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Financial markets are in danger of a sudden and significant correction, with investors downplaying threats from factors including the Iran war, the European Central Bank warned.

A fire broke out at Russia’s Black Sea port of Tuapse after another Ukrainian drone attack overnight, as authorities continue to clear up damage to coastline following multiple strikes in recent weeks.

Former BP Chairman Albert Manifold says he was fired without warning or explanation and will challenge the company’s version of events, deepening the turmoil around the UK oil major’s latest leadership change. BP fired Manifold on Tuesday after eight months on the job, citing “serious concerns” related to “governance standards, oversight and conduct.” Bloomberg’s Mitchell Ferman has more. (Source: Bloomberg)

French Finance Minister Roland Lescure reiterated the government’s goal to reduce the deficit to 5% of output this year and below 3% in 2029 even as the Iran conflict weighs on the economy.

Deutsche Lufthansa AG reassured customers that fuel supply is stable and urged passengers to “absolutely” book summer vacations, an appeal that comes as Europe’s largest airline group depends on peak travel demand to meet its financial goals.

Michael Swanson, chief agriculture economist at Wells Fargo’s Agri-Food Institute, said that fruits and vegetables are facing the most pressure from global events, as higher fuel prices and supply chain disruption squeeze both farmers and consumers. Swanson also said that he doesn’t expect the protein craze to go away anytime soon, as obesity drugs send consumers looking for higher nutritional value in fewer calories. (Source: Bloomberg)

North Carolina investment firm founder Greg Lindberg was sentenced Tuesday to 12 years in prison for siphoning more than $2 billion in reserves backing insurance policies and using the proceeds to pay for jets, mansions and a 214-foot yacht, according to defense lawyers.

Russia is considering limiting exports of diesel and jet fuel, according to Interfax, as refinery run rates fall to multi-year lows amid Ukraine’s escalating attacks.