Balm — Tuesday, May 26, 2026 AM

US Conducts Strikes Near Strait of Hormuz During Iran Peace Talks; Oil Tops $100 a Barrel

US military forces carried out strikes on targets near the Strait of Hormuz, including boats attempting to lay mines and missile launch sites, while Iranian and Qatari negotiators were meeting in Doha. Iran's foreign ministry said the strikes violated a ceasefire, while US officials said they acted in response to perceived threats. Oil prices rose above $100 a barrel on uncertainty over the status of negotiations. US military forces conducted strikes on targets near the Strait of Hormuz, including vessels reportedly attempting to lay mines and missile launch sites, while Iranian and Qatari officials were simultaneously engaged in peace talks in Doha. Iran's foreign ministry characterized the strikes as a serious violation of a ceasefire agreement. US officials, for their part, said the strikes were carried out in response to identified threats and were defensive in nature. The status and future of the negotiations remain unclear, with accounts differing on whether the talks have effectively collapsed or remain ongoing. President Trump stated that negotiations were proceeding, while also indicating that military action could resume if discussions broke down. The military activity sent oil prices above $100 a barrel, a level analysts described as potentially past a point of difficult reversal for energy markets. Experts quoted across multiple sources described the diplomatic situation as caught in a repeating cycle, with neither a clear resolution nor a clean break from talks. US arms sales to Taiwan were separately reported to be under review, though analysts said that development was unlikely to be directly connected to the Iran conflict, since actual delivery of any approved sales is years away. For American consumers and businesses, sustained oil prices above $100 a barrel have direct implications for fuel costs, transportation, and a wide range of goods. The situation around the Strait of Hormuz is significant because roughly a fifth of the world's traded oil passes through that waterway. The combination of active military operations and unresolved diplomacy introduces ongoing uncertainty into global energy markets.

Israel Strikes Hezbollah Sites in Lebanon, Dozens Reported Killed

Israel conducted strikes on what it described as approximately 100 Hezbollah infrastructure sites and personnel in Lebanon. Dozens of people were reported killed. Israeli Prime Minister Benjamin Netanyahu stated Israel's intention to continue military pressure on the Iran-backed group. Israel carried out a series of strikes in Lebanon targeting what it described as Hezbollah infrastructure and fighters, with Israeli officials citing approximately 100 sites struck in the operation. Dozens of people were reported killed, according to available accounts. Israeli Prime Minister Benjamin Netanyahu indicated that operations would continue, framing the campaign as an effort to diminish Hezbollah's military capacity. Hezbollah is an Iran-backed armed group and political organization based primarily in Lebanon. The strikes represent a continuation of Israeli military operations in Lebanon that have been underway in the context of the broader regional conflict tied to events in Gaza and the US-Iran situation. The Lebanese government and civilian population have faced significant disruption from the ongoing military activity. For American readers, the Lebanon front is directly relevant given US military presence in the region, the involvement of Iran — with which the US is simultaneously conducting its own military operations and diplomatic negotiations — and the potential for further regional escalation.

BBC World

Russia Threatens Further Strikes on Kyiv and Advises Foreign Nationals to Leave

Russia issued threats of additional strikes on Ukraine's capital following what was described as one of the largest aerial assaults on Kyiv since the war began. Russian authorities separately advised foreign nationals in Kyiv to depart. Ukraine has not publicly indicated any change to its posture in the capital. Russia announced threats of further missile and drone strikes against Kyiv, following an overnight attack described as among the most extensive aerial assaults the Ukrainian capital has experienced since the start of the war. Russian authorities also issued a public advisory for foreign nationals to leave Kyiv, a step that typically signals an intent to escalate military operations in a given area. Ukraine has not publicly indicated plans to evacuate the capital or alter its civilian posture in response. The warning comes at a moment when the broader diplomatic landscape around the war remains uncertain. The European Union has been seeking potential mediators following a US withdrawal from trilateral talks with Russia and Ukraine. No replacement mediator has been identified. The conflict continues to affect US policy, defense spending debates, and allied commitments within NATO, making developments on the Ukrainian front directly relevant to American readers.

BBC World

EU Seeks New Mediator for Ukraine War After US Steps Back from Talks

The European Union is looking for a potential mediator to facilitate peace negotiations between Russia and Ukraine after the United States withdrew from trilateral talks. No replacement candidate has been publicly identified. The search reflects a broader shift in the diplomatic architecture surrounding the conflict. Following the United States' withdrawal from trilateral negotiations involving Russia and Ukraine, the European Union has begun exploring whether an alternative mediator could step into that role. No specific candidate has been publicly announced, and the search is described as ongoing. The departure of the US from that format leaves a significant gap, as American involvement had provided both political weight and logistical support to the talks. The situation is directly relevant to American readers because the US role in any eventual resolution of the Ukraine conflict remains a central question in Washington's foreign policy debate. A shift toward EU-led mediation would represent a substantial change in how the war's end might be negotiated, affecting US obligations, aid flows to Ukraine, and the broader transatlantic relationship. Russia has separately issued threats of further strikes on Kyiv and advised foreign nationals to leave the city, which has complicated the diplomatic environment further.

