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The Trump administration is reportedly weighing easing oil sanctions on Russia amid the Iran war, as European Council President Antonio Costa argued Moscow is the sole beneficiary of the conflict.

This comes as Hungary detained a Ukrainian shipment containing tens of millions in cash and gold over suspected money laundering, Iran began mining the Strait of Hormuz with reports suggesting it retains most of its minelaying capacity, and Saudi Aramco's CEO warned of "catastrophic consequences" for the global economy if the strait remains blocked.

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Top 5 Stories

1️⃣ 🇺🇸🇷🇺 US weighs easing oil sanctions amid Iran war: President Donald Trump said Washington is preparing to waive certain oil-related sanctions to lower global energy prices as the Iran war drives market volatility, with reports indicating the administration is considering easing restrictions on Russian oil. Ukrainian President Volodymyr Zelensky warned such a move would weaken pressure on Moscow, while the U.S. energy secretary said broader sanctions policy remains unchanged.

2️⃣ 🇪🇺🇷🇺 EU chief says Iran war benefits Moscow: European Council President Antonio Costa said Russia is the only country benefiting from the US-Israeli war on Iran, arguing rising energy prices provide additional revenue for Moscow while global attention shifts away from Ukraine. The conflict has disrupted oil and gas flows through the Strait of Hormuz and driven fuel prices higher as diplomatic efforts on Ukraine continue without a confirmed timetable.

3️⃣ 🇭🇺🇺🇦 Hungary holds Ukrainian cash and gold shipment: Hungarian Prime Minister Viktor Orbán ordered authorities to hold a shipment containing $40m, €35m in cash and 9kg of gold worth about $82m for up to 60 days while investigating suspected money laundering. Ukrainian President Volodymyr Zelensky accused Budapest of “banditry”.

4️⃣ 🇷🇺🇺🇦 Russian strike kills civilians in Sloviansk: A Russian attack on the Ukrainian city of Sloviansk killed four people and injured 16, including a 14-year-old girl, while separate drone strikes wounded at least 17 others in different cities, according to Ukrainian officials. Both sides also reported battlefield gains, with Ukraine claiming counteroffensive progress in the Dnipropetrovsk region and Russia asserting expanded control in Donbas, though these claims were not independently verified.

5️⃣ 🇵🇱🇪🇺 Polish president blocks EU defense loan plan: Polish President Karol Nawrocki refused to sign legislation allowing Poland to access nearly €44bn in EU defense loans, saying reliance on Brussels would undermine national independence. The move intensifies tensions with Prime Minister Donald Tusk’s government, which planned to use the funds for defense projects including strengthening Poland’s eastern border.

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Major Story

🇮🇷 Iran War Day 11

Military 

▪️ Tehran residents described the worst night of bombardment since the war began, with rolling blackouts, communications down, and "black rain" from struck oil facilities prompting WHO warnings to stay indoors. The US Joint Chiefs said over 5,000 sites have been hit since the war started. 

▪️ Iran launched what its state media described as the most intense wave of strikes since the conflict began, targeting Israeli and US positions across the region, with Israel identifying incoming missiles and Saudi Arabia intercepting two drones headed toward an oil field, as sirens sounded in Bahrain. 

▪️ Iran has begun laying mines in the Strait of Hormuz, with a few dozen placed in recent days according to CNN, which cited two sources familiar with US intelligence reporting. Iran is said to retain 80-90% of its minelaying capacity, suggesting the current mining could be significantly expanded. The US struck 16 Iranian minelaying vessels near the strait, with the Pentagon reporting Iranian ballistic missile attacks have fallen 90% and drone attacks 83% since the war began.

▪️ Israeli officials are preparing for a prolonged campaign against Hezbollah that is expected to outlast the war with Iran, with an Arab diplomat confirming regional players have been briefed on this timeline and France separately offering to help disarm the group.

Diplomacy 

▪️ Iran's Supreme National Security Council secretary Ali Larijani directly threatened Trump with death in response to the US president's warning that Iran would be struck "twenty times harder" if it blocked the Strait of Hormuz, with Larijani writing "watch out for yourself — lest you be eliminated." 

