Trump promises to retrieve uranium in Iran

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• Special Report-Iran consolidates control of Hormuz through island checkpoints and diplomatic deals, as well as sometimes 'fees.'

  The crew of the tanker gathered courage and navigated carefully along the route designated by Iran. They hugged the coast and manoeuvred their massive vessel between island checkpoints in the Strait of Hormuz. Agios Fanourios 1, a 330 metre long vessel, loaded with Iraqi crude and bound for Vietnam had been bottle-?up near the coast of Dubai, since late April. On May 10, the tanker set out for the Strait of Hormuz after an agreement with Iran, overseen by Iraq’s Prime Minister. The Iranian orders to the tanker are part of the complex multi-tiered system that Iran has used for clearing vessels across the Strait of Hormuz. With Iran now in de ?facto control of the strait, the system can involve government-to-government arrangements, intense vetting by the Iranian government and sometimes fees in exchange for safe passage, has found. The ship's progress in Vietnam, Iraq and Greece was closely monitored by two people, who were interviewed by. The transponder would go dark periodically, but I was still able to sail on the Agios Fenourios. A projectile struck another ship nearby that day and caused a small fire. The Agios Fanourios 1 icon was displayed on screens late May 10. According to an Iranian official, speedboats from the Islamic Revolutionary Guard Corps stopped the tanker as it passed?Hormuz Island. The IRGC soldiers who were initially letting the ship through the strait now order the ship to stop. The Iranian official stated that there was a suspicion of smuggled goods and they wanted to inspect the vessel. The vessel was given Iranian permission to continue a few hours later. This turned what would normally be a five-hour journey through the Strait into a two day ordeal. One of the people who was monitoring the trip said, "Once we heard that Agios had passed Hormuz we breathed a huge sigh," Eastern Mediterranean Shipping, the manager of the ship, and six other people who knew about the passage confirmed that no payments had been made. Konstantinos Sakellaridis wrote that he had "reasons to believe" that Iranians were oblivious to the transit Agios Fanourios I due to pressure from Iraq and Vietnam. The Iranian government has not responded to requests for comments about the new mechanism, or the voyage of the Agios fanourios I. Iran’s grip on Strait of Hormuz - the conduit for a fifth of global oil supply - has caused the world economy to be in turmoil. In order to reveal how Iran has been consolidating its control over the strategic chokepoint, we interviewed 20 people who had knowledge of this evolving mechanism. These included Asian and European shipping officials and Iranian and Iraqi official, as well as Iranian and Iraqi officials. We also reviewed Iranian documents relating to the vetting procedure and analysed the movements of ships. Together, these documents provide a rare glimpse into the Iranian scheme, in which the powerful Islamic Revolutionary Guard Corps plays a key role. The sensitive nature of the topic made all sources request anonymity. Some details about the Agios fanourios I's journey could not be independently confirmed, but they matched the accounts of multiple maritime officials who were involved in managing the same route and navigating it for cargo ships as well as tankers. According to the U.S. Military, by early May, there were around 1,500 vessels in the Gulf with 22,500 sailors on board. This bottleneck is caused by Iran's ability, from the coast of the Gulf, to hit ships in the strait. The conflict has become the worst energy crisis in history, according to the head of the International Energy Agency. The U.S. Navy responded by imposing a blockade on Iranian ships and their cargo, with a cordon around the Strait. A trickle of ships have made it through the waterway. According to an unpublished analysis from the U.S. company SynMax Intelligence, between April 18 and may 6, less than 60 ships passed through. In the days before the war, 120-140 ships would pass through the strait every day. About half were oil tankers. U.S. laws prohibit American citizens from transacting with the Iranian government. Non-Americans who deal with Iranian entities may also be subject to "secondary sanctions". Many Western governments also maintain their own restrictions and sanctions relating to Iran. The U.S. Treasury Department released a statement May 1 warning about the risks associated with making payments to the Iranian regime or obtaining guarantees from them for safe passage. The new Iranian mechanism includes a tiered system giving preference to ships linked to its allies Russia and China, followed by countries such as India and Pakistan with close ties to Tehran, and then government-to-government agreements that let vessels like the Agios Fanourios I pass, found. The U.S. Department of Treasury responded to questions about the system by saying that it was prepared to take action against foreign companies supporting illicit Iranian trade. It is not possible to determine independently how many ships have used this scheme. Iran said that ships connected to the United States and Israel, who launched aerial attacks against Iran in late-February, may not be allowed to cross the Strait. Two European shipping sources said some vessels that aren't covered by government-to-government deals are paying Iranian authorities upwards of $150,000 to secure safe passage through the Strait of Hormuz. Two senior Iranian officials said that security and navigation fees are charged to ships, but the amount varies depending on the cargo. Two senior Iranian officials did not provide specific figures but said that "not all countries pay these fees." Could not independently confirm whether the amount levied against vessels or the total amount flowing into Iranian coffers was accurate. "THE NEW NORMS" Under international maritime law governments are not allowed to charge for the safe passage of a strait. As long as all ships are treated equally, fees can be charged for security or service. Secrets are kept about these payments and the names ship owners who paid Iranian authorities for their vessels to be retrieved, because such payments would violate U.S. sanctions against Iran's government. Could not determine the method of transfer or which Iranian entity received the money. According to two maritime insurance specialists, in addition to being charged, violators will also lose their insurance coverage if they make payments to the IRGC that would benefit it, as?it is a terrorist organization internationally designated. Danny Citrinowicz is a former Israeli Intelligence officer who specializes in Iran research and analyses. Citrinowicz said that the Iranian regime's approval was required to open or close the Straits. He is currently working at Israel's Institute for National Security Studies. "Some will pass through due to political alliances. Others will pay a fee, and others will be sent back. "This is the new normal." China's Ministry of Foreign Affairs, in response to Iran's findings regarding its new control system, called for the opening of the Strait of Hormuz and expressed concern about "future arrangements" for the strait. The statement from the Ministry said that "such arrangements should comply with the law and practice of international law, and take into