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Tanker Attacked as US Denies Iran Hit Warship on Project Freedom Launch

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Trump's team denies he wrote or signed the letter from 2003

DUBAI, United Arab Emirates — Tensions erupted in the Strait of Hormuz on Monday as the United States launched “Project Freedom” to guide stranded commercial vessels through the vital waterway, only for conflicting claims of attacks to surface within hours. The UAE accused Iran of drone strikes on an oil tanker, while Iranian media alleged a missile hit on a U.S. warship — a claim swiftly denied by American forces.

U.S. Central Command confirmed two American-flagged merchant vessels successfully transited the strait as part of the operation announced by President Donald Trump. CENTCOM also reported guided-missile destroyers operating in the Gulf after passing through the waterway, emphasizing support for commercial shipping and enforcement of a naval blockade on Iranian ports.

“No U.S. Navy ships have been struck,” CENTCOM stated on X. “U.S. forces are supporting Project Freedom and enforcing the naval blockade on Iranian ports.”

The operation aims to free dozens of tankers and cargo ships trapped in the Persian Gulf since the recent U.S.-Israeli conflict with Iran disrupted transit. Trump described the effort as a “humanitarian” move to assist vessels running low on supplies, deploying significant assets including over 100 aircraft, unmanned platforms and 15,000 personnel.

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UAE Condemns Iranian Drone Attack on Tanker

The United Arab Emirates strongly condemned what it called an “Iranian terrorist attack” on a tanker linked to state-owned Abu Dhabi National Oil Company (ADNOC). The vessel was targeted by two Iranian drones while attempting to pass through the strait, according to the UAE Foreign Ministry. No injuries were reported.

Senior UAE official Anwar Gargash described the incident as “an act of maritime piracy.” The attack occurred amid heightened alerts, marking the first missile alert in the UAE since an earlier ceasefire.

UK Maritime Trade Operations separately reported a tanker struck by unknown projectiles about 78 nautical miles north of Fujairah, UAE, with all crew safe. Another cargo ship faced assault by multiple small craft nearby.

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Iranian Claims and U.S. Rebuttals

Iranian state media, including Fars news agency, claimed Iranian forces struck a U.S. Navy frigate with two missiles after it ignored warnings near Bandar-e-Jask. Tehran said it forced the warship to turn back and warned any foreign forces entering the strait would be targeted.

A senior Iranian official told Reuters a warning shot was fired. Iran’s Islamic Revolutionary Guard Corps rejected U.S. assertions that commercial ships crossed the strait, calling them “baseless lies.”

CENTCOM and U.S. officials firmly denied any damage or successful strike on American vessels. The denials came quickly after Iranian reports, underscoring a pattern of competing narratives in the volatile region.

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Background on Project Freedom

Trump unveiled the initiative Sunday, pledging U.S. support to reopen the strait, a chokepoint carrying about 20% of global oil trade. Ships have been stranded for weeks due to Iranian threats and the broader conflict, disrupting energy markets and supply chains.

U.S. officials indicated the operation focuses on coordination and guidance rather than direct escorts for every merchant vessel in the initial phase. Destroyers and air assets provide overwatch. The move follows a fragile ceasefire, raising fears of renewed escalation.

Iran views the U.S. action as a violation of the truce and has threatened retaliation. Its military warned commercial vessels against uncoordinated movements.

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Global and Economic Implications

The incidents sent oil prices spiking early Monday amid fears of prolonged disruption. Shipping companies expressed caution, with some rerouting vessels around Africa despite higher costs. Insurance rates for Gulf transit have surged.

International reaction was swift. Allies in the Gulf expressed support for freedom of navigation, while calls for de-escalation came from European capitals. The UK and others monitor the situation closely through maritime agencies.

Analysts warn that miscalculations in the narrow strait — just 21 miles wide at its narrowest — could trigger wider conflict. Historical incidents, including 2019 tanker attacks attributed to Iran, highlight the risks.

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Regional Context and Ceasefire Fragility

The strait has been a flashpoint since the U.S.-Israeli campaign against Iranian nuclear and proxy assets. The ceasefire, reached in early April, appeared to hold tenuously until recent provocations. Project Freedom tests its limits.

Iran maintains it controls access and will defend its waters. The U.S. insists on upholding international norms for open maritime passage. Negotiations continue behind the scenes, with Trump hinting at possible “very positive” outcomes from indirect talks.

For crews on stranded ships, the operation brings hope but also danger. Seafarers have reported dwindling supplies and anxiety over potential attacks.

