The US struck Iranian missile and drone storage sites overnight, marking a significant escalation. Iran condemned the strikes as a violation of their memorandum of understanding and said it hit American military sites in the region in response. This is the sharpest direct exchange between the two sides in the current cycle and will matter for oil positioning going into next week. The situation remains fluid.

On UK domestic policy, Shabana Mahmood is moving to shore up support for the immigration bill ahead of what looks like a leadership transition to Andy Burnham. The headline measure is a new capped safe and legal sponsorship route for refugees, but the bill also tightens modern slavery protections, narrows human rights-based claims to immediate family members, and makes it easier to deport foreign national offenders. Mahmood is bringing the legislation forward faster than originally planned, which suggests she wants it passed before any change at the top. Worth watching how the Labour left responds when it hits the Commons.

The Trump administration has authorised more than 100 US companies and government agencies to use Anthropic’s Mythos 5 model, including access for non-American employees. The FT notes the move eases tension with Anthropic but that unease about Washington’s ad hoc approach to AI regulation persists. The practical effect is a significant expansion of Mythos 5’s commercial footprint, underwritten by government clearance rather than a formal regulatory framework.

Apple is seeking Trump administration sign-off to buy memory chips from a blacklisted Chinese supplier. The driver is straightforward: rising semiconductor prices. If approved, it would be a notable carve-out from the existing export control architecture and would set a precedent other manufacturers will be watching closely.

The Meloni-Trump relationship has deteriorated publicly and is proving difficult to repair. Italy was until recently seen as a reliable bridge between Washington and European capitals. That channel looks considerably less useful now, which has implications for how the EU manages its next round of trade and defence conversations with the administration.

The Federal Reserve’s preferred inflation gauge, the PCE index for May, is due for release on Monday 29th June.

Sources

BBC News, Al Jazeera, Guardian, Politico, FT, The Economist, TechCrunch, Ars Technica — 2026-06-27