VTB and CNPC sign memorandum of understanding

The country is facing a myriad of difficulties as the war in the Middle East remains unresolved, with the IMF watching closely.

The US president said that more talks between the US and Iran will take place later this week.

Financial markets in the Middle East, Apac and across the world are being hit as the price of a barrel of crude and West Texas Intermediate (WTI) oil surges above $100; the impact on aluminium is another issue.

The oil price has surged to $82 a barrel amid disruption in the Strait of Hormuz as Iran responds with multiple missiles across the Middle East after the US and Israel launched strikes on Iran over the weekend; the UAE has closed its stock markets for two days.

China had robust import and export growth in May despite the ongoing conflict in the Middle East. Fitch has upgraded China's GDP forecast to 4.6% this year after "surprisingly good" Q1 data. In a volatile market, SpaceX is set to go public on June 12.

Japan's borrowing costs hit a 30-year high after the US Fed chair used more hawkish rhetoric; oil prices are up again as hostilities resume in the Middle East.