International relations, geopolitics, wars, major global shifts
Labour has suffered early losses in UK local council elections, with Reform UK and the Greens both making gains. The results signal voter pressure on Keir Starmer from both the right and left, though no formal leadership challenge has emerged.
China's foreign ministry confirmed a Chinese-crewed oil products tanker was attacked in the Strait of Hormuz and said it is deeply concerned about vessels caught in the Middle East conflict.
Trump's decision to strike Iran without notifying NATO allies has intensified pressure on European members to take on greater leadership within the alliance. The episode is accelerating a structural shift away from U.S.-led decision-making that European governments had already begun preparing for.
Oil prices rose after US and Iranian forces exchanged fire in the Strait of Hormuz, a key global oil shipping lane. President Trump said the ceasefire between the two countries remains in place, limiting the market spike.
A US-Iran ceasefire has held since April 8, but no peace deal has been reached, leaving the Strait of Hormuz, through which roughly 20% of global oil flows, under sustained uncertainty. The unresolved standoff keeps an oil-price risk premium in place and poses direct supply risks for major importers like India.
Iran accused US forces of breaching a ceasefire near the Strait of Hormuz, while CENTCOM said its forces responded to Iranian attacks. The conflicting claims threaten the ceasefire's stability and raise risks for oil shipping through one of the world's busiest energy corridors.
A U.S. federal court has struck down President Trump's 10% global baseline tariffs, calling them invalid and unauthorised by law. Experts say the ruling may slow India-U.S. Bilateral Trade Agreement talks, as legal uncertainty makes it harder for both sides to negotiate around a contested tariff baseline.
President Trump has set a July 4 deadline for the EU to ratify a trade deal with the U.S., threatening significantly higher tariffs if no agreement is reached. The ultimatum puts pressure on Brussels to unify its negotiating position quickly or risk escalating levies on key European exports.
Oil prices dropped after reports that the US and Iran are nearing a peace agreement, which could lift sanctions and allow more Iranian crude into global markets. Higher expected supply is pushing prices lower, with potential relief for oil-importing economies like India.
President Trump has given the EU a July 4 deadline to ratify a trade deal, warning of higher tariffs if the deadline is missed. European exporters in autos, industrials, and luxury goods face direct risk if talks stall and US duties rise.
Iran's military claimed it struck US naval vessels and caused "significant damage" after accusing the US of targeting an Iranian tanker. The incident, if confirmed, would mark a sharp direct military escalation between the two countries in contested Gulf waters.
The US and Iran exchanged fire even as President Trump said a ceasefire remained in effect, exposing how fragile the pause is. Washington is still awaiting Tehran's response to a US proposal that would stop fighting but leave Iran's nuclear programme unresolved.
US and Iranian forces exchanged fire in the Strait of Hormuz, sending Brent crude prices higher. The strait carries roughly 20% of global oil supply, so any sustained disruption risks fuel price increases across major importing economies including India.
Oil prices surged and global stocks dropped after U.S. and Iranian forces clashed, threatening peace talks that markets had been counting on to end a ten-week conflict. The earlier rally, built on hopes of a quick resolution, reversed sharply as traders priced in the risk of a prolonged standoff.
U.S. Central Command said American Navy destroyers intercepted Iranian attacks in the Strait of Hormuz on Thursday and then struck Iranian military facilities in response. The direct exchange in one of the world's busiest oil shipping lanes raises immediate risks for energy markets and regional stability.
Trump says the US-Iran ceasefire is still in place after an exchange of fire in the Strait of Hormuz. Iran alleges the US struck an oil tanker and coastal areas, raising fears of disruption to a waterway that carries roughly 20% of global oil supply.
US forces struck Iranian oil port facilities at Qeshm Island and Bandar Abbas after Iran attacked American Navy warships in the Strait of Hormuz. A senior US official said the strikes were a limited response and did not end an existing ceasefire, but oil markets and Hormuz shipping risk are in sharp focus.
The U.S. struck Iranian targets and Iran says it returned fire, escalating direct military confrontation between the two countries. The clashes center on tensions over the Strait of Hormuz, a critical oil chokepoint, raising immediate risks for global energy prices.
The US military intercepted Iranian attacks on three Navy ships in the Strait of Hormuz and launched retaliatory strikes, with explosions reported near Iran's key port city Bandar Abbas.
U.S. and Iranian forces exchanged fire in the Strait of Hormuz on Friday, sending oil prices higher. The incident raises the risk that the ceasefire between the two countries is unraveling, threatening supply through the world's busiest oil chokepoint.