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London Bans Israel Critics Hassan Piker, Cenk Uyghur From Entering UK
Pro-Palestine streamer and commentator Hassan Piker was banned from visiting the UK by the British Home Office, ahead of his planned meeting with former Labour Party chief Jeremy Corbyn. Piker was also due to meet with Green Party leader Zack Polanski. "The UK has revoked my visa as well. All at the behest of Israel. The west is betraying ‘liberal values’ for a genocidal fascist foreign government. Soon we will all become Israel," Piker said on X on 1 June.
Cenk Uyghur, Piker’s uncle and host of the “Young Turks” political commentary program, said earlier that he was also denied entry into the UK. The Young Turks show has been highly critical of Israel.
The British Home Office justified the move by declaring Uyger a "serious risk to the public order" following his claim that “Israel controls the American government through donations to 94% of Congress,” according to an X post made by the Young Turks founder.
“I’ve been banned from the UK. I tried to get on a flight to London to attend SXSW London and give a speech at Oxford. I’ve been banned for criticizing Israel. Are we free anymore? This is oppression of Western citizens by our own governments on behalf of a different country!” Cenk said on social media.
“It's an honor to have made Israel's enemies list. I'm very proud to have fought against their genocide. The mighty United Kingdom is afraid of speech that shows you who's responsible for those war crimes. But no amount of censorship will get us to stop telling the truth,” Uyghur added.
Polanski condemned London’s decision to ban both commentators from visiting the UK.
The British government is saying they're banning me because I am "a serious risk to the public order" due to my criticism of Israel.
They say that my charge that Israel controls the American government through donations to 94% of Congress, while factual, is antisemitic…
“People often talk about dangerous road we'd go down under a Reform government – this is another clear warning we're down there already.” He also demanded an immediate explanation from UK Home Secretary Shabana Mahmood.
Corbyn, who was expelled from the Labour Party years ago over criticism of Israel and allegations of "antisemitism," also strongly criticized the UK decision, saying on Monday that banning Uyghur and Piker was an “attack on the freedom to criticize Israel, as well as the UK government’s own complicity in genocide.”
British authorities have cracked down heavily on pro-Palestine activism in recent years.
Last year, the UK proscribed activist group Palestine Action as a terror organization. Since then, thousands of people have been detained across the UK in connection with Palestine Action protests.
Corbyn calls the move "authoritarian"...
Banning Cenk Uyghur and Hasan Piker from entering the UK is an absurd and cowardly decision from an increasingly authoritarian government.
Let us call this what it is: an attack on the freedom to criticise Israel, as well as the UK government’s own complicity in genocide. https://t.co/c6jUrF3prA
The group has, for years, stood against Israeli occupation and UK military support for it. Earlier in 2026, several Palestine Action activists went on hunger strike over a $2.7 billion British military training contract to Israeli arms maker Elbit Systems’ British subsidiary.
The hunger strikers reached a critical phase before ending the strike in January, following the government’s decision to cancel the contract. The UK High Court ruled the July 2025 terrorist proscription on Palestine Action unlawful in February 2026.
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Iran Has Dug Out More Missile Tunnels Than Previously Thought: Satellite Analysis
During the current but tenuous ceasefire, Iran has successfully managed to excavate multiple key sites tied to its missile program that were previously bombarded by the American-Israeli warplanes during the initial five weeks of Operation Epic Fury.
While the revelation is not exactly new, a fresh CNN report has confirmed through recent satellite imagery that more missile tunnels have been dug out than previously thought.
Tehran utilized basic construction equipment to dig out several missile launchers and reopen subterranean tunnels tied to its missile program. The visual analysis determined that Iran was able to successfully clear the entrances to 50 out of 69 targeted tunnels, alongside 18 distinct missile production sites.
"Iran has repaired other parts of the bases as well, including roads that the US and Israel bombed to prevent missile launchers from using them," CNN wrote. "Satellite images show almost all these craters have now been filled, and at two sites, even repaved."
CNN/Airbus: A satellite image of an underground missile base near Khomeyn, Iran, shows at least 10 construction vehicles working to clear a tunnel entrance on April 15, 2026.This assessment heavily mirrors a series of leaked intelligence reports that have surfaced over the past month. CNN underscored that the US intelligence community currently estimates that Iran still has over 75% of its missile launchers fully available, and there's been a constant production of drones ongoing throughout the ceasefire.
Sam Lair, a research associate at the James Martin Center for Nonproliferation Studies who analyzes told the outlet that "There’s nothing to prevent the launchers from being armed with the ample stockpile of missiles that the Iranians still have."
