Iran is pushing to make billions of dollars from the Strait of Hormuz as the regime positions itself to manage the global oil artery it severed at the start of the war.

The Islamic Republic estimates that charging for security, safety and environmental services in the strait would bring in $40 billion a year in revenue for states involved, according to officials familiar with the matter. The idea, if implemented, would give Tehran cash flow and control that it didn’t command before the war.

(Continue Reading - WSJ)

A ship was hit by an unknown projectile in the Strait of Hormuz, just hours after several freighters turned around while attempting to cross the vital waterway, developments that may undermine what had been a rapid reopening of the energy chokepoint.

The unidentified cargo ship was hit on its side and sustained damage to the bridge while it was sailing to the southeast of Oman, UK Maritime Trade Operations said. UKMTO, which liaises between merchant shipping and the military, advised vessels to “transit with caution.”

(Continue Reading - Bloomberg)

Labour's ruling body has set out the timetable for electing a new party leader which could see Sir Keir Starmer's replacement installed as early as 17 July.

The schedule means Andy Burnham could take over as prime minister from Sir Keir in less than a month, if he continues to be the only MP to enter the race.

Potential candidates have from 9 July to 15 July to collect the backing of 81 MPs and until 16 July to gather the required number of nominations from affiliated bodies such as trade unions, in order to stay in the contest.

(Continue Reading - BBC)

NATO allies are expected to pledge billions of dollars in new arms contracts and more weapons production at the alliance’s summit in Ankara next month, five NATO diplomats told POLITICO.

Despite U.S. President Donald Trump repeatedly browbeating NATO since returning to office last year, allies are also expected to reaffirm their commitment to the alliance’s Article 5 mutual defense clause in the joint declaration, they said — and to again describe Russia as a long-term threat.

NATO leaders, including Trump, will gather in the Turkish capital on July 7-8, amid U.S. criticism that European allies have not backed Washington in the war on Iran. Like last year, the joint statement will be short, said the diplomats who detailed the contents of the draft statement to POLITICO. They were all granted anonymity to speak freely on the sensitive matter.

(Continue Reading - POLITICO)