Oil price crash and risk of escalation & more
Today's newsletter highlights an expected drop in fuel prices and intensifying tensions in the region. You will also learn about political changes in the United Kingdom and the consequences of extreme heatwaves in France.
Expect cheaper fuel as oil prices have begun to crash due to record traffic through the Strait of Hormuz (a strategic waterway in the Middle East through which a large portion of global supplies passes). In just one day, a record 19 million barrels of oil passed through it. In response to the increased traffic, Iran and Oman have agreed to establish a joint committee to manage shipping in the area.
The risk of the military conflict expanding is increasing following Ukraine's ultimatum to Belarus and Vladimir Putin's announced minimum conditions for negotiations. These events directly affect security in Eastern Europe and could change the course of the war. Meanwhile, in annexed Crimea, electricity rationing has been introduced, limiting the operation of shops and services to daylight hours only.
Political instability marks the UK, where Prime Minister Keir Starmer has resigned at a time when the country marks 10 years since Brexit (the departure from the European Union). At the same time, France reports 18 victims of record heatwaves, including two young children aged 2 and 4.
Visit the "News" section in the app for full details, including how the CIA helped Ukrainian intelligence and details on the limitation of US military powers regarding Iran.