Daily Digest — 8 Jul 2026

The US launched a series of strikes on Iran after ships were attacked in the Strait of Hormuz, a dramatic escalation that immediately sent oil prices up 2.9% to $⁠72.45. The conflict threatens a critical chokepoint for global energy supplies, and the Islamic world is watching closely as tensions in the Gulf spike. The strike was confirmed by CENTCOM, and comes amid a NATO summit where President Trump renewed threats over Greenland and suggested the US could remove troops from Europe. The summit in Turkey also saw Ukraine’s Zelensky press NATO for air defence systems after intense Russian strikes.

Crypto markets fell across the board, with Bitcoin down 1.2% to $⁠63,485 and Ethereum dropping 1.8%, as the broader AI trade lost steam amid slowing infrastructure spending. In a sign of shifting institutional sentiment, Vanguard is now searching for a digital assets leader, suggesting tokenisation and stablecoins may be gaining mainstream traction. Meanwhile, AI law startup Norm raised $⁠120 million, hitting a $⁠1.2 billion valuation.

In UK politics, Reform UK leader Nigel Farage resigned as an MP amid scrutiny over financial gifts, but says he will stand again in the Clacton by-election. Health groups urged the expected next PM to ditch a UK-US NHS drug deal they say could lead to 229,000 excess deaths by 2036. A separate report warns one million more UK homeowners face higher mortgages.

The World Cup continues to expose tensions around national identity, with Kylian Mbappé slamming racist abuse from Paraguay’s Amarilla. And hacktivists defaced US Army websites in protest against Trump. The human cost of the Gaza war remains raw: two Palestinian mothers each believe a viral image of a bound detainee shows their missing son.