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Trump says US can stay in Iran to keep oil like Venezuela deal
Donald Trump suggested on Sunday that the United States might "keep" oil in Iran, drawing a parallel with the U.S. effort to seize a fifth Venezuela's vast reserves of oil. He said that on a trip to Ireland to attend meetings and watch golf he still "expected" the Iran War to end this coming year. This could be just before the midterm elections in the United States due in November. Trump said that gasoline prices would drop "like a rock" when the Iran War ended. Oil traders expect prices to increase again on Monday following an attack on Saudi oil pipeline. Trump stated that he will only do the "right deal", and not one that is "no good". He also said that Iran "constantly" calls for peace talks, a claim that Tehran has rejected in the past. The president did introduce another option, however: "stay engaged with Iran." He made a comparison with the August deal announced by the United States in Venezuela. Trump added that "we'll eventually get out" of Iran unless we decide to stay in the country and keep the oil, like Venezuela. The revenue from Venezuela "paid for the war many times."
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Saudi shares drop after drone attacks target key oil pipeline
Saudi Arabian stocks fell in the early trading on Sunday as a result of 'the market's reaction to drone attacks' on the Kingdom's East-West crude oil pipeline. Saudi Arabia's benchmark index fell?1.0%. This was due to a 0.8% decline in Al Rajhi Bank, and a 2.4% drop in Saudi Arabian Mining Company. Saudi Aramco, the oil giant, fell 1.1%. Rabigh Refining and Petrochemical Company plummeted 7.3% and was the worst performer of this session. The sale 'followed an emergency shutdown of the East West pipeline on Thursday after aerial strikes 'hit installations in the Riyadh region and Medina, causing multiple injuries. Riyadh as well as?Baghdad both traced the attack back to Iraqi territory where Iran-backed militias are active, leading the Iraqi Government to dismiss a senior military leader on Saturday. Saudi Arabia did not immediately retaliate militarily after an appeal from Iraq's Prime Minister, but Riyadh defended its right to protect its sovereignty and vital infrastructure. The U.S. president Donald Trump blamed Iran on Saturday for the attacks on the conduit. This is the primary alternative that the Kingdom uses to avoid the Strait of Hormuz. According to the International Energy Agency, previous attacks on Saudi energy facilities had reduced crude production by 2.3 million barrels per day to a low of 6 millions bpd for three decades. Qatar's benchmark Index, which is a measure of the petrochemical industry, rose 0.2%, bucking the regional trend. The Financial Times reported that Gulf foreign ministers will meet with their Iranian counterparts in an effort to reach an interim agreement on traffic management through the Strait of Hormuz.
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Authorities say it could take several months to identify the victims of the Philippine ferry fire.
On Sunday, authorities in the Philippines warned that it may take several weeks or months to identify victims of a ferry fire in which 76 people died. As forensic experts collect and compare DNA samples taken from the charred remains, investigators are determining what caused the worst maritime disaster in recent history in the Philippines. Richard Allan Mangalip, a forensic expert with the Philippine National Police said that some remains were clustered in certain areas of the vessel. Others were spread out across the ship. The vessel was carrying over 130 people, and it was nearing its destination at the time of the fire. The ferry headed southwest from Manila, to Coron in the province of Palawan, a journey that usually takes around 20 hours. Mangalip, at a recent press conference, said that "most of them are already charred." He added that authorities could not give a timeline for identification due to the large number of specimens which must be examined. It could take a few weeks or even longer. This assessment was made a day after the rescuers found 41 more remains on the ferry. The death toll now stands at 76, and 13 people are still missing. Officials stated that more remains may still be discovered because investigators haven't yet thoroughly searched the flooded sections of vessel. On Friday, firefighters entered the ferry after putting out the blaze a day and a half after it started. The Coast Guard released images showing the extent of the damage inside the ship, including rows of bed frames that were twisted and covered with ash by intense heat. Investigators have not yet determined where the fire began and are still working to gain access to key areas of the vessel including the flooded lower decks, the engine room and other sections where evidence may help determine the cause. According to a statement by the Maritime Industry Authority based on survivor 'accounts', two explosions could be heard within the vessel just before the fire started. A representative from shipowner Atienza inter-Island ferry said at the same press conference that the 'company is cooperating fully with the investigators and will continue to assist affected families. The fire is just the latest in a series of maritime accidents that have killed people in the Philippines. This archipelago has more than 7,600 island, and millions of people rely on small boats and ferries to travel.
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The PM's Office says that one person has died and more than 30 people are missing after a Vanuatu Ferry sinks.
