Daily News Summary – 2026-05-13 – en

Saudi Arabia secretly launched multiple airstrikes on Iranian territory in late March 2026, marking the first known direct Saudi military action against Iran, according to a Reuters report. The covert strikes were retaliatory for earlier Iranian drone and missile attacks on the kingdom.

Federal prosecutors unsealed criminal charges against the Singapore-based operator of the container ship Dali and a senior employee, accusing them of fraud, obstruction, and negligence that led to the catastrophic collapse of the Francis Scott Key Bridge in Baltimore on March 26, 2024, killing six construction workers.

Iran has retained access to 30 out of 33 missile bases along the strategically vital Strait of Hormuz, according to a New York Times report citing classified U.S. military intelligence. The revelation contradicts public claims by President Trump that Iran’s military has been ‘crushed.’

Plans for a A$1.5 billion Trump Tower on Australia’s Gold Coast have been scrapped just three months after the deal was announced, with the developer blaming the growing unpopularity of the Trump brand amid the Iran war.

Unprecedented U.S. tariff volatility in 2026 has become the single most disruptive regulatory force in global trade, with 72% of trade professionals citing it as their primary challenge and supply chain concerns nearly doubling year-over-year.

In 2026, the full force of China’s 2025 export controls on rare earths and critical minerals is crystallizing across global supply chains, triggering price spikes of up to sixfold outside China and slashing licensing approval rates for European firms below 25%.

The World Economic Forum’s Global Risks Report 2026 has elevated geoeconomic confrontation to the top global risk for the two-year outlook, rising eight positions from the previous year, reflecting a world where the multilateral trading system is fracturing into competing regional blocs.

In February 2026, the United States launched the Forum on Resource Geostrategic Engagement (FORGE) at the inaugural Critical Minerals Ministerial, backed by over $30 billion in financing, representing the most coordinated Western effort to counter China’s dominance of rare earth supply chains.

The February 2026 Critical Minerals Ministerial marked a pivotal moment in the global struggle over rare earth elements, with 54 nations and the European Commission attending, but rebuilding independent processing capacity outside China could take 20 to 30 years.

In a landmark move to counter China’s stranglehold on rare earths and critical minerals, the United States launched FORGE on February 4, 2026, backed by over $30 billion in financing and 11 new bilateral framework agreements, bringing together 54 nations.

In 2026, the convergence of artificial intelligence and nuclear energy has become the defining energy-technology story, with tech giants making unprecedented investments in small modular reactors (SMRs) to power the AI boom.

With just weeks remaining until August 2, 2026, the European Union’s AI Act is set to enforce its most consequential obligations on high-risk AI systems, marking the world’s first comprehensive AI regulatory framework taking full effect.

The global energy landscape in 2026 is defined by a striking paradox: a structural oversupply of liquefied natural gas is set to slash European gas prices by nearly half by 2030, even as surging electricity demand from AI data centers pushes global grids to their limits.

The International Energy Agency’s State of Energy Innovation 2026 report reveals a fundamental strategic realignment: energy research and development is now driven primarily by competitiveness and national security, not emissions reduction.

NATO’s landmark commitment to raise defense spending to 5% of GDP by 2035 is triggering a structural fiscal realignment with no modern precedent, according to IMF and ECB analyses, warning of sharp macroeconomic trade-offs.

Global defense spending is on track to surpass $2.6 trillion in 2026 as NATO pushes toward a 3.5% of GDP target, yet this unprecedented rearmament coincides with record sovereign debt levels, sticky inflation, and rising interest costs.