Daily Digest — 12 Jul 2026

The dominant story today is the escalating military confrontation between the US and Iran, with American forces launching a third round of airstrikes and Tehran responding by closing the Strait of Hormuz — a critical chokepoint for global oil shipments. Despite the heightened tension, markets showed a surprising calm: crude oil slipped 0.9% to $⁠71.41, while gold edged down 0.7% to $⁠4,113.70, possibly reflecting a view that the conflict remains contained or that previous gains priced in the risk. Safe-haven currencies like the yen and Chinese yuan firmed slightly. In the Muslim world, the death of Qatar’s former Emir, Sheikh Hamad bin Khalifa Al Thani, at 74 marks the end of an era for a leader who transformed the tiny Gulf state into a global diplomatic and media powerhouse — as reported by Al Jazeera.

On the crypto front, Bitcoin inched 0.3% lower to $⁠63,947 as the network faces a contentious deadline: the BIP 110 fork proposal, which would cap arbitrary data for a year, has zero miner support, with critics like Michael Saylor arguing the cure is worse than the disease. Solana tumbled 1.8% amid a broader capital rotation toward AI stocks, while Hedera’s Bonzo Lend lost $⁠9 million in an oracle exploit — a reminder of the persistent smart contract risk in DeFi. Apple filed a lawsuit against OpenAI alleging trade secret theft, deepening the rift between the two former partners. Meanwhile, the UK political scene saw the arrest of a 28-year-old man on suspicion of murdering former Conservative MP Ann Widdecombe, though police say it is not being treated as terrorism. On a lighter note, England advanced to the World Cup semi-finals with a 2-1 extra-time win over Norway in Miami, thanks to a double from Jude Bellingham.