consideration the legitimate security concerns and demands of coastal states as well as the legitimate claims of regional countries and international community." Checking for affiliation According to three Iranian and one European source, outside of government agreements the process for securing Iranian permission to transit includes a detailed vetting by the Islamic Revolutionary Guard Corps (IRGC), Iran's elite combat force. According to the sources, the IRGC examines a document called an affiliation that is provided by a ship operator or owner and submitted via an intermediary. The European shipping source said that the affiliation check was to determine if there were any connections between the vessel and the U.S. The Guards review documents for about a week, and they may also want to inspect the ship during this time, according to the source. According to documents sent by Iran's Persian Gulf Strait Authority to sources in the shipping industry, the IRGC requires shipowners to disclose information including the value and origin of the ship's cargo as well as the nationalities of its crew. In recent weeks, the authority was established to tax and approve vessel transits. According to three senior Iranian officials, the vetting of ships is done by Iranian state institutions, including the Ports and Maritime Organization, Ministry of Industry, Mine and Trade, national shipping organization, and security overseer of Supreme National Security Council. Officials said that the IRGC which oversees Iranian security is also involved in evaluating the vessels. The countries must also contact Iran's Foreign Minister to ask for permission. One of the officials stated that the minister then forwards them to the Supreme National Security Council which includes representatives of Mojtaba Khamenei and the IRGC. The official added that "a decision is made and then communicated to all relevant bodies, including the IRGC," he said. The official added that the IRGC gives the necessary coordinates and instructions for safe passage. According to two sources familiar with the deal, the Iraqi government and its state-owned oil marketer SOMO worked together to negotiate a deal with Iran for the Agios Fanourios I under the supervision then-Iraqi Premier Mohammed Shia al-Sudani. Three Iraqi officials from the oil ministry said that they had sent the Iranians the crew and manifest information for the Agios fanourios I before the passage. The Iraqi government has not responded to a question about its arrangements with Iranian officials or details about Agios Fanourios. Other countries have negotiated different agreements. India is one of them. It imports 90% of its oil and 50% of its natural gas. A large portion of this passes through Hormuz. According to an official in the Indian shipping ministry, New Delhi uses its embassy at Tehran to communicate with Iranian authorities including the IRGC, the Iranian navy and other Iranian agencies. These entities vet the ships India wants to leave the Gulf. "Once all is verified, the captain of the ship is given a course to follow and the ship leaves the area under the guidance of the Iran Navy. Officials said that captains were strictly instructed to adhere to the "given route". He added that ships are instructed to turn off location transponders, and to not use satellite communication. An Indian source familiar with the process said that after Iran gives permission, the Indian Navy contacts the shipmasters of Indian flagged vessels in the Gulf directly and provides them with waypoints. The Indian navy told us, too, that you should stop if they ask you to. The source stated that "if they tell you to move you should move," and we have been following these instructions. India's Shipping Ministry announced on May 14 that 13 Indian flagged vessels had cleared the Strait of Hormuz while another 13 remain west of the waterway. India, Russia Pakistan and Vietnam didn't respond to our requests for comments about Iran's control of the Strait. FRAUGHT? According to three Iranians and two sources from the shipping industry, clearing multiple Iranian waypoints is a common requirement for many ships as they leave the Gulf of Aden and enter the Strait of Hormuz. These are often manned by armed personnel. The Agios fanourios I passed through the Iranian military checkpoints in Abu Musa, Greater Tunb, and Larak. These coordinates were verified using the publicly available location data of the ship and other sources that knew about similar journeys. According to an Iranian official who was familiar with that incident, when the vessel approached Hormuz Island at the mouth of the strait it was briefly halted by the IRGC speedboats. He claimed that there was some information on possible smuggled goods aboard. He said that the information was incorrect. After a short period of confusion, the Agios fanourios I resumed its journey. The Indian shipping industry source stated that a similar chaotic communication was likely the cause of an attack on two Indian flagged ships trying to cross the Strait of Hormuz in the last month. Indian sailors trapped in the Gulf are scared by these incidents. The Indian shipping source said that these ships do not have any armor or other protection. "The bullets penetrate through." He added that the only targets for shooters are the crew quarters. "They cannot shoot at the tanks, because they are carrying flammable liquids." A bulk carrier sailed by an Indian sailor through the Strait of Hormuz. The ship waited for permission from the IRGC before it left the Gulf. The Iranian navy then established contact and instructed the ship to proceed towards Larak Island. The naval officials then ordered the captain of the ship to reveal the details about the ship and display its flag. They began talking with the shipping company. The Iranians asked repeatedly about the crew's nationality. He said that "after a few hours, the IRGC gave the captain a route." The ship, escorted by smaller Iranian navy vessels, was instructed to steer with caution for fear of mines. He said, "It was an incredibly frightening sight." "I cannot even imagine in my wildest fantasies going to sea during a conflict." Even if vessels make it to the other side of the Strait of Hormuz the ordeal may not be over. The Agio Fanourios 1 was caught in the U.S. Navy blockade a day after leaving Iranian waters. The tanker was tethered to a triangle for six days as the American military processed its paperwork. "U.S. "U.S. forces ordered the Malta-flagged ship to turn around in order to enforce the ongoing blockade," Capt. Tim Hawkins is the spokesperson for U.S. Central Command. Sakellaridis said that Vietnam had pressured the United States into letting the ship through. He said there was no reason to stop it in the first place because "the vessel and cargo did not have any Iranian involvement." It is not possible to determine how many ships the Americans have stopped since the blockade began on April 13th. The Agio Fanourios I, which was seized on April 13, was released without explanation on May 16. The ship is loaded with 2,000,000 barrels of crude oil and will be heading to Vietnam. Reporting by Devjyot Sharma in New Delhi, Gavin Finch, Gavin Finch, Gavin Rasheed, Parisa Hafezi, Ahmed Rasheed, in Baghdad. Florence Tan, Jonathan Saul and Nerijus Adomatis contributed additional reporting. Rene Maltezou, Sunil Kataria, Sunil Adomaitis and Florence Tan also provided editing. Lori Hinnant edited the article.

