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On the morning of Sunday, June 1, 2025, the world woke up to news that shook the foundations of the ongoing war between Ukraine and Russia. A special Ukrainian military operation, codenamed “Spider Web,” targeted deep inside Russian territory with an unprecedented airstrike.
️ Operation “Spider Web”: A strike at the heart of Russia
After more than 18 months of planning, Ukraine successfully carried out an airstrike using 117 drones, targeting five Russian airbases stretching from Moscow to Siberia. The drones, smuggled in trucks with remotely retractable roofs, were launched from within Russian territory, targeting strategic aircraft such as the Tu-95, Tu-22M3, and A-50. The result? The destruction or damage of more than 40 warplanes, a severe blow to Russia’s air capabilities.
Ukrainian President Volodymyr Zelensky described the operation as a “brilliant result” that “will go down in history books,” emphasizing that it was the longest-range strike in Ukraine’s military history.
Gold: The safe haven returns to shine
Following the escalation, global gold prices saw a significant increase, with the price of an ounce exceeding $3,357 on June 2, compared to $3,310 the previous day. This rise reflects investors’ shift toward safe-haven assets amid rising geopolitical tensions.
US Markets: Watch and Caution
US stock indices showed a slight decline at the start of the week, with the S&P 500 falling 0.48% to 5,911.69 points, and the Nasdaq Composite falling 0.32% to 19,113.77 points. This decline reflects the cautious and anticipatory mood in the markets, amid geopolitical tensions and the recent military escalation.
What next?
The Ukrainian strike could be a turning point in the war, demonstrating Kyiv’s ability to carry out qualitative operations deep inside Russian territory. Moscow’s response remains unclear, but expectations point to the possibility of a military escalation or increased attacks on Ukrainian infrastructure. Meanwhile, peace talks are underway in Istanbul, amid questions about the impact of the recent escalation on the chances of reaching an agreement. Global markets will remain on edge, with gold and stock prices likely to remain volatile based on developments on the ground and politically. Amid these rapidly unfolding events, the most important question remains: Will the “spider’s web” be the beginning of the end of the war, or the spark for a new escalation?