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What’s Next

U.S. forces plan continued operations to guide additional vessels in coming days. CENTCOM has not detailed exact numbers or timelines but stressed a phased approach. Iran’s response could determine whether the first day’s chaos escalates or stabilizes.

Diplomatic efforts intensify as the UN and regional players urge restraint. Markets and militaries worldwide watch closely, aware that events in the Strait of Hormuz ripple across the global economy.

As night fell Monday, reports of further incidents remained unconfirmed. Authorities urged vigilance, while shipping associations advised members to await official clearances before attempting transit.

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The chaotic launch of Project Freedom underscores persistent volatility in U.S.-Iran relations and the high stakes for energy security. Whether Monday’s dueling claims lead to diplomacy or deeper confrontation will shape the region’s trajectory in the weeks ahead.

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US announces new tariffs over forced labour concerns

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US announces new tariffs over forced labour concerns

It comes after the US Supreme Court struck down many of US President Donald Trump’s previous duties in February.

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Howdens stock rises on DIY Kitchens acquisition deal

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Victor Wembanyama Joins Kobe Bryant and LeBron James in Rare NBA Finals Scoring Club at Age 22

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Victor Wembanyama

Victor Wembanyama has etched his name alongside NBA legends Kobe Bryant and LeBron James, becoming just the third player in league history to lead his team in playoff scoring entering the NBA Finals at age 22 or younger.

The San Antonio Spurs’ 22-year-old superstar has emerged as a dominant two-way force in the 2026 playoffs, powering the franchise to an unexpected Finals appearance against the New York Knicks. Through the postseason, Wembanyama has tallied 394 points, outpacing teammate Stephon Castle by 49 points despite missing one first-round game.

The official NBA account highlighted the achievement, noting Wembanyama’s place in an exclusive group with Bryant and James. This milestone underscores the rapid ascent of a player once considered the most hyped prospect in NBA history, now delivering on that promise at an elite level during his third professional season.

The Spurs have exceeded expectations in 2025-26. Many analysts predicted a playoff appearance as the young core matured, but few foresaw a Western Conference title that included a series victory over the defending champion Oklahoma City Thunder. San Antonio’s surprising run reflects careful roster construction centered on Wembanyama’s unique skill set.

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Wembanyama’s statistical dominance extends beyond raw scoring. His postseason averages of 23.2 points, 10.8 rebounds and 3.5 blocks per game demonstrate impact on both ends of the floor. His ability to protect the rim while stretching defenses with perimeter shooting has created matchup problems throughout the playoffs, particularly in the conference finals where he averaged 27.3 points.

At 7-foot-4 with exceptional coordination and basketball IQ, Wembanyama blends size rarely seen with guard-like skills. His willingness to attempt threes in crucial moments, including a game-changing 30-footer in the Western Conference finals, reflects growing confidence and clutch reliability expected from franchise cornerstones.

The Spurs organization has taken a patient approach to building around their young star. Rather than aggressive trades, the team prioritized the draft. In Wembanyama’s rookie season, the Spurs endured a difficult campaign that allowed them to select Castle with the fourth overall pick in 2024. A season-ending injury to a key player in year two further improved their draft position, leading to the addition of Dylan Harper.

This methodical strategy has produced a complementary roster. Castle has developed into a reliable secondary scorer and defender, averaging 19.2 points and 6.7 assists in the playoffs. Harper and other young pieces provide depth and athleticism that fit Wembanyama’s timeline. The front office’s restraint in the trade market preserved assets while allowing organic growth.

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San Antonio’s path to the Finals involved overcoming higher-seeded teams through defensive intensity and balanced scoring. Wembanyama’s two-way presence proved decisive in several closeout games, where his shot-blocking altered opponent strategies and his scoring bursts shifted momentum.

Comparisons to Bryant and James carry weight given their championship pedigrees. Bryant led the Lakers into the 2000 Finals at age 21, while James did so with the Cleveland Cavaliers in 2007 at age 22. Both players went on to win multiple titles and earn Hall of Fame careers. Wembanyama now shares their distinction of carrying scoring load at a remarkably young age in the game’s premier stage.

This achievement arrives amid broader discussions about player development and franchise building. The Spurs, with five championships in franchise history, appear positioned for sustained contention. Their emphasis on drafting and development contrasts with teams relying on superstar acquisitions, offering a blueprint for long-term success.

Wembanyama’s maturity has impressed observers. Despite the massive expectations following his 2023 draft selection, he has handled scrutiny with poise. His work ethic, defensive instincts and offensive versatility have silenced early skeptics who questioned his frame or adaptability to NBA physicality.