He sought to highlight the limits of American firepower, in terms of damage, and given that it hasn't been sustained:
“The US military is good at delivering tactical successes, and entombing and suppressing the Iranian missile force is a great example of that,” said Lair.
“However, if that isn’t accompanied by a set of reasonable strategic war aims and an achievable theory of victory, it can end up being a strategic failure.”
President Trump has been touting the near annihilation of Iran's arsenal, and has lately said the rest of its launch sites could be taken out in a day if he gave the order.
Despite that peace talks are not really going anywhere, and Tehran even announced they've halted as of Monday morning, the White House doesn't look in any hurry to start dropping bombs again.
Iran is poised to fire far more long-range missiles at Israel and other Middle Eastern nations after rapidly digging out its buried arsenals – an effort that highlights the limits to US bombing strategy, experts said. https://t.co/Rny1xTfFKl pic.twitter.com/STJFMe6L2O
— CNN (@CNN) May 31, 2026So far both sides have settled in for a long conflict, centered on blockading the Hormuz Strait, and in anticipating of outlasting the other side in terms of absorbing economic and political pain.
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A Three-Part Story: These Were The Best And Worst Performing Assets In February
The Middle East continued to dominate market attention in May, as constant, daily, recurring hopes and media leaks and trial balloons for some kind of US-Iran deal meant that Brent crude oil fell -19.3%, marking its biggest monthly decline since March 2020 as the pandemic lockdowns began. Those hopes for an end to the conflict meant that fears about stagflation eased dramatically, which pushed yields lower and supported risk assets as well. Indeed, the S&P 500 was up another +5.3% in total return terms to a new record, with chip stocks doing particularly well as excitement around AI returned. For instance, the Philadelphia semiconductor index rose another +22.2% in May, taking its YTD gains to a record +81.5% (in 2000 Semis got there faster but... well, you know the story).
And in South Korea, the KOSPI was up another +28.5% in May, taking its own YTD gains to +102.4%. Admittedly, it wasn’t all good news, and sovereign bond yields briefly hit multi-year highs towards mid-May. But as hopes for a US-Iran deal rose, bonds also recovered into month-end as oil and inflation concerns fell back again.
Before we get into the details, a quick summary from Deutsche Bank's Henry Allen how for markets, May played out like a three-part story:
- The first part started strongly, as an Axios report on May 6 said the US and Iran were close to a one-page memo to end the war (it's almost a month later and the two sides still haven't agreed on any memo). Oil prices fell sharply, with Brent crude down from $114/bbl on May 4 to $100/bbl on May 7. So stagflation fears eased considerably, particularly as the US jobs report featured another upside surprise for payrolls.
- The second part was more pessimistic, as Trump posted that Iran’s proposal was “TOTALLY UNACCEPTABLE!” So that raised fears of an escalation, whilst a strong US core CPI print added to concern about more persistent inflation, particularly with the Strait of Hormuz still blocked.
- This period saw bond yields hit multi-year highs in several countries. On May 19, the 30yr Treasury yield closed at a post-2007 high of 5.18%, 10yr bund yields hit a post-2011 high of 3.19%, and Japan’s 10yr yield hit a post-1997 high of 2.78%.
- The third part saw optimism return, as multiple reports suggested a US-Iran deal was again close. In fact, oil prices ended the month at a one-month low, the S&P 500 posted 7 consecutive gains, and the 10yr Treasury yield fell for 7 consecutive sessions for the first time in over a year. So the full numbers pointed to a decent performance overall.
- While events in Iran continued to dominate attention, the other big story in May was the return of AI excitement, with chip stocks massively outperforming. For instance, the Philly semiconductor index was up another +22.2%, and the KOSPI was up +26.2% in USD total return terms. That took their YTD gains to +82% and +94% respectively, after just 5 months of the year. In fact, in local currency terms, the KOSPI is up more than +100% YTD. So, despite all the geopolitical volatility this year, the AI story is still center stage for financial assets.
With that in mind, here is a high-level macro overview of the month that was.
Markets got May off to a strong start, with oil prices coming down as hopes grew for an end to the conflict. Most notably, Axios reported on May 6 that the US and Iran were close to a one-page memo that would end the war and set a framework for more nuclear negotiations. So that raised hopes that the war might soon be over, and Brent crude oil fell from $114.44/bbl on May 4th, to $100.06/bbl on May 7. Then shortly after on May 8, there was then fresh support from strong US data, as the jobs report for April surprised on the upside. That included a +115k increase in payrolls, which on the current series of revisions is the first time since 2024 that payrolls have been above +100k in consecutive months.