Iceland Weighs EU Membership as Trump Administration's Stance on Greenland Shifts Calculus

Iceland is reconsidering its long-standing position outside the European Union, with President Trump's stated interest in Greenland cited as a factor prompting the reassessment. Iceland's foreign minister has warned that opponents of EU accession may be spreading misinformation ahead of a potential referendum. A vote on the question has not yet been scheduled. Iceland, which has remained outside the European Union throughout the bloc's history, is now engaged in a serious public debate about whether to pursue membership. Officials and analysts point to the Trump administration's publicly stated interest in Greenland — a Danish autonomous territory — as a catalyst for Icelandic concern about the security and sovereignty of small Nordic nations. Iceland's foreign minister has described the debate as consequential and expressed concern that misinformation and AI-generated content could distort the public discussion ahead of any referendum. The foreign minister also cautioned against what she described as a potential outcome similar to the Brexit vote — a close and polarizing result driven in part by misleading claims rather than substantive policy disagreement. Iceland is currently a member of NATO and the European Economic Area, giving it access to the EU's single market without full membership. A decision to pursue full EU membership would represent a significant shift in Iceland's political identity and its relationship with both Europe and the United States. For American readers, the story reflects broader European reassessment of security arrangements in an era of uncertainty about US commitments to allied nations.

The New York Times

Eli Lilly to Acquire Three Vaccine Developers in Deals Worth Up to $4 Billion

Pharmaceutical company Eli Lilly announced plans to acquire three small companies working on vaccines for shingles, Epstein-Barr virus, and other pathogens. The total value of the acquisitions is up to $4 billion. The move represents a significant expansion of Eli Lilly's vaccine portfolio. Eli Lilly announced it would acquire three small vaccine development companies in deals totaling up to $4 billion. The companies being acquired are focused on developing vaccines for shingles, Epstein-Barr virus, and additional pathogens. Eli Lilly is best known in recent years for its diabetes and weight-loss drugs, and this expansion into vaccines represents a strategic diversification for the company. The acquisitions come at a time when the vaccine development sector is receiving heightened attention following the COVID-19 pandemic and renewed interest in preventing infectious diseases. Shingles affects roughly one in three Americans during their lifetime, and an Epstein-Barr vaccine has been a target of research interest due to the virus's links to certain cancers and multiple sclerosis. For American patients and the broader healthcare system, successful vaccine development in these areas could have significant public health and economic implications.

The New York Times

Federal Reserve Chair Powell Indicates Interest Rate Cut Possible as Soon as September

Federal Reserve Chair Jerome Powell stated that an interest rate cut could be considered as soon as September, while also noting that the labor market does not currently appear to be a significant source of inflation pressure. The comments represent a shift in tone from earlier in the year, when rate cuts were seen as unlikely in the near term. Markets responded to the statement. Federal Reserve Chair Jerome Powell said in public remarks that an interest rate cut is on the table as soon as September, representing a more open posture toward easing monetary policy than the Fed had signaled in recent months. Powell also noted that the current labor market is not generating significant inflation pressure, which is one of the conditions the Fed monitors when considering rate adjustments. The statement is significant for American borrowers, because the federal funds rate influences the cost of mortgages, auto loans, credit cards, and business financing. The Fed has maintained elevated interest rates for an extended period as part of its effort to bring inflation down from the highs reached in 2022 and 2023. A rate cut in September would be among the first reductions in that cycle and would affect a wide range of financial decisions for American households and businesses. Markets typically react quickly to signals from the Fed chair, as the central bank's decisions have broad effects across the economy. No specific action has been taken yet, and Powell's comments reflected the possibility rather than a commitment.

