Both WTI and Brent crude oil prices fell in the short term, with WTI crude oil currently down more than 5% at $91.4 per barrel and Brent crude oil down about 4% at $92.6 per barrel.

Israeli military: The Israeli military struck two key Hamas militants in northern Gaza.

China Policy & Industry - China’s National Press and Publication Administration approved 154 domestic online games in May. - China’s Foreign Ministry said it hopes all parties involved in the Iran nuclear issue will seize the opportunity to reach a negotiated solution that addresses the reasonable concerns of all sides. - Data from the China Academy of Information and Communications Technology showed China’s domestic mobile phone shipments rose 2.8% year-on-year in April to 25.733 million units, including 24.736 million 5G handsets. International Developments - Uzbekistan fully resumed gold exports in April. - Malaysia reportedly imposed a 10% tariff on imports of certain gold bars. - a South Korean court rejected request for an injunction to suspend negotiations involving a major labor union at Samsung Electronics - Yonhap. - Elon Musk discussed with colleagues the possibility of combining Tesla and SpaceX - CNBC. - Micron Technology surged 19%, extending record highs and lifting its market capitalization to $1 trillion. Shares have gained 210% year-to-date. Iran Conflict & Diplomacy • Iran - Iran warned it would retaliate forcefully if the conflict resumes and said it could block regional oil exports. - Iran’s Foreign Ministry accused the US of openly violating the ceasefire agreement and said Tehran would respond. - Islamic Revolutionary Guard Corps said Iran reserves the right to respond to any US ceasefire violations and claimed it tracked and shot down a US MQ-9 drone. - Iranian media denied reports that Tehran and Washington had reached a MoU. - Iranian President said Iran is prepared to reach a “dignified” framework agreement. United States - US Central Command said it conducted defensive strikes in southern Iran, while US officials said the operation does not signal the collapse of the ceasefire. - Trump held a phone call with Israeli Prime Minister Netanyahu. - US Central Command said reports claiming the US had resumed “Operation Freedom” were inaccurate. - Rubio said wording negotiations tied to a potential US-Iran agreement could require “a few more days.”