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The Prince Of Darkness's Shadow Phone: Mandelson's Refusal Exposes Starmer's Transparency Farce

Zero Rss
2 months 1 week ago
The Prince Of Darkness's Shadow Phone: Mandelson's Refusal Exposes Starmer's Transparency Farce

Peter Mandelson spent much of the past four decades at the center of British power: New Labour architect, Blair-era fixer, former cabinet minister, lobbyist, peer, and one of Westminster's most notorious survivors. Oh, and he was sliding Jeffrey Epstein actionable inside info. 

His old nickname, the "Prince of Darkness," was never subtle. It captured both his political skill and the suspicion that Mandelson was most comfortable operating where influence, money, and private access overlap.

Today, Ministers released more than 1,500 pages - three bulging volumes of emails, handwritten notes, and more than 160 pages of WhatsApps - in what they billed as "unprecedented transparency" over Mandelson's disastrous stint as Britain's ambassador to Washington. And of course, guess what: Mandelson flat-out refused to hand over his personal phone, and that's pretty much that. Cabinet Office solicitors formally requested access on March 31; he declined to comply. The government admitted it had "no further recourse."

MP David Davis called this a "National Security Issue." 

So the twice disgraced, Epstein-tainted, and forever scheming – was handed one of Britain's most sensitive diplomatic jobs despite flashing red lights. Now, even as Keir Starmer's government tries to publish its way out of scandal, the most important communications may remain exactly where Mandelson wants them: out of sight.

Vetting Catastrophe

In January of 2025, UK Security recommended denying Mandelson high-level clearance given concerns over his web of contacts in China, Russia, and Israel, a £1m loan linked to an Israeli startup, and his lobbying firm Global Counsel's sticky client list. Epstein ties added "general reputational risk." Foreign Office officials overruled the recommendation the next day with scant written mitigations. Starmer claims he was never properly briefed – calling it "unforgivable." Top FCDO mandarin Olly Robbins soon departed.

Yet, Starmer gave Mandelson the job anyway. A handwritten note to then-Foreign Secretary David Lammy oozed confidence: the government would "never regret" appointing him. MI6's former chief warned him about email hacking risks. He dangled a Peter Thiel meeting for Starmer. And embassy officials noted Donald Trump coveting a personalized red ministerial box.

The Epstein Nexus: Money, "Best Pal," and Police Heat

US DOJ releases earlier in 2026 supercharged the scandal: roughly $75,000 in payments from Epstein to Mandelson and his partner around 2003-04, continued contact after Epstein's 2008 conviction, including stays at his properties, and allegations of sharing market-sensitive UK information during the financial crisis. Mandelson called Epstein his "best pal" in old correspondence. He denies wrongdoing, but the revelations triggered his sacking, a Met Police misconduct probe, his February 2026 arrest, and searches. The full 9-page UKSV report remains withheld at police request.

BREAKING: Peter Mandelson has been arrested on suspicion of misconduct in public office, the Metropolitan Police has saidhttps://t.co/CAU6JMk4vg

📺 Sky 501, Virgin 602, Freeview 233 and YouTube pic.twitter.com/Hgl7kPXEpa

— Sky News (@SkyNews) February 23, 2026

As the Guardian noted in February, emails forwarded to Epstein from the very top of the UK government include:

  • A confidential UK government document outlining £20bn in asset sales.
  • Mandelson claiming he was “trying hard” to change government policy on bankers’ bonuses.
  • An imminent bailout package for the euro the day before it was announced in 2010.
  • A suggestion that the JPMorgan boss “mildly threaten” the chancellor.
  • Epstein asked Mandelson to confirm a €500bn bailout – which the then business secretary said would be announced that evening. The following day, Mandelson also appeared to give Epstein an early tipoff about Gordon Brown’s resignation.

"he was a great FX trader" https://t.co/1U0adiK71z

— zerohedge (@zerohedge) February 2, 2026

The real fireworks are in the texts. Mandelson, ever the insider-outsider, talked extensive shit about the people he served: 

  • Starmer's leadership: "advance / buckle / advance / buckle." No 10 was "beleaguered and bereft," not "leading from the front."
  • To Pat McFadden: Labour MPs were in a "mutinous state." Government priorities boiled down to "who can we tax in order to pay benefits to others." The "big picture is messy."
  • Pensions minister Torsten Bell echoed the chaos: everyone treating policy as "someone else's job."