WSJ Markets

Oil Price Rises Above $100 a Barrel Amid US-Iran Military and Diplomatic Uncertainty

Crude oil prices rose above $100 a barrel following US military strikes near the Strait of Hormuz, which dampened expectations for a swift resolution to the conflict with Iran. Energy analysts described the market as potentially past a point of easy reversal. The price level has direct implications for American consumers through fuel costs. Oil prices moved above $100 a barrel after US military strikes near the Strait of Hormuz introduced new uncertainty into already fragile diplomatic negotiations with Iran. Energy market analysts quoted in reporting described the situation as potentially having crossed a threshold from which a return to lower prices would require a clear and durable peace agreement — a prospect that appears uncertain given the current state of talks. The Strait of Hormuz is a critical chokepoint through which a significant share of the world's traded oil passes. For American consumers, oil prices above $100 a barrel translate into higher costs at the gas pump and increased prices for goods that depend on transportation and petrochemical inputs. Heating oil and natural gas prices can also be affected, depending on how long elevated levels persist. The UK energy regulator separately projected that household energy bills would rise by approximately £200 annually as a result of the Iran war's effect on global energy markets — an indication that the impact on energy costs is being felt across allied nations as well.

The Guardian

Texas Attorney General Ken Paxton Defeats Senator John Cornyn in Republican Senate Primary

Texas Attorney General Ken Paxton won the Republican primary for the US Senate seat held by John Cornyn, a senior incumbent. The outcome sets up a general election contest in Texas that analysts say could influence which party controls the Senate. Separately, Texas also held Democratic primary runoffs for House seats. Texas Attorney General Ken Paxton defeated incumbent US Senator John Cornyn in the Republican primary, ending Cornyn's Senate tenure barring a reversal of the result. Cornyn had served multiple terms in the Senate and held a senior leadership position in the Republican caucus. Paxton, who has faced legal controversies during his tenure as attorney general, ran to Cornyn's right and prevailed in the primary contest. The result carries national implications because control of the US Senate will be determined in part by competitive races in large states. Texas has been reliably Republican in statewide elections for decades, but analysts note that demographic and political shifts have made the state somewhat more competitive over time. Separately, Texas held Democratic primary runoffs for several House seats, including one in which a candidate endorsed by Representative Jasmine Crockett and a former NFL linebacker who previously served in Congress advanced. A Trump-backed Republican candidate also won a GOP runoff in a newly redrawn congressional district stretching from Austin to San Antonio.

BBC World

Ebola Continues to Spread in Congo as Response Efforts Begin to Scale Up

The Ebola virus has been spreading in the Democratic Republic of Congo for several months, with a coordinated response described as still taking shape. Health officials and reporters on the ground describe the outbreak as having moved ahead of containment efforts. The situation has direct implications given the global health infrastructure involved and prior US investment in outbreak response. An Ebola outbreak in the Democratic Republic of Congo has been ongoing for several months, with health workers and officials describing the virus as having spread faster than the response has been able to contain it. The organized international response is described as only now beginning to take meaningful form, leaving a period in which the virus moved largely unchecked in affected areas. Congo has experienced multiple Ebola outbreaks over the past several decades, with some reaching international significance. The current situation is occurring against a backdrop of reduced US foreign aid, which has historically supported global health infrastructure and outbreak response capacity. Health workers and local officials cited the erosion of that support as a factor complicating the current response. Ebola is a severe hemorrhagic fever with high fatality rates when untreated, and uncontained outbreaks in densely populated areas carry the potential for wider spread. While the current outbreak has not spread beyond Congo, the pace of spread and the delayed response are factors that public health authorities typically treat as early warning indicators requiring immediate international attention.

The New York Times

Measles Cases Surge in Bangladesh, Hundreds of Children Reported Dead

Bangladesh has recorded more than 60,000 suspected measles cases in just over two months, with hundreds of children reported to have died. The rapid rise in cases points to a breakdown in vaccination coverage. The outbreak is among the largest reported in the country in recent years. Bangladesh has experienced a sharp increase in measles infections, with more than 60,000 suspected cases recorded in approximately two months and hundreds of child deaths reported in the same period. Measles is a vaccine-preventable disease, and outbreaks of this scale typically indicate significant gaps in vaccination coverage, either due to supply disruptions, access failures, or declining immunization rates. Health authorities are responding, though the scale of the outbreak presents logistical challenges. For American readers, the Bangladesh outbreak is relevant in the context of broader global measles trends. Vaccination rates have declined in parts of the world over the past several years, and international health organizations have warned that measles — once on a trajectory toward elimination — is resurging in multiple regions. The US provides support to global vaccination programs through agencies including USAID, and recent reductions in foreign health aid have been cited by international health officials as a factor affecting immunization infrastructure in lower-income countries.

