Ukraine President Zelenskiy said Russian authorities have been driven mad by the war and have completely lost reason in refusing to end it.

South Korea's government and the ruling Democratic Party agreed to step up support for a recently announced large-scale semiconductor and AI investment program and to push rapid enabling legislation. The "three super projects" unveiled at the end of last month target semiconductors, physical AI and AI data centers and entail roughly 4,755 trillion won (about $3.16 trillion) of investment. Under the plan, Samsung Electronics would build two memory fabs in Gwangju and the surrounding Jeolla region and SK Hynix would build two additional wafer fabs. The Democratic Party has formed a special committee to back the projects and pledged legislative and budgetary support, aiming to pass a special-law to create "super special zones" to loosen regulation by year-end.

Falling crude has not produced equivalent drops in consumer fuel costs because refined-product supplies—not crude—are tight. The 3-2-1 crack spread has jumped to a record $65/bbl, implying refiners can buy crude at roughly $71/bbl and sell finished products valued around $136. The gap reflects refinery feed shortages—firms running cautious inventories and disruptions around the Strait of Hormuz, where refiners account for over 10% of global product output—rather than raw crude scarcity. Market models that tie consumer fuel costs directly to crude risk understating near-term energy inflation. Diesel remains elevated, keeping transport costs high and sustaining upward pressure on other consumer prices; the price gap has also attracted political attention, with Trump threatening action against oil companies.