▪️ Trump left open the possibility of negotiations with Iran while saying he was "not happy" with newly appointed supreme leader Mojtaba Khamenei, as US envoy Steve Witkoff said he and Jared Kushner may visit Israel next week to coordinate on the war. 

▪️ Israel has rejected Lebanon's request for a halt in fighting before talks, insisting negotiations take place "under fire," according to the Financial Times. The two sides are deadlocked over sequencing, with Beirut demanding a ceasefire before any meeting and Israel willing only to discuss the possibility of one.

Economic/Oil 

▪️ Iran's IRGC vowed to block all oil exports from the region if US-Israeli strikes continue, declaring "we are the ones who will determine the end of the war." 

▪️ Oil markets swung wildly, with Brent crude plunging 17% to below $80 a barrel before rebounding to near $90 following a since-deleted post by US Energy Secretary Chris Wright claiming the Navy had escorted a tanker through the Strait of Hormuz — a claim the White House denied. Prices remain around 17% above pre-war levels, with the IEA reportedly considering its largest ever release of oil reserves as the strait's effective closure has forced Saudi Arabia, the UAE, Kuwait and Iraq to cut production.

▪️ Saudi Aramco's CEO warned of "catastrophic consequences" for the world economy if Hormuz remains blocked, describing it as "by far the biggest crisis the region's oil and gas industry has faced" — with the company drawing on global storage to meet demand, rerouting crude through its East-West pipeline to the Red Sea, and restarting its Ras Tanura refinery after a drone strike, despite reporting a 12% drop in annual profit to $104.7 billion. 

▪️ Qatar's Foreign Ministry spokesman Dr Majed Al-Ansari issued a blunt warning to all parties in the Iran war, saying Qatar had predicted since 2023 that unchecked escalation would lead to a regional war, and that Iranian strikes on civilian energy infrastructure risk "catastrophic results" for the world.

▪️ The Trump administration asked Israel at a senior political level not to carry out further strikes on Iranian energy infrastructure, according to an Axios scoop. The request cited concerns about harm to ordinary Iranians, Trump's desire to cooperate with Iran's oil sector after the war, and the risk of triggering massive Iranian retaliation against Gulf energy facilities — with a source describing such strikes as Trump's "doomsday option" to be held in reserve only if Iran deliberately targets Gulf infrastructure first.

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Other News

1️⃣ 🇺🇸🇮🇱 Boeing signs major smart bomb deal: Boeing has signed a $289m contract with Israel to deliver up to 5,000 air-launched smart bombs, according to people familiar with the agreement. The report indicates the deal involves precision-guided munitions supplied under a new procurement arrangement.

2️⃣ 🇸🇸 UN peacekeepers refuse evacuation order: UN peacekeepers in South Sudan said they will not comply with a government directive ordering them to leave the opposition-held town of Akobo ahead of a planned military assault. Tens of thousands of displaced civilians remain in the area as humanitarian groups evacuate staff and warnings grow over potential civilian harm.

3️⃣ 🇺🇸🇹🇷 US moves to end Halkbank prosecution: U.S. prosecutors said they have tentatively agreed to drop a criminal case accusing Turkey’s state-run Halkbank of helping Iran evade sanctions, citing foreign policy considerations including Turkey’s role in negotiating a Gaza ceasefire and hostage release. Under the proposed settlement, the bank would undergo compliance monitoring and restrict certain transactions linked to Iran while admitting no wrongdoing.

4️⃣ 🇵🇾🇺🇸 Paraguay approves expanded US military access: Paraguay’s Chamber of Deputies approved a defense agreement allowing temporary deployment of U.S. military and civilian personnel under a Status of Forces framework granting Washington criminal jurisdiction over its personnel. The deal now awaits President Santiago Peña’s signature amid criticism from some lawmakers and civil society groups over sovereignty concerns.

5️⃣ 🇭🇹 Haiti drone campaign kills over 1,200: Human Rights Watch said drones operated by Haitian security forces and private contractors killed at least 1,243 people and injured 738 between March 2025 and January 2026, including children and individuals not believed to be affiliated with criminal groups. The organization said drone strikes in Port-au-Prince have increased in recent months and cited evidence suggesting some attacks may constitute unlawful or extrajudicial killings.

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