According to IRNA, US forces struck Jiroft airport in southeastern Iran.

India will cut the diesel export windfall tax to 19 rupees per litre from 24 rupees per litre, effective Sept. 1, per an official order.

ECB Governing Council member Rehn warned a protracted, attritional Middle East conflict could keep euro-area inflation elevated and said the bank must be prepared. He cited rising energy prices and the near-closure of shipping through the Strait of Hormuz as drivers and warned against an affordability crisis. Rehn’s shift from focusing on growth risks toward inflation concerns signals a widening hawkish contingent on the Governing Council. Last week ECB executive board member Schnabel publicly urged another rate rise in September.