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The 2026 Finals matchup against the Knicks presents new challenges. New York features a balanced attack led by Jalen Brunson, Karl-Anthony Towns and strong perimeter defenders. Containing Wembanyama will require coordinated efforts, likely involving help rotations and physicality to limit his paint touches and three-point attempts.

For the Spurs, reaching the Finals validates their timeline. What many viewed as a multi-year rebuild has accelerated into immediate contention. Credit goes to coaching staff for maximizing personnel and to players for buying into team concepts that elevate Wembanyama without overburdening him.

Beyond individual stats, Wembanyama’s leadership has grown. Teammates describe his vocal presence and ability to elevate those around him during critical stretches. His defensive communication and offensive gravity create opportunities for role players, a hallmark of transcendent stars.

The NBA landscape increasingly favors versatile big men. Wembanyama exemplifies this evolution, combining traditional center duties with modern perimeter skills. His block rate and rebounding numbers rank among the league’s best, while his assist totals reflect improved playmaking.

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Looking ahead, a strong Finals performance could further cement Wembanyama’s place among the league’s elite. Even in defeat, his postseason body of work marks significant progress. A championship would accelerate his trajectory toward MVP consideration and potential dynasty building in San Antonio.

The Spurs’ supporting cast development remains crucial. Sustaining this level requires health, chemistry and possible future additions through free agency or draft. For now, the focus stays on the present series and maximizing their opportunity on basketball’s biggest stage.

Wembanyama’s journey reflects the best of NBA storytelling — a generational talent joining a historic franchise and rapidly transforming expectations. From French professional leagues to NBA dominance, his path has been remarkably smooth despite the spotlight’s intensity.

Analysts project continued improvement as he gains experience. At 22, physical maturation and tactical refinement could elevate his game even higher. The league has witnessed few players with his combination of size, skill and basketball sense at such a young age.

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For San Antonio fans, this Finals appearance revives memories of previous championship eras while building new ones. The team’s deliberate approach around Wembanyama has created excitement and belief in a bright future.

As the series unfolds, Wembanyama’s scoring leadership and all-around contributions will face their toughest test. Matching the achievements of Bryant and James in this statistical category places him in rare company. Delivering a championship would place him on an even more exclusive path.

The basketball world watches closely as a new superstar writes his chapter in NBA history. Victor Wembanyama’s rapid rise offers compelling evidence that exceptional talent, paired with smart organizational planning, can accelerate success in today’s league.

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US, South Korea discuss nuclear cooperation in security talks

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US, South Korea discuss nuclear cooperation in security talks

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AWP: 12% Yield, But NAV Support Is Still The Key

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REIT symbol. Real Estate Investment Trust, Real Estate Investment Trusts with miniature houses Investment concept. copy space, business background

AWP: 12% Yield, But NAV Support Is Still The Key

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Rare Earth Stocks Are a Perfect Buy. So Are These 7.

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Rare Earth Stocks Are a Perfect Buy. So Are These 7.

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Wembanyama Tops 2026 NBA Finals MVP Ladder as Knicks and Spurs Collide for Title

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Victor Wembanyama

NEW YORK — Victor Wembanyama and Jalen Brunson headline the 2026 NBA Finals MVP race as the San Antonio Spurs and New York Knicks prepare for a highly anticipated best-of-seven series that could define the next era of league stardom.

The Finals MVP award, known as the Bill Russell Trophy, carries special prestige because it is awarded exclusively to a champion — with one notable exception in 1969 when Jerry West won it despite a loss. This year’s matchup between two star-driven teams offers multiple candidates capable of claiming the honor alongside the Larry O’Brien Trophy.

Wembanyama stands as the clear frontrunner on most MVP ladders entering the series. The 22-year-old Spurs phenom has dominated the postseason with averages of 23.2 points, 10.8 rebounds and 3.5 blocks per game. His two-way impact, combining elite rim protection with perimeter shooting, positions him to control the outcome of games on both ends of the floor.

Few players reach the NBA Finals by their third season, a feat accomplished by legends such as Tim Duncan, Magic Johnson and Larry Bird. Wembanyama joins that rare group through a combination of extraordinary talent, basketball IQ and competitive drive. His defensive presence alone forces opponents to alter shots and attack strategies, particularly around the rim where his length and timing disrupt even the most skilled finishers.

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Offensively, Wembanyama has elevated his game in high-stakes moments. He averaged 27.3 points in the Western Conference finals and showed willingness to take — and make — critical three-pointers. His ability to finish lobs and stretch the floor creates matchup nightmares for the Knicks, who must decide how to contain him without sacrificing help defense elsewhere.