• Investors focus on Trump-Xi Meeting to boost Gulf markets

  Investors closely watched the 'high-stakes' meeting between U.S. president Donald Trump and China’s Xi Jinping, hoping to see any hints of a breakthrough relating to the iran war. Trump will encourage China to persuade Iran to reach a settlement with Washington in order to end the war. Analysts doubt that Xi would be willing to pressure Tehran or to end its support for the military given Iran's importance to Beijing as a counterweight to U.S. As efforts to resolve the conflict continue to stall,?governments have been forced to implement relief measures to help consumers. Xi stated that trade talks 'with the U.S. are advancing at the start of the two-day summit on Thursday. However, he warned that tensions regarding Taiwan could lead to a dangerous course in relations. Al Rajhi Bank gained 0.8%, while Saudi Arabia's benchmark Index rose 0.2%. ADNOC Gas' 0.3% increase helped the index gain 0.2% in Abu Dhabi. Dubai's main share index fell 0.1% due to a 1.6% drop in Salik, the toll operator. The Chairman of the UAE Banks Federation stated 'on Wednesday that there are no concerns about rising capital outflows or a dollar shortage due to the Iran War, even though the UAE is seeking a currency exchange arrangement with the United States. Qatar Islamic Bank rose 0.4%, while the Qatari index increased by 0.3%. Brent crude futures rose 26 cents or 0.25% to $105.89 per barrel at?0250 GMT. OPEC lowered its forecast for global oil demand growth in 2026 on Wednesday, joining other forecasters and the International Energy Agency. The Iran War is weighing on the outlook. (Reporting by Ateeq Shariff in Bengaluru; Editing by Harikrishnan Nair)