But despite that optimistic start, sentiment began to turn again towards the middle of the month. That was primarily driven by geopolitical developments, as Trump posted on May 10 that the proposal from Iran was “TOTALLY UNACCEPTABLE!” That raised fears of a fresh escalation, and Trump said on May 11 that “the ceasefire is on massive life support”. So with no sign of a peace deal and the Strait of Hormuz still blocked, oil prices began to recover again. Moreover, Trump openly speculated about an escalation, saying on May 19 that “I hope we don’t have to do the war, but we may have to give them another big hit”.
For markets, matters weren’t helped in this period by a strong US core CPI print on May 12, which raised fears about more persistent inflation, particularly as oil prices kept moving higher as well. Indeed, on May 18, the 6-month Brent future closed at $92.76/bbl, which was its highest level since the conflict began. So investors were pricing in a more protracted period of high oil prices that extended to the end of the year.
That backdrop meant that bond yields reached new highs in multiple countries. For instance, there were several records set on May 19, as the 30yr Treasury yield closed at a post-2007 high of 5.18%, the 10yr bund yield closed a post-2011 high of 3.19%, and Japan’s 10yr yield closed at a post-1997 high of 2.78%.
Meanwhile in the UK, a few days earlier on May 15, the 10yr gilt yield had also hit a post-2008 high of 5.17%. That came as speculation mounted around PM Keir Starmer’s position after the governing Labour Party lost seats in the local elections. In turn, that triggered multiple ministerial resignations, including Health Secretary Wes Streeting. Shortly after, a by-election was then called after an MP stood down, and Greater Manchester Mayor Andy Burnham announced he’d be standing for Parliament. That initially saw gilts lose ground, as Burnham had previously said that the UK shouldn’t be “in hock” to the bond markets, and had suggested that defence spending should be considered outside the fiscal rules. However, Burnham later ruled out changing the fiscal rules, which led to a clear rally for gilts. So coupled with easing fears of stagflation, the 10yr gilt yield actually fell -20bps over May as a whole, closing at 4.81%.
But even though sovereign bond yields hit multi-year highs in the middle of the month, more positive sentiment returned towards the end of May. That was driven - again - by multiple reports suggesting that a US-Iran deal might be moving closer. For instance on May 27, Iran’s state TV reported on an unofficial draft for an interim peace deal, raising hopes that the Strait of Hormuz would reopen. Then on May 28, an Axios report said that a deal had been reached on a 60-day memorandum of understanding to extend the ceasefire, with negotiations also starting over Iran’s nuclear program. And a similar message was then reported by other outlets. So that led to a decent fall in oil prices towards month end, meaning Brent crude ultimately closed at $92.05/bbl, its lowest level in over a month. And markets more broadly ended the month very strongly, with the S&P 500 up 7 days in a row, whilst the 10yr Treasury yield also fell for 7 consecutive sessions for the first time in over a year.
Which assets saw the biggest gains in May?
- Equities: It was generally a strong month for equities, as hopes rose for some kind of US-Iran deal. In total return terms, the S&P 500 was up +5.3%, the STOXX 600 rose +3.2%, and Japan’s Nikkei was up +11.9%. Meanwhile, South Korea’s KOSPI surged another +28.5%, taking its YTD gains to +102.4%.
- Sovereign bonds: As fears of stagflation receded, sovereign bonds advanced, particularly in Europe. So Euro sovereigns were up +1.1% in total return terms, and gilts rose +2.0%. US Treasuries saw a smaller advance as investors brought forward expectations for Fed rate hikes, but they were still up +0.1% in total return terms.
Which assets saw the biggest losses in May?
- Oil: The prospect of a US-Iran deal meant Brent crude fell -19.3% in May, marking its biggest monthly decline since March 2020 when the pandemic lockdowns began.
- Gold: With real yields moving higher and fears about inflation receding, gold prices fell back for a third consecutive month, falling -1.7% to $4,540/oz.
- Bitcoin: it was a dismal month for the crypto currency which swung higher in April, defying the initial post-war gloom in gold and other anti-fiat assets, but then erased almost all April gains, to trade down almost 4%.
Finally, here is a visual recap of the best performing assets in May (in domestic and USD terms).
... and YTD.
Tyler Durden Mon, 06/01/2026 - 22:35