Brunson ranks a close second in the MVP conversation. The Knicks guard has posted strong playoff numbers of 26.9 points, 6.6 assists and steady leadership. Despite his listed height of 6-foot-2, Brunson overcomes physical limitations with exceptional skill, vision and clutch performance. His ability to create shots from all angles and make smart decisions under pressure has propelled New York to this stage.

Brunson’s signature moments include explosive fourth quarters and overtime heroics, such as his dominant display in Game 1 of the Eastern Conference finals against Cleveland. That resilience and big-shot capability make him a proven winner who thrives when games tighten in the Finals.

Karl-Anthony Towns provides the Knicks with a vital third option on the MVP ladder. The big man contributes consistent double-doubles, averaging 16.9 points and 10.6 rebounds in the playoffs, along with an improved 5.9 assists. His shooting range and size create spacing that complements Brunson’s drives, while his passing from the high post has added a new dimension to New York’s offense.

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Towns faces a formidable challenge matching up against Wembanyama. The Knicks plan to rotate defenders, but Towns’ ability to pull the Spurs center away from the paint with his perimeter shooting will be crucial. His consistency on the glass and willingness to adapt his game have been key factors in New York’s playoff success.

Stephon Castle emerges as a dark horse candidate for the Spurs. The 21-year-old guard has shown remarkable maturity, posting 19.2 points, 4.9 rebounds and 6.7 assists per game in the postseason. His growth has been evident in reduced turnovers and increased aggression on both ends. Castle’s defense against primary ball handlers, including his containment of top scorers in earlier rounds, could prove decisive against Brunson.

OG Anunoby rounds out the top five on the ladder. The Knicks forward delivers elite two-way production at 19.7 points and 6.9 rebounds per game. His versatility allows him to score effectively while providing strong perimeter and help defense. Anunoby’s strength and positioning could see him assigned to Wembanyama at times, using physicality to limit the big man’s effectiveness in the paint — reminiscent of past Finals standouts like Andre Iguodala.

The depth of talent on both rosters creates uncertainty around the eventual MVP. Additional candidates include Dylan Harper, Devin Vassell and De’Aaron Fox for San Antonio, and Josh Hart and Mikal Bridges for New York. Each brings specific strengths that could shine in a long series.

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The Knicks-Spurs matchup features contrasting styles. San Antonio relies on Wembanyama’s generational talent and a young, athletic supporting cast. New York counters with Brunson’s craftiness, Towns’ versatility and a tough, defensive-minded group. The series outcome likely hinges on which star imposes his will most effectively across multiple games.

Historical precedents show the Finals MVP often goes to the player who delivers the most memorable performances in decisive moments. While superstars usually claim the award, role players have surprised in the past when their contributions prove pivotal in a championship run.

Wembanyama’s defensive dominance gives him a slight edge in projections. His ability to alter shots and protect the rim could neutralize New York’s interior attacks, forcing the Knicks into difficult mid-range and perimeter shots. If he pairs that with efficient scoring, the trophy could be his to lose.

Brunson counters with proven playoff pedigree and leadership. His experience carrying a team through tough stretches and delivering in clutch situations makes him dangerous. Should the series extend deep and New York prevails, Brunson’s consistency and big moments could sway voters.

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Towns’ evolution into a more complete player adds intrigue. His expanded passing and continued rebounding provide balance. Success for the Knicks may require him to stretch the floor and limit Wembanyama’s paint touches.

Castle represents the potential for youth to steal the spotlight. His poise and two-way contributions have already exceeded expectations. A strong series defensively against Brunson combined with scoring bursts could elevate his candidacy.

Anunoby’s value lies in quiet excellence. Even on nights when his shot is off, his defensive assignments and rebounding keep him impactful. His potential to guard Wembanyama effectively could mirror past defensive masterpieces that earned Finals MVP honors.

As the series begins, focus remains on execution over seven games. Factors such as home-court advantage, injuries, officiating and adjustments will influence individual performances. Both teams have shown resilience throughout the playoffs, suggesting a competitive battle.

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The NBA Finals MVP race adds narrative depth to an already compelling series. Fans and analysts will track every statistic and moment as candidates vie for the ultimate individual prize in a team sport. With two franchises seeking their next championship chapter, the spotlight on these five players — and others — will intensify with each game.

Observers note the rarity of such young talent colliding at this stage. Wembanyama and Castle highlight San Antonio’s bright future, while Brunson, Towns and Anunoby represent New York’s contention window. The winner of this series and its MVP will likely shape league conversations for years ahead.