• US Senators urge Trump to stand strong' in discussions with Xi on shipbuilding

  Bipartisan 'groups of U.S. Senators on Monday urged Donald Trump to stick to the trade remedies proposed by his administration for rebuilding U.S. -shipbuilding, and not make concessions to Chinese Xi Jinping when he meets with him. In a letter to Trump, Democratic Senators Tammy Baldwin and Mark Kelly from Wisconsin, along with Republicans Tim Scott and Todd Young from Indiana, said that China's decades long effort to "decimate American Shipbuilding" required the fullest use of U.S. Trade Measures. Trump and Xi met in South Korea last October. They agreed to halt tit for tat fees?on the other ship for a full year. This would save an estimated $3.2billion annually for large Chinese vessels sailing into U.S. port. The U.S. fees are set to resume on November 10 unless another pause has been agreed. U.S. announced their port fees for the first time in April 2025?to loosen China's grip over the global maritime industry. A U.S. investigation concluded that China was dominating the maritime, shipbuilding and logistics sectors through unfair practices. Trump will'meet Xi on Thursday and Friday in China for a summit dominated with the Iran War, which 'further strained U.S. - Chinese ties. China is still the largest?buyer despite the pressure of the Trump administration. The senators stated in a letter first reported by that "the United States is at a pivotal point and cannot cede any additional ground to China." "We urge you not to give up during these negotiations, as we work to implement trade remedies and to advance the SHIPS for America Act in order to level the playing fields." White House spokesperson Olivia Wales stated that Trump was committed to strengthening the?U.S. White House spokesperson Olivia Wales said Trump remained committed to strengthening the?U.S. The SHIPS Act was introduced last year in both the U.S. Senate as well as House of Representatives. It would offer tax credits to investors in domestic shipyards and production. China's share in the $150 billion global industry of shipbuilding grew from 5% to 50% by 2023, thanks largely to government subsidies. Meanwhile, once dominant U.S. Shipbuilders saw their share drop below 1%. South Korea and Japan rank as the second largest shipbuilders. After the U.S. fees were delayed, orders in Chinese shipyards rebounded in the later part of the year. The senators stated that the sudden drop in Chinese shipping orders "shows that when your Administration takes action on this issue, global maritime industry will pay attention." They called the port fees an "urgent, critical step necessary to grow the U.S. Industrial base, expand the U.S. economy and protect national Security." Reporting by Andrea Shalal, Editing by David Gregorio & Rod Nickel

• ADNOC CEO: New UAE pipeline bypassing Hormuz is now 50% completed.

  Sultan Al Jaber said that the new crude oil pipeline, which bypasses the Strait of Hormuz, and was started by the United Arab Emirates?last year, is now?50% completed. Since the U.S. and Israeli strikes in February, Iran has kept the critical waterway for global oil-and-gas supplies closed to all ships except its own. This has sent energy prices and inflation soaring, which has fuelled fears of a recession. Abu Dhabi Media Office announced the existence of the project for the first-time last week. The UAE plans to accelerate the construction of a new oil pipeline via Fujairah in order to double exports by 2027. The media office reported that Abu Dhabi Crown Prince Sheikh Khaled bin Mohamed bin Zayed, during a meeting of the executive committee, ordered ADNOC's?West-East Pipeline Project to be expedited. Al Jaber, speaking at a live streamed Atlantic Council event, said, "Today it is already almost 50% completed, and we will accelerate its delivery to 2027." "At the moment, too much energy is still moving through too few chokepoints." Al Jaber stated that the UAE took the decision to invest more than 10 years ago in infrastructure bypassing the Strait of Hormuz. The Abu Dhabi Crude Oil Pipeline, also known as the Habshan-Fujairah Pipeline, is capable of carrying up to 1.8 millions barrels of oil per day. This has proven crucial to the UAE's efforts to maximize exports of Gulf of Oman crude oil from just outside the strait. Al Jaber stated that some ADNOC facilities and infrastructure were directly 'hit' and that the damage assessment was still ongoing. He said that it will take weeks in some cases and months in others to get back to full operational capability.