BBC World

Experimental Gene-Editing Treatment Shows Long-Term Reduction in LDL Cholesterol in Small Trial

A small clinical trial of an experimental gene-editing drug found that a single infusion produced a sustained reduction in LDL cholesterol, the type most associated with cardiovascular disease risk. Researchers described the results as potentially pointing toward a one-time preventive treatment for heart disease. The trial involved a limited number of participants and further study is needed. Researchers reported results from a small clinical trial of an experimental gene-editing therapy designed to lower LDL cholesterol — the form most closely linked to heart disease risk. The trial found that a single infusion of the drug produced a substantial and apparently long-lasting reduction in LDL levels among participants. One expert cited in reporting on the study described the potential as something that could be considered curative in nature, though researchers caution that the trial was small and that larger studies are necessary before any conclusions can be drawn about long-term safety and effectiveness. Heart disease remains the leading cause of death in the United States, and LDL cholesterol is one of the most significant modifiable risk factors. Current treatments, including statins, require daily medication for life. A one-time intervention that could produce lasting LDL reduction would represent a substantial shift in how cardiovascular disease is managed, if the approach proves safe and effective in larger trials. Gene-editing technologies have advanced rapidly in recent years, and the cholesterol application is among a growing number of conditions being explored through this approach.

The New York Times

NASA Awards Contracts for Lunar Rovers and Drones as Part of Moon Base Planning

NASA announced contracts for rovers capable of transporting astronauts on the lunar surface and for hopping drone vehicles, as part of the agency's broader effort to establish a permanent moon base. Blue Origin, the aerospace company founded by Jeff Bezos, was selected for one of the initial uncrewed lunar landing missions. The planned moon base carries a projected cost of approximately $20 billion. NASA announced a series of contracts intended to advance the agency's goal of establishing a permanent human presence on the Moon. The contracts include agreements for crewed rovers — vehicles that astronauts would drive on the lunar surface — and for smaller hopping drone vehicles designed to explore terrain that wheeled rovers cannot easily reach. Blue Origin, the aerospace company founded by Jeff Bezos, was selected to carry out one of three planned uncrewed lunar landing missions scheduled for this year, with the landings intended to prepare the groundwork for base construction. The moon base program carries a projected cost of approximately $20 billion and is part of the broader Artemis program, through which NASA aims to return humans to the lunar surface and eventually establish a sustained presence there. The program involves both government contracts and commercial partnerships, with multiple aerospace companies competing for various mission components. For American readers, the lunar base effort represents one of the largest ongoing science and exploration investments in the federal budget, and the selection of private contractors continues to shape the commercial space industry.

Pope Leo XIV Issues Document Warning of AI's Potential for Harm, Calling for Moral Governance

Pope Leo XIV released a formal document, known as an encyclical, warning that artificial intelligence risks becoming a tool of domination and exclusion if not governed by moral principles. The document calls on governments to establish ethical limits on AI development. The encyclical was released as AI investment and development activity in the United States continues to accelerate. Pope Leo XIV released an encyclical titled Magnifica Humanitas, a formal teaching document addressing artificial intelligence. In it, the pope warned that AI systems could become instruments of domination, exclusion, and harm if developed and deployed without ethical constraints. The document calls on governments and institutions to establish moral frameworks to guide AI development, and emphasizes the dignity of human beings as a foundation for any responsible approach to the technology. The encyclical arrives at a moment when AI development is accelerating rapidly, particularly in the United States, where major technology companies are investing heavily in AI systems and regulatory frameworks remain limited. Reporting on the document noted a contrast between the pope's cautionary message and the perspective of many technology industry figures in Silicon Valley, who tend to frame AI as primarily beneficial or even spiritually significant in its own right. Pope Leo XIV, who is American-born, has made technology ethics one of his early priorities as pontiff. The document does not have legal force but carries significant moral weight for the world's approximately 1.4 billion Catholics and may influence policy discussions in countries with large Catholic populations.

New York Knicks Sweep Cleveland Cavaliers, Advance to NBA Finals for First Time Since 1999

The New York Knicks defeated the Cleveland Cavaliers in four games to win the Eastern Conference Finals, earning a trip to the NBA Finals for the first time since 1999. Jalen Brunson was named the Eastern Conference Finals MVP. The Knicks will face the winner of the Western Conference Finals. The New York Knicks completed a four-game sweep of the Cleveland Cavaliers in the Eastern Conference Finals, winning Game 4 by a score of 130 to 93. The victory sends the Knicks to the NBA Finals for the first time in 27 years. Jalen Brunson was named the Eastern Conference Finals Most Valuable Player in recognition of his consistent performance and leadership throughout the series. In the Western Conference, the Oklahoma City Thunder moved within one win of the Finals by defeating the San Antonio Spurs 127 to 114 in Game 5, with Victor Wembanyama held to a series-low 20 points. The Thunder, who reached the Finals last season as well, would face the Knicks if they advance. The Knicks' appearance in the Finals is a notable moment for one of the NBA's most historically prominent franchises, which last played for the championship in the 1999 season.