Daily Digest — 21 Jul 2026

The US launched fresh strikes on Iran, targeting the Islamic Republic’s naval capabilities in the Strait of Hormuz, as President Trump warned of retaliation for the deaths of American soldiers. Vessel traffic through the key oil corridor has slumped, driving a surge in energy prices — but crude edged down 0.1% to $⁠82.36 today, possibly on profit-taking, while gold climbed 0.9% to $⁠4,053.50 as a safe haven. The conflict is also disrupting global shipping, with the US military releasing footage of the tenth consecutive night of strikes. Meanwhile, Trump slapped 50% tariffs on certain Canadian goods, escalating trade tensions with a key NATO ally, and Canadian Prime Minister Mark Carney vowed to intensify talks.

In the South China Sea, China and the Philippines traded accusations after a sailor was injured near Second Thomas Shoal. The US condemned China’s actions as “dangerous and aggressive,” with top diplomat Marco Rubio expected to visit Manila. In the UK, new Prime Minister Andy Burnham began his tenure, with advisers pushing a 2% wealth tax on households worth over £100 million. Cryptocurrencies rebounded: Bitcoin rose 1.9% to $⁠65,483, and Ethereum added 3.3% after Cardano’s Van Rossum hard fork went live. AI compute stocks also bounced as Hut 8 and IREN secured billions in new data centre contracts. Separately, Anthropic’s $⁠1.5 billion copyright settlement was approved, and Exodus announced it would cut 25% of its workforce to pivot to payments.

Elsewhere, Argentina’s World Cup runners-up received a heroes’ welcome, and Spain’s champions were celebrated by millions in Madrid. In Lebanon, residents began returning to “pilot zone” villages that Israel is handing over to Lebanese government control. Myanmar’s junta leader Min Aung Hlaing sought a diplomatic comeback amid civil war.