• EU selects tungsten and rare earths as first stockpiles to curb China's dependence

  Three sources familiar with the issue said that?tungsten and rare earths, as well as gallium, were shortlisted for the first joint stockpile of critical minerals to reduce reliance on China. One of the sources, and a third source, said that the EU was also in talks with major ports, including Rotterdam, the largest port in the Netherlands. They are looking at storing the minerals there. This is one of the most concrete measures taken by the EU to protect its economy against Beijing's dominance over the production of critical minerals, which are vital to defence, semiconductors, and energy transition. They are also often used to leverage trade disputes with Western countries. Western allies - including the United States - are racing to stockpile their own minerals after Beijing's export restrictions sent shockwaves through the global economy. One source said that graphite and germanium were expected to be the final mixture, while two sources said that magnesium was on the list of?priority materials. The majority of minerals considered, with the exception of magnesium, are on NATO's 12 essential elements for the defence industry. Metals are also essential for aircraft, cars, semiconductors, smartphones and renewable energy infrastructure, including wind turbines. The European Commission announced its stockpile project in December. In working groups headed by Germany, France, and Italy, ten EU countries are participating in the planning. France's G7 presidency has prioritized diversifying vital mineral?supplies, while the EU is also in parallel discussions to establish a permanent secretaryate so that the?work continues beyond rotating presidencies. Adolfo Uroso, Italy's Industry minister, said that EU officials visited Porto Marghera in Venice on Tuesday to evaluate its viability as a hub for storage. Urso has previously stated that the larger port of Trieste is also in the running to become a Mediterranean hub. A spokesperson for Port of Rotterdam declined to comment immediately. A spokesperson from the European Commission declined comment. Reporting by Julia Payne, Pratima Dasai and Bernadettebaum. Editing by Bernadettebaum.

• Six million barrels of crude are pumped out of the Strait of Hormuz by tankers

  Shipping data from LSEG and Kpler revealed that three supertankers crossed the 'Strait of Hormuz' on Wednesday, carrying oil bound for Asian market after waiting for more than two month in the Gulf with?6 millions barrels of Middle East Crude on?board. Another was entering. These'ships' are among the few supertankers that have left the Gulf via a transit route Iran has instructed ships to use. The U.S. and Israeli war against Iran, which began on 28 February, has significantly curtailed shipping in the Strait of Hormuz. This is the route through which approximately one-fifth of world oil and energy flows. Data showed that the South Korean flagged Very Large Crude Carrier Universal Winner was leaving the Strait of Hormuz after two Chinese tankers left on Wednesday. Kpler data shows the tanker is heading to Ulsan where the country's biggest refiner SK Energy, located, will discharge its cargo on Wednesday. SK Energy refused to comment. HMM, owner and manager of the VLCC could not be reached immediately for comment. Shipping Risks 20,000 seafarers are still stranded in the Gulf on hundreds of ships. According to an analysis of ship tracking data, the number of vessels entering and leaving the Strait has been around 10 on average in the last few days. This includes cargo ships and other vessels such as chemical and liquid petroleum tankers. Crude oil?tankers represent a very small percentage of the total traffic. According to satellite data and Kpler data analysis by data analytics specialists SynMax, around 10 ships have crossed the Strait in the last 24 hours. This includes small cargo ships as well as a chemical tanker that has entered the Gulf. In a Tuesday note, the U.S. Navy's Joint Maritime Information Center stated that "the operating environment is still high-risk based on recent attacks against ships in the region." In the past 48 hours, Iranian units have displayed a number of instances where they have acted aggressively and assertively. On Wednesday, shipping industry associations issued new guidelines for ships that want to navigate through the Strait. They cited multiple navigational hazards including the possibility of being attacked by drones or mines, but also the unpredictable traffic congestion, and the "reduced oversight" of the military. The associations stated in their guidance that "Hundreds of vessels are still unable to pass through the Strait of Hormuz. If navigation conditions return to normal, then the movement of these vessels in the Strait may pose a significant navigational risk." CHINESE TANKERS Data showed that the Chinese VLCC Yuan Gu?Yang had loaded 2,000,000 barrels of Basrah crude from Iraq on February 27, just a day prior to the start of the U.S. and Israeli war against Iran. According to data, the vessel chartered by Unipec - the trading arm of Asia's biggest refiner Sinopec - which left the strait on Wednesday is expected to arrive at Shuidong Port in southern Guangdong Province on June 4, to discharge its cargo. The data showed that Ocean Lily, a Hong Kong-flagged VLCC, loaded 1,000,000 barrels of each Qatari al-Shaheen crude and Iraqi basrah between late February to early March. The ship, owned by Chinese giant Sinochem, will arrive at Quanzhou Port, in eastern Fujian Province, on June 5, to unload its cargo. Sinopec and Sinochem, who own and manage Yuan Gui Yang did not immediately respond to comment requests. VLCC Yuan Hua Hu, which was carrying 2 million barrels iraqi oil, left the strait last week and headed for Zhoushan Port in eastern China. LSEG data shows that the VLCC Grand Lady, flying the Cypriot flag, entered the Strait of Hormuz without its transponder. LSEG data shows that the empty tanker has been anchored near Dubai. Eastern Mediterranean Maritime, the tanker's manager, could not be reached immediately for comment.

