Iran strikes Gulf states and closes Strait of Hormuz as US launches another round of strikes

Good afternoon, friends, and welcome back. If you (or someone you know) haven’t locked in a summer internship yet, today’s issue has you covered — there’s still time, and we’ve mapped out where to look. We also have a podcast worth adding to your rotation, and the World Cup semi-finals are set: France, Spain, England, and Argentina. That and more.

But first, the news…

THE BIG STORY ABROAD-

🌐 The latest exchange of strikes between the US and Iran continues to dominate headlines this afternoon, following US President Donald Trump’s order for renewed airstrikes on the Islamic Republic. In what marks the third round of US strikes in a week, Iran retaliated by launching drone and missile strikes targeting US military bases in Bahrain, Kuwait, Jordan, Oman, and Qatar. Iran’s Revolutionary Guard said the Strait of Hormuz is closed until further notice. Considering the attacks a violation of the MoU, US Central Command says the US is “imposing a heavy cost by continuing to degrade Iran’s ability to attack civilian mariners and commercial ships transiting the strait.”

^^Read more on: CNBC, Bloomberg, Reuters, and the Financial Times.

AND- Former Qatari emir Sheikh Hamad bin Khalifa Al Thani has died at 74. After leading a coup that overthrew his father in 1995, Hamad ruled Qatar for 18 years, transforming the country into one of the world’s wealthiest nations — and largest LNG exporters — cementing his legacy as the architect of modern Qatar.

^^Read more on: Bloomberg and Reuters.

ALSO- US Senator Lindsey Graham has died at 71 after a reported cardiac arrest. The prominent Republican from South Carolina was a close ally to Trump who served the senate for over two decades. He was a strong advocate for military intervention in Iran and Iraq and a strong supporter of Israel and Ukraine. In a post on Truth Social, Trump said that Graham was “one of the greatest people and senators” he has ever known.

^^Read more on: BBC, CNN, CNBC, Reuters, and the Financial Times.

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** CATCH UP QUICK on the top stories from today’s EnterpriseAM:

• Danish shipping firm Maersk is bringing back Suez Canal transits on its India-Middle East-US East Coast service. Maersk’s return is an early signal of recovery for our Suez Canal revenues, which rose 23% y-o-y to USD 4.8 bn in FY 2025/26 after dropping sharply during the prolonged Red Sea crisis and subsequent Hormuz disruptions;
• A joint parliamentary committee has amended a government bill for the Mostakbal Misr Authority, narrowing its tax relief, limiting its jurisdiction to land it owns, capping its fee increases, and restoring the state auditor’s oversight;
• The Central Bank of Egypt’s Monetary Policy Committee held its key policy rates for a third straight meeting on Thursday, keeping the overnight deposit rate at 19.00%, the overnight lending rate at 20.00%, and the main operation rate at 19.50%.

☀️ TOMORROW’S WEATHER- We’re unsurprisingly in for another warm day in the capital, with the mercury set to peak at a high of 36°C, before registering an overnight low of 24°C. Up north, expect a high of 31°C and a low of 25°C, according to our favorite weather app.