Economy

On the positive side, the MOU kept
oil prices down.

Egypt is quietly looking to deepen economic ties with Israel despite the public diplomatic freeze, Kann News reports.

Cairo would welcome Israeli economic delegations and expanded trade, and is trying to bring the U.S. into the trade track. Energy cooperation between the two remains extensive.

The diplomatic deadlock persists over Gaza, with Cairo still refusing to approve Israel's ambassador Uri Rothman.

@kaisos1987

Following Iran's resumption of attacks on shipping in the Strait of Hormuz, the U.S. Treasury's OFAC has sanctioned an Iranian financial facilitator accused of institutionalizing large-scale embezzlement and diverting public funds offshore. OFAC also targeted Iranian exchange houses moving billions annually for sanctioned Iranian banks.

Israel's Rafael plans to establish a production line in India for Tamir interceptors, the munition used by the Iron Dome system, according to NDTV.

Sources say Rafael is in talks with Indian defense firms for joint production, aiming to cut costs, provide backup capacity, and enable interceptor sales to other countries.

Senator Graham:

We’ve reached agreement with the White House on a version of the Russian sanctions bill that they will support. It means it’s going to become law.

I’m going to go with Senator Blumenthal to the Republican and the Democratic leaders, see if we can find time to move this Russian sanctions package that would give tools to President Trump to help end this war.

Vessel crossings through the Strait of Hormuz have dropped as operators stay cautious, per MarineTraffic.

Iran: Business in Bandar Abbas has collapsed over the past 72 hours, with deserted streets and empty shops blamed on recent fighting. Falafel stands, fruit sellers and supermarkets report far fewer customers, and some have closed.

A local merchant: "Businesses were just starting to breathe again, but the events of the past few nights threw everything into chaos."

Qatar's sovereign wealth fund is vetoing a deal between Volkswagen and Israel's Rafael to produce Iron Dome components, per Bild. As VW's third-largest shareholder, the fund is blocking the agreement. The Wolfsburg plant now faces possible closure, with hundreds of workers at risk of layoffs.

Egyptian snack maker Chipsy has stopped producing chip packets featuring Lionel Messi, Egyptian media report.

The move follows public anger over Egypt's elimination match against Argentina, widely seen as biased toward Messi. A boycott campaign backed by Egyptian public figures and artists followed, with footage online of Egyptians tossing the Messi bags.

@kaisos1987

REPORT: Following the tanker attack, Qatar has paused its push to quickly ramp up LNG output.

Iraqi prime minister: Iraq will not leave OPEC, but seeks a fair output quota

Bloomberg reports traffic through the Strait of Hormuz nearly came to a complete stop this morning.

Iraq agreed with the Trump administration to tighten financial controls blocking U.S. dollars from reaching Iran and its militias, ending a four-month suspension of American currency shipments to Baghdad. - WSJ

Saudi Arabia is reportedly pushing to reroute the India, Middle East, Europe Economic Corridor through Syria, bypassing Israel - Jerusalem Post.

Trump to get a list of Spanish goods being considered for embargo. - WSJ

Reporter: If you cut off trade with Spain does that mean you will have to renegotiate trade agreement with the E.U.?

Trump: With who?

Reporter: The E.U.?

President Trump: We’ll see what happens with the E.U. They have treated us very badly for years and they took advantages.

Italian PM Meloni:

Of the twelve critical raw materials identified by NATO, at least six are controlled by a single country.

We must ensure that the resources we are investing are going toward things that we fully control and over which we remain sovereign.

Erdogan: Turkey has allocated an additional $24 billion for its "Steel Dome" project to strengthen NATO air and missile defenses.

The rial has slid to 1,800,000 per dollar, weakening from 1,749,000 a day earlier.

@hey_itsmyturn

Trump: "Cut off all trade with Spain, all visits. Spain is a wasted cause, don't want to do trade."

NEW: U.S. revokes Iran sanctions waiver after Hormuz shipping attacks

A U.S. official told Reuters:
The U.S. Treasury Department is revoking the general license that authorized the sale of Iranian oil.

Iran's actions in the Strait of Hormuz are wholly unacceptable to the United States and will be met with consequences.

MASSIVE 🔴

The U.S. Treasury has canceled the June 21 license that allowed Iran to produce, ship, and sell crude oil, and has begun winding it down.

BREAKING 🔴

U.S. Treasury is revoking the general license that allowed Iranian oil sales, a U.S. official says.