Daily Digest — 22 Jul 2026

The US military’s 11th consecutive night of strikes against Iran expanded to provinces not previously hit, as Defense Secretary Pete Hegseth revealed the campaign has cost $⁠37 billion and faced sharp criticism from lawmakers. Oil climbed 1.3% to $⁠85.41, while gold rose 1.4% to $⁠4,131.50 and silver gained 1.3%, reflecting a flight to safe havens. PAXG, a gold-backed token, also rose 1.8% to $⁠4,114.69. The escalating conflict in the Gulf—with Iran reportedly firing on Kuwait—threatens global energy flows, a risk Secretary of State Rubio warned could have “global fallout” over Tehran’s Hormuz threat.

Bitcoin held near $⁠66,300, up 1.3%, as semiconductor stocks rallied on AI optimism and the yen slid to a 40-year low past 163 per dollar. The AI boom continued to drive investment: Dimension Capital raised an $⁠800 million third fund, and Wistron shares surged in Taiwan after opening a Texas plant for Nvidia AI servers. Yet the ethics of AI also surfaced—Meta is testing a bedtime story app, and LG plans to ban residential proxies from its smart TVs amid privacy concerns. In the White House, talks over the Crypto Clarity Act remain stalled as Democrats balk at Trump’s conflict-of-interest limits.

In the UK, new Prime Minister Andy Burnham pulled back on increasing the income tax allowance, while his chancellor John Healey faces pressure to fund cost-of-living pledges. Scotland’s Labour leader Anas Sarwar is expected to quit to become a minister. Elsewhere, Ukraine’s President Zelensky sacked his top army commander after protests, and an Indian village held a football tournament with goats as prizes—a vibrant Indigenous twist on the world’s game.