In a statement, the office of Prime Minister Jotham napat said that at least one person had been confirmed dead on Sunday and that more than 30 others were still missing after a boat sank off Vanuatu. The statement on Facebook stated that search and rescue operations are continuing in the Pacific Island Nation located approximately 1,750 km (1.090 miles east of Australia) after the MV Matui, with its crew and passengers, went down. It added that 15 of them were alive. RNZ, the New Zealand public broadcaster, reported that search efforts had begun since Friday's inter-island boat sank due to bad weather between the islands of Ambae & Santo. The Napat office stated that the search in open waters was being lowered, while efforts were shifted?towards a search of?the south east coast where currents could have carried survivors. The statement stated that "this loss appears to have been caused by strong winds, failure to heed marine warnings and possible negligence such as overloading the vessel." We pray for the?strength of those who survived and their recovery. Please know that we are with the families of the missing and the ones who have died in this time. Matai Seremaiah is the representative for the Luganville region in Vanuatu’s parliament. He said that rescue efforts began after a crew member of the MV Matui swam to shore and raised the alarm. Seremaiah told RNZ that he alerted them to the fact that the ship had capsized. They went on a search. Vanuatu 'police, Vanuatu Maritime Safety Authority, and the ferry operator, Tui Shipping Agency did not respond immediately to requests for comments.
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Agency reports that 243 passengers from an Indonesian passenger ship have been reported missing at sea.
The Indonesian search and rescue agency reported that a passenger ship carrying 243 passengers was reported as'missing' after it lost contact in the Java Sea during bad weather early Sunday morning. The 'Virgo Transport 8' ship left the East Java town of Surabaya on Saturday for the South Kalimantan City of Banjarmasin, but lost contact. The agency stated that "at the time of this statement, it is not possible to contact the ship and its location is unknown." The agency said that rescuers had launched a search and sent a team to its last-known position. Indonesia is an archipelago consisting of over 17,000 islands. It relies heavily on ferries for transportation. Sea routes are more affordable and accessible than air travel. Safety?standards may not be?always strictly enforced, leading to a high accident rate.
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The PM's Office says that one person has died and more than 30 people are missing after a Vanuatu Ferry sinks.
In a statement, the office of Prime Minister Jotham Napat said that at least one person had been confirmed dead and more than 30 others were missing after a boat sank near Vanuatu. The statement on Facebook said that search and rescue operations are continuing in the Pacific Island Nation located approximately 1,750 km (1.090 miles east of Australia) after the MV Matui with its crew and passengers went down. It added that 15 of them were alive. RNZ, the public broadcaster of New Zealand, reported that search efforts had begun since Friday's inter-island?ferry sank between the islands Ambae and Santo in bad weather. The Napat office stated that the search was "being eased while efforts are being moved towards a search along South-East coast where currents could have carried survivors". The statement said that "this loss appears to be the result of not heeding marine warnings and strong winds, as well as possible negligence including overloading the vessel." "We pray for the strength and recovery of those who survived." "Please know that we stand with the families of the'missing' and those who have died," it added. The Vanuatu Police, the Vanuatu Maritime Safety Authority, and the 'ferry operator Tui Shipping Agency did not respond immediately to comments.
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Hyundai Motor will roll out a driver-assist technology in-house in 2029
Hyundai Motor Group plans to launch its driver-assistance technology in late 2029. This is two years later than originally planned. Hyundai executives said that the South Korean automaker would 'partner with U.S. Chipmaker to 'roll out advanced driver assistance systems (ADAS) in 2028. These are known as ADAS Level 2+ or Level 2++. This shift highlights the difficulties Hyundai faces in developing its own automated driving software, originally scheduled for a debut in late-2027, and raises concerns about its growing reliance on Nvidia. This delay has fueled fears that Tesla and Chinese competitors could catch up to the automaker in the race for commercialising vehicle autonomy. Park Min-woo said at a press briefing that the partnership between Hyundai Motor Group and Nvidia does not mean "leaving our fate entirely in their hand". Park?said Hyundai would co-design the tech with Nvidia, and use data from the system for training and refining its own software?platform dubbed Atria. Park, an ex-Nvidia executive, joined Hyundai in January and has spearheaded the automaker’s deeper ties with the chipmaker. His strategy is a departure from his predecessor Song Chang-hyeon's, who concentrated heavily on internal software before his abrupt December departure. Park stated that Hyundai vehicles powered by Nvidia’s Hyperion 10 will initially forgo expensive lidar sensor in favor of cameras, ultrasonic and radar sensors. Hyundai, however, is looking at lidar to be used with its Level 3 automated driving systems that allow for hands-free driving in certain conditions. Park did not provide a timeframe for commercialisation of Level?3. Park stated that Hyundai and its?affiliate Kia Corp., which are the third largest automakers in the world with sales of more than 7 million cars annually, will use their global fleet to collect data for training their autonomous driving technology. Hyundai expects to surpass its competitors in terms of accumulated driving data before 2033. Hyundai Motor Group has deepened its collaboration with Nvidia in autonomous driving, artificial Intelligence?datacenters and humanoid robotics developed by Hyundai owned Boston Dynamics. Level 2+ systems are more capable on the highway, while "Level 2++ systems can handle more complicated urban driving, similar Tesla's Full Self Driving system. Both require driver supervision.
