U.S. President Donald Trump said over the weekend that a memorandum of understanding to end the nearly three-month-old war with Iran is "largely negotiated," touching off cautious optimism in markets from May 23-25, 2026. The draft framework, according to U.S. media and mediators in Pakistan, envisages a 60-day ceasefire extension, reopening of the Strait of Hormuz with mines cleared and free passage, and a timetable for further talks on Iran's nuclear programme and sanctions relief. Tehran, however, signalled outstanding differences and said some clauses remained unresolved. Trump later told negotiators not to rush into a deal. The reports prompted a risk-on move in equities — Tokyo and Taipei hit records — while Brent and WTI fell about 6% from recent highs and the dollar weakened. Gold rose over 1%. Traders have reset rate expectations, pricing a Fed hike in January 2027 as energy-driven inflation concerns persist. The proposed outline faces domestic political pushback in Washington from GOP hawks and requires Iranian leadership sign-off, leaving the agreement uncertain despite market relief.

The UK is experiencing an early-season heatwave, with temperatures reaching 32.3C at Kew Gardens on Sunday and forecasts warning of highs up to 33-34C on the May bank holiday Monday (May 25). Eight locations in southern and eastern England have met Met Office heatwave criteria after recording consecutive days above local thresholds, and amber heat-health alerts covering large swathes of England remain in place until at least midweek. Forecasters say night-time “tropical” temperatures above 20C are possible, raising the chance of breaking both daytime and overnight May records (the current May daytime record is 32.8C). Authorities and health bodies have warned of increased pressure on NHS and social care services, urged precaution for older and vulnerable people, and advised caution around inland water and transport. Some water-supply problems were reported in Kent and event organisers have adjusted rules and timings at major sports venues. The Met Office and climate scientists link the intensity and early timing of the spell to broader warming trends across Europe, which have raised the likelihood of such extreme warm events.

Fine Gael’s Seán Kyne has been elected to the Dáil in the Galway West byelection after the 11th and final count, defeating Independent Ireland’s Noel Thomas. Kyne finished on 19,218 votes to Thomas’s 16,519, a margin of 2,699, aided by 4,249 transfers from Labour’s eliminated candidate Helen Ogbu. The result closed a contest that swung between Thomas, who led through much of the count on transfers from smaller and anti‑establishment candidates, and Kyne, a long‑standing local TD and senator whose name recognition and record of delivering local projects proved decisive. The count also saw significant transfers from Fianna Fáil’s Cillian Keane and evidence of both a left‑leaning “vote left, transfer left” pattern and tacit transfers between centrist parties. In Dublin Central, the Social Democrats’ Daniel Ennis won the separate byelection held the same weekend. Fine Gael leader and Tánaiste Simon Harris described the Galway West outcome as a boost for centrist politics and party renewal. Labour’s Helen Ogbu performed strongly for the left, finishing third after transfers and signalling potential gains ahead of future contests.

Tech billionaire Elon Musk publicly backed Rupert Lowe’s Restore Britain in the high-profile Makerfield by-election campaign over the weekend, reposting Lowe’s video and writing “Restore Britain” on X. The intervention prompted a public row between Reform UK leader Nigel Farage — who warned Musk’s support risks “splitting the right” and handing victory to Labour — and Lowe, who defended his party’s growing support. A Survation poll for The Sunday Times published May 24 found Greater Manchester mayor Andy Burnham (Labour) on 43%, Reform’s Robert Kenyon on 40% and Restore Britain’s Rebecca Shepherd on 7% (based on 369 likely voters), an early, indicative snapshot with a small sample. The contest, set for June 18, was triggered by the resignation of the sitting MP and has drawn national attention because a Burnham win could return him to Westminster and potentially precipitate a leadership challenge to Sir Keir Starmer. Parties and Tory figures have debated tactical pacts; Reform has promoted a £5bn ‘hard work’ tax break while Labour presses its campaign to retain the seat. Campaigning continues amid intense scrutiny of how third-party support could alter a razor‑thin outcome.

A brief video showing NBC Capitol Hill correspondent Julie Tsirkin’s stunned reaction as gunfire rang out near the White House went viral after an incident on the evening of May 23, 2026. Tsirkin, who was preparing a live segment on the North Lawn, is heard asking “What is that?” as multiple shots were fired; her cameraman initially guessed fireworks before reporters ran to the press briefing room. Authorities identified the shooter as 21‑year‑old Nasire Best, who approached a Secret Service checkpoint near 17th Street and Pennsylvania Avenue, opened fire, wounded an adult male bystander who later underwent surgery and was reported in stable condition, and was fatally shot by Secret Service agents. President Donald Trump was in the White House at the time and was not harmed. Other reporters, including ABC’s Selina Wang, ducked and took cover as the grounds were briefly locked down. Tsirkin’s muted reaction spawned widespread memes and she later joked about the attention on social media. The Secret Service and local police continue to investigate the motive and circumstances, with officials noting Best had a documented history of mental‑health issues and prior contacts with security.