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U.S. President Donald Trump warned Iran on Monday that the U.S. military will respond with "great force" if Iran attacks U.S. interests in the Middle East. "I think Iran would be making a very big mistake if they did anything," Trump told reporters. "If they do something, it will be met with great force but we have no indication that they will."

Saudi Arabia said on Monday that it had intercepted two missiles in the Mecca province that were fired by Yemen's Houthi movement. A Saudi coalition spokesman said, "Royal Saudi Defence Forces spotted aerial targets flying through restricted areas in the provinces of Jeddah and Taif and dealt with them." The Houthis denied that their missiles were targeting Mecca, a city roughly 70 km from Jeddah that contains some of Islam’s holiest sites.

OPEC and its allied producers are considering a postponement of their next regular policy meeting from June 25-26, to July 3-4. The change has been proposed but not yet officially confirmed. The OPEC+ group of oil producers has an ongoing agreement to reduce collective output by 1.2 mil bpd versus the output levels of October 2018. The next meeting will be to decide whether to extend the pact or to adjust it.