HAPPY HAYMARKET SQUARE DAY!!11
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Oil jumped after Iran’s FARS news agency claimed that two missiles had hit a US warship that ignored warnings. Donald Trump had said that the US would begin guiding neutral ships through the Strait of Hormuz starting today. Iran warned the move would breach the ceasefire, Al Mayadeen reported. OPEC+ agreed to raise June quotas by 188,000 barrels a day, a symbolic increase with actual supply dependent on the reopening of Hormuz. BBG
Crew members from an Iranian ship seized by the US after trying to breach its military blockade last month have been transferred to Pakistan for repatriation, according to Pakistan’s foreign ministry. CNN
China ordered local companies to defy US sanctions for the first time, telling them to ignore restrictions on five domestic refiners linked to Iran’s oil trade. BBG
US senators propose an act on the China threat to strategic interests and the US Senators' China threat resolution is bipartisan.
Berkshire Hathaway’s cash pile surged to a record $397 billion, as operating earnings rose 18% in Greg Abel’s first quarter as CEO. The firm sold a net $8.1 billion of equities. BBG
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