• Xi and Putin criticize the US together on nuclear, security issues

  China and 'Russia' condemned U.S. President Donald Trump’s Golden Dome missile defense shield plans and Washington's 'irresponsible' nuclear policy during a joint meeting on 'Wednesday', a week following President Xi 'Jinping's hosting of Trump in Beijing. In a joint statement, Xi and Russian 'President Vladimir Putin' said that Trump’s plans for a missile interceptor system based on the ground and in space posed a serious threat to strategic stability around the world. The report also criticised the United States for the expiration of the last remaining nuclear treaty that restricted the size of U.S.-Russian arsenals. This expired in February after Trump failed to respond to Moscow’s proposal to extend these limits by one year. Xi, and Putin who have met over 40 times, both stressed that the Russia-China ties were so close they signed a strategic partnership agreement in 2022, just three weeks before the full-scale Russian invasion of Ukraine. For Xi it capped a week of?diplomacy where he set out to show China as a pillar for stability in a turbulent world roiled by trade wars, military conflicts in Iran, and Ukraine. The?summit in Washington was mostly about managing tensions, but the meeting with Putin presented a new challenge: how to show progress in a relationship which both sides have already declared is "without boundaries". There was no sign of progress on the Power of Siberia 2 pipeline, a new massive natural gas pipeline that both sides have been discussing since years. MOSCOW READY TO PRESS FORWARD WITH PIPELINE Moscow had indicated ahead of the trip that it wanted to sign more energy agreements with China, which is the biggest buyer of Russian crude oil. These included pipeline supplies and seaborne shipments. During Putin’s last visit to Russia in September 2025 the Russian gas giant Gazprom announced that both parties had agreed to proceed with Power of Siberia 2. This 2,600 km (1,616 miles) pipeline will carry 50 billion cubic meters (bcms) of gas annually from Russia to China through Mongolia. China has not made many public statements about the project. Xi stated on Wednesday that the "ballast" of China-Russian relations should be cooperation in energy & resource connectivity. However, he didn't mention the pipeline. Analysts expect that negotiations on key issues like gas prices could last for years. The Kremlin stated that both sides had reached "general agreement on the parameters" for the project, but no specifics or timelines were agreed. SALUTE TO THE HONOUR GUARDS AND GUN SALUTE Xi received Putin at the Great 'Hall of the People' in Beijing with a gun salute and an honour guard. Children waved Chinese and Russian Flags. Xinhua, the Chinese state news agency, reported that Xi had said that countries should concentrate on a long-term strategy as well as promote a global governance system which is "more reasonable and just". "China-Russian relations have reached this stage because we were able to develop political mutual trust and a?strategic collaboration," Xi stated at the beginning of his meeting. Putin stated that the Russian-Chinese relations had "reach a truly unprecedented and continuing level." Both sides signed jointly a'statement on strengthening comprehensive strategy coordination' and a 'declaration advocating a multi-polar world order. The Kremlin said that "the global agenda for peace and development faces new challenges and risks, including the danger of fragmentation and a return to the 'laws of the jungle.'" Their joint statement stated. Reporting by Liz Lee, Ethan Wang and Jekaterina Glubkova from Beijing; Additional reporting provided by Beijing Newsroom and Guy Faulconbridge in Moscow; Writing by Mark Trevelyan and Editing by Philippa Fletcher

