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May 16 – According to the New York Times, the Trump administration is considering establishing a $1.7 billion fund to compensate allies investigated by the Justice Department during former President Biden's term, a move that would create a moral, legal, and political minefield for Republicans and Justice Department leadership. According to three people familiar with the matter, this unusual plan has not yet been finalized or approved. Democrats and former administration officials have criticized the plan as a massive, taxpayer-funded secret political fund. The proposal is a response to various allegations brought by President Trump against the federal government he controls. He has sought compensation for leaked tax returns during his first term, post-leave investigations into his handling of classified documents, and investigations into potential ties between his 2016 campaign and Russia. The idea of establishing a government fund to pay Trump's political allies has gained increasing support internally as the Justice Department and the White House attempt to resolve Trump's $10 billion lawsuit against the IRS, which he filed in January. Officials familiar with the details revealed that establishing a compensation fund for Trump's allies, but not for the president himself, could provide a short-term solution, allowing the president to obtain tangible benefits from the lawsuit before a judge dismisses it.

Market news: BlackRock's private credit fund valuation is under investigation by the U.S. Department of Justice.

According to SEC filings, Berkshire Hathaway reduced its stake in Chevron (CVX.N) by 35.2%, down to 84.4 million shares.

SEC filings show that Berkshire Hathaway has sold off all of its Amazon (AMZN.O) shares.

S&P: As a major net exporter of crude oil and an emerging producer of refined products, Nigeria has been less affected by the Middle East conflict.

The Dow Jones Industrial Average closed down 537.35 points, or 1.07%, at 49,526.11 on Friday, May 15; the S&P 500 closed down 92.74 points, or 1.24%, at 7,408.50; and the Nasdaq Composite closed down 410.08 points, or 1.54%, at 26,225.14.

Fitch affirmed Rio Tinto's rating at A with a stable outlook.

On May 16th, according to US media reports, the Trump administration plans to streamline the licensing process for oil projects within the Alaska National Petroleum Reserve to boost crude oil production in the US Arctic. The Department of the Interior's move aims to establish a new licensing framework for the construction and operation of oil production facilities and related infrastructure. Under this plan, eligible projects could receive analysis and authorization more quickly, perhaps in as little as 30 days. This measure could benefit companies holding leases within the reserve, such as ConocoPhillips, Santos, and Repsol, and expedite government scrutiny of projects like ConocoPhillips' Willow (which has drawn strong opposition from climate activists). During the Iran-Iraq War, with approximately 20% of global supplies tied up in the Persian Gulf, the Trump administration has intensified its calls for US oil companies to increase production.

Canadian Prime Minister Carney: I think the new crude oil pipeline from Alberta to the Pacific coast will attract a lot of attention.

Lebanese Ambassador to the United States: Our goal is to transform the current ceasefire momentum into a comprehensive and lasting agreement to uphold the dignity of the Lebanese people.

According to the U.S. Commodity Futures Trading Commission (CFTC), in the week ending May 12, silver speculators increased their net long positions by 5,254 contracts to 16,195 contracts.

According to the U.S. Commodity Futures Trading Commission (CFTC), in the week ending May 12, gold speculators increased their net long positions by 4,963 contracts to 100,627 contracts.

Lebanese Ambassador to the United States: Negotiations with Israel have led to progress on both political and security fronts.

Lebanese Ambassador to the United States: The trilateral negotiations have brought significant diplomatic progress to Lebanon.

Hang Seng Index futures closed down 0.29% at 25,733 points in overnight trading, a discount of 230 points.

Israeli Ambassador to the United States: The chances of success in negotiations with Lebanon are very high.

The Israeli ambassador to the United States stated that the peace negotiations with Lebanon were frank and productive.

Petrobras CEO: Two oil wells are expected to be built in the new discovery in the Alam region by 2030.

Market news: The Trump administration is pushing to expedite oil licensing in Alaska.

On May 16, it was reported that on the evening of May 15 local time, Israeli warplanes bombed a residential building and a car in Gaza City, northern Gaza Strip, killing four people and injuring dozens more.