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Britain and EU sign Gibraltar Treaty to ease border crossings
The United Kingdom and the European Union signed a formal treaty regarding the status of Gibraltar in Brussels on Tuesday. This follows an agreement reached last year to ease border crossings and end years of political uncertainty about the British overseas territory. The treaty was inked by the?European trade commissioner Maros Sefcovic along with British Minister of state for Europe Stephen Doughty and Gibraltar Chief Minister Fabian Picardo. Gibraltar residents will be able to cross into Spain without having to stamp their passports, while Spanish nationals can use a government-issued ID card to cross. The agreement is intended to 'facilitate movement of goods and people, and to avoid long delays for the approximately 15,000 workers that cross the border each day. Albares said that the deal marked a new chapter in the history of Gibraltar, Spain and Britain, as well as the European Union. He said the deal would benefit 300,000 residents in the Campo de Gibraltar area by improving connectivity, encouraging investments and strengthening cross border cooperation. It would also replace centuries of mistrust and create a future based on coexistence and prosperity. Britain gained Gibraltar, a strategically significant enclave on the southern tip of Spain, in 1713's Treaty of Utrecht which ended the War of "Spanish Succession". Gibraltar and Spanish border officers will check passports of those arriving at Gibraltar Airport. Britain also wants to implement a similar system to the French police at London's St Pancras station, which operates Eurostar. Residents welcomed the removal of border controls. "It's good for the Spaniards and good for us." Elisabeth Tanino, a Gibraltar resident, said: "It's fantastic." Gibraltarian Lidia Mifsud said that Gibraltar, and the nearby Spanish town of La Linea, had long enjoyed close relations and?that removing border checks would make everyday life easier for residents and workers on both sides. Reporting by Sudip K. Gupta, with additional reporting from Jaime Lopez and Emma Pinedo. Editing by Phil Blenkinsop & Sharon Singleton.
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Crude oil shipments from Saudi Arabia’s Yanbu Port near maximum levels amid Houthi concerns
Data and industry sources indicate that daily crude loadings in Saudi Arabia's Red Sea Port of Yanbu are close to their maximum levels as tensions with Yemen's Houthi militants intensify. The kingdom also seeks to maximize oil exports. Since the U.S. - Israel conflict with Iran began February 28, Saudi?Aramco has increased its use of the Yanbu Terminal. Sources have said that Saudi Arabia also considers expanding its capacity of the oil pipeline to the western Red Sea Coast, which would enable the kingdom and?possibly?neighbours to transport more crude oil without having to cross the Strait of Hormuz. Aramco didn't immediately respond to an inquiry for comment Tuesday. According to Signal Ocean data, the number of barrels shipped from Yanbu increased from 3.36 million around July 10 to 4.7 million around July 13. This is a significant increase from 4.6 million around July 2. The data revealed that the average loadings since June have been above?4 million bpd, as opposed to 973,000 bpd in the same period of 2025. Kpler data shows that daily loadings have averaged around four million barrels over the past few weeks. OPEC’s largest producer relies increasingly on Yanbu for exporting crude oil as disruptions in shipping through the Strait of Hormuz during the conflict has curbed Gulf exports. This has prevented hundreds of millions of barrels of?oil from leaving the area and affected other?producers. Yemen's Houthis launched missiles against Saudi Arabia on Monday after accusing Riyadh of?bombing a?airport that they controlled. This broke a four-year-old truce between Riyadh, which is aligned with Iran, and the group. According to industry sources, there were concerns that Yanbu might become a Houthi-target. In March, a refinery near Yanbu was attacked. However, this incident was attributed to Iran and not the Houthis. One shipping industry source stated that "Yanbu is at its maximum capacity and there are fears the Houthis could open another front. However, there's little room to increase shipments." Reporting by Jonathan Saul & Ahmad Ghaddar. Mark Potter (Editing)
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Cameroon's major port resumes operation after vessel collision: Minister
Douala, the main port in Cameroon, has resumed its operations, said its transport minister?on a Tuesday. A collision between two cargo ships?at a weekend temporarily blocked?the navigational channel. The accident occurred early Sunday morning near buoy number 20. The collision occurred on 20 in the Douala - Bonaberi port canal when the cargo vessel MV Sea Honor, registered in Tuvalu, collided into the MV Black Rhino, flying the flag of Cyprus. The collision caused a temporary blockage of the channel and disrupted the maritime traffic in one of Central Africa’s busiest port. The impact of?disruption has not been disclosed. Port Douala-Bonaberi is the main seaport for Cameroon and it serves as a vital transit corridor for both imports and exports to and from the Central African Republic and Chad. Port Authority of Douala has launched a technical inquiry to determine the exact circumstances of this accident. Initial findings suggest that a loss in steering control aboard MV Black Rhino'may have caused the accident. In a press release, Minister Jean Ernest Massena Ngalle Bibehe stated that "MV Sea Honor has been cleared from the channel to the anchorage area and MV Black Rhino deliberately ran aground along the line of red buoys in order to facilitate the clearance operation and ensure safety of navigation." According to the Transport Ministry, all 15 crew members on board MV Black Rhino received help in accordance with national maritime rescue procedures. The ministry said that the channel was cleared, and that maritime traffic has returned to normal in standard safety conditions. Reporting by Amindeh Atabong, Editing by Susan Fenton
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Sources claim Trafigura delivered 80,000 tons to LME. This brought stocks up to a 14-year high.