As tip-off approaches, the basketball world awaits a series that promises drama, standout performances and, ultimately, one player hoisting both trophies in celebration of a championship run.

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Lord Abbett Core Plus Bond Fund Q1 2026 Commentary (LAPIX)

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Calamos Market Neutral Income Fund Q1 2026 Commentary (Mutual Fund:CMNIX)

Lord Abbett is an independent, privately held, global asset manager and one of the oldest money management firms in the United States. They manage assets across a full range of U.S. mutual funds, UCITS funds, institutional and separately managed accounts for clients around the world. Note: This account is not managed or monitored by Lord Abbett, and any messages sent via Seeking Alpha will not receive a response. For inquiries or communication, please use Lord Abbett’s official channels.

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Amazon launches Prime in South Africa for under $4 a month

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NHPC shares jump 5% as OFS worth Rs 4,300 crore opens for retail investors. Here’s all you need to know

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NHPC shares jump 5% as OFS worth Rs 4,300 crore opens for retail investors. Here's all you need to know
The shares of NHPC jumped more than 5% as the offer for sale (OFS) through which the government is selling up to 6% stake in the company opens for retail investors today, after an overwhelming response from non-retail investors on the first day of subscription.

The government on Tuesday decided to exercise the green shoe option in the 6% stake sale in NHPC after the OFS was oversubscribed 3.47 times on the first day. “Offer for Sale in NHPC Limited received enthusiastic response from investors and was oversubscribed 3.47 times on the first day. Allocation will be on a price priority basis. The government has decided to exercise the entire green shoe option. Retail investors and employees get to bid on 3rd June 2026,” Department of Investment and Public Asset Management (DIPAM) Secretary Arunish Chawla said in a post on X.

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Also Read | NHPC OFS subscribed nearly 3.5 times on Day 1, Govt to exercise green shoe option

All about NHPC’s OFS

NHPC announced on Monday that the government aims to sell 3% of the company’s total paid-up equity capital as part of the base offer, along with an oversubscription option to sell an additional 30 crore shares, taking the total potential offer size to 60.27 crore shares or 6% equity. At the floor price of Rs 71 per share, this would be worth more than Rs 4,279 crore.The shares of NHPC had crashed over 6% on Tuesday as the OFS floor price of Rs 71 per share implied a discount of nearly 8% to Monday’s closing price, weighing on investor sentiment. However, the strong interest from institutional investors may have boosted confidence.

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The government owned more than 67% stake in the PSU company as of March 31, 2026. The share sale by its promoter is being conducted through a separate window mechanism on BSE and the National Stock Exchange in accordance with the Securities and Exchange Board of India’s OFS guidelines.
NHPC’s OFS comes days after the government divested some of its stake in state-run miner Coal India through an offer for sale at a floor price of Rs 412 per share. The government owned more than 63% stake in the PSU company as on March 31, 2026.

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NHPC shares tumble 5% as govt’s OFS worth up to Rs 4,300 crore opens at 8% discount. Check details

NHPC share price

NHPC shares have fallen around 7% in one week and 9% in one month. The stock is down more than 5% in 2026 so far. In the longer term, the shares of the PSU have fallen 12% in one year, but gained more than 74% in three years and 190% in five years.The company currently has a market capitalisation of more than Rs 75,709 crore. The stock’s P/E ratio stands at 17.

What lies ahead for NHPC shares?

For a long term, dividend oriented investor comfortable with a low yield utility, the entry at a discount is attractive, said Abhinav Tiwari, Research Analyst at Bonanza. NHPC’s earnings can be lumpy and seasonal (hydro depends on water flows), capex is heavy and project timelines often slip, he added.

“The stock does not appear particularly cheap on current valuations. However, the Rs. 71 level provides a reasonable margin of safety, as it is close to the stock’s 52-week low and limits downside risk relative to the current market price. Although its expanding project pipeline and capacity additions are positive long term drivers, current valuations already factor in a strong recovery. Returns will depend heavily on successful execution and improvement in operational profitability,” the analyst further said.

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Technical view on NHPC

Virat Jagad, Senior Technical Research Analyst at Bonanza, said the NHPC’s recent sharp decline on exceptionally high volumes suggests aggressive selling activity and a breakdown of short-term support near Rs 78. He placed the immediate support near Rs 72–73, while resistance is seen around Rs 78–80.

“A sustained move above Rs 80 would be required to improve the technical outlook and open the possibility of a recovery towards Rs 84–86,” he added.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

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