U.S.-Iran tensions escalate amid stalled negotiations and Gulf crisis. According to reports, an informed source addressed claims about "new revisions to the current U.S.-Iran understanding text proposed by Trump." The source stated that text exchanges are ongoing, and Iran will, as usual, propose its own revisions; nothing is finalized yet. He emphasized that for Iran, the key is its own approved text, and revisions from Trump's side do not imply Iran will accept them. The source also noted that Iran is fully prepared for the possibility of no agreement being reached. On May 31 local time, Mohsen Rezaei, a military advisor to Iran's Supreme Leader, stated that Iran has no intention of making concessions or compromises to the U.S. and will never put itself in a weak position. Separately, according to U.S. reports, after convening aides on May 29 to discuss a U.S.-Iran understanding, President Trump imposed stricter revisions to the terms and sent the updated version to Iran. On May 30 local time, Trump stated in an interview that if no deal is reached, he would call for the "War Department" (i.e., the Department of Defense) to intervene. Commodities reacted with volatility. On June 1, international oil prices surged at the open. As of 6:30 Beijing time, both New York crude futures and Brent crude futures rose over 2%, ending a three-session losing streak. New York crude futures briefly reclaimed $90 per barrel. International gold and silver prices declined collectively. Spot gold fell to a low of $4,518 per ounce, with its intraday loss narrowing to 0.11%, while spot silver dropped 0.45%, falling below the $75 threshold. U.S. stock index futures were mixed, with Dow futures slightly down, while Nasdaq and S&P 500 futures edged higher.
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