President Joe Biden is leaning towards making a visit to Saudi Arabia — a trip that would likely bring him face-to-face with the Saudi crown prince he once shunned as a killer.

The White House is weighing a visit to Saudi Arabia that would also include a meeting of the leaders of the Gulf Cooperation Council countries (Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and United Arab Emirates) as well as Egypt, Iraq and Jordan, according to a person familiar with White House planning. The person spoke on the condition of anonymity to discuss the yet-to-be finalized plans.

President Joe Biden is set to meet with infant formula manufacturers as his administration works to ease nationwide shortages by importing foreign supplies and using the Defense Production Act to speed domestic production.

The White House said Biden would host a roundtable Wednesday with leaders of manufacturers ByHeart, Bubs Australia, Reckitt, Perrigo Co. and Gerber. The list is notable for who isn't on it: Abbott Nutrition, the company whose Michigan plant was shut down in February over safety concerns, sparking the shortage in the United States.

The World Bank has extended its Country Partnership Framework (CPF) with Lebanon by one additional year "to advance urgently needed socioeconomic recovery programs targeting the poor and most vulnerable and support urgently needed macroeconomic and structural reforms."

In a statement, the world Bank said it has restructured and reprogramed its portfolio by cancelling underperforming projects and proactively allocating resources to newly identified priorities through a response focused on relief, recovery, and resilience.

Even as the European Union decided to reduce Russian crude oil imports by 90% by the end of the year, Italy has become the only country in Europe to increase them, an unintended consequence of EU sanctions against Russia.

Meant to punish Russia for invading Ukraine, the EU oil embargo is now putting at risk one of Italy's largest refineries, located in Sicily, which would deal an economic blow to the depressed region's economy.

U.S. markets headed lower before Tuesday's opening bell after the European Union agreed to embargo most Russian oil imports by the year's end, sparking a fresh spike in oil prices.

Futures for the Dow Jones Industrial Average slipped 0.6%, and the S&P 500 ticked down 0.5%.

In the most significant effort yet to punish Russia for its war in Ukraine, the European Union has agreed to ban the overwhelming majority of Russian oil imports after tense negotiations that tested how far the bloc is willing to go to ostracize Moscow.

From the moment Russia invaded on Feb. 24, the West has sought to make Moscow pay economically for its war. But targeting the lucrative energy sector was seen as a last resort in Europe and has proved hardest since the bloc relies on the country for 25% of its oil and 40% of its natural gas. European countries that are even more heavily dependent on Russia have been especially reluctant to act.

Eurozone inflation hit a record 8.1% in May amid surging energy and food costs fueled in part by Russia's war in Ukraine.

Annual inflation in the 19 countries that use the euro currency soared past the previous record of 7.4% reached in March and April, according to the latest numbers published Tuesday by the European Union statistics agency, Eurostat.

NATO Secretary-General Jens Stoltenberg said Monday that next month's summit in Madrid will be a "historic" opportunity to strengthen the alliance in the face of Russian aggression against Ukraine on its eastern edge.

Speaking at a gala in Madrid to mark Spain's 40th year as a NATO member, Stoltenberg said he looked forward to welcoming Sweden and Finland at the summit hosted by Spain's capital on June 29-30.

Russia said Monday it may use an arrangement similar to that used for payments for its gas supplies to pay its dollar-denominated foreign debts.

The Vedomosti business daily quoted Finance Minister Anton Siluanov as saying that Russia will offer the holders of its Eurobond obligations to accept a payment system bypassing Western financial infrastructure.

China fell short Monday on a bold plan to have 10 Pacific nations endorse a sweeping new agreement covering everything from security to fisheries as some in the region expressed deep concerns.

But there have been plenty of smaller wins for China's Foreign Minister Wang Yi as he continues an island-hopping tour of the region.