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The news for the energy industry wasn’t pleasant Monday. Bloomberg reported that Kuwait declared a further force majeure on shipments of crude oil and refined products, acknowledging it would not be immediately able to meet its full obligations to customers even when the Strait of Hormuz reopens. State-run Kuwait Petroleum Corp. invoked the legal clause, which allows it not to fulfill contract terms because of circumstances outside its control, at the start of the US-Israel war with Iran. With strait traffic at a near-standstill, storage tanks in the region continue to fill up as global oil markets enter uncharted territory. The new notice by Kuwait is the latest dark signpost for a Gulf industry being brought to its knees by a conflict now approaching the two-month mark. 
There were a few hints of potential progress toward peace today. But amid US and Iranian attacks on civilian shipping this weekend, the stream of threats and unconfirmed assertions by Donald Trump and a teetering ceasefire nearing its end, oil jumped on Monday and stocks fell as optimism for a quick resolution apparently faded in markets. Brent oil futures rose 5.6% to settle near $95.50 a barrel, while European gas climbed as much as 11%. Meanwhile China, which has become more vociferous in its call to end the war, again urged a cessation of hostilities. —David E. Rovella Coming soon: Get the AI Today newsletter — chronicling the disruptions and threats of AI on businesses, workers, governments and economies with analysis from Bloomberg’s global newsroom. What You Need to Know TodayTriple-digit oil may mint some new winners at least. South America could deliver an additional 2.1 million barrels of daily oil supplies by 2035 with crude prices around $100, Rystad Energy wrote in note on Monday. Brazil, Guyana and Suriname could add one million barrels a day over the next decade if projects are fast tracked, while Venezuela could add 910,000 during the same period, presuming fiscal reforms and sanctions relief, according to Rystad. Argentina could also expand faster than expected in the Vaca Muerta region. 
The Staatsolie refinery, owned by Suriname State Oil Company, in Wanica, Suriname.
Photographer: Ranu Abhelakh/AFP/Getty Images
Prediction markets are pouring money into Washington to defend against escalating criticism that their fast-growing platforms are contributing to a gambling explosion and enabling insider trading. Leading online platform Kalshi as well as crypto and sports gambling companies that have launched their own prediction markets are hiring teams of lobbyists as Congress eyes a crackdown on the multibillion-dollar industry. Lawmakers have introduced more than a dozen bills since the start of the year to regulate prediction markets, which allow online users to bet on issues ranging from geopolitical events to sports and everything in between. The impending legislative fight has prompted a lobbying bonanza, spanning Washington’s influence industry from traditional lobbying firms to specialized “MAGA” shops wired into Trump’s administration. 
JPMorgan and Citigroup have long competed for dominance in global payments, processing trillions of dollars worth of flows from corporates moving money across borders. Now as digital money moves closer to the financial mainstream, the two banks are building competing systems, but taking slightly different paths. Citigroup has signaled openness to stablecoins, partnering with crypto exchange Coinbase Global to build payment capabilities, while simultaneously running its tokenized deposit service. JPMorgan has centered its strategy on in-house infrastructure and has been more cautious on stablecoins, pointing to limited wholesale client demand so far. Still, both are pressing ahead as these new forms of payment gain traction. JPMorgan’s blockchain-based payments platform Kinexys has over $3 trillion in volume, with average daily transactions exceeding $5 billion, while Citigroup’s tokenized deposit service has more than 500 clients enabled and processes $1 billion dollars each day, on average. Cuba said it held meetings with US officials on the island in recent days as Trump pushes Havana to bend to its will, and open up its state-controlled economy. Alejandro García del Toro, an assistant director at Cuba’s foreign ministry in charge of US affairs, told state-controlled media organ Granma on Monday that the meeting had been “respectful and professional.” He denied any ultimatums were issued or deadlines set, and indicated his government is focused on ending the de-facto fuel blockade imposed by Trump. The US president has issued veiled threats against the Caribbean nation in the aftermath of his attack on Venezuela. In January, amid continuing American strikes on civilian boats legal experts contend are potential American war crimes, Trump ordered a surprise attack on Caracas, reportedly killing close to 100 people and renditioning President Nicolas Maduro to a New York jail. Spring Sale: Save 60% on your first year Get the numbers behind the narratives. Enjoy unlimited access to Bloomberg.com and the Bloomberg app, plus market tools, expert analysis, live updates and more. Offer ends soon. Unlock 60% offWhat You’ll Need to Know TomorrowFor Your CommuteBloomberg.com subscribers are invited to nominate candidates for the inaugural VivaTech x Bloomberg Rising Star Award, to be presented in Paris on June 18. Chosen by the Bloomberg subscriber community, the Rising Star Award honors an emerging founder, technologist, academic or creator whose work is already demonstrating meaningful early impact. It celebrates individuals whose ideas, innovation and leadership are helping shape the future of technology. Submit a nomination here. More from BloombergEnjoying Evening Briefing Americas? Get more news and analysis with our regional editions for Asia and Europe. Check out these newsletters, too:
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Washington Edition: An indefinite ceasefire
Trump once again extends the time-out with Iran ...