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June 12 (UPI) — SpaceX began trading Friday at $150 and has gone as high as $176 as SPCX in its initial public offering, the largest one in history.

Elon Musk and SpaceX President and COO Gwynne Shotwell rang the opening bell Friday. Musk was in Texas and Shotwell was at the Nasdaq in New York City.

After trading opened, the stock topped $160, sending the company to more than a $2 trillion market cap. By early afternoon, the stock was at $176.52.

“I love the incredible people of SpaceX beyond words,” Musk wrote Friday afternoon on X.

The company had traded more than 360 million shares as of 2 p.m. EDT Friday. It has more than 172 million shares on the Nasdaq alone, CNBC reported. Polymarket bettors believe, at 70%, that SpaceX will close at more than $2 trillion Friday. Five other U.S. companies have reached the $2 trillion market cap: Nvidia, Apple, Alphabet, Microsoft and Amazon.

Already a trillionaire, Musk is about to be CEO of two of the Top 10 most valuable publicly traded companies at the same time.

Musk said before the IPO that SpaceX had been cash-flow positive since around 2015, CNBC reported. He said he chose to take the company public now to raise capital for “a significant growth phase.” Some plans for that growth include putting more than 100,000 satellites in orbit for communications and building artificial intelligence data centers in space.

“Having a private company was important to us early on because we weren’t really focused on quarterly financials, we were so focused on the long-term outlook for the company,” Shotwell told CNBC in an interview.

Shotwell said interest from investors also helped drive the decision.

“We’ve been feeling, over the last few years, a lot of pressure from everyday Americans and our friends that wanted to buy stock, and there was just no way for these folks to get in,” Shotwell said.

According to its prospectus, SpaceX has had a total loss of $41.3 billion since it was founded in 2002. Originally founded as a maker of reusable rockets, the only profitable part of the business has been the Starlink satellite Internet service.

In February, SpaceX acquired Musk’s startup xAI, which has been embattled this year for its ability to undress people in AI-generated images. Several countries and people have sued the company to force it to not allow the bot to do so against the victims’ will.

Citadel Securities, which helps execute trade orders, processed more retail activity for SpaceX than any other IPO auction on record, CNN reported the company said. Retail investors are regular people trading stocks instead of professionals.

June 12 (UPI) — A federal judge blocked a lawsuit by Texas Attorney General Ken Paxton against Democratic fundraising platform ActBlue.

In a 15-page ruling, U.S. District Judge Richard Stearns granted ActBlue a preliminary injunction banning Paxton from continuing the litigation, finding that ActBlue was likely to win in its claims that the suit infringed on its First Amendment’s free-speech protections.

The judge said the suit was filed in retaliation of ActBlue raising funds for James Talarico, who is running for Senate against Paxton.

“The lawsuit in Texas is undoubtedly an adverse action,” Stearns wrote in the order. “And having previously found bad faith, the court agrees with ActBlue that the evidence in the record compels the conclusion that, far from protecting Texas consumers, the action was filed in retaliation for ActBlue’s fundraising on behalf of Talarico, Paxton’s current political rival for the Senate seat.”

Paxton began an investigation in 2023 against the organization for allegedly enabling international donors to make gifts through gift cards and prepaid debit cards. President Donald Trump requested the investigation before he was re-elected. Paxton filed suit in April.

“The truth is plain and captured in Paxton’s own declarations: The lawsuit was filed in retaliation for (and in an attempt to suppress) ActBlue’s efforts to fund [James] Talarico’s campaign,” Stearns ruled.

ActBlue sued in Boston to stop Paxton, claiming Paxton’s suit was “rife with false and inflammatory allegations” and was filed soon after a $2 million funding day for Talarico. ActBlue is based in Massachusetts.

“Paxton’s public statements in the wake of filing the case against ActBlue reveal his true motivation,” Stearns wrote. “While a prosecutor is entitled to a large degree of prosecutorial discretion and has a right to make a considered public accounting of his actions, Paxton did not hesitate in drawing a connection between the lawsuit and his candidacy for Senate.”

Paxton had alleged that ActBlue had misrepresented itself to donors.

“The platform does nothing more than facilitate political donations from private donors, who seek out its convenience, anonymity and aggregation of the benefit bestowed on chosen political candidates,” Stearns ruled.

June 12 (UPI) — Cuba’s government on Friday announced a broad package of economic reforms aimed at restructuring key aspects of the country’s economic model, just hours after the United States imposed a full financial blockade on state oil company Unión Cuba-Petróleo, or CUPET.

Speaking on state television, Cuban President Miguel Díaz-Canel defended the shift toward decentralization, saying that “these are times when change is necessary.”

The measures are part of the government’s 2026 Economic and Social Program, a roadmap inspired by the economic models of China and Vietnam. Havana says the plan is intended to address the island’s deep economic crisis, high inflation and widespread shortages of goods and services.

The reforms came only hours after U.S. Secretary of State Marco Rubio announced on X sanctions against CUPET, freezing all of the company’s assets under U.S. jurisdiction and prohibiting commercial transactions with it.

Rubio said that “Cuba’s communist elites have turned energy into a tool of social control and profit,” accusing the government of hoarding fuel supplies for its own benefit and using them to repress the Cuban people.

“President Donald Trump wants a new future for the Cuban people with greater freedom and opportunity,” Rubio wrote.

The secretary of state said the sanctions were justified because CUPET operates assets that were allegedly confiscated from U.S. owners decades ago. Washington also warned that foreign companies continuing to do business with the state oil company could face secondary sanctions.

Cuba announced the measures two days after the Miami Herald reported on a proposed commercial agreement between Florida-based Vanguard Energy and Cuban agencies to deliver 250,000 barrels of gasoline and diesel fuel intended exclusively for Cuba’s private sector, small and medium-sized enterprises and humanitarian organizations.

The arrangement included a five-year lease of state-owned storage tanks operated by CUPET. Under the proposal, Vanguard would retain ownership of the fuel to prevent it from being diverted to the Cuban government and would operate outside the island’s banking system.

However, within hours of the agreement becoming public, the U.S. State Department halted the shipment, saying the company did not possess a specific license authorizing the transaction and reaffirming that the Trump administration’s sanctions against Cuba remain fully in force.

Despite the tightening U.S. restrictions, Díaz-Canel rejected suggestions that the reforms were a response to pressure from Washington, describing them as a necessary internal restructuring effort.

