The World in Brief from The Economist

America launched new strikes on Iran moments before its naval blockade on Iranian ports came into effect. Headline inflation in America fell to 3.5% in June, from 4.2% in May.

Brent crude, the global benchmark, surged past $87 on Tuesday, rising by around 3.5%. Also, Andy Burnham was confirmed as the new leader of Britain’s ruling Labour Party after securing the backing of 349 of the party’s 403 MPs.

America said it launched another round of strikes on Iran.

Donald Trump said America will reinstate its naval blockade of Iran, and insisted the Strait of Hormuz will remain open despite Iranian attacks on ships; Twelve American states sued to block Paramount’s $111bn acquisition of Warner Bros Discovery, arguing it will give Paramount too much control over film distribution, reducing competition and raising prices.

Iran said that diplomacy had been “rendered futile” as it continued to trade fire with America. Also, Volodymyr Zelensky, Ukraine’s president, announced changes to his cabinet and said he would replace the country’s prime minister.

America and Iran traded missile and drone attacks as they battled over the Strait of Hormuz, which Iran shuttered again over the weekend.

America and Iran traded missile and drone attacks as they battled over the Strait of Hormuz, which Iran shuttered again over the weekend. Lindsey Graham’s office announced that the Republican senator died following a “brief and sudden illness”.

Abbas Araghchi, Iran’s foreign minister, held talks with his Omani counterpart about the future of the Strait of Hormuz; America’s Justice Department issued subpoenas to several New York Times journalists, demanding that they testify before a grand jury in New York next week.