EU And Canada To Deepen Ties With New Security Pact

Political

Economic

Summary:

The European Union hosts Canada for a summit on Monday designed to deepen their already close ties as both face increased geopolitical threats, including a more hostile U.S. president, Russia and Middle East instability.

European Commission President Ursula von der Leyen and European Council President Antonio Costa, who chairs EU summits, will greet Canadian Prime Minister Mark Carney for a two-hour meeting in Brussels, a day before a NATO summit in the Hague.

EU officials said the EU-Canada summit was not a "business as usual" meeting and marked a new era in bilateral ties.

The two allies, who already have a free trade agreement, are due to agree to a security and defence partnership, the first the bloc has struck with a country from the Americas.

EU And Canada To Deepen Ties With New Security Pact_1

EU And Canada To Deepen Ties With New Security Pact_2

European Commission President Ursula von der Leyen and European Council President Antonio Costa welcome Canadian Prime Minister Mark Carney for an EU-Canada summit in Brussels, Belgium June 23, 2025.

The partnership will involve joint work on crisis management, cyber, maritime and space security, arms control, as well as support for Ukraine, which Russia "invaded" more than three years ago.

It will also pave the way for Canadian companies to access the 150 billion euro ($172 billion) EU joint procurement programme SAFE.

The two partners are also expected to launch negotiations on a digital agreement designed to shape global rules for data, such as on e-signatures and consumer protection or limits on spam.

A draft of the joint statement refers to alignment of standards in digital regulation to make online platforms safer and more inclusive and AI systems more trustworthy, areas of regulation on which the United States has criticised the EU.

Source: Reuters

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Thomas

Middle East Situation

U.S. President Donald Trump announced on Monday a complete ceasefire between Israel and Iran, potentially ending the 12-day war that saw millions flee Tehran and prompted fears of further escalation in the war-torn region.

Israel, joined by the United States on the weekend, has carried out attacks on Iran's nuclear facilities, after alleging Tehran was getting close to obtaining a nuclear weapon.

"On the assumption that everything works as it should, which it will, I would like to congratulate both Countries, Israel and Iran, on having the Stamina, Courage, and Intelligence to end, what should be called, 'THE 12 DAY WAR'," Trump wrote on his Truth Social site.

While an Iranian official confirmed that Tehran had agreed to a ceasefire, there was no immediate comment yet from Israel.

A senior White House official said Israel had agreed so long as Iran does not launch further attacks and that Trump brokered the deal in a call with Israeli Prime Minister Benjamin Netanyahu.

Trump appeared to suggest that Israel and Iran would have some time to complete any missions that are underway, at which point the ceasefire would begin in a staged process.

Iran denies ever having a nuclear weapons program but Supreme Leader Ali Khamenei has said that if it wanted to, world leaders "wouldn't be able to stop us".

Israel, which is not a party to the international Non-Proliferation Treaty, is the only country in the Middle East believed to have nuclear weapons. Israel does not deny or confirm that.

Qatar's Prime Minister Sheikh Mohammed bin Abdulrahman Al Thani secured Tehran's agreement during a call with Iranian officials, an official briefed on the negotiations told Reuters on Tuesday.

U.S. Vice President JD Vance, Secretary of State Marco Rubio and U.S. special envoy Steve Witkoff were in direct and indirect contact with the Iranians, the White House official said.

Neither Iran’s U.N. mission nor the Israeli embassy in Washington immediately responded to separate requests for comment from Reuters.

Hours earlier, three Israeli officials had signaled Israel was looking to wrap up its campaign in Iran soon and had passed the message on to the United States.

Netanyahu had told government ministers whose discussions ended early on Tuesday not to speak publicly, Israel's Channel 12 television reported.

Markets reacted favorably to the news.

S&P 500 futures rose 0.4% late on Monday, suggesting traders expect the U.S. stock market to open with gains on Tuesday.

Israel And Iran Agree On Ceasefire To End 12-day War, Trump Says_1

Israel And Iran Agree On Ceasefire To End 12-day War, Trump Says_2

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Israel And Iran Agree On Ceasefire To End 12-day War, Trump Says_4

U.S. crude futures fell in early Asian trading hours on Tuesday to their lowest level in more than a week after Trump said a ceasefire had been agreed, relieving worries of supply disruption in the region.

END TO THE FIGHTING?

There did not appear to be calm yet in the region.

The Israeli military issued two evacuation warnings in less than two hours to residents of areas in the Iranian capital Tehran, one late on Monday and one early on Tuesday.