The economic plan centers on decentralization and greater openness to investment. Municipal governments and state-owned companies will receive expanded authority over imports, exports and foreign currency management in an effort to reduce bureaucratic obstacles.

The government also plans to ease restrictions on private small and medium-sized businesses, open financial investment opportunities for Cubans living abroad and allow foreign companies to lease agricultural land to boost food production.

To support the reforms, Havana plans a significant reduction of the central bureaucracy, cutting the number of government ministries to 20 from 27 through mergers and eliminations.

Díaz-Canel said Cuba must move toward “new models and new actors” capable of making use of existing infrastructure, acknowledging that sectors such as tourism have been hurt by U.S. sanctions.

“We cannot focus only on the large international hotel chains when many of them, because of pressure from the United States government, have left the country,” he said. “We are developing real estate and tourism projects with new models and other actors that have not traditionally participated in these sectors.”

On energy policy, Díaz-Canel said Cuba would continue shifting toward solar power and renewable energy sources.

“We are going to eliminate, as much as possible, the restrictions that exist on vehicle imports,” he said. “We will continue prioritizing, through tariffs and pricing policies, the importation of electric vehicles powered by solar energy.”

Recent U.S. measures against Cuba have significantly tightened the decades-old embargo through Executive Order 14404 and additional restrictions targeting the energy sector, including CUPET. The sanctions also affect senior government officials, their relatives and military-linked entities.

Washington says the measures are intended to cut off revenue to the Cuban government, encourage political change and punish human rights abuses.

Cuban authorities argue that the restrictions have worsened an already severe economic crisis marked by chronic shortages and power outages that have lasted more than 48 hours in some parts of the island.

International organizations, including the United Nations, have warned about the humanitarian impact on the civilian population.

SpaceX lands on public markets as the sixth largest US company by market value.

SpaceX has debuted on US markets with a market valuation of more than $2 trillion, minting CEO Elon Musk as the world’s first trillionaire.

Shares are set to open on Friday at $150 per share, marking a 6.6 percent increase from the initial public offering (IPO) price, valuing the company at $1.96 trillion putting the aerospace company on track to become the sixth-largest company in the United States.

The company sold $75bn in shares, immediately valuing it at $1.77 trillion. The IPO was oversubscribed four times higher than was otherwise expected, according to the Reuters news agency.

Of the institutional investors allocated, according to Bloomberg News, as much as 70 percent went to what are called long-only investments — a strategy in which holders buy assets based on the expectation that their value will grow over time — and sovereign wealth funds, including those from Saudi Arabia and Kuwait as well.

SpaceX President Gwynne Shotwell and Chief Financial Officer Bret Johnsen rang the Nasdaq MarketSite in New York City opening bell at 9:30am local time as US markets opened.

On Thursday, protesters gathered outside the MarketSite to protest the IPO amid continued allegations that Grok, part of xAI, a subsidiary of SpaceX, allowed users to create non-consensual deepfake sexualised images before the IPO debut.

Shares of SpaceX did not trade until the middle of the trading day as the exchange collected buy and sell orders and underwriters delayed trading until supply and demand were balanced.

“We would expect SpaceX to see an immediate pop in trading due to the hype around the deal, north of 20 percent perhaps,” said Samuel Kerr, global head of equity capital markets at Mergermarket. “Anything lower would actually make me nervous.”

Exchanges and trading firms are eager to avoid the technical mishaps that marred Meta’s 2012 debut. With SpaceX widely viewed as a dress rehearsal for a new generation of mega-listings, market participants will also be watching for signals on investor appetite in advance of forthcoming IPOs for AI heavyweights Anthropic and OpenAI.

The landmark listing cemented Musk’s status as the first trillionaire ever and propelled SpaceX into the ranks of the world’s most valuable companies — even though the firm posted a loss of nearly $5bn last year and generated only a fraction of the revenue brought in by similarly valued tech giants.

The surge comes amid growth driven by its Starlink subsidiary, which drives as much as 80 percent of its revenue.

On Friday, SpaceX launched its Falcon 9 rocket with 29 satellites into space from Cape Canaveral in Florida.

June 12 (UPI) — Multiple tornadoes caused severe damage across several midwestern states Thursday evening.

A 54-year-old man was killed in a homeless encampment in a park Wednesday in Des Moines, Iowa, after he was hit by a tree that “broke apart and fell during strong storms,” police said in a statement. They found the man injured, and he died on the scene, CBS News reported.

There have been no other official reports of injuries.

As of Friday morning, nearly 500,000 customers were without power in Illinois, Indiana, Wisconsin and Michigan.

Some of the hardest-hit areas are just south of Chicago in Kouts and Merrillville, Ind., and Bartlett, Naperville, Streator and Dwight, Ill.

A tornado hit Streator at 5:52 p.m. CDT Thursday, and another was reported in Dwight just after 6:15 p.m. The system had traveled east to Lake and Porter counties in Indiana around 7 p.m.

Streator Mayor Tara Bedei said there have been no deaths reported in the city.

“We are incredibly grateful for the safety of our residents and the quick action of emergency personnel,” she said in a statement.

An animal shelter in Springfield, Ill., suffered heavy damage to two buildings, CBS reported, but none of the nearly 150 cats and 28 dogs housed there were injured, said Animal Protective League Executive Director Deana Corbin.

“It pretty much wiped out our shelter facility, took the roofs off both of our buildings,” Corbin said. “It’s a miracle. We were so blessed to not have any injuries of either people or animals.”

Home and news video showed several destroyed homes, including one in which a man was trapped under debris in Streator. He was removed safely with the help of first responders. It’s unclear if he was injured.

Illinois State Police later confirmed “heavy damage” in Streator, and Illinois-18 leading into the town was closed for clean-up and rescue efforts. Displaced residents and separated families in Streator were being sent to Streator City Hall, officials said.

Merrillville Police also reported heavy damage and road closures in the city.

Hobart, Ind., announced Thursday night that it was opening a local gymnasium to those in need of shelter.

“For families displaced by the storm, the Hobart Police Department is opening the gymnasiums at the Police Court Complex as a temporary shelter location,” a police Facebook post said. “The facility has available space, clean restrooms, fans, and good airflow, providing a safe place for those in need. Please note that there is no air conditioning, unfortunately.”

Maple Park, Ill., winery owner Joe Brandonisio told CBS that one of his workers tied himself to a water trailer to keep from being blown away.

“I saw the debris fly up and spin around. I got down in the basement. I told the staff to get down there,” Brandonisio said.

