IRNA said Iran has made no commitment to transfer management authority over the Strait of Hormuz under the memorandum of understanding with the United States.

The Russian Defence Ministry said on June 11 Russian forces have seized two populated localities in Donetsk and Kharkiv regions, launched an offensive in northern Donetsk and are conducting street fighting in Kostiantynivka, with full control of the city’s eastern sector. The Ukrainian General Staff said on June 11 that between June 10 and early June 11 Ukrainian forces struck multiple military, logistics and industrial targets inside Russia, including oil refineries, UAV production facilities and military command posts.

India is prepared to widen this year’s budget deficit to 4.8% of GDP, up 50 bps from the 4.3% target set in February, a government official said. Higher energy subsidy costs linked to the Iran war have strained public finances and made meeting the February target unlikely — the first miss since the pandemic. The finance ministry has told rating agencies any fiscal deterioration reflects external uncertainty rather than a change in fiscal discipline. India last missed its budget target in FY2020-21, when the deficit rose to 9.2% of GDP versus a 3.5% target; the government has since pursued fiscal consolidation. Authorities say they will reassess the fiscal outlook later this year as non-tax receipts and subsidy needs become clearer, and are evaluating departmental spending cuts to contain the deficit. The scale of cuts will hinge largely on fertilizer prices; falling global fertilizer prices would lower subsidy bills and reduce the need for broad spending curbs.