Drone debris ignited a fire at an oil depot in the Poltavskaya area of Russia’s Krasnodar region, prompting authorities to temporarily close a key road leading toward Crimea. The route links to approaches to the Kerch Strait bridge, a critical connection between Crimea and the Russian mainland. No casualties were reported, but the disruption has added to an ongoing regional fuel crunch and triggered panic buying, according to the regional governor.

The Iran war has effectively closed the Strait of Hormuz, severely disrupting Middle East crude oil and LNG exports and creating shortages in physical supply. The disruption has already led to lost oil barrels and higher prices. The shock is reshaping pricing for spot cargoes and nearby crude and LNG futures as a sudden geopolitical supply hit rather than a routine risk scenario.

Tesla has started deliveries in India of the six-seat Model Y L, priced from Rs 61.99 lakh with a range of up to 681 km. The company also said the Model Y Premium Rear-Wheel Drive five-seat variant will enter India in July 2026, priced at Rs 50.89 lakh with a WLTP range of 500 km. Both models have received top-tier safety ratings from major global safety bodies, including NHTSA, IIHS, Euro NCAP, ANCAP and CIASI.

The United States and Iran reached a preliminary agreement aimed at ending their conflict, easing geopolitical tensions. Crude oil fell about 5% to its lowest level since March. The Dow Jones Industrial Average set an intraday record as technology shares led gains and risk appetite improved. The tentative deal did not address Iran’s nuclear program or tensions between Israel and Lebanon.

European Commission President Ursula von der Leyen said the European Union would consider lifting existing sanctions on Iran only if Tehran demonstrates credible and verifiable changes in its conduct. She made the remarks at a press conference in Evian, France, ahead of the G7 summit. Von der Leyen said sanctions are intended as tools to enforce behavior change, according to agency inputs.

A peace deal between the United States and Iran has lifted market expectations that shipping through the Strait of Hormuz will stabilize, sharply reducing perceived risks to global energy supply. Oil prices fell 5% in a single session on the news. The sudden easing of geopolitical tensions directly compressed the risk premium priced into spot and futures crude, creating a clear and quantifiable short-term negative for oil assets.

India’s soybean imports rose 65% in May to 200,000 metric tons, a record level, after domestic prices climbed to a four-year high and traders increased purchases from Africa, according to the Soybean Processors Association of India (SOPA). The inflow has enabled African exporters to sell non-genetically modified soybeans at a premium to global benchmarks. Larger arrivals are expected to ease tight supplies and weigh on domestic soybean and soymeal prices. SOPA has raised its 2025/26 import forecast to 900,000 tons.

Libya’s National Oil Corporation has launched its first licensing round in nearly 20 years and signed production-sharing agreements with energy companies from Spain, Turkey, Italy and Qatar. The NOC said it aims to lift output from about 1.4 million barrels per day to 2 million barrels per day. The move points to renewed international confidence in Libya’s oil and gas assets despite political divisions between the east and west.

The United States and Iran announced a preliminary peace pact aimed at ending a conflict sparked by joint U.S.-Israeli strikes. U.N. human rights chief Volker Turk welcomed the step but urged maximum restraint and swift implementation to secure a lasting agreement. He also warned of escalating Israeli military actions in Lebanon and cross-border Hezbollah attacks, raising the risk of further regional spillover.