France and Germany have announced this week that they are ditching a landmark project to jointly develop a sixth-generation fighter jet.

French President Emmanuel Macron confirmed on Monday that the project is being terminated, in what is being seen as a major blow to efforts to boost defence cooperation between European Union states, a key issue amid uncertainty cast by United States President Donald Trump over the readiness of the US to help defend its NATO allies.

Trump’s disdain for Europe’s reliance on the US has been building for years.

Since 2019, the US president has been flirting with the idea of obtaining Greenland.

His remarks about his desire for the island, a self-governing territory which is part of the Kingdom of Denmark, built to a crescendo at the start of this year, with European leaders signalling their displeasure with the idea and Trump even threatening additional trade tariffs on those countries standing in his way.

Both Denmark and Greenland have repeatedly stated that the island is not for sale.

At one point, before Trump backed down after agreeing to a “framework of a future deal” on Greenland during a January meeting with NATO’s Mark Rutte in Davos, it seemed as if the US might even try to take the island by force – a notion that would have been inconceivable before the era of Donald Trump.

The threat of military action set off alarm bells in European capitals.

In addition to all this, Trump has withdrawn much of the US’s support for Ukraine and has consistently berated his European NATO partners for not spending enough on their own defence for years, outright urging them to reduce their reliance on the US for military protection.

More recently, Europe’s refusal to join the US-Israeli war on Iran, which began with strikes on Tehran on February 28, has further irked the US president and deepened concerns that a widening transatlantic rift could weaken the continent’s security and embolden Russia.

Until this week, a counterweight to these burgeoning concerns was in hand – the Future Combat Air System (FCAS) project, a landmark pact to jointly develop a next-generation fighter jet involving France, Germany and Spain.

But disagreements over whether France’s Dassault Aviation, or Airbus, which also represents Germany and Spain, should take the lead on the project have ultimately led to its collapse.

Analysts, however, say all hope is not lost: despite the dissolution of the bellwether venture, Europeans can indeed become strategically autonomous, they say – but the road there runs through shared military integration, rather than shared political aspiration.

The FCAS hoopla does “highlight the limitation of Europe’s defence industrial landscape, where national needs sometimes clash with the broader goal of defence integration”, Giuseppe Spatafora, a policy analyst at the European Union Institute for Security Studies, told Al Jazeera.

“But we also shouldn’t overestimate its impact.”

Setback, not collapse

According to Jamie Shea, a retired NATO official and associate fellow with the International Security Programme at Chatham House, FCAS’s dissolution is certainly a setback – but does not spell the collapse of European defence integration in its entirety.

“It was the type of high-tech, innovative and future-oriented programme that Europeans need to be able to achieve successfully if they are to become strategically autonomous and break their dependence on the US for major weapons systems,” Shea told Al Jazeera.

It had been hoped that FCAS would move the needle forward, particularly in the areas of artificial intelligence (AI), space, data fusion, and the manned and autonomous systems interface space, he said.

Others would have additionally joined the project as it gained momentum, as Spain did, he added, potentially creating a domino effect in next-generation defence technologies across the continent.

But, crucially, Spatafora said, the project dates back to 2017 – a different era, before Russia’s full-scale war on Ukraine and before Trump’s return to the White House.

“Nowadays, the project might be designed differently to reflect the scenario,” he said.

“But it doesn’t affect the broader trend in Europe towards reducing dependencies on US military systems and strengthening its own defence capabilities.”

France and Germany will continue with some components of FCAS, such as its “combat cloud” feature, which will increase Europe’s cyber command-and-control capabilities, said Spatafora.

Airbus and a number of other German companies are also seeking to continue the programme in other areas, particularly software architecture and drone technology, Shea said.

“So there may be benefits for European defence and its defence technology base even if a manned fighter aircraft is not built,” said Shea.

Furthermore, there are “scores” of other joint defence projects being launched in Europe at the moment, even if they are not quite as ambitious as FCAS, he added.

Guntram Wolff, a senior fellow at the European think tank Bruegel, similarly urged against alarmism.

“I would not interpret this decision overly negatively,” Wolff told Al Jazeera.

“FCAS was a very complicated project and its military relevance may well be overstated at a moment of increasing importance of cheap autonomous systems. In part, the decision also reflects a reassessment of whether the high cost was really warranted.”

Europe, meanwhile, has other strengths it can build on, the analysts said.

The continent is strong in shipbuilding, submarines, short-range missiles and air defence – with systems like the German IRIS-T and the French-Italian SAMP/T – and has demonstrated it can build capable fighter jets, such as the Eurofighter Typhoon, Tornado and Gripen programmes have shown, Shea said.

Lessons and challenges

Europe’s main problem is underinvestment and the difficulty it has in scaling up to the level of mass production that modern warfare demands, said Shea.

This issue was brought into sharp focus this week when the UK’s secretary of state for defence dramatically resigned from government over defence funding.

He simply cannot keep the country safe on what he has been given to spend, he said. In his resignation letter to the prime minister, he wrote: “You have been unable and the Treasury has been unwilling to commit the resources that the nation needs to defend the country at this time of rising threats,” he wrote.

Ultimately, European nations are going to have to come together if they have any hope of matching US military might in the future, analysts say.

“It is the challenge of integrating all systems and all domains into a single battlefield management space where the US is in advance of the Europeans,” Shea said.

“Drones, which Russia and Ukraine are producing in the millions, are a case in point. Even the US suffers from weapons shortages as we have seen in the Iran war,” the former NATO official added.

Spatafora echoed the idea that the Russia-Ukraine war has lessons to offer the rest of Europe.

“The lesson of the war in Ukraine is that, in order to deter and defend itself properly, Europe needs cheap, mass-produced capabilities,” he said.

FCAS was about a very expensive capability, “so it was not really the key need for Europe’s deterrence today”, the analyst said.

The more pressing question that FCAS raises is how European nations will coordinate large projects which single countries cannot produce on their own and which could clash with the interests of numerous national industries. This is the conundrum which will likely shape the design of future EU instruments to support cooperative defence projects, said Spatafora.

Another challenge facing the continent is that major platforms like aircraft, ships or land warfare vehicles can take decades to develop, and contracts signed today will yield equipment that will not be on the battlefield before 2040, Shea said.

Europe will need to upgrade its current capabilities – recent upgrades to the Eurofighter jet and the Leopard tank are examples he cited – and look for gap-fillers elsewhere.

Spatafora argues that the FCAS collapse should not push European countries back towards reliance on American systems – or at least not more than they already have.

