Frida

• President Donald Trump has threatened that Iran will be "hit very hard" if the Strait of Hormuz is not reopened "very soon." • Despite these threats, a Gulf official indicates there is a 50-50 chance of an Iran-Oman deal regarding the strait by Friday. • While Tehran denies current talks with the US, sources suggest technical negotiations are expected to resume Thursday morning, provided ground developments allow.

• Major League Baseball teams conducted several roster moves on Friday, including significant changes for the Oakland Athletics and Baltimore Orioles. • The Athletics designated RHP Chen Zhong-Ao Zhuang for assignment, selected SS Jonathan Ornelas' contract from Las Vegas, and optioned LHP Connor Thomas and RF Colby Thomas to the minors. • The Baltimore Orioles designated catcher Chadwick Tromp for assignment as part of their roster adjustments.

• US borrowing costs reached a 19-year high as the Federal Reserve maintained its stance despite inflation concerns, while the Bank of England kept UK interest rates steady at 3.75%. • Samsung Electronics reported a massive 250-fold increase in chip operating income, though a broader sell-off in AI suppliers pressured several Asian markets. • China's "national team" intervened to support domestic indices ahead of CXMT’s initial public offering, offsetting regional losses and helping the Hang Seng Index close up 0.2% at 25,859.

In today’s newsletter: ​The legal protections once considered foundational ​in conflict are now routinely bypassed​,​ with healthcare personnel treated as legitimate targetsGood morning. While you were asleep, Donald Trump claimed a deal had been reached for the “complete disarmament of Hamas” in Gaza. His announcement, characteristically, does not yet seem watertight, with briefings from both sides revealing points of contention, and as such is being treated with caution by some world leaders.As anyone paying attention knows, the conflict has seen Israel and Hamas accused of war crimes, and two years ago, the international criminal court issued an arrest warrant for Benjamin Netanyahu. Elsewhere in the region, the Israel-US military operation in Iran has been repeatedly declared as “illegal”. That label now feels almost obsolete on the global stage, as laws are ignored, norms tossed aside, and multinational institutions degraded.England news | Hundreds of people have been evacuated and a major incident declared after a wildfire spread over more than 80 hectares (200 acres) on the coast of Suffolk, just a few miles from the Sizewell B nuclear power station.UK politics | Labour has accused Reform UK of being “up to its neck in sleaze” as it called on the Electoral Commission to urgently investigate substantial donations made to the party by the mother of a convicted fraudster.Middle East | Donald Trump has said a deal has been reached for Hamas to disarm and for Israel to withdraw its forces from Gaza, however briefings from both sides exposed disputes over its implementation that could prove difficult to overcome.Europe | The Spanish government is deploying extra troops and police officers to its north African enclave of Ceuta after thousands of people swam and waded into the tiny territory from neighbouring Morocco in a matter of hours.UK news | The co-founder of Palestine Action has won permission to challenge the ban against the group at the UK’s highest court. Continue reading...

F-16 fighter jet intercepted drone in Romanian airspace over Black Sea, defence minister saysRomania has said it was summoning Russia’s ambassador after the Nato member’s military shot down the third drone in as many days.Romania has experienced frequent drone incursions since Russia launched its 2022 invasion of Ukraine, but had not shot down any until Friday. Continue reading...

• Major League Baseball teams announced several roster moves on Friday, including transactions for the Oakland Athletics and Baltimore Orioles. • The Athletics optioned RHP Yunior Tur to Las Vegas, recalled RHP Luis Morales from the same affiliate, and signed SS Jonathan Ornelas to a minor league contract. • The Baltimore Orioles recalled LHP Josh Walker from their Triple-A affiliate in Norfolk.

• Ipsen announced that its drug Bylvay failed to meet the primary objective in a late-stage clinical trial for biliary atresia, a rare liver disease in infants. • The study failed to demonstrate that Bylvay improved native liver survival rates when compared to a placebo. • This result is significant because biliary atresia is the leading cause of pediatric liver transplants and currently has no approved therapeutic options other than surgery.