G7 leaders convene in Evian-les-Bains, France, to tackle the Ukraine war, Iran-US conflict, and global economic challenges. US President Trump, French President Macron, and leaders from non-G7 nations like India and Ukraine will attend.
Host Emmanuel Macron aims for a smooth G7 summit, but Donald Trump's unpredictable attendance and focus on Iran, Ukraine, and Gaza pose challenges. Global economic woes, including inflation and supply chain issues, are key agenda items, alongside China's trade practices.
Exports of basmati rice and tea to West Asia have stopped due to the US-Iran conflict, with vessels waiting at Kandla Port and tea orders unfulfilled. The Strait of Hormuz closure and attacks on cargo ships are creating tension and pressuring exporter profitability.
A Reuters/Ipsos poll shows Donald Trump's approval among rural Americans has dropped to 50%, a 10-point decrease since February, driven by rising fuel and food prices and concerns over the US-Israeli war on Iran. Economic dissatisfaction is high, with only 31% approving his handling of the cost of living.
Qatari negotiators have arrived in Tehran to finalize an agreement aimed at ending a conflict between the US and Iran. The agreement, which has been ongoing for over three months, could be signed as early as Sunday, though hardline protesters in Iran have voiced opposition.
Pakistan's Prime Minister Sharif stated that a deal to end conflict between the US and Iran is expected within 24 hours, with online signatures possibly next week. Both the US and Iran have expressed positive sentiments, indicating negotiations are in their final stages. The proposed agreement reportedly includes resuming passage through the Strait of Hormuz and lifting US naval blockades in exchange for Iran limiting its nuclear development, with the US easing sanctions.
Confartigianato reports that the conflict in Iran has caused a "double strong pressure" on Italian businesses, with a 33% drop in exports to the Middle East in March-April and rising energy and raw material costs. This "pincer effect" risks slowing growth and compressing competitiveness.
Thousands of seafarers are stranded in the Persian Gulf due to the Iran conflict, with over 500 merchant ships affected. Captain Shafiqul Islam describes the fear, uncertainty, and logistical challenges faced by crews, including delayed voyages, increased costs, and psychological strain.
US President Donald Trump discusses agreements to end the US-Iran conflict with leaders of Israel, Qatar, UAE, Saudi Arabia, Bahrain, Kuwait, and plans to talk to Turkey's Erdogan, citing Pakistan's intermediary efforts and anticipating global happiness and the opening of the Strait of Hormuz upon signing.
The prolonged conflict in Iran could severely impact vulnerable populations in poor countries, according to the acting head of the World Food Programme. Rising fuel prices due to the Strait of Hormuz blockade are increasing aid delivery costs, while reduced funding from major donors like the US exacerbates the crisis.
US President Donald Trump expressed his approval of rising inflation figures, stating "I love the inflation" and claiming the US was secretly moving oil through the Strait of Hormuz amid the conflict with Iran. Senator Bernie Sanders criticized Trump's stance, highlighting the impact on working families.
Shipbuilders in South Korea's Daebul Industrial Complex are concerned about the supply of carbon dioxide, a crucial material for welding, due to the prolonged conflict in Iran. Disruptions in petrochemical plants, which produce CO2 as a byproduct, are impacting availability, with fears of further shortages as summer demand for dry ice increases.
President Trump expressed his "love" for inflation despite US consumer prices rising at their fastest annual pace in over three years. Data showed a 4.2% annual increase in May, driven by energy costs linked to the Iran conflict.
Asian stock markets declined on Thursday due to a strong US inflation report and renewed US attacks on Iran. The MSCI index for Asia-Pacific stocks outside Japan fell 0.9%, with South Korea's Kospi down 3% and Japan's Nikkei down 1.3%. Geopolitical tensions in the Middle East and a sell-off in tech stocks contributed to the downturn.
President Trump stated he "loves" inflation, calling it a "good thing" and expects it to fall "like a stone" once the conflict with Iran ends. He also noted the US stock market reached record highs despite inflation risks.
US consumer prices rose 4.2% in May, a 3-year high, fueled by the Iran conflict and rising oil prices. Markets reacted negatively, with the Dow dropping over 900 points. SpaceX's IPO launch adds to market jitters.
The US Strategic Petroleum Reserve is nearing a 40-year low due to President Trump's conflict with Iran, with 66 million gallons released to maintain export levels and control gas prices. Analysts warn of potential price spikes if the depletion continues.
Bitcoin fell to ~$63,316 after a brief rally, as renewed Israel-Iran conflict triggered a risk-off market, surging energy prices and dragging equity markets down, highlighting crypto's vulnerability to geopolitical and macroeconomic pressures.
The United States reported shooting down Iranian drones targeting shipping in the Strait of Hormuz, while Kuwait and Bahrain condemned Iranian attacks and intercepted missiles and drones. The exchanges come amid a wider conflict involving strikes on Iranian nuclear sites and retaliatory actions. Separate violence in the West Bank killed a seven-month-old baby, and an Israeli strike on a Lebanese army vehicle killed several soldiers.
Pope Leo XIV stated the war in Iran doesn't meet Catholic 'just war' criteria, citing outdated theory and urging dialogue. He also expressed concern over Ukraine, seeking an end to the conflict.
US unemployment benefit applications reached a four-month high of 225,000 last week, signaling economic uncertainty exacerbated by the Iran conflict and rising inflation, despite historically low overall layoffs.
Crude oil prices fell about 3% Thursday, with WTI futures down 3.5% to $92.64 and Brent futures down over 3% to $94.78, following reports of President Trump's reluctance to escalate conflict with Iran despite recent clashes.
GCC states face significant economic and security challenges due to the US-Iran conflict, including infrastructure damage, trade disruptions via the Strait of Hormuz, and a shattered image as a safe haven. Analysts predict a "new normal" of managing regional instability and potential authoritarian shifts.
Persian Gulf nations are questioning the US's reliability as a security partner following recent military operations against Iran and an escalation of conflict, Al-Monitor reported. A drone attack on Kuwait International Airport, attributed to Iran, further fueled these concerns.
