US President Donald Trump (CL) speaks at a Cabinet meeting in the Cabinet Room of the White House in Washington, DC, on May 27, 2026.
Win McNamee | Getty Images
Hello, my name is Leonie Kidd and I’m from London. Welcome to today’s Daily Open Newsletter.
In some ways, the week ended with contradictory accounts of how close the US and Iran actually are to a peace deal.
Oil prices have fallen further from recent highs, while a slew of corporate news continues to support major markets.
However, it remains to be seen who will outsmart and gain the upper hand in these peace negotiations.
What you need to know today
A peace deal between the United States and Iran appears seductively approaching, but obstacles remain, with mixed messages from Washington and the Iranian government and continued missile attacks.
US President Donald Trump has yet to give final approval to the 60-day memorandum of understanding reportedly signed by the Iranian government. Treasury Secretary Scott Bessent said Trump has “some red lines” to any deal, but said the president himself would not be pressured by the Cabinet.
“They thought they were going to outdo me. You know, we’re going to outdo him, he’s got the midterm elections. I don’t care about the midterm elections,” Trump told Cabinet members.
Defense ministers from around the world are meeting at the Shangri-La Dialogue in Singapore, with U.S. Defense Secretary Pete Hegseth scheduled to address the group early Saturday morning.
Asian markets look set to end the week on a positive note, while US and European futures are set to open more subdued trading on Friday.
The biggest movement is in the oil market. Currently, oil prices are falling, brent Currently down more than 17% through May, WTI It fell more than 15% for the month.
Energy giant Exxon has issued a stark warning that crude oil inventories will fall to record lows in the coming weeks. “I mean a really, really low level…It’s debatable whether we’re going to get to that really low level within two weeks or within three weeks. Once we get to that point, you’ll see prices spike,” Neil Chapman, senior vice president, said at an event in New York.
In other company news, Dell shares rose about 40% in after-hours trading after the company’s technology group beat Wall Street’s earnings estimates and raised its earnings outlook. Some analysts credit Michael Dell’s strong performance to early moves to forge good relations with the Trump administration.
Also overnight, Blue Origin’s New Glenn rocket exploded during a ground test at Cape Canaveral, Florida. The space group is led by Amazon founder Jeff Bezos, who assured Mr.
— Leonie Kidd
And finally…
I was at the exclusive launch of Ferrari’s new EV, and the stock price plummeted. But there may be light at the end of the tunnel
The announcement, which has become a PR crisis for Ferrari, began about six weeks ago when an invitation arrived in my inbox to attend the unveiling of Luce, the first fully electric car.
Escorted by police, I hissed along with hundreds of other guests in dark-colored vans to the Vera di Calatrava sports complex on the outskirts of Rome.
The event was so controlled that security guards blocked cell phone cameras to prevent unauthorized filming of the €550,000 EV, much to the dismay of investors, which caused the company’s stock to drop 8% the next day. But this event served as a reminder of how big a step the company is taking and what real tests this car will undergo when it comes to market.
— Charlotte Reid
