U.S. producer price inflation cooled much more than anticipated in June, signaling a marked reduction in wholesale-level price pressures. The Producer Price Index (PPI) registered a 5.5% year-over-year increase, comfortably below the 6.2% growth rate projected by economists.

The US launched fresh airstrikes on Iran and confirmed a naval blockade on Iranian ports and coastal areas, effective 11:00 PM local time (4:00 PM ET), as part of efforts to reduce threats to shipping through the Strait of Hormuz.

Iranian Foreign Minister Abbas Araghchi mocked President Trump's proposed 20% transit fee for cargo passing through the Strait of Hormuz.