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Welcome to Balance of Power, bringing you the latest in global politics. If you haven’t yet, sign up here. As prospects for victory in the Iran war dimmed in recent weeks, Israeli Prime Minister Benjamin Netanyahu has sought to shift his public’s focus to the ground gained against neighboring foes — chiefly Tehran’s ally, Hezbollah. In south Lebanon — as in Gaza and Syria — Israeli forces expanded buffer zones designed to stave off any repeat of the October 2023 invasion by Hamas. Yet Hezbollah’s fighters, while increasingly outgunned, have turned the tables with improvised military technologies familiar from the Russia-Ukraine war: fiber-optic cable-guided drones that evade electronic jamming and have homed in on enemy targets, mostly hitting troops but also civilian areas within northern Israel. With a peace deal between Washington and Iran inching closer, despite US strikes on military targets for the second time this week and Kuwait saying it responded to missile and drone threats, Israel is seeking to neutralize the threat from its north. A breakthrough would likely force Israel to back off in Lebanon while still facing a hostile Hezbollah.  
Bloomberg’s Jill Disis reports on the latest on the US-Iran war.
Netanyahu has ordered his army deeper into Lebanon to close in on the launch sites for the drones, which have ranges of 15 kilometers (9.5 miles) or more, exceeding the 10-kilometer depth of Israel’s Lebanese occupation. Yesterday, the Israeli military reported a successful strike against a Hezbollah drone operator. Israel, having largely focused its offensive on southern Lebanon to avoid undermining the wider truce talks, is again sending warplanes inland. For now, Beirut is being spared bombings. It’s the seat of a Lebanese government that’s mulling peace with Jerusalem and a domestic crackdown on Hezbollah. But the group also has a presence in the capital. Netanyahu, who’s up for reelection this year, may want to lash out there, too, as Israeli casualties mount and his vows to win this regional war wear thin. That could be a trip-wire for already combustible Iran-US peace talks — and a major test of President Donald Trump’s forbearance. — Dan Williams 
Smoke rises following an Israeli strike on the southern village of Nabatieh, Lebanon, on May 24.
Photographer: Abbas Fakih/AFP/Getty Images
Global Must ReadsAs Trump continues to suggest a deal with Iran is close, he finds himself caught between two extremes: Tehran’s demand for financial relief and an end to attacks, and pressure from Republican Party hawks to “finish the job” — or at least not to sign a bad deal. The competing pressures have kept an agreement to end the war out of reach and resulted in the administration’s swinging between promises of an imminent pact and threats to resume military operations. Tension between the US and other NATO members is driving Europe to consider collective defense that’s less reliant on America. Yet the picture is much different in Asia, where despite Washington’s rhetoric, the US has deepened military coordination with its allies, moving more missile systems, fighter jets and other weaponry into the western Pacific, while expanding joint training. 
US troops take part in live-fire exercise as part of the annual Balikatan joint military drills in the Philippines on May 4.
Photographer: Ezra Acayan/Getty Images
China said it expelled a Dutch warship that entered its waters, a rare incident between the two navies that underscores tensions over contested boundaries in the South China Sea. The HNLMS De Ruyter frigate is part of a five-month mission by the Dutch navy to promote freedom of navigation and maritime security in the Indo-Pacific and had just finished taking part in military drills with Philippine forces. Democratic Republic of Congo is seeking access to an experimental antibody treatment targeting multiple Ebola strains as confirmed infections and deaths continue climbing in its conflict-hit east. Meanwhile, the FIFA World Cup is expected to create a “hospitable environment” for pathogens with millions of people gathering in packed stadiums, and there are concerns about the spread of diseases such as Ebola, dengue and measles. A Russian tanker carrying more than 240,000 barrels of diesel has abandoned its voyage to Cuba and is now sailing southeast after weeks of uncertainty surrounding a shipment meant to help relieve the fuel-starved island’s worsening energy emergency. Cuba is currently struggling through one of its worst fuel crises in years, making the fate of the ship’s cargo especially important for the nation of roughly 10 million people. 
A tanker truck in Matanzas, Cuba, on March 30.
Source: AFP/Getty Images
The global artificial-intelligence investment boom is powering a new wave of Chinese exports and making Beijing more comfortable with a stronger yuan that’s on its longest winning streak against the dollar since 2013. New Zealand’s annual budget contained few of the usual sweeteners designed to win over undecided voters in an election year and instead, Finance Minister Nicola Willis produced what she called a “responsible” fiscal plan. Here’s a breakdown of the winners and losers. Iceland is again the world’s most expensive country, surpassing Switzerland for the first time in years, calculations by a local trade union showed. Trump filed a new version of his $10 billion libel lawsuit against the Wall Street Journal and its parent company News Corp. over an article about his alleged close ties to Jeffrey Epstein. 
On this week’s Trumponomics, host Stephanie Flanders and Bloomberg Opinion global business columnist Adrian Wooldridge explore why big business is increasingly unpopular in Trump’s America, and what that tell us about the state of the nation. Listen on Apple, Spotify or wherever you get your podcasts.
Sign up for the Washington Edition newsletter for news from the US capital and watch Balance of Power at 1 and 5 p.m. ET weekdays on Bloomberg Television. Chart of the Day
A surge in UK youth unemployment risks creating a “lost generation,” according to a government-commissioned review that said urgent action is needed to correct a system failure. The findings shine a light on the deepening youth jobs crisis in Britain, spurred by factors including surging employment costs, worsening mental health and the rise of AI reducing the number of entry-level roles. And FinallyIt’s springtime in the Lötschental Valley, and yellow dandelions are blooming under the shadow of the Swiss Alps. But the idyllic landscape masks a danger: One year ago, an entire section of the mountain and the glacier that lay on it collapsed, obliterating the village below. For years, scientists have warned climate change is leading to the melting of glaciers and the thawing of permafrost worldwide. That reality has brought home the risks now faced by towns and villages throughout the Alps — among them places that are central to Swiss culture and identity. 
The village of Blatten in May 2025, after being destroyed by a landslide.
Photographer: Alexandre Agrusti/AFP/Getty Images
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Thursday, May 28, 2026
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