We know what’s coming and we are prepared.
🇺🇸🇪🇺🇯🇵🇨🇦🇬🇧 G7 finance ministers to meet amid warning of economic consequences of prolonged Strait of Hormuz closure
Ahead of a meeting of finance ministers from the Group of Seven developed economies in Paris on Monday, a senior European official says the situation in the Middle East has highlighted how exposed the interconnected global economy is to external shocks.
“Opening the Strait of Hormuz and bringing the conflict to a lasting end are of the utmost importance in mitigating the impact on the economy,” Eurogroup President Kyriakos Pierrakakis said in a statement.
The Eurogroup is a body that brings together ministers from the euro area and is being represented at the G7 meeting by Pierrakakis, who is also the Greek finance minister. The G7′s core members are the U.S., U.K., Canada, France, Germany, Italy and Japan.
“The European economy has proven resilient in the face of this energy crisis. Yet, the global economy will feel the pressure – even if the conflict is resolved swiftly,” Pierrakakis said.
Long-term borrowing costs in several G7 economies have surged in recent weeks, as investors worry about rising inflation caused by tight energy supplies while the Iran war chokes off oil and gas supplies through the crucial Strait of Hormuz.
U.S. Treasury yields spiked on Friday following a week of messy inflation data and as traders looked to price interest rate policy under new Federal Reserve Chair Kevin Warsh.
The yield on the 30-year bond jumped nearly 11 basis points to yield 5.121%, the highest since May 22, 2025, and nearing the highest since October 2023.
In the U.K., the yield on 30-year government bonds, known as gilts, are trading at their highest since the late 1990s due to a mix of political instability and concerns over rising inflation.
Japan, which is particularly sensitive to inflationary pressure linked to the Iran war, given its status as a major energy importer, has also seen bond yields rise drastically in recent days.
Bond yields and prices move in opposite directions, with traders often commanding higher yields on debt investments when confidence in the government issuing the bonds is shaken.
🔗 https://www.cnbc.com/2026/05/17/opening-strait-of-hormuz-is-of-utmost-importance-eurogroup-head.html
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🌆 Market News Digest
[July 3, 2026 EST]
🔥 Top Stories
• Middle East risk flares — IDF hits Hezbollah sites in south Lebanon; Houthis threaten Saudi assets; France deploys naval/mine-countermeasure assets near Hormuz.
• U.S. oil market scrutiny — DOJ/FTC say they’re monitoring crude for price-fixing/collusion as Brent settles at $72.12/bbl.
• Trump pardons saga — Trump signs pardons for six and faces fresh scrutiny after NBC reported undisclosed stock purchases before tariff pause.
⛽ Oil & Energy
• Gulf crude exports topped 10M bpd in June but remain ~40% below pre-conflict levels; Fitch flags ongoing Iran/Mideast risk to corporates and oil forecasts.
• CMA CGM warns Hormuz transit charges would be “devastating”; Airbus says defense cooperation remains pressured.
📊 Markets & Macro
• Germany’s 2027 draft budget lifts borrowing to €203.7B and spending to €555.4B; euro equities firm with DAX +0.85%.
• ECB/BoE message: inflation still the focus, but Bailey says UK ...
🇮🇷🏆🇺🇸 Iran Is a Bigger Defeat Than Vietnam | Foreign Policy
At his second inaugural, U.S. President Donald Trump pronounced his hope “that our recent presidential election will be remembered as the greatest and most consequential election in the history of our country.” By losing his Gulf war, Trump has achieved that goal. His choice to launch a campaign against Iran was encouraged by others, but fully his own. It has led to a reversal that marks a strategic calamity far greater than the U.S. defeat in the Vietnam War.
Defeat in the Iranian war looks, on the surface, nothing like other U.S. military defeats. The speed of the war and its remoteness have lent an air of unreality to the whole endeavor. The White House has not been burned, as it was in 1814; there have not been protests against a nonexistent draft. The absence of substantial U.S. casualties in this conflict also masks the scale of the U.S. defeat. To be sure, the war has been deadly: Thousands of Iranians, ...
According to The Wall Street Journal, Donald Trump reviewed military options for a full-scale war against Iran to “finish the job,” but has decided, for now, not to move forward.
The report says Trump is concerned that renewed military conflict could hurt the chances of a diplomatic resolution and of dismantling Iran’s nuclear program, and that he’s shown willingness to let indirect talks in Qatar run past the August 18 deadline. He is said to be fine with continuing limited strikes on Iranian targets if Tehran violates the current temporary deal - as it already has, repeatedly.
How are those negotiations going?
Not well. It seems JD Vance’s “historic” face-to-face achievement was a one-off. Washington has been quietly downgraded from talking to the Great Satan to negotiating with the Little Satan instead - a senior Qatari official confirmed that U.S. envoys Steve Witkoff and Jared Kushner met Qatari officials in Doha, but there are currently no high-level U.S.-Iran meetings ...
