What We're Watching

The memorandum of misunderstanding over Hormuz, Magyar’s Orbán-era purge, China's anti-graft drive

​Crude oil tanker Odessa, carrying UAE crude after passing through the Strait of Hormuz with its Automatic Identification System transponder turned off, navigates the waters at Daesan port, in Seosan, South Korea, May 8, 2026.
Crude oil tanker Odessa, carrying UAE crude after passing through the Strait of Hormuz with its Automatic Identification System transponder turned off, navigates the waters at Daesan port, where it is expected to discharge crude oil, in Seosan, South Korea, May 8, 2026.
REUTERS/Kim Soo-hyeon/File Photo

The memorandum of misunderstanding?

The US and Iran exchanged strikes for a third consecutive night, with Washington striking military targets, vowing to reimpose its naval blockade, and Tehran hitting allies in the region. The uptick in fighting centers on a dispute around the Strait of Hormuz, as each side appears to have a different interpretation of a key section of the memorandum of understanding signed between the two sides last month. Paragraph 5 requires Iran to use its “best efforts” to ensure the safe, charge-free passage of commercial vessels. While Washington sees this as an agreement to complete maritime freedom, Tehran may see it as a confirmation of its control over Hormuz and which vessels may pass. Meanwhile, the crisis threatens to escalate, with Trump threatening military action against Pickaxe Mountain – a heavily fortified, underground site located near Iran’s Natanz uranium enrichment facility that was damaged last year by US strikes.

Magyar moves to oust Orbán-era president in Hungary

Hungary’s parliament on Monday approved a constitutional amendment to remove President Tamás Sulyok from office, marking one of the most consequential steps yet in purging vestiges of the country’s political system under former Prime Minister Viktor Orbán. The move fulfills a key campaign promise by Prime Minister Péter Magyar, who has argued that Sulyok had failed to defend democratic institutions and had enabled the erosion of the rule of law during Orbán’s 16 years in power. Ironically, Sulyok now has to approve the constitutional amendment that would put him out of a job. If he refuses – the likely outcome – Magyar has vowed to impeach him. Presidents in Hungary are mostly ceremonial, but do hold some important veto powers over acts of parliament. Supporters say the new amendment is an important step toward reforming Hungary’s institutions, while critics, including Orbán’s Fidesz party, warn they concentrate power in the hands of the new government.

And another one: China’s graft purge continues

China’s Communist party has expelled a top official accused of using his power to obtain bribes, property, sex, and other favors. Ma Xingrui, an accomplished satellite engineer who once ran the northwestern Xinjiang region for the party, is the third member of China’s governing politburo to be ousted since 2022. The move comes after an unprecedented wave of high profile purges of military officials over graft. Experts believe that President Xi Jinping, already the most powerful Chinese leader since Mao Zedong, is using the campaign not only to stamp out graft as such, but to install a more loyal set of party and military elites as he girds the country for more intense geopolitical assertiveness and competition.

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