“The Trump administration’s approach and the depletion of stock after the Iran war have significantly reduced the reliability of US supplies,” he said.

The reliability of US guarantees, he added, depends on other assets – long-range missiles, forward-deployed troops, command-and-control infrastructure – “rather than on a next-generation fighter jet”, the analyst added.

‘Military requirements’ over ‘political ambition’

The FCAS failure is certainly good news for Russia, Shea said, “and also for the US, which will hope to sell Europe even more F-35s and maintain Europe’s traditional dependency on US military equipment”.

A rebound from the collapsed project, therefore, he argued, is necessary. But that is already in the works, analysts say, as Europe is already turning away from US dependability.

They point to the high likelihood of renewed interest in the UK-Italy-Japan Global Combat Air Programme (GCAP) for a sixth-generation stealth fighter jet, in European Space Agency military space capabilities, and in EU defence financing mechanisms like the Security Action for Europe (SAFE).

Joint ventures with Ukraine, which, under fire from Russia for four years, has mastered mass production of drone technology and AI, should also help keep Europe up to speed in key areas, Shea added.

“The US has proven to be unreliable, or simply unable to remain committed to Europe, and the defence budgets are growing,” Spatfora said.

Washington will continue to remain relevant for certain capabilities – nuclear deterrence above all – but over time, European countries will seek to develop more and more on their own.

The ultimate lesson of FCAS, however, Shea argued, is that defence integration “has to be driven by military requirements rather than political ambition”.

Cooperation between France and Germany has always been difficult, he said – they have large defence companies “that do not want to play second fiddle to the other”, he said.

A more promising model, he said, is the joint UK-Norway agreement to produce a new destroyer-class warship, with BAE Systems as the main contractor and smaller Norwegian companies participating.

“Both countries operate in the North Atlantic and the Baltic Sea and share exactly the same concept of what the ship should be,” explained Shea.

“So it is this model of bottom-up, natural cooperation rather than top-down political cooperation that Europe needs to pursue.”

June 12 (UPI) — Iran said it had yet to make a final decision on an agreement with the United States to end the war, despite U.S. President Donald Trump saying it was a done deal that could be signed as early as this weekend.

Speaking on Thursday night, Iranian Foreign Ministry spokesman Esmaeil Baqaei said Tehran was reviewing a proposal brokered by Qatar and Pakistan but dismissed reports agreement had been reached as “speculation,” adding that “nothing has been finalized.”

“So far, Iran has not reached a final conclusion on the agreement. Whenever we reach a conclusion that the text of the [memorandum of] understanding is in the interest of the Iranian nation, we will announce it.

“The status of negotiations was clear to us from the beginning and a major part of the text had been finalized, but the Americans kept changing their positions,” said Baqaei who stressed Iran would never retreat from or compromise “on what it defines as its red lines.”

Baqaei’s comments came hours after Trump called off planned large-scale strikes against Iran, including Kharg Island, from which 90% of Iran’s crude oil exports are shipped, saying the Iranian leadership, and other regional powers, had approved “final points” of a deal to end the war.

“Based on the fact that discussions with the Islamic Republic of Iran have been brought to the highest level of Iranian leadership and approved, I have, as President of the United States of America, cancelled the scheduled strikes and bombings against Iran this evening,” Trump said Thursday afternoon.

Trump later said the deal was “subject to finalization of documents, which should get done, over the next few days” and that there would “probably” be a signing ceremony, with Europe the most likely location.

The status of the Strait of Hormuz was also in contention with an announcement by U.S. Central Command that the key shipping route was not controlled by Iran and was “open for transit” to all vessels not in breach of the U.S. blockade of Iran, contradicted by Baqaei.

“The Strait of Hormuz remains closed due to illegal U.S. actions,” he said.

Trump has stated an agreement to end the fighting was imminent on multiple occasions since a cease-fire, originally for two weeks, came into force on April 28.

The deal being negotiated is a memorandum of understanding extending the cease-fire for 60 days to allow larger negotiations on the main issues, including Iran’s stockpile of enriched uranium and its nuclear program.

Oil prices reacted strongly to the developments overnight with both Brent crude, the international benchmark, and West Texas Intermediate, falling sharply in the global market. The Brent contract for August delivery was down $3.83 a barrel at $86.54 in mid-morning trade in London on Friday while American crude for July delivery was changing hands at $83.88 a barrel, down $3.83.

Seoul stocks rose by more than 4 percent Friday, as investors snapped up tech heavyweights amid hopes the war between the United States and Iran could end soon.

The benchmark Korea Composite Stock Price Index (KOSPI) closed up 359.67 points, or 4.63 percent, at 8,123.62 after rising as high as 8,434.40.

After opening sharply higher on renewed hopes that the war between the U.S. and Iran is near its end, the index trimmed earlier gains on profit taking ahead of the closing bell.

Trade volume was heavy at 490.3 million shares worth 51.1 trillion won (US$33.6 billion). Winners outnumbered losers 753 to 144.

On Thursday (U.S. time), U.S. President Donald Trump said he has reached a “great settlement” that would resolve the monthslong conflict with Iran and the deal would be signed as early as over the weekend, possibly in Europe.

Media outlet Axios also reported that four U.S. Air Force C-17 planes departed for Europe on Thursday, moving equipment for possible travel by Vice President J.D. Vance, raising the possibility a signing ceremony could take place in Geneva, Switzerland.

“Market sentiment improved as foreign investors shifted to net buying after a 25-session selling streak, on anticipations for peace negotiations,” said Lee Kyoung-min, an analyst from Daishin Securities.

But the rise was limited, amid reports that global banks are curbing hedge funds’ leveraged bets on the country’s two semiconductor heavyweights: Samsung Electronics and SK hynix, Lee added.

Foreigners and institutional investors net purchased a combined 4.4 trillion won. Retail investors net sold 4.3 trillion won.

In Seoul, shares closed higher across the board.

Market top-cap Samsung Electronics rose 7.86 percent, to 322,500 won, while its chipmaking rival SK hynix moved up 2.33 percent to 2,150,000 won.

Semiconductor equipment maker Hanmi Semiconductor vaulted 24.05 percent to 361,000 won, after the company said in a regulatory filling it is seeking to invest in SpaceX, Elon Musk’s space company set to make its Nasdaq debut on Friday (local time).

Shipmakers also gathered ground as investors went bargain hunting. Hanwha Ocean added 7.85 percent to 112,700 won and HD Hyundai Heavy Industries increased 0.62 percent to 650,000 won.

