In Europe

Spain’s Prime Minister Pedro Sánchez is urging the European Commission to use the EU’s blocking statute against US sanctions on the International Criminal Court, a move that would tell European companies not to comply. He says Spain does not “look the other way,” and the broader point is plain enough: Europe is trying to decide whether it wants to defend international institutions or just complain about them later.

Separately, Ukraine says Russia broke its own unilateral ceasefire during the World War II victory celebrations with drone and missile attacks. Moscow had announced a pause for 9 May, while Kyiv said it would halt fire starting 6 May. In Brussels, EU officials are also still trying to finalize a trade deal with the US before Trump’s tariff threats escalate again.

In the Middle East and markets

Iran remains the common thread across several stories. Trump says the US escort mission in the Strait of Hormuz is now on pause as talks continue toward a deal with Tehran, with the US now saying it will operate only defensively. Iranian Foreign Minister Abbas Araghchi has also arrived in Beijing for talks with Chinese Foreign Minister Wang Yi.

The market response is already filtering through. Oil prices fell on renewed hopes for talks with Iran, while airlines are raising fares and cutting millions of seats as higher jet fuel costs bite into summer travel plans. Next says it will lift prices by up to 8 percent outside Europe, also blaming higher costs linked to the Iran war, though it says there are no further UK price rises planned. Supply chains, as ever, enjoy absolutely none of this.

In Syria, Suwayda has emerged as a new hub for the Captagon trade, drawing Jordanian strikes and deepening a wider regional security problem.