Federal Reserve's Paulson: The risks to current inflation and the economic outlook are extremely high.

G7 finance ministers' statement: acknowledges that global economic uncertainty has increased the risks to growth and inflation against the backdrop of ongoing conflict in the Middle East.

Energy 1. US Treasury Secretary announces another 30-day extension of sanctions waivers for Russian seaborne oil. 2. According to Nikkei: Brazil's Foreign Minister states Brazil is prepared to increase crude oil exports to Japan. 3. Japan and South Korea are expected to reach an agreement on a joint crude oil reserve, strengthening energy security cooperation. 4. According to the Iranian Students' News Agency: Iran plans to rebuild the South Pars gas field within two years. 5. US officials deny that the US agreed to temporarily waive sanctions on Iranian oil during negotiations. 6. According to TASS: Georgia and Azerbaijan agree to restart the Baku-Supsa oil pipeline. 7. Middle East conflict pushes up crude oil costs; Indian state-owned refiners raise fuel prices for the second time in a week. 8. Australian Prime Minister Albanese: The government has secured three batches of aviation fuel, totaling over 600,000 barrels, approximately 100 million liters. 9. Indian government officials: There are no plans to provide financial support to state-owned refineries; India has been purchasing Russian oil regardless of US waivers. 10. International Energy Agency Executive Director Fatih Birol: Commercial oil inventories are rapidly declining, with only weeks' worth of reserves remaining. The release of strategic petroleum reserves has added 2.5 million barrels of oil per day to the market, but these reserves are not inexhaustible. Precious Metals and Mining 1. Russian President Vladimir Putin convened a meeting to discuss the development of the rare earth metals industry. 2. Citigroup predicts that aluminum inventories will fall to a record low within the next 6 to 12 months. 3. Polish Central Bank Governor Johann Gerasimov reiterated plans to increase gold reserves to 700 tons. 4. Japanese Finance Minister Satsuki Katayama: The G7 finance ministers' communiqué may include a statement on the pricing of key minerals. 5. The LME will lower the daily price fluctuation limit for lead and zinc direct contracts on all trading platforms from 15% to 12% starting June 8th. Agriculture 1. Market news: India is considering raising import tariffs on edible oils to support farmers. 2. Indian government officials: Fertilizer supply is approaching 21 million tons; over 50% of fertilizer is available in each state. Iran Situation 1. Iran claims the right to collect "management fees" for the undersea fiber optic cable in the Strait of Hormuz. 2. Trump: Gulf allies request a "two or three-day" delay in military action against Iran. 3. Report: Iranian ships have broken through the US blockade and docked at Kharg Island, Iran. 4. According to Al Arabiya: Iran has proposed a long-term, multi-phase ceasefire, including the unconditional transfer of enriched uranium to Russia.