Two sources with knowledge of the matter said that Trafigura, a trading house, delivered over 80,000 metric tonnes of lead this week to London Metal Exchange's warehouses, bringing stocks to their highest level in 14 years. Lead stocks LME data shows that the number of tons in approved LME warehouses increased to 370,075 on Monday after the delivery of battery metal. This is the highest level since April 2012. LME inventories of lead have increased by 40% since the middle May. The LME benchmark three-month lead dropped as much as 0.9%, to $1,851 per ton, after Tuesday's stock data, which was the lowest level since April 2025. As of 1412 GMT it was trading at $1856, underperforming the other LME metals which were all moving higher. Sources said Trafigura had deposited lead at Singapore for a rental deal. Trafigura declined ?to comment. The companies that offer metal for rent do not have to keep ownership, but instead receive a portion of the rent paid by new owners as long as the metal remains in the warehouse. The daily rent for lead in Singapore is?51cents per ton. This would be more than $40,000 per day for 80,000 tonnes. (Reporting and writing by Pratima Dasai, editing by Kirsten Doovan.)
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Ukraine to buy Rafale jets, air defence systems under France deal
Ukraine will use an European loan facility for the first time to buy next-generation Franco Italian air defence systems and French Rafale jet fighters. It has also been given approval to manufacture 'key' Western missiles in-house, as per agreements signed by Kyiv on Tuesday with Paris. Both countries announced that Ukraine would purchase 16 Rafale aircraft as the first of a fleet of 100 planned for November 2025. The order will be financed by the EU's Ukraine Support Loan Programme. The French and Ukrainian presidencies announced in a statement that training for Ukrainian pilots and technicians could begin as early as 2026. After the training is complete, the first four aircraft will be delivered, they said. Ukraine plans to purchase four SAMP/T NG air and missile defense systems of the next generation, making it the first country in the world to use the Franco-Italian SAMP/T NG system for combat. Ukraine will receive two older versions of the system until the new systems arrive. The move is part of a larger air-defence project announced on Monday by Ukraine,?several European Allies and others to develop a cheaper anti-ballistic missile capability as Russia intensifies attacks on Ukrainian cities. France and Italy have also authorized licensed production of Aster 30 missiles in Ukraine, while France has approved the local production of AASM cruise missiles and SCALP guided bombs. This is part of a deeper defence-industrial collaboration with Kyiv. In recent weeks, Russia has intensified its missile and drone strikes across Ukraine. This is increasing pressure on Kyiv for it to improve air defences and obtain additional interceptors. (Reporting and editing by Alistair Bell; Michel Rose)
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Trump wants to charge fees for Hormuz, just like Iran. Is that legal?
