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Ahead of the NATO summit in Ankara on July 7-8, European leaders are reportedly set to announce a two-year aid package for Ukraine worth at least €140 billion, with the United States declining to contribute. NATO members have yet to agree on the timing of future assistance, with Italy opposing the extension of aid into 2027.
Seven OPEC+ producers, including Saudi Arabia and Russia, agreed to increase oil production quotas by 188,000 barrels per day from August, marking the fifth consecutive monthly hike. The move comes as shipping through the Strait of Hormuz gradually returns to normal following the US-Israeli war with Iran, though output remains below pre-conflict levels.
Iran prepares for the funeral procession of slain Supreme Leader Ayatollah Ali Khamenei, with massive crowds expected in Tehran. International leaders pay tribute, while Israel monitors the event and regional tensions persist.
Iran's ambassador to China says vessels transiting the Strait of Hormuz will be charged service fees, with 'special considerations' for friendly nations. The move comes despite US objections, as the initial US-Iran deal provided for free passage for 60 days.
At least five ships made sharp U-turns at the entrance to the Strait of Hormuz, while three foreign tankers were reportedly turned back by the Iranian military for attempting passage without Tehran's permission. Iran's Persian Gulf Strait Authority has warned about safe passage on unauthorized routes.
Iran has begun a six-day funeral for Supreme Leader Ayatollah Ali Khamenei, killed in a US-Israeli strike on February 28, with millions expected to attend. The ceremonies span Tehran, Qom, and Mashhad, amid reports of internal power struggles and the hidden status of his successor, Mojtaba Khamenei.
Funeral ceremonies for Iran's late Supreme Leader Ali Khamenei have begun in Tehran, with authorities expecting 15-20 million participants over three days. The events, marked by red flags and calls for revenge, unfold amid a fragile ceasefire and questions about the public appearance of his successor, Mojtaba Khamenei.
India's oil minister stated the country could supply fuel to Russia if needed, as Ukrainian attacks on Russian refineries have caused fuel shortages. Reports also indicate Indian-origin fuel may have reached Russia via traders, while India has significantly increased its own imports of Russian crude following the closure of the Strait of Hormuz.
Brent crude fell below $71 a barrel, reaching levels not seen since before the US-Israel war on Iran began, as Qatar reported 'positive progress' in US-Iran talks and US Energy Secretary Chris Wright said Hormuz flows are near pre-war levels. Prices have dropped more than 38% from their post-war peak, driven by easing supply concerns and cautious optimism.
US and Iranian officials have begun indirect talks in Doha, Qatar, to discuss implementing a memorandum of understanding that includes a 60-day ceasefire and the reopening of the Strait of Hormuz. The talks cover the unfreezing of Iranian assets, the release of stranded seafarers, and Iran's plan to charge tolls in the strait, with Qatar and Pakistan serving as mediators.
Iran has stated it will carry out mine clearance in the Strait of Hormuz unilaterally, rejecting cooperation with other nations, after France and Oman announced a joint demining effort. The announcements come amid heightened maritime security concerns, with recent attacks on shipping and a lowered threat level.
Indirect talks between US and Iranian delegations, mediated by Qatar, have started in Doha. The discussions focus on the implementation of a memorandum of understanding, including Iran's frozen assets and shipping in the Strait of Hormuz. No direct meetings between the two sides are scheduled.
Recent TASS reports highlight persistent tensions between the US and Iran despite ongoing negotiations, with the Strait of Hormuz and Lebanon ceasefire remaining key flashpoints. Meanwhile, the EU has postponed new Russia sanctions due to internal divisions, and NATO leaders are set to meet in Ankara amid disagreements over Ukraine, Iran, and the alliance's direction.
US envoys Steve Witkoff and Jared Kushner met with Qatari mediators in Doha, while Iran denied plans for direct talks with the US, despite President Trump's claim. Qatar said no high-level meetings were planned, with indirect negotiations set to continue.
US Vice President JD Vance has stated that no tolls will be charged for ships passing through the Strait of Hormuz, countering a proposal reportedly submitted by Oman. Vance also expressed confidence in a US-Iran mechanism to keep the waterway open, noting that around 15 million barrels of oil have already been transported.
As US envoys arrive in Qatar for talks, Iran and Oman have agreed to discuss the future administration of the Strait of Hormuz, with proposals for service fees and a temporary no-charge period. Qatar opposes tolls, while Iran links progress to $3 billion, and Washington insists on free passage.
Washington and Tehran are sending delegations to Doha for indirect technical talks mediated by Qatar and Pakistan, focusing on the Strait of Hormuz, Iran's nuclear program, and the release of $6 billion in frozen funds. However, Iranian officials insist no direct meetings with the US are planned, contradicting President Trump's claim that talks would take place.
The United States and Iran are set to resume peace negotiations in Doha, following a series of strikes and drone attacks that threatened to derail the process. Both sides have agreed to a 60-day framework for deeper talks, according to the Jerusalem Post.
Regional instability from the Gulf conflict is dampening Pakistan's market sentiment, with foreign direct investment down 28% and bond outflows exceeding $2bn, even as remittances hit record highs and over 300,000 Pakistanis found Gulf employment in early 2026.
US President Donald Trump says talks with Iran will take place in Qatar on Tuesday, but Iranian officials say no direct negotiations are planned, as the Strait of Hormuz remains a flashpoint.