The following day, base-load electricity prices in France fell by 27.1% to €86 per megawatt-hour.

ECB Governing Council member Winsch: The reasons for raising the minimum reserve requirement are not very clear or convincing.

**I. Before the US-Israeli Airstrikes: Iran Approaching the Nuclear Threshold, But No Clear Evidence of Weaponization** 1. Before the US-Israeli airstrikes on Iran, it was believed that Iran was too close to possessing the capability to manufacture nuclear weapons. However, the International Atomic Energy Agency (IAEA) stated that there was no credible evidence that Iran had a coordinated and unified nuclear weapons development program. 2. The IAEA estimated that at the time of the first round of bombings, Iran possessed 440.9 kilograms of uranium enriched to a level of up to 60%. If the enrichment level were further increased, this uranium would be sufficient to manufacture 10 nuclear weapons. **II. After the US-Israeli Attacks: Major Facilities Damaged, Some Stockpiles and Underground Facilities Remain** 1. The IAEA stated that of Iran's three uranium enrichment plants, the Natanz and Fordow plants were at least severely damaged and no longer operational. 1. The Isfahan uranium enrichment plant, located within an underground tunnel network, appears unaffected by the bombing. 2. IAEA Director General Grossi stated in March that Iran still possesses "slightly more than 200 kilograms" of uranium enriched to 60% or higher in its underground tunnel network in Isfahan, with some additional enriched uranium remaining in Natanz. 3. The "Gazelle Hill" facility, which Trump has repeatedly threatened to attack, is located near the Natanz nuclear facility and is deeply buried underground. This facility was not attacked. Satellite images show a significant increase in construction activity at Gazelle Hill this year, but there is currently no evidence that the facility has commenced uranium enrichment activities. 4. Other media outlets and related agencies reported this week that satellite images show a recent resurgence of significant activity at the Minzadehei facility, located northeast of Tehran and believed to be linked to nuclear weapons development. This site was attacked by Israel in March of this year. III. Iran's Current Uranium Enrichment Capacity Remains Unknown 1. It remains unknown how long it will take for Iran to resume uranium enrichment activities. As long as it retains a significant portion of its 60% enriched uranium stockpile, Iran can further enrich it to weapons-grade levels with relatively little investment. 2. Trump's withdrawal from the Iran nuclear deal in 2018 caused the IAEA to lose track of the number of Iranian centrifuges and their components. Currently, it is unknown how many centrifuges Iran possesses or where these devices are located. IV. US Demands: Substantial Reduction of Uranium Enrichment Capacity 1. US Vice President Vance stated this week that a substantial reduction in Iran's uranium enrichment capacity is one of the prerequisites for meeting US demands and ending the war. 2. The so-called reduction in uranium enrichment capacity may include several aspects: lowering the enrichment level of existing uranium, reducing stockpiles of highly enriched uranium and future production, reducing the number of uranium enrichment facilities, or limiting centrifuges and related equipment.

Japanese officials say a special meeting with Middle Eastern oil-producing countries will be held on Thursday following the ASEAN ministerial meeting.

Japanese officials: Japan is assisting other countries in establishing the institutional framework and infrastructure for strategic oil reserves.

Japanese officials: One of the priority areas of cooperation with ASEAN is to strengthen oil reserve capacity throughout Asia.