• EU selects tungsten and rare earths as first stockpiles to curb China's dependence

  Three sources with knowledge of the matter said that the European Union has shortlisted tungsten and rare earths for its first joint stockpile. The goal is to reduce its dependence on China. One of the sources, and a third source, said that the EU was also in talks with Rotterdam, the largest port in the Netherlands. This is one of the most concrete measures taken by the EU to protect its economy from Beijing, which has a 'dominance' in the production of critical minerals that are vital to defence, semiconductors and energy transition. After Beijing's export restrictions sent shockwaves throughout the global economy, Western allies including the United States are racing to build their own stockpiles. Two sources stated that magnesium was on the list of priorities, and one source said that graphite and germanium were expected to be in the final mix. The majority of minerals considered, with the exception of magnesium, are on NATO's 12 essential elements for the defense industry. Metals are used in many other products, including aircraft, cars and semiconductors for smartphones. They also play a role in renewable energy infrastructure, such as wind turbines. The European Commission announced its stockpile initiative in December. Ten EU countries participate in the planning in groups headed by Germany, France and Italy. The G7 has given France the priority to diversify critical mineral supplies. In parallel, the bloc is also in talks about establishing a permanent secretariat. This will ensure that this work continues beyond the rotating presidency. A spokesperson for the Port of Rotterdam declined to comment immediately. A spokesperson from the European Commission declined comment. Reporting by Julia Payne, Pratima Dasai and Bernadettebaum. Editing by Bernadettebaum.

• Four US LNG ships sailing to China following Trump-Xi Summit

  According to data provided by financial firm LSEG four liquefied gas (LNG),?vessels are sailing from the U.S. to China and should arrive in June. This is the first U.S. cargo of LNG to depart the U.S. for China directly during President Donald Trump's 2nd term. Trump visited Beijing last week for a meeting with Chinese President Xi Jinping. Trump said to Fox News in May 2014 that China wanted to buy oil, LNG, and other goods from United States. China, in the past, was the largest gas importer. The U.S. is the biggest gas producer, consumer, and exporter. China still imposes a 25% tariff to U.S. LNG after levies were imposed on Chinese goods by the U.S., and this is the biggest obstacle to a revival in LNG trade between China and the U.S., according to S&P Global's May 15 report and May 12 factbox. Four vessels are currently heading from the U.S., to China. It is possible that one of them will arrive in China. According to LSEG, the Umm Al Hanaya ship left Cheniere Energy's Sabine Pass Export Plant in Louisiana on 5 May. The Id'Asah vessel, Al Sene vessel and Lamail vessel all left Venture Global's Plaquemines Plant in Louisiana from 8-18 May. The four vessels are expected to arrive at China's Tianjin Port between June 15-28. Cheniere and Venture Global are the largest and second-largest U.S. producers of LNG, respectively. GAS PRICES ARE RISING AROUND WORLD In 2023, the U.S. will surpass Australia and Qatar as the largest LNG exporters in the world, as rising global prices have fueled demand for cheaper U.S. Gas. Gas prices in the world have risen in recent years because of supply disruptions linked to Russia's invasion of Ukraine in 2022 and Iran's war in 2026. Iran, in response to U.S. bombings and Israeli attacks, effectively closed the Strait of Hormuz, and attacked Qatar's LNG facilities. This resulted in the loss of around 10 billion cubic foot per day (bcfd), or about 20% of the world's LNG supply. Comparatively, the U.S. is able to convert about 19 bcfd per day of gas into LNG. Gas prices have reached a six-week-high near $17 for a million British thermal units (mmBtu), at the Dutch Title Transfer Facility (TTF) in Europe, and a four week-high near $19 at the Japan-Korea Marker. Gas in the U.S. is cheaper, as it produces enough fuel to meet both domestic and international demand. The Henry Hub benchmark price in Louisiana was trading at a high of $3 per mmBtu, a record for the past seven weeks. (Reporting and editing by Nick Zieminski, Scott DiSavino)

• Data from traders and LSEG show that oil exports from Russia’s western ports rose in the first half of May despite drone strikes.

