International financial markets experienced widespread declines while crude oil prices surged Monday following President Trump’s stern message to Iran that time is running out on stalled peace talks. Stock futures in the United States dropped as Asian markets retreated from recent record highs.
Additionally, authorities reported that a drone attack ignited a blaze near the United Arab Emirates’ only nuclear facility on Sunday, describing it as an “unprovoked terrorist attack.” While no group claimed responsibility, the incident underscored growing tensions as both the United States and Iran indicated their readiness to resume hostilities.
President Trump announced Monday his decision to drop a $10 billion legal action against the Internal Revenue Service regarding leaked tax documents, following reports suggesting a settlement was imminent.
The announcement came through a court document filed in federal court in Florida, where the legal challenge originated.
ABC News reported last week that Trump was willing to abandon his legal case as part of an agreement establishing a $1.7 billion compensation fund for presidential allies who claim they faced wrongful investigation and prosecution.
The court paperwork did not specify details of any proposed settlement.
More than three weeks have passed since the White House Correspondents’ Association dinner descended into chaos when an armed individual entered the Washington Hilton lobby and began shooting in what prosecutors describe as an assassination attempt against President Donald Trump, yet no new date has been set.
The association “continues to weigh options for rescheduling the event,” stated its president, Weijia Jiang of CBS News, speaking from China last week while covering Trump — she had taken cover alongside him when gunfire erupted that evening.
“We will do this again,” Jiang declared at the time. Trump posted on social media that the dinner would be rescheduled within 30 days (though that decision isn’t his to make), which would place it later this month.
Such timing appears unlikely, particularly for an event designed to host nearly 3,000 attendees. WHCA board members are exploring smaller venues, according to someone familiar with the planning, recognizing that any rescheduled event would need significant downsizing — addressing both financial and security considerations.
South Carolina lawmakers will begin comprehensive discussions Monday about redrawing the state’s congressional boundaries, launching what could be a contentious debate over whether to satisfy Trump’s push for a U.S. House map that might deliver complete Republican control.
Similar heated discussions have already occurred in Tennessee, Alabama and Louisiana as Republicans aggressively pursue opportunities created by a recent U.S. Supreme Court decision that reduced Voting Rights Act protections for minority-majority districts. This ruling has enabled Republicans to reconfigure districts with significant Black populations that traditionally elect Democrats.
In South Carolina, this strategy targets the seat held by U.S. Rep. Jim Clyburn, the sole Democrat among the state’s seven House representatives.
Early voting begins May 26 for South Carolina’s statewide primaries scheduled for June 9. Beyond congressional redistricting, pending state House legislation would shift U.S. House primaries to August. After House passage, the measure would proceed to the Senate.
China has committed to increasing purchases of U.S. agricultural goods including beef and poultry, agreeing to buy at an annual rate of $17 billion starting in 2026 and maintaining that level through 2027 and 2028, the White House announced Sunday.
China will restore access for U.S. beef imports and resume poultry purchases from states that the U.S. Department of Agriculture certifies as bird flu-free, according to the White House. These agreements supplement China’s soybean purchase commitments from last year.
The deals provide some relief for American farmers hurt by trade disputes as they lost a crucial export market for soybeans and other crops. Farmers face additional challenges from Trump administration policies — the conflict launched by the U.S. and Israel against Iran has disrupted shipping through the Strait of Hormuz, a critical trade route that has limited global fertilizer supplies and driven prices higher.
A drone attack ignited a fire near the United Arab Emirates’ only nuclear power facility on Sunday in what officials termed an “unprovoked terrorist attack.” No organization was identified as responsible, but the incident highlighted escalating war risks as the United States and Iran demonstrated their willingness to resume fighting.
No injuries or radiation releases were reported. The UAE, which houses air defense systems and personnel from Israel, has recently blamed Iran for drone and missile strikes. Tensions have increased around the Strait of Hormuz, a crucial energy shipping lane controlled by Iran, which faces a U.S. naval blockade.
The current ceasefire remains fragile, with diplomatic efforts toward lasting peace having stalled. Fighting has intensified between Israel and the Iran-supported Hezbollah militant organization in Lebanon despite an official ceasefire agreement.
Global stock markets primarily declined while oil prices jumped Monday after Trump cautioned Tehran that the “clock is ticking” as U.S.-Iran peace negotiations stall.
U.S. futures dropped while Japanese and South Korean markets retreated from record levels. In early European trading, Britain’s FTSE 100 gained 0.1% to 10,205.31. France’s CAC 40 declined 0.9% to 7,883.42, and Germany’s DAX fell 0.1% to 23,925.82.
During Asian trading hours, Tokyo’s Nikkei 225 dropped 1% to 60,815.95, with technology stocks leading the decline. The index reached historic intraday peaks above 63,000 last week.
The 10-year Japanese government bond yield jumped to 2.8%, its highest point since the late 1990s. This reflects a broader trend toward higher yields as the Bank of Japan gradually increases interest rates and rising energy costs fuel inflation expectations. The yield stood around 2.55% just one week earlier.