Ministers curried favor. Mandelson dispensed unsolicited advice. The documents paint a dysfunctional WhatsApp government where spin, access, and personal networks trumped discipline.

The fallout has already claimed Morgan McSweeney, the chief of staff who backed the appointment, and communications director Tim Allan. May's local election drubbing saw more than 90 Labour MPs demand Starmer's head. Greater Manchester mayor Andy Burnham – running in the Makerfield by-election on June 18, 2026 – lurks as the obvious challenger if Starmer falters further.

Opposition parties smell weakness. The saga encapsulates elite impunity: a veteran operator with a rap sheet of past resignations handed a plum post despite every warning light flashing. Mandelson's refusal to surrender his personal phone only fuels the suspicion that the official record is not the full record.

Tyler Durden Mon, 06/01/2026 - 12:15
Tyler Durden

U.S. Oil Reserves To Dry Up Before August?

Zero Rss
2 months 1 week ago
U.S. Oil Reserves To Dry Up Before August?

LIVE NOW:

****************

As oilprice.com asked earlier this week, why hasn’t oil hit $150 (yet)?

Tonight at 7 PM ET, ZeroHedge will host two former Goldman heavyweights to answer the question: is the recent oil price surge merely a temporary geopolitical shock, or are we entering a period of structurally higher energy prices?

Joining the discussion are former colleagues Jeff Currie, now chief strategy officer for energy pathways at the Carlyle Group, and Arjun Murti, Partner at Veriten. The conversation will be hosted by Real Vision's Ash Bennington.

After five potential deals to re-open the Strait of Hormuz and none resulting in a full resumption of traffic, Currie’s betting that it won’t be different this time:

On @cnbcAsiaTV this morning, @CommodMkt said, "Sell The Tweet, Buy The Molcule." Currie detailed that Trump tweeted five times that the war was effectively over, but it has not happened.

The chart shows my guess of the five times. Currie is correct. If you bought the crude oil… https://t.co/XosPN03Nm4 pic.twitter.com/ipdgaNXYqE

— Jim Bianco (@biancoresearch) May 25, 2026

Interesting highlight by Jim Bianco: “If you bought the crude oil collapse every time Trump said the war is over, you made $58, even though the price is only up $27 since the war started.“

Even if it is different this time, Currie has argued that global oil markets were already facing structural supply shortages before tensions with Iran escalated, with years of underinvestment leaving the system increasingly vulnerable to disruptions. In his view, the current conflict has simply accelerated a trend that was already underway, bringing forward a period of sustained higher oil prices that many investors have yet to fully appreciate.

Strait closure + baked in supply constraints, he says, could mean American storage tanks run dry as soon as July 4… just in time for the big 250 celebration.

"I've never seen anything like it before."

Oil storage tanks in the United States will run empty "somewhere in the July 4 period," Carlyle's Jeff Currie tells @flacqua https://t.co/vHoZcNL6ur pic.twitter.com/06RRdr6LqP

— Bloomberg (@business) May 6, 2026

Murti likewise remains bullish oil. Last October, he joined ZeroHedge for a debate on the price outlook and argued that crude prices were headed higher… a peaceful time when WTI crude sat at $60/barrell. The months that followed validated Murti so let’s see if that happens again.

Together, Currie and Murti will examine whether current oil prices fully reflect the underlying supply picture, how much of today's rally is attributable to Iran, what role U.S. foreign policy may play going forward, and whether investors should prepare for a prolonged period of elevated energy prices.

See you tonight at 7pm ET, here on the ZH homepage, X feed, or YouTube channel.
 

Tyler Durden Mon, 06/01/2026 - 12:00
Tyler Durden

Foreign Cargo Ship Struck By 'Massive Projectile' Just Off Iraq

Zero Rss
2 months 1 week ago
Foreign Cargo Ship Struck By 'Massive Projectile' Just Off Iraq

A commercial cargo ship navigating the Arabian Gulf was struck by an unidentified projectile, triggering a "large explosion," according to the United Kingdom Maritime Trade Operations (UKMTO).

The maritime strike took place approximately 65 nautical kilometers (40 miles) southeast of Umm Qasr, Iraq. At this time, the UKMTO noted that it is unaware of any environmental damage resulting from the blast.

Source: UKMTO

Initially Iraqi media reported the blast was due to "mechanical failure" - but soon after other regional media said it was the result of being hit by a "massive projectile".