Portal operator Naver jumped 10.27 percent, to 247,000 won, financial firm KB Financial climbed 6.4 percent to 161,200 won, and top car maker Hyundai Motor added 1.68 percent to 607,000 won.

The Korean won was quoted at 1,519.8 won against the U.S. dollar as of 3:30 p.m., up 9.1 won from the previous session’s close.

Bond prices, which move inversely to yields, closed higher. The yield on three-year Treasurys fell 9.6 basis points to 3.808 percent, and the return on the benchmark five-year government bonds declined 10.9 basis points to 3.971 percent.

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Three people have been killed in the border region between Russia and Ukraine, according to officials, as the two sides launched attacks on each other in the latest exchange of fire.

In Russia, two civilians were killed and two wounded in the region of Bryansk after Kyiv struck the settlement of Suzemka with artillery, Acting Governor Egor Kovalchuk said in a post on Telegram on Friday.

A ⁠drone ⁠also hit an apartment building in Russia’s ⁠central region of Tatarstan, ⁠injuring three people, while industrial facilities were ‌hit, regional head Rustam Minnikhanov said on the Telegram messaging app.

Production work was ⁠not suspended, ⁠however, he added, but did not identify ⁠any plants. ⁠The region ⁠is home to key oil processing and petrochemical ‌facilities, among others.

⁠Russia’s ⁠city of Togliatti, home to ⁠the country’s biggest ⁠carmaker Avtovaz, also came under a drone attack overnight, Samara ‌region Governor Vyacheslav Fedorishchev said on Telegram.

“Attention! Drone attack regime ⁠for Togliatti,” he ⁠wrote. Togliatti is a city ⁠on the ⁠Volga River some 800 km (500 miles) southeast ‌of Moscow.

These strikes are what Ukraine refers to as a “logistics lockdown”, said Al Jazeera’s Audrey MacAlpine, reported from Kyiv. She explained that they are mid-range strikes anywhere over 30 kilometres (17 miles) from the front line, using long-range drones and sometimes heavy weaponry to target things like oil refineries, bridges, logistics, and roads as a means of halting Russia’s front-line operations.

At the same time, she said, Ukraine also launches what it calls “long-range sanctions” against Russian targets – a “tongue-in-cheek term … that we’ve seen escalating over the past several months, where Ukraine is targeting Russia’s oil refineries and oil industry,” MacAlpine explained.

In Ukraine, a drone attack in the border region of Sumy caused casualties.

A 44-year-old woman working as a rail station operator died on her way to a shelter during the strike, according to the head of Ukrainian Railways, Oleksandr Pertsovkyi.

Another woman, a station attendant, was wounded in the attack, Pertsovkyi added.

Three people were wounded in separate attacks on Ukraine’s southern Mykolaiv region.

“We’ve seen continual threats by Russia before massive attacks, and we have certainly seen the results of those actions here in cities like Kyiv, where ballistics continue to be the Achilles heel for Ukraine”, MacAlpine said.

Russian fuel shortages after Ukrainian attacks

In recent months, Kyiv has carried out an increasing number of attacks on Russia and Russian-occupied territories.

On Thursday, fuel stations on the Russian-held Crimean Peninsula ran out of petrol after a Ukrainian campaign against the peninsula’s supply lines escalated.

A witness in Sevastopol, the peninsula’s largest city, told the Reuters news agency there was no fuel at most local petrol stations, with supplies struggling to keep up with a rationing regime imposed in recent weeks.

Another witness, in the resort town of Yevpatoriya, ⁠said there was a long queue outside the only petrol station open there.

Ukraine has been intensifying drone attacks on supply lines to the peninsula, which Russia seized from Kyiv in 2014. Local authorities have imposed fuel rationing regimes, with some foodstuffs also running short.

Besides Russian-held Crimea, only ‌two regions in Siberia have officially confirmed the shortages.

Most other regions have said the situation is under control, and that some disruptions were caused by panic buying. Moscow has denied there were any problems with fuel supplies.

June 11 (UPI) — U.K. Defense Secretary John Healey resigned on Thursday after criticizing his government for spending “well short” of what it should on the military.

Healey resigned from the position in a letter addressed to British Prime Minister Keir Starmer, which was posted on X, because the country’s Defense Investment Plan does not meet requirements and could “reduce the readiness of our forces.”

Hours after Healey’s resignation, junior defense minister Al Carns also resigned from his post because of his own concerns about the “level of investment I know to be inadequate to the task,” NBC News reported.

Starmer said after Healey quit that he is “proud of our record on funding” and that he believes the funding plan that has been agreed to between the Parliament and Defense ministry “will provide the resources our military needs to keep us safe,” The BBC reported.

The prime minister has in recent weeks been called on to resign after less than great election results last month, and Healey is the second member of his cabinet to resign recently after former health secretary Wes Streeting quit because he’d “lost confidence” in Starmer.

In addition to Healey and Carns, Starmer’s parliamentary assistant to the Defense Ministry also left her role over “delays and difficulties” to fund the United Kingdom’s military readiness goals.

“We came into government recognizing Britain faced a new era of threat which demanded a new era for defense,” Healey wrote in the letter.

“Since then, you have been unable, and the Treasury has been unwilling, to commit the resources that the nations needs to defend the country at this time of rising threats,” he wrote.

Starmer on Thursday named former security minister Dan Jarvis to be the secretary of defense, whose job it will be to finalize the new defense funding plan, which is reportedly expected to be about half of the $37 million the ministry had requested.

Among the goals that had been set out in the most recent U.K. strategic defense review were increases in ammunition stockpiles, next-generation warplanes, drones and updated submarines.

June 11 (Asia Today) — A South Korean-operated liquefied natural gas carrier that had been stranded near the Strait of Hormuz because of the U.S.-Iran war has passed through the waterway, South Korea’s Foreign Ministry said Wednesday.

The vessel was headed to a third country, not South Korea, and eight South Korean crew members were aboard, officials said.

“One South Korean vessel has passed through the Strait of Hormuz and is sailing,” the Foreign Ministry said. “Consultations related to this passage were led by the foreign-chartered company.”

The ministry said it understood the ship was heading to its final destination in a third country.

A Foreign Ministry official said Seoul has repeatedly emphasized to Iran the need for the prompt and safe navigation of all vessels in the Strait of Hormuz, including South Korean ships. The official said the government is also continuing to communicate with related countries.

