The biggest story today is the blockbuster deal between the US and Venezuela, with President Trump claiming control over 65 billion barrels of oil reserves — what he calls the “biggest oil deal in world history.” The agreement, brokered with Venezuela’s interim government, is billed as a way to revive the country’s economy, but analysis from Al Jazeera suggests steep hurdles remain, including legal challenges and the risk of further destabilising the region. The deal is already reshaping energy market expectations, though oil prices have not yet been reported in this session. Meanwhile, the broader geopolitical picture is darkened by the ongoing US-Iran war, which is having ripple effects far beyond the Gulf: Somali piracy has surged, with at least 13 ships attacked since January, and two seized in the last week alone. Analysis from Al Jazeera also notes the war has cost Washington leverage and Gulf trust.
In Asia, the humanitarian crisis in Nepal and China continues to deepen. The death toll from catastrophic floods has surpassed 600, with rescuers reaching the disaster zone as a new glacial lake poses further danger. Meanwhile, China has reportedly hidden the most dramatic footage of the floods from public view. Elsewhere, Europe mourns the death of Norway’s King Harald V, aged 89, while Iceland votes on whether to restart EU membership talks, with the fishing industry at the centre of the debate.
On the financial and tech front, crypto markets saw a broad dip, with Bitcoin falling to $77,670 and Solana dropping 2.7% after a dramatic network vote to double disinflation passed by a hair. In a sign of the times, Ripple is preparing the XRP Ledger for post-quantum security, as quantum computing threats loom. Meanwhile, the neocloud race continues: Lambda secured $1 billion in debt to buy more Nvidia chips for Microsoft. And in a notable corporate shake-up, OpenAI announced its decision on Cursor following its acquisition by SpaceX.
Finally, a court ruling in Northern Ireland has reignited sectarian tensions, with the High Court quashing restrictions on the Drumcree Orange Order march. And in the Americas, Ecuador’s former president Lenin Moreno was sentenced to five years in prison for bribery, while a US judge blocked Trump’s attempt to transfer his hush money case to federal court.