Israeli Army radio reported early on Tuesday that alarms were activated in the southern Golan Heights area due to fears of hostile aircraft intrusion.

Earlier on Monday, Trump said he would encourage Israel to proceed towards peace after dismissing Iran's attack on an American air base that caused no injuries and thanking Tehran for the early notice of the strikes.

Iran's handling of the attack recalled earlier clashes with the United States and Israel, with Tehran seeking a balance between saving face with a military response but without provoking a cycle of escalation it can't afford.

Tehran appears to have achieved that goal.

Iran's attack came after U.S. bombers dropped 30,000-pound bunker-busters on Iranian underground nuclear facilities at the weekend, joining Israel's air war.

Much of Tehran's population of 10 million has fled after days of bombing.

The Trump administration maintains that its aim was solely to destroy Iran's nuclear program, not to open a wider war.

"Iran was very close to having a nuclear weapon," Vice President JD Vance said in an interview on Fox News' "Special Report with Bret Baier."

"Now Iran is incapable of building a nuclear weapon with the equipment they have because we destroyed it," Vance said.

But in a social media post on Sunday, Trump spoke of toppling the hardline clerical rulers who have been Washington's principal foes in the Middle East since Iran's 1979 Islamic Revolution.

Israel, however, had made clear that its strikes on Evin prison - a notorious jail for housing political prisoners - and other targets in Tehran were intended to hit the Iranian ruling apparatus broadly, and its ability to sustain power.

Source: Reuters

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Samantha Luan

Economic

Commodity

Middle East Situation

Oil prices tumbled on Tuesday to their lowest level in more than a week as U.S. President Donald Trump said a ceasefire has been agreed between Iran and Israel, relieving worries of supply disruption in the area.

Brent crude futures fell $2.69 or 3.76% to $68.79 a barrel as of 0006 GMT, after falling more than 4% earlier in the session and touching its lowest level since June 11.

U.S. West Texas Intermediate crude slumped $2.7, or 3.94%, to $65.46 per barrel, having hit its weakest level since June 9 earlier in the session and falling around 6%.

Trump announced on Monday that Israel and Iran have fully agreed to a ceasefire, adding that Iran will begin the ceasefire immediately, followed by Israel after 12 hours. If both sides maintain peace, the war will officially end after 24 hours, concluding a 12-day conflict.

He said that a "complete and total" ceasefire will go into force with a view to ending the conflict between the two nations.

"With the ceasefire news we are now seeing a continuation of the risk premium built into crude oil price last week all but evaporate," said Tony Sycamore, analyst at IG.

Iran is OPEC's third-largest crude producer, and the easing of tensions would allow it to export more oil and prevent supply disruptions, a major factor in oil prices jumping in recent days.

Both the oil contracts settled over 7% lower in the previous session after rallying to five-month-highs after the U.S. attacked Iran's nuclear facilities over the weekend, stoking fears of a broadening in the Israel-Iran conflict.

"Technically, the overnight sell-off reinforces a layer of resistance between approximately $78.40 (October 2024 and June 2025 highs) and $80.77 (the year-to-date high), and it's clear that it will take something extremely unexpected and detrimental to supply for crude oil to break through this layer of resistance," Sycamore added.

Source: Reuters

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Thomas

Cryptocurrency

Political

• Bitcoin fell below $100,000 amid U.S.-Iran conflict escalation.

• Market cap decreased by 7% following geopolitical tensions.

• Ethereum and XRP also saw significant declines.

Bitcoin Falls Below $100,000 Amid U.S.-Iran Conflict.

Bitcoin prices dropped to $98,500 after U.S. airstrikes on Iran's nuclear sites authorized by President Trump, causing significant market unrest.

The event underscores Bitcoin's sensitivity to geopolitical events, affecting market stability and investor sentiment in real time.

The sudden drop in Bitcoin below $100,000 was influenced by military actions authorized by President Donald Trump. Heightened geopolitical tensions from the U.S.-Iran conflict drove this market reaction. Prices for Bitcoin reached a low near $98,500.

Donald Trump played a crucial role, publicly addressing the airstrikes and stating, "This is an HISTORIC MOMENT FOR THE UNITED STATES OF AMERICA, ISRAEL, AND THE WORLD. IRAN MUST NOW AGREE TO END THIS WAR. THANK YOU!" His statement reinforced the geopolitical nature of the Bitcoin selloff. Meanwhile, there's no record of comments from Bitcoin creators or leading companies.

The cryptocurrency market experienced sharp declines, paralleling traditional market reactions to geopolitical instability. Ethereum saw a 10% drop, while the total market capitalization fell by 7% to $3.23 trillion.

