Diplomacy

• A precarious ceasefire between the US and Iran is beginning to fray, leading to a resumption of hostilities and increasing geo-economic instability in the region. • The conflict has disrupted global supply lines, causing oil prices to climb by over 3% in a single day to reach their highest level in four weeks. • This escalation threatens global economic stability and highlights the volatility of energy markets when geopolitical tensions rise.

American and Iranian forces exchange heavy missile and drone attacks over control of strait of Hormuz, increasing pressure on truceThe US military has launched a new wave of attacks against Iran amid the escalating standoff over the strait of Hormuz, with Tehran saying the latest strikes had “rendered futile” all the diplomatic efforts of the past few months.The US military began launching more strikes against Iran at 9pm GMT on Sunday, US Central Command (Centcom) said on X, “to continue degrading their ability to attack civilian mariners and commercial ships freely transiting the Strait of Hormuz”. Continue reading...

• India continues to implement its "Neighbourhood First" foreign policy, focusing on regional stability, economic cooperation, and preventing hostile security alignments near its borders. • The policy emphasizes India's role as a primary first responder for disaster relief and a driver of regional development projects. • Despite these efforts, several immediate neighbors are increasingly seeking new strategic alignments, particularly with China.

Iran has sought to establish a permanent system for collecting fees in the strait of Hormuz and warned vessels not to sail without its authorisationThe US and Iran have again exchanged heavy missile and drone assaults, with Tehran targeting US facilities in states across the Gulf and saying it had again closed the vital strait of Hormuz.The US military ⁠began launching more strikes against Iran at 5 pm ET on Sunday, US Central Command said in a statement, “to continue degrading their ability to attack civilian mariners and commercial ships freely transiting the strait of Hormuz.” Continue reading...

• India has expressed deep concern regarding escalating tensions in West Asia, specifically citing recent attacks on commercial shipping as a threat to regional peace. • The Indian government is urging all involved parties to exercise restraint and return to diplomatic dialogue to resolve ongoing conflicts. • This stance emphasizes the critical need to safeguard civilian lives, maintain maritime security, and ensure the uninterrupted flow of global energy supply chains.

• Kremlin spokesperson Dmitry Peskov stated that European support for Kyiv and direct U.S. participation have transformed the conflict from a "special military operation" into a broader war against Russia. • In separate economic reports, investment into developed economies grew by 11%, significantly outpacing the 2% increase seen in developing nations. • The International Olympic Committee (IOC) decided on July 7 to restore the membership of the Russian Olympic Committee and lift restrictions on Russian athletes.

• South Korea is leveraging its world-class battery and power grid strengths to reduce global clean energy supply chain reliance on China. • The IEA projects that battery cell manufacturing outside the dominant supplier will increase from 16% of global capacity today to between 29% and 35% by 2030. • This growth is driven by Korean firms expanding in Europe and North America, new capacity in India and Southeast Asia, and Canada's emerging materials hub.