  According to data from traders and LSEG, the increase in oil exports and transit through Russia's western port ports was around?150,000 barrels per daily (bpd), a?9% rise, compared with April. The ongoing drone attacks on Russian refineries force Moscow to increase crude oil exports. However, traders warn that the spare capacity of the Transneft system is close to its limit. Estimates show that between May 1-15, the average exports and transit volumes of Urals and KEBCO, as well as Siberian Light, via Primorsk and Ust-Luga, were?about 2,35-2.4 million barrels per day. This is up from 2.2?million barrels per day in April. Exports are expected to remain high in May, according to market participants. This is assuming that there are no new disruptions at ports or pipelines. One industry source said, "There's still spare crude in?the?system. Companies want to ship it, and demand is strong." Novorossiisk was the main driver of the increase in early May?loadings. It handled cargoes carried over from April, totaling around 1,000,000 metric tons during the first 10 days. The first half of the month saw a rise in loadings to 0.7 million bpd, up from 0.5 million in April. After a drone attack last month, the port temporarily halted loading tankers. Traders reported that loading rates had slowed down after operations were resumed. Primorsk kept shipments at a little over 1.1m bpd while loadings in?UstLuga remained?at 0.6m bpd. According to official data and social media reports, drone attacks on Russia's infrastructure for energy have increased. The number of "refineries" targeted has doubled since the beginning of the year. Urals crude is still in high demand in Asia due to the limited shipping through the Strait of Hormuz, which has been linked to the conflict in Iran. The premiums for Indian crude oil have dropped to $2 to $3 per barrel, compared to Brent. This is down from $6 to $7 in May-loading cargoes. However, Russian crude remains at a high price. (Reporting and Editing by Diti pujara)

• US Treasury and India's Adani Enterprises resolve alleged Iran sanctions violation

  The U.S. Department of Treasury announced a settlement of $275 million with India's Adani Enterprises Ltd. over the potential civil liability of the company for 32 apparent 'U.S. sanctions' violations. The U.S. Department of Treasury announced on Monday that it had?agreed to a $275 million settlement with India's Adani Enterprises Ltd over the company's potential civil liability for 32 apparent violations of?U.S. sanctions. Treasury's Office for Foreign Assets Control released a statement stating that Adani Enterprises allegedly purchased shipments of liquefied petrol gas from a Dubai-based trader claiming to be supplying Omani and Iraqi gasoline, but the gas?actually originated from Iran. Last week, the U.S. Securities and Exchange Commission settled separately a civil suit against Indian billionaire Gautam Adani for an alleged scheme of bribing Indian government officials. According to two sources familiar with the matter, the Justice Department is close to dropping criminal charges of fraud against Adani who has pledged $10 billion for the economy in 'U.S. According to two sources who are familiar with the issue, the Justice Department is also close to dropping related criminal?fraud charges against Adani. He has promised to?invest $10 billion in the?U.S. economy. (Reporting and editing by Michelle Nichols; Susan Heavey)

• Comoros suspends fuel price hikes after deadly protests

  By Abdou Moustoifa MORONI, 16 MAY - Comoros has announced the suspension of the new fuel prices that were introduced as a response to the Iran War. The reversal comes after the price hikes led to protests and deadly clashes in the East African Archipelago. An announcement was made after protesters and security forces clashed on Anjouan island, resulting in the death of one person and the injury of five others. "The Comorian people's cries were heard by the government and Azali Assoumani (Assoumani). Listening to them was the only solution. At a press conference, Energy Minister Aboubacar?Said Anli stated that the goal was to maintain peace. Azali said that he suspended the decrees relating to the fuel price increase, which he said were "introduced" on May 9 to allow for discussions on the matter. On?Friday, clashes broke out following a meeting held between the mayor of Mirontsy on the island of Anjoua and the association of fishermen who have been on strike against the rising fuel price since Wednesday. In Mutsamudu - the capital of Anjouan - roads were also blocked by stones. The circumstances surrounding the death of the victim, who occurred near Mpage, are now being investigated by a judicial investigation. The unrest was a result of a wider strike that began Monday, after the government increased 'diesel prices' by 46% and gasoline by 35%. It cited the global oil prices surge caused by 'the war in the Middle East. According to the National Human Rights Commission, 39 people were detained after transport workers and shopkeepers paralyzed public transportation in Moroni's capital. The head of the merchants union and the?president? of the transport workers?union announced that the strike ended on Saturday.