The financial implications stretched across multiple sectors. Bitcoin's drop reflected typical risk-off behavior, highlighting the crypto market's vulnerability to international crises. XRP declined by 2.6%, adding to the overall downturn of top-100 coins.

While historical patterns show cryptocurrencies react to geopolitical shocks, direct comments from government or regulatory bodies were absent. The crisis underscores how market volatility centers on geopolitical events, affecting both traditional and new financial sectors.

Kirill Kretov of CoinPanel noted the influence of geopolitical tension on Bitcoin's recent fall, underscoring how "Bitcoin’s recent fall is being driven by a potent mix of geopolitical tension and macro uncertainty. As conflict in the Middle East escalates, global risk appetite has sharply declined."

The continuing uncertainties impose significant challenges to market stability as macro risks remain prevalent.

Source: CryptoSlate

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Daniel Carter

Political

U.S. District Judge Allison Burroughs in Boston issued an injunction barring Trump's administration from carrying out its latest bid to curtail Harvard's ability to host international students amid an escalating fight pitting the Republican president against the prestigious Ivy League school.

The preliminary injunction extends a temporary order the judge issued on June 5 that prevented the administration from enforcing a proclamation Trump signed a day earlier that cited national security concerns to justify why Harvard could no longer be trusted to host international students.

The proclamation prohibited foreign nationals from entering the U.S. to study at Harvard or participate in exchange visitor programs for an initial period of six months, and directed Secretary of State Marco Rubio to consider whether to revoke visas of international students already enrolled at Harvard.

Almost 6,800 international students attended Harvard in its most recent school year, making up about 27% of the student population of the prestigious Cambridge, Massachusetts-based school.

Trump signed the proclamation after his administration had already frozen billions of dollars in funding to the oldest and wealthiest U.S. university, threatened Harvard's tax-exempt status and launched several investigations into the school.

Trump on Friday said his administration could announce a deal with Harvard "over the next week or so" to resolve the White House's campaign against the university, which has waged a legal battle against the administration's action.

Harvard alleges that Trump is retaliating against it in violation of its free speech rights under the U.S. Constitution's First Amendment for refusing to accede to the administration's demands to control the school's governance, curriculum and the ideology of its faculty and students.

The university has filed two separate lawsuits before Burroughs seeking to unfreeze around $2.5 billion in funding and to prevent the administration from blocking the ability of international students to attend the university.

The latter lawsuit was filed after Homeland Security Secretary Kristi Noem on May 22 announced that her department was immediately revoking Harvard's Student and Exchange Visitor Program certification, which allows it to enroll foreign students.

Noem, without providing evidence, accused the university of "fostering violence, antisemitism, and coordinating with the Chinese Communist Party."

Her action was temporarily blocked by Burroughs almost immediately. While the Department of Homeland Security has since shifted to challenging Harvard's certification through a months-long administrative process, Burroughs at a May 29 hearing said she planned to issue an injunction to maintain the status quo, which shedid officially on Friday.

A week after the hearing, Trump signed his proclamation, which cited concerns about Harvard's acceptance of foreign money including from China and what it said was an inadequate response by the school to his administration's demand for information on foreign students.

His administration has accused Harvard of creating an unsafe environment for Jewish students and allowing antisemitism to fester on its campus. Protests over U.S. ally Israel's treatment of Palestinians during itswar in Gazahave roiled numerous universities' campuses, including Harvard's.

Rights advocates have noted rising antisemitism and Islamophobia in the U.S. due to the war. The Trump administration has thus far announced no action over anti-Arab and anti-Muslim hate.

Harvard's own antisemitism and Islamophobia task forces found widespread fear and bigotry at the university in reports released in late April.

Source: Reuters

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Daniel Carter

Political

Middle East Situation

Donald Trump claimed that Israel and Iran have agreed to a ceasefire at a time when tensions remain high in the region.

Donald Trump announces 'complete and total ceasefire' between Israel and Iran, with both countries yet to confirm the news.

The announcement comes after Trump thanked Tehran for giving it advanced notice of its limited attack on a US airbase in Qatar.

Trump claims 'complete and total ceasefire' between Israel and Iran in coming hours.

US President Donald Trump has announced a "complete and total CEASEFIRE" in approximately six hours, saying both Israel and Iran have agreed to it.

"CONGRATULATIONS TO EVERYONE!" Trump wrote on his Truth Social platform, saying the ceasefire will come after the two countries "have wound down and completed their in progress, final missions!"

It would last for 12 hours "at which point the War will be considered, ENDED!"

