The US has launched what it calls the “greatest financial offensive ever” against Iran, branding it “Operation Economic Outcast” — a sweeping sanctions campaign that follows the destruction of Iranian military and nuclear sites. Tehran says it is ready to counter the pressure, and the White House has warned the “economic D-Day” is only the beginning. The escalation sent gold to a three-month high above $4,619 per ounce, as investors sought safe havens, while Bitcoin surged past $80,000 for the first time since May, driven by renewed ETF inflows and a weaker dollar. The cryptocurrency’s rally also lifted Solana and Polygon by 8-9%. In a separate but related development, Syrian president Ahmed al-Sharaa thanked his nation for being removed from the US state terror list, a move that analysts say could help Syria’s economy begin to recover.
Elsewhere, France and Saudi Arabia agreed on a $7 billion theme park project near Paris, part of a raft of deals spanning energy, defence, AI and tourism signed during the Saudi crown prince’s visit. The UK faces a new threat after a Kremlin adviser warned that British drone factories may be attacked by “unknown sources”, following London’s decision to hand over blueprints for missile components to Ukraine. At the same time, the UK and Ukraine signed a deal to use battlefield data to train AI to protect sensitive sites — a sign of how rapidly artificial intelligence is being woven into defence.
In tech, India’s Airbound raised $37 million to build rocket-like drones for delivery, while Porsche signed a $1.5 billion AI deal with Indian IT giant TCS. Meanwhile, the AI hedge fund Situational Awareness is under SEC probe after nearly imploding, and Oura is reportedly eyeing a September IPO that could value it at over $16 billion. On the geopolitical front, a rare tornado tore through southern France, injuring dozens, and in Gaza, Israeli strikes killed at least seven and damaged aid infrastructure. Muslims around the world celebrated the Prophet Muhammad’s birthday, as the verse from Surah At-Tariq reminds us to bear with patience.