- Iran's threat to close the Bab el-Mandeb Strait could slash oil supplies to an already disrupted market.
- The Strait is a crucial trade choke point, with oil flows nearly doubling to 7.2 million barrels per day in April.
- Iran's Revolutionary Guard threatened to close the Strait if Israel did not halt strikes in Gaza and Lebanon.
2026-06-05
Energy/Oil 2
- Fossil fuels now seen as intermittent and uncertain, similar to renewables
- Renewables have become constant with advancements in battery technology
- Energy experts call for a swift transition to homegrown clean electricity
Central Banks 2
- RBI kept benchmark rate at 5.25% as expected, citing cautious stance due to geopolitical and energy risks
- Raised FY27 inflation forecast to 5.1% (+50bps) while lowering growth outlook to 6.6% (from 6.9%)
- Rupee down 6% YTD to 95.78/USD as energy imports and outflows pressure currency; gold duties raised to curb demand
- Bank of England and FCA agree to maintain effective cooperation on financial market infrastructure supervision
- Annual review of memorandum of understanding confirms high degree of coordination and no material duplication
- Authorities to address suggestions from firms to improve supervision efficiency
Markets 1
- Apple to unveil overhauled Siri with standalone chatbot-style app and multi-step commands
- WWDC to test whether Apple Intelligence can become a real iPhone upgrade driver
- Tim Cook's legacy at stake as he prepares to hand over to John Ternus as CEO