According to the Ministry of Oceans and Fisheries, one LNG carrier operated by a South Korean shipping company resumed operations and left the inner side of the strait as of 7 a.m. Wednesday.

As a result, the number of South Korean-operated ships waiting inside the strait fell from 25 to 24. The number of South Korean crew members in the area declined from 147 to 139.

Foreign Ministry officials said the South Korean vessels are anchored in safe areas near Qatar, the United Arab Emirates and other nearby waters, following guidance from the Oceans Ministry.

“The government’s top priority is the free and safe passage of South Korean vessels and crew members in the strait,” a Foreign Ministry official said. “We are carrying out diplomatic efforts through multiple channels regarding the remaining 24 vessels.”

The charterer of the ship that passed through the strait was identified as QatarEnergy, Qatar’s state-owned energy company, and the final destination was believed to be Pakistan.

The case differs from the earlier passage of the Universal Winner, a very large crude carrier operated by HMM, which left the strait after direct negotiations between the South Korean government and Iran. In the latest case, the charterer led the decision-making and consultations.

Diplomatic observers said the involvement of QatarEnergy as the charterer and Pakistan as the destination may have helped the vessel secure passage. Pakistan has maintained close communication with Iran over Middle East tensions, and consultations involving the Pakistani Navy and the charterer may have reduced safety concerns.

The passage was reportedly completed shortly before Iran announced a full closure of the Strait of Hormuz. Iran said Wednesday local time it would completely close the strait in response to U.S. airstrikes.

Diplomatic observers said South Korea is likely to prioritize safety for the remaining 24 vessels for the time being, rather than pushing for immediate passage, as risks in the strait have increased.

— Reported by Asia Today; translated by UPI

© Asia Today. Unauthorized reproduction or redistribution prohibited.

Original Korean report: https://www.asiatoday.co.kr/kn/view.php?key=20260612010004185

How does a football penalty become a story about survival? As Bosnia and Herzegovina prepare to face Canada in their 2026 World Cup opener, many eyes will be on Esmir Bajraktarevic. Born in the US, to a family affected by the Srebrenica genocide, his journey is about far more than just football.

Both Amnesty International and Oxfam released reports this week documenting a rise in state-backed Israeli settler violence across the occupied West Bank over the past three years. What’s driving the escalation? Al Jazeera’s Marah Rayan breaks it down.

June 11 (Asia Today) — South Korea is facing widening gaps in both wealth and income, with young people and those without homes losing ground economically, Bank of Korea researchers said Wednesday.

The central bank’s research department made the assessment in a report titled “Household Polarization in the Korean Economy and Its Spillover Effects.” The report said South Korea is confronting a form of dual polarization as asset and income inequality expand at the same time.

According to the report, South Korea’s net wealth Gini coefficient fell to 0.584 in 2017 but has since risen, reaching 0.625 last year. A Gini coefficient closer to zero indicates greater equality, while a figure closer to one indicates greater inequality.

The report identified rising real estate prices as a key factor behind the widening asset gap. It said higher property prices have played a central role in explaining movements in wealth inequality.

The Bank of Korea researchers also said real estate assets are concentrated among older generations, making wealth inequality between generations more structural.

The conditions for young people to build assets have deteriorated, the report said. An increasing number of young people earn relatively high incomes but cannot enter the upper wealth bracket because they do not own real estate.

The report said the mobility that once allowed people with middle- to upper-level incomes to move into the top wealth group has weakened, undercutting the asset-building ladder for younger households.

Income inequality also shows signs of widening again. The disposable income Gini coefficient fell from 0.353 in 2016 to 0.323 in 2023 but rose slightly to 0.325 in 2024.

The report said income inequality, which had improved through redistribution policies, could widen again because of K-shaped growth across industries.

Researchers identified the gap between the information technology sector and non-IT industries as a driver of income polarization. In the IT sector, wages have risen sharply, led in part by bonuses, while wage growth has been limited in other industries.

The spread of artificial intelligence could further deepen income gaps, the report said. Researchers said AI technology, combined with advances in robotics, could replace jobs held by low-income workers and young people in the early stages of their careers.

A Bank of Korea survey on AI also found that people in lower income brackets were more likely to believe their jobs could be replaced by AI.

The impact of dual polarization is especially visible among young people. The share of people in their 20s and 30s among households in the bottom quintile for both net wealth and income rose from 7.9% in 2020 to 15.2% in 2025.

The report said this suggests young people without homes are increasingly being pushed into lower economic groups.

The Bank of Korea researchers warned that dual polarization could weaken productivity and consumer vitality across the economy.

An analysis using data from 120 countries found that when the share of wealth held by the top 10% rises by 1 percentage point, total factor productivity falls by 0.16% two years later.

In South Korea, the share of net wealth held by the top 10% increased from 43.0% in 2022 to 46.1% in 2025, up 3.1 percentage points. Researchers said widening wealth inequality could become a constraint on economic growth and productivity improvement.

The social costs could also increase. The report said widening wealth and income gaps may lower expectations for upward mobility, weaken work incentives and reduce social trust.

It also warned that high housing costs for young people could become a barrier to marriage and childbirth.

The researchers said redistribution policies focused mainly on income support are not enough to respond to dual polarization. They said South Korea needs to guide household assets, which are heavily concentrated in real estate, toward more productive sectors and expand opportunities to build productive assets.

The report also called for a more stable tax base in response to economic changes driven by technological development. It said institutions should be reviewed to ensure that the path from labor income to asset formation does not deteriorate further.

Researchers also said South Korea must strengthen new growth industries so the benefits of economic growth can spread more widely across the economy.

— Reported by Asia Today; translated by UPI

© Asia Today. Unauthorized reproduction or redistribution prohibited.

Original Korean report: https://www.asiatoday.co.kr/kn/view.php?key=20260611010004200

June 11 (Asia Today) — South Korea needs to reform its electricity market to respond to surging power demand from artificial intelligence and the expansion of renewable energy, the Korea Chamber of Commerce and Industry said Wednesday.

The chamber said the current power market structure is not enough to support private investment or the growth of new energy businesses, including energy storage systems and virtual power plants.

The business group raised the issue during a seminar in Seoul co-hosted with the Korean Resource Economics Association. Participants discussed ways to reform the electricity market and promote new energy businesses as AI adoption and renewable power generation expand.

“As the power industry shifts from a centralized structure to a distributed and digital-based system, various new businesses are emerging,” said Cho Hong-jong, president of the Korean Resource Economics Association and a professor at Dankook University. “To make the energy transition a reality, it is necessary to build a competitive system based on market principles.”