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Nine Russians are killed and dozens injured in Ukraine by Russian attacks. Moscow claims it hit ships, plants
Officials have confirmed that Russian air strikes on Saturday in various Ukrainian regions killed nine people and injured dozens. They also damaged residential buildings and infrastructure throughout the country. In the last two months, civilian deaths in Ukraine have risen dramatically as Russia intensifies its attacks on power stations and other infrastructure. Ukraine has attacked energy facilities and storage warehouses in remote parts of Russia, and both sides have targeted shipping. According to the city council of Kramatorsk, a Ukrainian "fortress city" on Ukraine's frontline that Russia is trying to capture, Russian forces have attacked and killed three private cars in three separate incidents in a 90 minute period. Four people were injured. The council stated that "these are not military targets." The council said, "They are just ordinary civilian cars." "People were going about their businesses." Vitaliy Bunechko is the governor of Ukraine's Zhytomyr Region west of Kyiv. He said that a Russian attack on an grocery store in Zvyahel killed two people. He said that two petrol stations and an "unidentified enterprise with foreign investment" were also attacked. Volodymyr Zelenskiy, the president of Ukraine, had earlier reported that attacks were taking place in Zaporizhzhia (a city located in the south-east) and his hometown of Kryvyi Rih. Ivan Fedorov is the governor of Zaporizhzhia Region. He said that two people died and eleven were injured in "assaults" on Zaporizhzhia. Oleksandr Vikul, the head of Kryvyi Rih’s military administration, confirmed that two people were killed overnight in attacks by drones and rockets on the city. The Russian military claimed that its forces had attacked Ukrainian steelmaker Zaporizhstal, located in Zaporizhzhia. They also said they hit an Interpipe Steel facility in Dnipro, and several plants at Kryvyi Rih including the Northern Iron Ore Benefit Works Complex. It was impossible to independently verify the accounts of either side. Oleh Kiper, the Governor of Odesa Region said that 37 people including an infant had been injured during a series overnight attacks. Two people are missing. RUSSIAN STRikes on UKRAINIAN Port The Russian Defence Ministry stated that Moscow's forces have continued their strikes against Ukrainian ports. It said that a cargo vessel in Odesa was being used to transport military goods. The ministry announced earlier in the day that its forces had?struck two cargo ships?overnight at the Black Sea Port of Chornomorsk. Ukraine's military claimed it had caused a fire at one of Russia's biggest synthetic rubber producers, Togliatti, in the Samara area. It said that the?Togliattikauchuk factory specialised in producing synthetic rubbers and fuel add-ons used in fuel for Russian missiles. Interfax reported that Russian regional governor Vyacheslav Federishchev claimed that Ukrainian drones had attacked industrial facilities in the Samara region, but did not specify which ones or if they had been damaged. Ilya Sukhikh said that several residential buildings had been damaged, and one person injured. Svetlana Kambulova, the local mayor, told TASS that four commercial properties in Taganrog, in the Rostov Region, were also set ablaze.
Maguire: The hydro-boom in Turkey helps to extend Europe's gas shortage.
Turkey's energy producers have gained an unexpected advantage: water.
The surge in hydroelectric production has allowed utilities in the power sector to reduce natural gas use by over 75% from January to May. This is a significant reduction in emissions and eases the country's dependency on imported fuel.
The change has been dramatic. According to data from the?think-tank Ember, between January and May, hydro production jumped by nearly 60% compared to a year ago, while gas-fired generators dropped more than 40%.
The surge in hydro generation, along with record solar and wind production, enabled clean energy to account for over 60% of Turkey's electric mix for the first time. This marks a significant energy transition milestone for a fast-growing economy.