Donald Trump announced on Monday that after the ceasefire broke down with Iran over Tehran's attempts to maintain control of the strategic waterway, the United States will charge cargoes 20% more for the use of the Strait of Hormuz. Iran closed down the 34 km wide strait, which was the main route for a 5th of the world's oil supply and other essential goods such as fertilisers. This caused a global energy crisis when the U.S. It's important to understand the differences between Trump and Iran, and what it means for the rest of the world. HAS THE U.S. Has the U.S. In response to Iran's request for fees, U.S. Secretary Marco Rubio stated in a meeting with Gulf States on June 25 that "no nation on Earth has the rights to charge for the usage of international waterways." He also said that shipping fees would never be included in any agreement. Trump had previously suggested that the U.S. could charge tolls in the event of a failure to reach a deal with Iran. There will be no tolls in the Hormuz strait during the Cease Fire period for 60 days, and after that, there will be no tolls, unless the United States of America imposes them for the services rendered by the Guardian Angel in the Middle East countries. He now seems to have returned to his previous stance, with the ceasefire in tatters. In a post on social media on Monday, he stated that "the U.S.A. would be known from now on as 'THE GUARDIAN of the HORMUZ STREET'. But as such, as a matter FAIRNESS will be reimbursed at a rate of 20% for all cargo shipped." Trump hasn't explained how such charges would be imposed, nor what legal authority could he use to require their passage. How is TRUMP's demand for a toll different from IRAN's request for fees? Iran's main negotiation priority is to maintain control of the Strait waters, which it shares with Oman. It sees this as the strongest strategic lever it has in the world, and the best assurance for its security from future attacks. Washington may have accepted this from the language of the interim agreement signed last month, which stated that Iran would "make arrangements with its best efforts to ensure the safe passage of commercial ships without charge for 60-days only". The U.S., however, interpreted this language to mean that Iran should only facilitate safe passage of vessels and not impose any restrictions backed by force. During the war in Iran, Tehran created the Persian Gulf Strait Authority with which it said any vessel transiting the waterway had to coordinate and that ships were only allowed to transit near the Iranian shoreline. It has targeted vessels that have tried to pass the Omani coast without its permission. The company has stated that it will eventually charge a fee for the passage of passengers, but hasn't specified what this would be. What was the situation before the war and is it legal to charge for using a 'STRAIT'? The Strait is made of the territorial waters between Iran and Oman with the maritime border running through the middle. UNCLOS, the international maritime law convention, says that states bordering straits can't demand payment for a simple permission to pass through. They can, however, impose a limited fee for certain services, such as tugging, piloting or port services. These fees may not be imposed more heavily on ships from a particular country. UNCLOS is not signed by either Iran or the United States, but it is widely accepted as international maritime law. Hormuz has been referred to as an international strait. In 1968, Iran & Oman reached an agreement with the International Maritime Organization (IMO) to use the sea lanes in the middle of the Strait for major vessels. According to the IMO, the mines laid by Iran during the war have made this passage dangerous. Would other countries accept tolls or fees for transiting HORMUZ? Shipping industry officials claim that no such unilateral decision to charge fees for crossing a strait was ever made in modern history. Oman and Iran have held a dialogue on this issue. It issued guidelines last month to vessels that transited the Strait via its waters without paying any fees. Gulf States, whose primary access to high seas is through the Strait for vital energy exports, are especially concerned about fees. Trump's proposed 20% surcharge for cargoes could also alarm major consumers of Gulf energy and fertilisers. This could cause global oil prices to rise significantly.
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EU Aviation body reinstates Middle East flight warnings as fighting resumes
As the U.S. - Iran war erupted again, the European Union 'Aviation Safety Agency' (EASA), on Tuesday, reinstituted and?toughened their warning to airlines in the Middle East. They told them?to avoid?the airspace?"of Bahrain,??Kuwait?, Qatar?, the United Arab Emirates?and over the Gulf of Oman?. EASA retracted its previous advisory just a week before, following a temporary easing of regional tensions due to the interim ceasefire signed between Washington and Tehran last month. In that warning, airlines were asked to be cautious when flying in the airspace of Israel, Jordan and Oman. The new,?restrictive warning is valid until the 29th of July. Iran launched?ballistic rockets at a U.S. On Tuesday, U.S. forces attacked Jordan's air base for the third consecutive night after Iran announced on Saturday that it would close the Strait of Hormuz. Donald Trump, the U.S. president, was prompted by this move to re-impose a blockade on Iranian shipping as well as propose a 20% charge to protect the crucial waterway. EASA stated that the 'presence' of US military bases in the area increases the?likelihood?that states covered by the Conflict Zone Information Bulletin could be directly exposed to Iranian missile and drone attacks. Separately?EASA extended its advisory last week asking airlines to 'not operate in the airspace of Iran, Iraq and Lebanon.
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Frontier Airlines joins Starlink in a bid to attract travelers
Frontier Airlines announced on Tuesday that it will begin installing in-flight Wi Fi?across its fleet?in early 2027. In a bid to compete with Amazon's Kuiper, the Denver-based airline has signed up with Elon Musk’s Starlink to offer in-flight Wi Fi. As airlines compete for customers, they are increasingly turning to high-end amenities. ?Frontier launched Starlink after the airline introduced first-class seats and?loyalty programs aimed at attracting higher spenders. In a recent statement, Chief Executive Officer Jimmy Dempsey stated that "we're continuing to make investments in the products and services most important to our customers." The terms of the agreement were not disclosed by the carrier. Starlink installation can be expensive, costing up to hundreds of millions for large fleets. Frontier Airlines is one of five Indigo Partners portfolio carriers that will install Starlink on more than 1,000 aircraft. Even so, not all low-cost carriers are convinced that the economics works. Ryanair and EasyJet highlighted the costs associated with "in-flight connectivity", highlighting the debate about if premium products could generate enough revenue to justify investment for budget carriers. Starlink is a satellite system that uses thousands of low-Earth orbit satellites to provide a faster connection and lower latency. Reporting by Doyinsola Oladipo, New York; editing by Sonali Paul
Binance vows that it will remain in Europe despite a license setback
Binance, the crypto platform, plans to remain in 'the European Union, and will seek permission to operate there again, according to a senior executive. This is after Binance's application under a reformed?licence regime was rejected, which threatened access to millions of users. Gillian Lynch told? that Binance was not going to leave Europe after the failed attempt to obtain a license in Greece for the purpose of offering services like crypto trading within the EU.
