Morning Headlines

President Trump declared the ceasefire deal with Iran 'over,' US Central Command resumed its naval blockade, and Iran struck two supertankers in the Strait of Hormuz — killing at least one crew member and sending global oil prices surging more than 9%. The breakdown centres on Iran's insistence on exerting tolling rights over the strategic waterway, raising fears of a broader energy-supply shock.

President Volodymyr Zelenskyy dismissed General Oleksandr Syrskyi as commander-in-chief following six days of street protests in Kyiv and appointed Mykhailo Drapatyi as the new army chief, calling it a 'reset' of the country's defence posture. The leadership shake-up is the most significant change to Ukraine's military command since Russia's full-scale invasion began.

The S&P 500 rose 0.89% to near 7,509 and the Nasdaq added 1.29% as semiconductor stocks surged on stronger-than-expected South Korean and Taiwanese export data, renewing conviction that the AI infrastructure build-out has further to run. The Philadelphia Semiconductor Index is now up more than 47% year-to-date.

Israeli airstrikes across Gaza City killed at least 12 Palestinians, including four children, as fighting continued across the territory on Tuesday. The strikes mark another deadly day in a conflict that has now stretched well past a year of intensive bombardment.

Spain's national football team paraded through Madrid to an estimated crowd of two million after defeating Argentina 1-0 in extra time to claim the country's second FIFA World Cup title and first since 2010. The players were received by King Felipe VI and Prime Minister Pedro Sánchez in a celebration that brought the capital to a standstill.