/weekend need to know
ANOTHER WEEK YIELDING LIMITED U.S./IRAN PROGRESS
IRANIAN DRONE STRIKES PERIMETER OF UAE NUCLEAR FACILITY
ISRAEL MAINTAINS STRIKES ON LEBANON DESPITE CEASEFIRE EXTENSION
RUSSIA WAIVER NOT RENEWED
OTHER MARKET NOTES: Record Moscow Drone Attack, Ryazan Refinery Strike on Friday, Trump on Chinese Sanctions (maybe this week), Kharg Island Leak
/summary
ANOTHER WEEK YIELDING LIMITED U.S./IRAN PROGRESS
Talks drag on with little movement. Trump told Axios on Sunday that military action is back on the table if Iran doesn't come back with a better offer, while his "clock is ticking" Truth Social post aims to keep up signs of pressure - though no timeline was offered.
Trump shifted Friday, saying he'd accept a 20-year nuclear freeze - a notable concession - but remained dismissive of the most recent Iran proposal. Side remain far apart.
Pakistan's Interior Minister flew to Tehran on Saturday to push for resumed talks.
NYT reported the US has finalised military contingency plans to broaden its Iran campaign if diplomacy fails.
Hormuz remains largely frozen. Trump confirmed the US allowed three Chinese tankers through this week. Iran's president says the strait returns to normal only once insecurity is resolved.
IRANIAN DRONE STRIKES PERIMETER OF UAE NUCLEAR FACILITY
An Iranian drone struck a generator near the Barakah Nuclear Power Plant in the UAE on Sunday, sparking a fire. UAE air defences intercepted two others.
The IAEA confirmed radiation levels remain normal and no injuries were reported. Iran has continued targeting the UAE despite the April ceasefire, citing the UAE's ties with Israel.
The nuclear element raises serious escalation concerns for energy markets and regional stability.
ISRAEL MAINTAINS STRIKES ON LEBANON DESPITE CEASEFIRE EXTENSION
Israel and Lebanon agreed a 45-day ceasefire extension on Friday, with a US-facilitated security track set to begin May 29 and further talks in Washington on June 2–3.
Despite this, Israeli strikes on southern Lebanon continued within hours of the deal. Netanyahu separately claimed Israel has nearly eliminated all those responsible for the October 7 attacks.
Israel shows no sign of winding down Lebanon operations; Iran will likely demand these stop as part of any broader peace deal.
