPS Corporate Lending Fund, after investors asked to withdraw about $1.2 billion (9.3% of the fund’s assets) in the first quarter of 2026, exceeding the fund’s built-in 5% quarterly redemption cap. BlackRock only paid out roughly $620 million and postponed the rest of the requests.The situation highlights growing concerns about the private credit sector, which expanded rapidly as banks reduced corporate lending, but is now under pressure.
RU US “unsanctioning” Russia oil: Treasury Secretary announced that the US is lifting certain restrictions on Russian oil and is also considering further “unsanctioning”steps, as the Iran conflict is raising prices globally. This comes after the US also temporarily eased sanctions with a 30-day waiver to allow India to buy Russian oil currently stranded at sea, stuck near the Strait of Hormuz.
KR South Korea market crash: On Wednesday, the KOSPI suffered its most severe single-day drop in its history, plummeting 12.06% respectively. The selloff was largely driven by South Korea's extreme reliance on Middle Eastern oil and the ongoing conflict.
CH Swiss reject plan to cut license fee for public broadcaster: The Swiss voted down an SVP-backed proposal to reduce the annual license fee for the Swiss Broadcasting Corporation (SBC) from 335 francs to 200 francs, with businesses exempted. The initiative received only 38% support in Sunday’s referendum.
GOOD TO KNOW
AI and privacy lawsuits pile up
Meta is facing a class‑action lawsuit over privacy claims related to its AI‑powered Ray‑Ban Meta smart glasses. Plaintiffs allege Meta falsely marketed the glasses as “designed for privacy” and “controlled by you,” while footage captured by the devices, including intimate and sensitive content, was actually transmitted to company servers and reviewed by human contractors in Kenya in order to train AI systems without clear user consent or effective privacy protections. The complaint claims this practice violated privacy and consumer protection laws and that face‑blurring and other safeguards didn’t function to reliably protect user identities, leading to human reviews of highly personal moments that users assumed would remain private.
This is far from an isolated case. Last August, another class-action lawsuit was filed against Otter.ai, a popular AI transcription service, alleging that the tool "slips surreptitiously" into meetings as a silent participant without adequate notice or consent from all parties. In January, multiple lawsuits were settled involving Character.AI and its partner Google. These cases had to do with the "deceptive" nature of AI companions and the psychological harm on minors. The plaintiffs alleged that the company collected deep emotional and sensitive personal data from teenagers under the guise of "private" conversations with AI personas and argued that the companies failed to disclose how this intimate data was used to refine "addictive" engagement algorithms.
NICE TO KNOW
US announces steps to restart Hormuz traffic: US The Trump administration said on Friday it will offer up to $20 billion reinsurance coverage for oil tankers and other commercial ships in the Persian Gulf region, in hopes of restarting shipping through the Strait of Hormuz. Details on eligibility still unclear. President Trump also said the US Navy would escort tankers through the Strait “if necessary”, however no further details of that plan have been revealed either.
CN China urges refiners to stop exports: Beijing has told the country’s top oil refiners to suspend exports of diesel and gasoline due to the escalating conflict in the Gulf.
CRO Croatia reinstates mandatory military service: Croatia announced plans to reintroduce compulsory military service, reversing a policy that had been suspended since 2008. The move is part of a broader European trend toward strengthening defense readiness amid growing security concerns on the continent, particularly related to the Russia-Ukraine.
AI Pentagon-Anthropic stand-off continues: Following last weeks clash between Anthropic and US Department of Defense after the company refused demands to drop strict safeguards on its AI, the Pentagon designated Anthropic a “supply chain risk,” a designation normally reserved for foreign adversaries, and the Trump administration ordered federal agencies to stop using its technology, prompting the company to announce plans to challenge the decision in court.
AI OpenAI's head of robotics resigns: Caitlin Kalinowski resigned citing ethical concerns over the company's recent deal to deploy its AI models on the Pentagon's classified networks. She highlighted risks like surveillance of Americans without judicial oversight and lethal autonomous weapons without human authorization.
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