US President Trump said vessels are leaving the Strait of Hormuz.

Fed chair Kevin Warsh said investors should rely on incoming economic data to judge whether the Fed will raise rates and offered no hint of a July rate hike. He reiterated opposition to forward guidance and said he prefers limited public signaling by officials, warning excess commentary can confuse markets. Warsh, nominated by Trump and installed in May, is less likely than Powell to speak bluntly on policy.

July 1 — Iranian foreign minister Araghchi reposted a message from Israeli defense minister Katz on social media, saying the Iran–U.S. memorandum of understanding’s terms are "clear, transparent and visible to all." He cited a Trump pledge to "restrain his 'pet' in Tel Aviv" and warned that if Israel ignores its "master" Iran would "teach a lesson." Araghchi said any threat to the Iranian people or leadership would receive an "immediate and forceful response."