US-Iran Escalation: The US launched a second straight night of strikes on Iran after a tanker was hit in the Strait of Hormuz, while Iran and the IRGC said they retaliated with drones and missiles targeting US bases in Kuwait and Bahrain, as both sides trade accusations of ceasefire violations and warn talks could collapse. Lebanon Front: Israel struck Hezbollah targets in southern Lebanon after a US-brokered framework deal, but Hezbollah rejected the agreement as “null and void,” raising fears the Lebanon track could derail broader US-Iran diplomacy. Diplomacy & Gulf Security: Iran’s foreign minister called for a new security framework with Gulf states and warned against any changes to the MoU, as China urged an immediate halt to hostilities and reopening of Hormuz. Economy & Inflation: Iran reported June inflation at 88.6% year-on-year, blaming the war’s impact on food and living costs. Energy Markets: With Hormuz traffic disrupted and then partially reopening, crude prices swung on renewed risk, while officials in the region said fuel-price relief may take time to reach consumers. Egypt Business: Korra Energi won a contract for the GennVax Egypt vaccine plant in the Suez Canal zone, part of Egypt’s push to localize vaccine manufacturing. UAE Tech Push: The UAE held a Pax Silica summit in Washington to deepen “trusted” AI supply-chain cooperation with the US and partners. Iraq Governance: Iraqi forces raided Baghdad’s Green Zone, arresting MPs and senior officials in an anti-corruption crackdown.