"A cargo ship was hit by a massive projectile explosion off the coast of Umm Qasr in Iraq, according to Al Hadath, a Saudi-owned channel.

According to another maritime industry source:

Most of the attacks on commercial shipping in the Gulf region since the war in Iran started have been in and around the Strait of Hormuz, the Gulf of Oman, extending as far west as Bahrain and Qatar.

Only one other attack reported off Iraq was on the Greek-owned chemical/product tanker Zefyros and the US-owned Safesea Vishnu on 12 March which left one seafarer dead.

There have also been incidents off Kuwait with Suezmax tanker Sonangol Namibe  anchored 30nm southeast of Mubarak Al Kabeer was hit with a large explosion on 5 March. Kuwait’s Shuwaikh and Mubarak Al Kabeer Port were struck by drones and missiles on 27 March.

Unverified video is already circulating of what's said to be a Panama-flagged container ship:

🇮🇶🇵🇦 A large Panama-flagged tanker has been hit by an explosion in Iraqi territorial waters, according to Al Arabiya. pic.twitter.com/9ENLHfN7By

— DD Geopolitics (@DD_Geopolitics) June 1, 2026

Some areas in the vicinity have reportedly been subject to mine-laying by Iran's IRGC forces, making these waters already highly dangerous.

All of this has taken place as the US-Iran extended ceasefire is potentially breaking down Monday, following a weekend of limited tit-for-tat strikes between each warring side. Iran launched a pair of ballistic missile on a US base in Kuwait, and the US has struck radar and missile sites in Iran.

Tyler Durden Mon, 06/01/2026 - 11:45
Tyler Durden

Them's Fightin' Words

Zero Rss
2 months 1 week ago
Them's Fightin' Words

By Benjamin Picton, Rabobank Senior Market Strategist

Resigned

Brent crude front-month futures are inching higher this morning after ending May down almost 20%. The May selloff has been courtesy of Mr Market’s Pavlovian response to fresh peace rumours, though it still remains the case that a deal has not been done and the Strait of Hormuz remains closed.

US equity indices closed higher across the board on Friday, but Asian stocks are mixed in early trade today. The S&P500 has now had nine-consecutive positive weekly closes and is sitting at a fresh all-time-high, with futures pointed at further gains when markets open later today.
While crude futures are lower, spot prices for Malaysian Tapis crude are proving a little more sticky and are still trading around the levels seen through late May and early April. Singapore gasoil (diesel) spot prices are testing support at $135/bbl, but even at those short-term lows prices are way above the $90.41/bbl recorded on February 26th (the last close before the war started) or the January prices in the high $70s, before the market started to price in what two carrier groups in the Middle East might mean.

Gold prices rose by 0.68% last week. This was the first positive weekly close since May 8th, and another example of markets respecting the $4,500/oz support level. Gold is now trading at levels similar to those seen in late December and early January as a number of central banks liquidated holdings in a scramble for Dollar liquidity earlier in the Hormuz crisis.

Sovereign yields are moving higher this morning after falling for much of last week. US 2-year yields are up 2bps to 4.04% in early trade, Aussie 2s are up 4bps to 4.56%, but New Zealand 2s are curiously flat after a hawkish RBNZ last week and a national budget that showed fiscal tightening will be delayed beyond the 2026/27 financial year. Moves at the longer end are even more pronounced, with 10-year Treasury yields up 3bps to 4.47%.

The shift higher in crude and yields could be a sign of markets beginning to resign themselves to the idea that a deal will remain elusive in the short term. The creep from “any minute now” this time last week to “maybe, or maybe not” is underway. Regular readers will know that RaboResearch updated our baseline view on the Hormuz crisis last week to suggest that the Strait is likely to remain mostly closed through to September as the parties to negotiations find that their red lines over Iran’s nuclear program are (still) incompatible, and the Iranians realise that giving up their oil market leverage would be a foolish thing to do.

A bad sign arrived this morning with the news that Iranian President Pezeshkian had offered his resignation to Supreme Leader Khamenei. Pezeshkian has reportedly claimed that he is unable to run the government and carry out his responsibilities, because the civilian government has been sidelined by the hardliners in the IRGC – the guys with the guns. This is a new angle on the view that various factions in Iran are competing with each other, and that there are large disagreements on how negotiations with the US should be handled, or if they should be happening at all.