Joo Sung-kwan, a professor at Korea University, said South Korea’s current electricity market has structural limits because wholesale prices are set a day before electricity is supplied, based mainly on fuel costs.

“This creates significant rigidity because real-time supply and demand conditions cannot be flexibly reflected in prices,” Joo said.

Joo said the market needs pricing signals that respond to supply and demand. Prices should rise when electricity supply is tight to encourage lower consumption and fall when supply is sufficient to promote use, he said.

For new energy businesses to secure profitability and increase investment, Joo said South Korea should move from the current day-ahead market to a real-time market. He also called for a price-bidding system in which power generators and electricity retailers submit bid prices.

Panelists also said South Korea needs a market environment and regulatory system that can attract private investment.

Lee Seo-jin, a professor at Hongik University, said tailored compensation systems for new energy businesses and a predictable policy environment are more important than simple market opening.

Huh Yoon-ji, a professor at Dankook University, said wholesale price normalization and retail electricity rate reform must proceed together to secure economic viability. She also called for independent governance to supervise the electricity market.

Industry officials said the pace of reform should accelerate.

Lee Hyo-seop, vice president of Encored, said his company is preparing a virtual power plant business using AI-based forecasting technology, but uncertainty over the schedule for electricity market reform is making business development difficult.

Yeom Sung-oh, Seoul representative of Gurin Energy, said power supply flexibility and sustainability will be crucial in the AI era. He called for preemptive institutional support covering power grids, energy storage systems and data centers.

The Korea Chamber of Commerce and Industry said private-sector energy businesses are essential to address rising electricity demand from AI and the growing variability of renewable energy.

“Companies need a more predictable electricity market so they can invest in high-cost new technologies,” said Kim Min-seok, head of the chamber’s Green Energy Center. “Institutional foundations, including regulatory innovation and a supportive market environment, must be established.”

“To secure competitiveness in power infrastructure in the AI era, discussion on electricity market reform can no longer be delayed,” Kim said.

— Reported by Asia Today; translated by UPI

© Asia Today. Unauthorized reproduction or redistribution prohibited.

Original Korean report: https://www.asiatoday.co.kr/kn/view.php?key=20260611010003798

June 11 (Asia Today) — China’s renminbi, also known as the yuan, has strengthened sharply in recent months as Beijing seeks to elevate the currency’s global standing, but its rapid gains may create new risks for the Chinese economy.

The yuan recently reached its strongest level in three years and three months, prompting some Chinese media to describe the move as an advance by the currency. The trend is expected to continue for the time being.

According to recent reports by Chinese media, including National Business Daily, the yuan was poorly regarded until the end of the last century. Although the official exchange rate hovered around 8.2 yuan per dollar, the currency often traded at about 9 yuan per dollar on black markets in Beijing and other cities.

The yuan’s status began to change after China’s economy expanded rapidly in the early 2000s. After the 2008 global financial crisis weakened confidence in the U.S. economy, the yuan strengthened past 8 per dollar, then 7 per dollar, at times trading in the 6-yuan range.

The currency weakened again early last year and stayed around the 7-yuan level for about a year. Some analysts warned it could fall as low as 7.5 yuan per dollar.

Those concerns proved temporary. The yuan rebounded early this year and returned to the 6-yuan range. It strengthened further and traded around 6.77 yuan per dollar Wednesday, its highest level since Feb. 15, 2023, when it was at 6.8183 yuan per dollar.

Markets widely expect the yuan could strengthen further to around 6.5 per dollar. The currency was worth about 90 won at the end of the last century, but it now trades at about 225 won.

Several factors are driving the yuan’s gains. The prolonged war in the Middle East has increased demand for the yuan alongside the dollar, while China’s large trade surplus, supported by strong exports, has also lifted the currency.

A stronger yuan, however, is not necessarily good for China. It could become a burden for export-dependent companies by making Chinese goods more expensive overseas. Cheaper import prices could also deepen China’s chronic deflationary pressure, which remains a major concern for the economy.

Even so, Chinese economic authorities are not expected to intervene aggressively to slow the yuan’s rise.

Pan Gongsheng, governor of the People’s Bank of China, said during an economic news conference at the National People’s Congress in Beijing on March 6 that the yuan’s recent movement against the dollar reflected China’s stable economic recovery, weakness in the dollar index and a seasonal increase in corporate foreign exchange settlement.

Pan also said China did not need a yuan depreciation, signaling that authorities were comfortable with the currency’s strength.

The yuan’s transformation from a weak and undervalued currency into one with rising global influence has become increasingly difficult to ignore. But its continued ascent could create new pressure on China’s exporters and complicate Beijing’s fight against deflation.

— Reported by Asia Today; translated by UPI

© Asia Today. Unauthorized reproduction or redistribution prohibited.

Original Korean report: https://www.asiatoday.co.kr/kn/view.php?key=20260611010003994

June 11 (UPI) — Police in the Bahamas arrested five U.S. nationals at a port after an altercation with cruise passengers and law enforcement earlier this week.

The five people were involved in a physical altercation on Monday with passengers on a cruise ship in the Nassau Cruise Port area and, after they were arrested, started a second altercation with police officers, the Royal Bahamas Police Force said in a news release.

Four police officers were injured in the second melee, with one hospitalized with a “serious injury” to his left shoulder.

One person who informed police about the initial altercation with the ship’s passengers was asked to come to the police station to give a statement but declined the interview, police said.

“Due time constraints related to their cruise ship’s scheduled departure, the complainants were unable to provide official statements,” the RBPF said in the release.

“Nevertheless, the five suspects remain in police custody and are being investigated in connection” with the initial altercation and the violence while they were being arrested, the police force said.

Law enforcement was called when the five people — three women and two men — got into some type of altercation with passengers from a cruise ship that was in port, with officers intervening in the scene and detaining them.

At the police station, while searching the five suspects, a “violent struggle” started between the officers and suspects — one of the women reportedly threw a chair through a glass door and one of the men then kicked out the rest of the glass before trying to escape.

During the confrontation, two officers were hit in the body, a third was cut near the mouth and a fourth officer’s shoulder was seriously injured, the RBPF said.

The five Americans remain in police custody on charges of assaulting a police officer, fighting in a public place, resisting arrest, malicious damage and disorderly behavior in a police station.