"Officially, Iran will start the CEASEFIRE and, upon the 12th Hour, Israel will start the CEASEFIRE and, upon the 24th Hour, an Official END to THE 12 DAY WAR will be saluted by the World," Trump said.

Both Israel and Iran are yet to confirm the ceasefire agreement.

Source: DW

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Manuel

Middle East Situation

Commodity

President Donald Trump announced that Israel and Iran had agreed to a tentative ceasefire in their conflict that would begin about midnight Washington time on Monday.

Trump, who made the surprise announcement on his Truth Social platform days after ordering airstrikes on Iran’s nuclear facilities, said the accord is aimed at a lasting end to the fighting.

“On the assumption that everything works as it should, which it will, I would like to congratulate both Countries, Israel and Iran, on having the Stamina, Courage, and Intelligence to end, what should be called “THE 12 DAY WAR.”

There was no immediate comment from Iran or Israel on Trump’s post. Vice President JD Vance said the president had been “working the phones constantly” Monday with a goal of getting an agreement.

Details of the timing of exactly when each side would stop fighting weren’t immediately clear from Trump’s post.

As Trump made the announcement, Iranian media reported powerful explosions in Tehran and several other cities. Meanwhile, Iran’s Foreign Minister Abbas Araghchi said Tehran is not seeking to escalate tensions but is prepared to respond to any further US aggression.

His announcement came just hours after Iran fired missiles at the Al Udeid Air Base in Qatar, where US Central Command has its regional headquarters, after promising it would respond “proportionately and decisively” to the weekend bombing by US forces of three nuclear facilities. Qatar said the Iranian missile barrage was intercepted and the base had been evacuated in advance. Trump thanked Iran for the advance warning and the limited strike.

Oil plunged on relief that Tehran’s measured response offered the prospect of easing tensions in the conflict, which began 10 days ago when Israel attacked Iran’s nuclear and missile installations and military leaders. Iran has responded with several days of missile strikes on Israel. Trump Announces Tentative Israel-Iran Ceasefire to End Fighting_1

Trump Announces Tentative Israel-Iran Ceasefire to End Fighting_1

After the attack on Qatar, Trump posted, he added: “CONGRATULATIONS WORLD, IT’S TIME FOR PEACE!”

Speaking to Fox News after Trump announced the ceasefire, Vance said that the US bombing over the weekend had met its objectives.

“We know that they cannot build a nuclear weapon,” Vance said, adding that Iran’s existing stock of highly enriched uranium was “buried” by the attack.

“if Iran is desperate to build a nuclear weapon in the future, then they’re going to have to deal with a very, very powerful American military,” he said.

Iran’s move on Monday appeared to be “a largely symbolic retaliation,” said Ziad Daoud, Bloomberg Economics’ chief emerging-market economist. “Plenty of warning was given — Qatar shut its airspace and the US issued warnings to citizens.”

Some of Qatar’s Gulf Arab neighbors including Bahrain, which hosts a US naval base, and the United Arab Emirates also closed their airspace late Monday as a precaution. All those countries announced within hours that their airspace had been reopened to traffic. Qatar, the UAE and Saudi Arabia issued statements condemning the Iranian attack.

The US and its allies were expecting the strike, according to a person familiar with Western intelligence assessments. US diplomatic missions advised Doha-based residents earlier in the day to shelter in place. Trump Announces Tentative Israel-Iran Ceasefire to End Fighting_2

Trump Announces Tentative Israel-Iran Ceasefire to End Fighting_2

Iranian officials also suggested the move had a symbolic element. The number of missiles fired matched the number of bombs deployed by the US against the nuclear sites at Fordow, Natanz and Isfahan, and the Qatar strike “poses no danger” to a “friendly and brotherly country,” the state-run IRNA news agency said.

Israel says its war against Iran aims to prevent the country from acquiring atomic weapons, a risk also cited by Trump to justify US involvement. Iran denies ever having sought a nuclear bomb.

In the past few months, American and Iranian negotiators had held several rounds of talks aimed at a new agreement on curtailing Iran’s program — to replace the 2015 nuclear deal which Trump abandoned during his first term. A key sticking point in those discussions was the question of limited uranium enrichment on Iranian soil, which Tehran insists it’s entitled to do under international law, and Trump appeared to rule out.

Since Israel’s attack on June 13, Trump has alternated between military threats and hints of renewed diplomacy. His envoy in the earlier negotiations, Steve Witkoff, has been in contact with Iran since the US strikes. Tehran has said it won’t rejoin talks while under attack.