Donald Trump raised some eyebrows yesterday when he said that the Iranian military (the Artesh) is ‘moderate’ and had been left alone during American strikes. This places Pezeshkian, foreign minister Araghchi, and possibly parliamentary speaker Ghalibaf (newly re-appointed) alongside the Artesh in the ‘moderate’ camp willing to do a deal, while the IRGC resists agreement with the US and insists on Iran’s rights over Hormuz and the progress of its nuclear program. We think that it will take longer yet before the IRGC sees eye-to-eye with the moderates, and that a continued closure with risks of further strikes is more likely than an agreement that is amenable to all and satisfies Donald Trump’s need to sign something that looks better than Barack Obama’s JCPOA. Of course, it may be the case that the much-maligned JCPOA was maligned for a reason. To paraphrase Solon of Athens, the JCPOA might not have contained the best terms, but it might have contained the best terms all parties could be induced to accept.

While the Hormuz issue drags on, the Ukraine war also continues to percolate and threatens to spread into Europe. Ukraine is deepening cooperation with EU states over drone technology, which has been used to great effect against Russian energy targets in recent months. Meanwhile, a Russian drone reportedly struck an apartment building in NATO member country Romania late last week. 

Former Russian President and close Putin ally Dmitry Medvedev took to X to warn “Citizens of EU countries, You should realize your authorities have unilaterally entered into a war with Russia. So be vigilant and don't be surprised by anything. The peaceful sleep is over...” To quote Yosemite Sam: “them’s fightin’ words”.

Citizens of EU countries, You should realize your authorities have unilaterally entered into a war with Russia. So be vigilant and don't be surprised by anything. The peaceful sleep is over. But you know who to ask why!

— Dmitry Medvedev (@MedvedevRussiaE) May 29, 2026

Clearly the Kremlin is not happy that Europe is continuing to support Ukraine in a conflict that some analysts are now saying has turned in the latter’s favor.

Tyler Durden Mon, 06/01/2026 - 11:30
Tyler Durden

'Los Gatos Party Mom' Sentenced To 35 Years For Throwing Drunken Teen Parties

Zero Rss
2 months 1 week ago
'Los Gatos Party Mom' Sentenced To 35 Years For Throwing Drunken Teen Parties

Authored by Dylan Morgan via The Epoch Times,

A Los Gatos, California, woman was sentenced on May 28 to 35 years and 10 months in prison, the maximum allowed, for hosting parties for young teenagers where she brought alcohol and egged on sex acts.

Shannon O’Connor, 52, threw these parties for two years and discouraged teens, who were mostly 14 and 15 years old, from telling their parents or police about the parties or calling for help when one of the victims passed out in their own vomit. 

“Many people call this defendant the ‘Los Gatos Party Mom.’ This isn’t some fun parent giving sips of wine spritzers to kids. She facilitated dangerous and drunken sex acts with these children. She risked their lives and damaged their psyches. She is not a party mom. Shannon O’Connor is a convicted felon. Shannon O’Connor is a registered sex offender,” Santa Clara County District Attorney Jeff Rosen said.

O’Connor, also known as Shannon Burga, was convicted of 48 charges, including child abuse charges and two felony sex charges, in March.

Twenty young adults and 41 witnesses testified during the trial.

Thursday’s sentencing followed two days of testimony from the victims on O’Connor’s teen parties she hosted for two years, including one young woman who told the court she became suicidal from trauma induced by the parties.

At one party, O’Connor handed an underage teenager a condom and pushed him into a room with an intoxicated minor. 

At a separate New Year’s Eve party with about five 14-year-olds, O’Connor watched and laughed as a drunk teen sexually battered a young girl in bed.

In another incident, O’Connor brought a drunk teen into a bedroom where an intoxicated 14-year-old girl was lying in bed, according to prosecutors.

After the girl was assaulted, she said to O’Connor, “Why did you leave me in there with him? Like you knew, like what he was going to do to me.”

In another case, O’Connor let a minor drive her SUV in the Los Gatos High School parking lot while two other teens held onto the back, and one was knocked unconscious after falling off.

In some cases, she would text teens or message them on Snapchat to leave their homes in the middle of the night and drink at her house, where she would provide alcohol.

“[O’Connor] endangered their safety, coordinated their sexual assaults, and she tried to get them not to tell,” Rosen said. “These brave kids came forward to tell the truth about what happened and to put a stop to it.” 

Tyler Durden Mon, 06/01/2026 - 11:15
Tyler Durden

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