Day News Recap: Oil swings on Iran talks as Gaza, wildfires and health crises add to global strain

Oil markets were the biggest story of the day, with prices first jumping on the continued closure of the Strait of Hormuz and then falling sharply after US officials said talks with Iran and Oman could produce a deal this week to reopen the route. The disruption has already lifted profits at major energy companies, including BP, which reported quarterly earnings of $5.73bn, its highest in four years.  🔗 🔗 🔗

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In the Middle East, the diplomatic and military picture remained tense. Iran said it did not want to widen the conflict, even as President Donald Trump said talks had resumed and warned of total surrender over the nuclear issue. Qatar said mediation with Washington and Tehran was in an advanced stage, while a Trump backed Peace Council pressed Israel to halt strikes in Gaza only after Hamas disarmament.  🔗 🔗 🔗 🔗

Gaza also saw a sombre scene as Palestinians held a collective funeral for 112 bodies recovered from rubble in Sabra, in Gaza City, from a residential block hit in 2023. Separately, a cargo vessel was struck by an unknown projectile in the Strait of Hormuz off Oman, underlining the shipping risks around the waterway.  🔗 🔗

Elsewhere in the region, the war has had wider military and political consequences. A report said the US Army has used practically all of its long range precision missile stockpile during the conflict with Iran, and US military staff were asked for ideas on creative ways to pressure Tehran as strike threats eased. In Tehran, witnesses said a historic synagogue was reduced to rubble in an Israeli air strike in April.  🔗 🔗 🔗

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In Europe, wildfires and conflict related violence dominated. Hundreds of firefighters were battling a major blaze west of Athens, where strong winds pushed flames toward mountain communities and burned homes in Porto Germeno. In Ukraine, officials accused Russia of deliberately targeting a street vendor in Kherson with a drone, injuring him.  🔗 🔗 🔗

Other crises were unfolding across Africa and Asia. In the Democratic Republic of the Congo, the Ebola outbreak passed 1,700 deaths as the WHO sped up trials, while in Ethiopia a landslide at a mountain monastery killed 14 people during an overnight prayer service. Cameroon’s President Paul Biya reshuffled key military posts while remaining out of public view for nearly two months.  🔗 🔗 🔗

In the Americas, Washington state wildfires forced about 65,000 people from their homes around Spokane, with an arson suspect arrested, while 25 US states sued the Trump administration to block tariffs on 60 trading partners. Trump’s approval rating also fell to 35% in a Reuters/Ipsos poll as economic ratings weakened.  🔗 🔗 🔗

There were further legal and security developments in the United States and beyond. US authorities are investigating possible Iranian linked cyberattacks on water systems in seven states, a federal jury in Florida convicted a Honduran national in a firearms trafficking case, and an active duty Air Force member in Pensacola agreed to settle allegations over a fraudulent PPP loan.  🔗 🔗 🔗

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In Asia Pacific, Japan’s prime minister visited quake hit areas in Kumamoto as recovery was hampered by extreme heat and water shortages, while Sri Lanka closed schools in mountainous regions after heavy rains triggered floods and mudslides that killed at least five people. Guatemala kept its orange alert in place as Fuego volcano intensified and evacuations continued.  🔗 🔗 🔗

Business and policy headlines also included Palantir raising its annual forecast after second quarter revenue jumped 93%, Apple launching a new legal challenge to the UK order for access to encrypted user data, France condemning Reform UK’s plan to use the Royal Navy against Channel migrant boats, and the United States drawing global criticism for vows to dismantle the International Criminal Court.  🔗 🔗 🔗 🔗

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