The consequences of the coup extend beyond Turkey's borders.
According to the Energy Institute's report, Turkey is Europe's fourth largest gas consumer. This pullback in demand reinforces a regional trend that sees a decline in gas consumption and reliance on renewable energy.
Turkey's lower use of gas has allowed it to inject more into storage facilities rather than burning it in power stations, helping to limit Europe’s overall gas inventory drawdown in 2026.
HYDRO TAKING CENTER STAGE
This year, the Turkish power system has been dominated by a resurgence in hydropower.
Hydro generation reached 46.33 Terawatt Hours (TWh) between January and May, which is the highest ever recorded for this period. This compares to 29.03 TWh in the same period of 2025.
This increase was almost as much as Turkey's total electricity generated by gas from January to May (17.48TWh). It shows the impact of the surge in hydroelectricity on the Turkish power system.
In the first five months of this year, hydro output outstripped both coal and natural gas generation. Water is now the largest power source in Turkey.
Hydro's share in total electricity supplied by utilities grew to 33.2%, up from 20.8% one year ago. This is the highest level since January-May of?2020.
The dam operators were able to maximize production due to favorable weather conditions and high reservoir levels, even as the electricity demand continued to rise.
The total electricity generated in Turkey from January to May was 142.44 TWh, compared to 140.88 TWh one year ago. This means that Turkey produced more power while simultaneously reducing fossil fuel use.
GAS SETBACK
Natural gas has been the principal victim of the hydro boom.
The gas-fired generation dropped to 17.48 TWh from 29.42 a year ago, a 40.6% drop. Gas's share in total generation fell from 20,7% to 11,9%, a record low.
According to Ember data, in absolute terms, the gas generation has fallen by nearly?12TWh compared to the previous year. This is the biggest year-to date decline for at least seven consecutive years.
The fall was most pronounced in the spring when hydro production increased.
The average gas-fired generation was about 2 TWh per month between March and May, compared to more than 4TWh for several months during the same period in last year.
The coal generators are also being squeezed.
The coal-fired production fell 16.1% on an annual basis to 38.14 TWh. This is the lowest output in over a decade.
CLEAN POWER MILESTONE
Hydro is not acting alone.
Turkey's wind power generation grew to 17.97 TWh in January-May from 14.95.
Hydro, wind, and solar combined to produce 86.25 GWh of clean electricity, up from 65.52 GWh one year ago. Clean sources provided 61.2% all electricity in comparison to 46.8% for the same period in 2025.
The fossil-fuel production fell more than 25% to 56.19TWh, down from 75.36TWh.
The impact on the environment of the drastic cuts in fossil fuel generation is substantial. The power sector's emissions from fossil fuels have fallen by more than 21% to 47.91 metric tons CO2 equivalent, down from 61.01 metric tons the year before.
Storage BOost
The lower gas consumption has created another benefit: the fuel is now more readily available.
Turkey is able to store additional gas underground instead of using large amounts of imported gas for power plants.
According to LSEG, storage injections have reportedly been 18% higher than the previous year. This is a significant development, especially at a moment when Europe is working hard to replenish its inventories following a strong withdrawal season.
By storing gas in Turkey, Turkey reduced the pressure on the European gas system as a whole and helped to limit the inventory drawsdowns throughout the region.
This could be as significant as the decline of power-sector gas use.
Turkey is a transit and consumption market, so any changes in the gas balance will have a greater impact on regional supply dynamics.
BROADER TREND
The experience of the Turkish people is also part of a larger story that's unfolding in Europe.
Renewables continue to reduce the role of gas in electricity generation across the region whenever weather conditions are favorable.
European policymakers spent years trying reduce exposure to volatile imported gases through increased renewable deployment, efficiency improvements and electrification.
The gas consumption in Europe is still well below the pre-crisis level despite periodic increases tied to weather conditions and electricity demand.
The transformation of Turkey's?power sector to hydro-driven is one of the most obvious examples of this trend by?2026.
Turkey's gas demand has decreased despite an increase in total electricity production.
This suggests switching fuels rather than demanding destruction.
This is perhaps the most encouraging sign for a continent that still tries to reduce its dependence on imported gas.
These are the opinions of the columnist, who is also an author. This column is great! Check out Open Interest, your new essential source for global financial commentary. Follow ROI on LinkedIn, X and X. Listen to the Morning Bid podcast daily on Apple, Spotify or the app. Subscribe to the Morning Bid podcast and hear journalists discussing the latest news in finance and markets 7 days a weeks.
(source: Reuters)