Israeli authorities released Hamas co-founder Hassan Yousef after more than two years in administrative detention. He was jailed without trial following his arrest in October 2023. The 71-year-old was taken to a hospital in Ramallah where he was received by family members.

Israel continues to expand settlements in the occupied territory, which are illegal under international law.

The Israeli government has allocated a first tranche of an expected $388m in new funds for the construction of settlements in the occupied West Bank.

The anti-settlement group Peace Now reported on Thursday that the government had allocated 152 million shekels ($51m) to prepare construction plans for 69 illegal settlements and outposts in the occupied West Bank.

The cabinet later reportedly postponed a decision about a 1-billion-shekel ($338m) allocation. That proposal, if passed, would mark one of the largest expansions of illegal Israeli settlements in decades.

“The government decided to postpone the decision [on the 1-billion-shekel allocation] and refer it to the Security Cabinet which is expected to convene on Sunday,” Peace Now wrote.

Under the yet-to-be-approved plan, construction for the settlements, including infrastructure and public buildings, would begin despite necessary planning protocols not having been carried out in accord with Israeli law.

Peace Now accused the government of intending to bypass planning and construction regulations.

“October 7 proved that the right-wing approach has failed: the conflict cannot be ‘managed,’ and the Palestinians cannot be ‘defeated’,” the group said in a statement.

“Israel must reach a political solution and diplomatic agreement, but instead the government is only sinking us deeper into the mire and condemning us to many more years of bloody conflict.”

Israel has come under growing condemnation for expanding settlements in the occupied West Bank, which are illegal under international law.

On Tuesday, the United Kingdom, Australia, New Zealand, Canada, France and Norway imposed sanctions on networks involved in financing, enabling and carrying out settler violence against Palestinians.

According to Peace Now, the current Israeli government has approved 103 settlements since it took office in December 2022. From that figure, 51 are entirely new settlements.

On Wednesday, Amnesty International published a report accusing the Israeli government of playing a central role in what it describes as the ethnic cleansing of Palestinians in the occupied West Bank. The report described the government’s actions as “integral”.

At least 117 villages in the West Bank have been subject to either complete or partial displacement due to settler attacks, according to the United Nations Office for the Coordination of Humanitarian Affairs (OCHA).

Amnesty also condemned the upcoming “Great Israeli Real Estate Event”, which is due to take place in London on Sunday.

The event, which has also been held in the United States and Canada, promotes the sale of properties in the occupied West Bank, which campaigners say is in violation of international law.

The Washington institution cut its global growth forecast by 0.4 percentage points to 2.5 percent, citing surging energy prices, inflation and borrowing costs.

The conflict in the Middle East is set to bring global economic growth to its slowest since the COVID-19 pandemic, the World Bank has warned.

In its latest Global Economic Prospects report, published on Thursday, the Washington-based institution cut its global growth forecast for 2026 to 2.5 percent from the 2.9 percent it had predicted in January, citing surging energy prices, rising inflation and higher borrowing costs.

The report highlights the significant economic costs of the conflict, which is at risk of flaring up again, as the fragile ceasefire between the United States and Iran is tested on both sides.

The analysis warns that the outlook could decline further if supply disruptions worsen. Iran’s closure of the Strait of Hormuz – a vital passageway for oil and gas transit – in response to the hostilities launched by the US and Israel has put huge stress upon global energy and other supply chains.

The World Bank estimates that Brent crude prices — the international oil benchmark — will average $94 a barrel this year, 36 percent above last year’s average. Fertiliser prices are forecast to increase significantly this year, with knock-on effects for food prices.

Overall, the closure of the strategic waterway will help to push global inflation to 4 percent this year, a substantial increase from last year’s rate of 3.3 percent.

However, the World Bank cautions that global growth could plummet to as low as 1.3 percent this year, should energy supply disruptions worsen, with inflation pushing to 4.4 percent.

The World Bank report also cautions that developing countries are on the front line of the potential impact.

In its report, the institution has downgraded its growth forecasts for two-thirds of countries since January. Global growth is expected to improve to 2.8 percent in 2027, but will remain 0.4 percentage points below the average during the 2010s, during which the world economy was recovering from the global financial crisis.

Excluding China and India, the report worries that developing countries have made little progress towards narrowing their per capita income gap with wealthy nations over the past decade.

“Developing countries have faced a series of challenges over the last decade,” said Ajay Banga, president of the World Bank Group. “The impact differs by country, but the basic test is the same: protect people and preserve stability today, without giving up on growth and jobs tomorrow.”

The World Bank is pledging to assist any developing country experiencing the economic fallout of the Middle East conflict. The organisation says it has set aside up to $60bn to help. It added that if the conflict persists, it can increase its support to $100bn.

June 11 (UPI) — President Donald Trump said Thursday that the United States may take control of Iran’s oil and gas industries like it did in Venezuela earlier this year.

Trump posted the threat on social media, warning that the United States will continue attacking Iran after a series of airstrikes on Wednesday.

“The United States will be hitting Iran (Whose Navy, Air Force, Radar, Anti Aircraft, and all other forms of Defense, together with most of its offensive capability, are GONE!), VERY HARD TONIGHT,” Trump wrote. “At some point in the not too distant future, we will be taking Kharg Island, and other oil infrastructure points, and assume total control of their Oil and Gas Markets, much like we have with Venezuela, which is working out brilliantly for both Venezuela and the United States of America.”

About 90% of Iran’s crude oil shipments were exported from Kharg Island before the United States and Israel launched the war on Feb. 28.

The United States has launched strikes on Kharg Island during the Iran war but it has not seized control of any of its oil and gas infrastructure yet.

Trump further discussed taking control of Iranian infrastructure during an appearance on Fox News on Thursday morning.

“Look, my preference has always been take Kharg Island,” he said. “I don’t think America has the stomach for that. I think they’d like to see us come home, but we did it with Venezuela. Venezuela’s worked out great for everybody.”

Fighting has heightened again between the United States and Iran with Iran shooting down a U.S. helicopter earlier this week near the Strait of Hormuz. The U.S. military launched what it is calling “self-defense strikes” on Iranian military surveillance, communication systems and air defense targets.

U.S. Central Command said Wednesday that the strikes were “in response to Iran’s unwarranted and continued aggression.”

Trump has said for weeks that Iran and the United States are close to reaching a peace agreement, saying at several points Iran wanted to reach a deal. Fighting between Iran and Israel paused over the weekend after Trump urged both sides to stop exchanging fire.

The United States continues to enforce a blockade on ships using Iranian ports on the Strait of Hormuz.