Iran and the US Economic Offensive
Treasury Secretary Scott Bessent said the US will sever all economic ties with Iran and that any nation partnering with Iran financially will also be isolated, calling it the “greatest financial offensive ever.” Source: BBC
The escalation came as both sides missed a 60-day ceasefire window, closing the formal truce mechanism to end the six-month war. Tehran threatened ship seizures in response. Source: CNBC
Tehran has threatened to retaliate against any country that joins the new US economic measures. Source: Al Jazeera
The Treasury was set to announce details of the new economic pressures on Iran; separately, Canada vowed retaliatory tariffs against the US. Source: NPR
An opinion piece argued that years of sanctions did not break Iran but hardened it. Source: Middle East Eye
Inside Iran, police have closed dozens of cafes in recent weeks, often citing laws requiring women to veil in public — part of an effort to control public space, experts say. Source: New York Times
Ukraine and Russia
UK Prime Minister Andy Burnham arrived in Ukraine on his first foreign trip since taking office, affirming support for Kyiv despite new warnings from Moscow. Source: New York Times
Burnham said the UK is with Ukraine “all the way” despite “outrageous threats” from Russia. Source: The Guardian
Russia said the UK is “adding fuel to the fire” by giving weaponry blueprints to Ukraine. Source: The Guardian
Zelensky said Ukraine wants peace but will not “simply surrender,” speaking on Independence Day. Source: SCMP
Ukrainian officials said some of Russia’s AI drones are powered by Nvidia microcomputers, widely available on resale markets despite not being sold in Russia. Source: New York Times
Ozon, Russia’s second-biggest online retailer, said its warehouses across southern Russia, including Dagestan and Krasnodar, were hit in overnight Ukrainian strikes. Source: BBC
Europe is ramping up support to Ukraine as its US-dependent air defence runs low. Source: France 24
Markets and Economy
Stocks and oil slid as an “economic D-Day” against Iran and rising bond yields rattled markets. Source: Quartz
Hormuz oil flows are going strong as the war drags on, with the UAE, Iraq, Kuwait and Saudi Arabia moving barrels across the waterway to global markets. Source: Bloomberg
The Canadian dollar slid as Ottawa and Washington headed for an all-out trade war; ING strategists said Canada “has more to lose from this.” Source: CNBC
Alibaba is raising $10 billion in Hong Kong’s biggest-ever share sale, selling 710 million shares at HK$112.70 each to fund AI expansion, with institutional demand nearly tripling the offering. Source: Quartz
Two strategists disagreed on whether bonds are cheap enough to buy at multi-year-high yields; Barclays finds them fair value but not cheap yet. Source: MarketWatch
Lula’s lead over conservative challenger Flávio Bolsonaro shrank as campaigning opened for Brazil’s October election, a new poll showed. Source: Bloomberg
Asia-Pacific
Taiwan unveiled its Strong Bow anti-ballistic missile specs in a push for US$1.13 billion in funding. Source: SCMP
A Chinese humanoid robot beat Usain Bolt’s 100-meter record, raising questions about how such feats translate to the real world. Source: New York Times
An Amnesty inquiry found Indian security forces used tear gas, pellet guns and electric shock devices against student protesters during Gen Z demonstrations. Source: Al Jazeera
Rest of World
A landfill collapse in Conakry, Guinea, killed 31 and buried several homes after heavy rains. Source: BBC
Colombia lifted a coal export ban on Israel that it had imposed over Gaza. Source: Middle East Eye
Nearly 90,000 people were told to evacuate as a wildfire approached Reno, Nevada, burning around 10,500 acres and completely uncontained. Source: BBC
Four people were arrested over the suspected poisoning of elephants in Kenya, with an investigation into whether pesticides sprayed on tomato crops caused the deaths. Source: BBC
Israel continues to hold an abducted Palestinian doctor after a reported heart attack, the doctor’s family said. Source: Middle East Eye
The Dutch public broadcaster AVROTROS said it will boycott Eurovision, arguing escalating international conflicts have undermined the event’s neutrality. Source: Al Jazeera
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