She said, "We might just need to take a different route in order to be approved." "If Greece is not an option, I am looking at alternatives."
Binance is now on a collision course with European regulators. The company only has a week to obtain a license before the current permit to operate in Europe expires. This would force it to shut down its EU operations.
Binance, according to two people familiar with the process, has met with regulators from Ireland and Greece. However they have not been able to reach an agreement.
Officials expressed concern about the past money-laundering penalties of the company, its international structure, and what they perceived as a culture of risk taking.
The regulators in all three countries refused to comment or didn't respond.
The letters sent to regulators show how one of the largest crypto companies in the world has struggled with regulatory resistance and obtaining an EU license.
Lynch stated that Binance didn't know the reason for its rejection and had previously believed that the Greek regulator intended to grant a license. She stated that Binance contacted at least four regulators, but had only submitted one application to Greece. Binance's spokesperson said that the company has not been in contact with Ireland's central banks for several years.
Lynch, when asked about Binance's previous problems, said that Binance had invested heavily in compliance and internal control, had employed 1,500 compliance personnel, and did not have any outstanding issues relating to its application.
Regulatory Concerns
Binance's failure to obtain an EU license before the deadline of June 30 raises doubts about its future within the EU. The EU's new crypto regulations will be tested to see if authorities can enforce what amounts to a prohibition.
The European Securities and Markets Authority (ESMA) said on Tuesday that crypto firms without a license must "take immediate measures to wind up their EU activities in a timely manner".
MiCA (the EU's groundbreaking crypto regime) came into effect last year. Firms have until the end of June to get an authorisation to serve customers in all 27 member states.
Binance claims to have more than 300 millions customers worldwide, but has declined to disclose how many of those are in the EU. Sensor Tower estimates that the app was downloaded over 4 million times last year in the EU, with France, Germany, and Spain being the most popular downloads.
Sources who spoke on condition of anonymity said that regulators evaluating Binance's offer were also concerned with the backgrounds of senior executives, and the exchange’s track record in money laundering controls. They viewed these as being inadequate.
One source pointed to the influence and complexity of Binance's global structure, which was attributed to founder Changpeng Zhao. Zhao said in a podcast in February that he remained Binance’s ultimate beneficial owner.
Lynch told Zhao that Zhao was "100% removed from the company."
Binance struggled in the past to gain regulatory approvals elsewhere. Binance is not authorised in the UK, and it was asked to leave Japan for operating without a license. Its primary licence is in the United Arab Emirates.
Zhao, also known as CZ, pleaded guilty in 2023 to violating U.S. laws against money laundering as part of an $4.3 billion settlement after a year-long investigation. He spent nearly four months behind bars before being pardoned by U.S. president Donald Trump last year.
Binance, according to U.S. authorities, has violated anti-money laundering laws and sanctions laws by failing to report over 100,000 suspicious transactions that were linked to groups designated as terrorist organizations in Washington.
COORDINATION OF REGULATORS
MiCA allows crypto firms to?apply via a single regulator national and use this as a "passport". This will allow them to sell services throughout the bloc.
One source said that regulators in Latvia, Ireland, and Greece worked closely together to ensure "a consistent approach" to Binance’s application. Some regulators are concerned that inconsistent enforcement may undermine efforts to supervise a multi-billion dollar industry. They warn it could destabilise the markets, facilitate illegal finance, and harm investors if properly supervised.
Eleanor Hughes, Binance's general counsel, said that Binance believed it met MiCA requirements. While national regulators issue licences, ESMA can discuss applications. Reporting by John O'Donnell and Elizabeth Howcroft. Francesco Canepa, Lefteris papadimas. (Editing by Tommy Reggiori Wilkes. ElisaMartinuzzi, Mark Potter and Mark Potter.
(source: Reuters)