Global Tensions Rise: Hormuz Traffic Slows, European Wildfires Rage, Trump Crypto Bank Approved
Hormuz traffic nearly halts amid US threats; wildfires hit Croatia and Greece; Trump's crypto firm gets bank charter approval.
Global developments on Friday painted a picture of escalating tensions and crises, from maritime chokepoints to European tourist destinations.
Strait of Hormuz
Transit through the strategic Strait of Hormuz appeared to grind to a near standstill after two more ships were attacked in the waterway. The United States has signaled it could maintain a naval blockade of Iran indefinitely, adding to economic pressure on Tehran. The slowdown threatens global oil shipments through one of the world's most vital energy corridors.
European Wildfires
A wildfire engulfed homes in a picturesque Croatian resort overnight, killing one person, injuring 40, and forcing 1,200 to evacuate, according to officials. The European Union warned that pockets of "very extreme" wildfire conditions stretched across the continent. Greece also saw hundreds evacuated from resorts as blazes spread. Croatia remained on high alert Saturday after two days of fires along the prized Dalmatian Coast at the height of tourist season.
US Politics and Business
In the United States, President Donald Trump's administration asked the Supreme Court to allow construction of a $400 million White House ballroom to continue, after an appeals court ruled the project lacked congressional approval. Separately, Trump touted falling violent crime rates as evidence his law-and-order and immigration agenda is working, aiming to shift focus from economic concerns ahead of the midterms.
A national bank regulator conditionally approved a charter linked to Trump and his family's crypto venture, World Liberty Financial, potentially expanding its stablecoin operations. In markets, Berkshire Hathaway increased its stake in Alphabet by 83% in the second quarter, making the Google parent its third-largest stock holding.
Culture and Sports
Italian police recovered three paintings by Cezanne, Renoir, and Matisse stolen from a museum near Parma in March. In Spain, authorities launched an investigation into the likely shooting of an endangered Iberian orca filmed with wounds to its dorsal fin. In soccer, Qatar challenged the Asian Football Confederation over its attack on FIFA President Gianni Infantino, while Tottenham captain Cristian Romero bid farewell ahead of a move to Atletico Madrid.