Good afternoon,

Today’s news: Globally, updates from Iran and the UK. Plus, the global oil prices. Locally, four killed in Kurram landmine blast, Punjab unveils major fast train initiative, and Komatsu signs deal to supply equipment for Reko Diq mining project.

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Around The World

Missed me. A US intelligence report suggests that Iran’s nuclear program was set back only a few months after US strikes and was not “completely and fully obliterated”, contradicting statements from Trump and Netanyahu. The report found that while the Sunday strikes at the Fordo, Natanz, and Isfahan nuclear sites did significant damage, the stockpile of enriched uranium was not eliminated.

The White House acknowledged the existence of the assessment but disagreed with it. Trump also flashed intense anger as the ceasefire he brokered between Israel and Iran appeared to grow more fragile. Before heading to the NATO summit in the Netherlands, Trump conveyed he was particularly unhappy with Israel.

Jet, set, go. The UK government is planning to purchase 12 new fighter jets, which can be equipped with nuclear bombs, and join Nato's airborne nuclear mission. Downing Street says the move is the biggest strengthening of the UK's nuclear posture in a generation. Nato's airborne nuclear mission involves allied aircraft being equipped with American B61 bombs stockpiled in Europe. Seven other countries, including the US, Germany, and Italy, already use these dual-capability jets.

Sp-oil of war. Oil prices fell sharply on Tuesday, returning to levels last seen before the Iran-Israel conflict, as a fragile ceasefire seems to hold between the two countries. Iran’s decision not to close the Strait of Hormuz, a critical choke point in global trade, also contributed to the lower prices. 

Outside of the conflict, the oil market was already in flux. In May, OPEC agreed to increase production by as much as 411,000 barrels per day for July, part of a move to unwind voluntary output cuts after demand crashed during COVID.

Pakistan

Kurram Blast. A landmine explosion in the forested area of Kurram district, northwest Pakistan, killed four people and injured several others on Wednesday. The wounded were taken to a local hospital. No group has claimed responsibility, and authorities are investigating the incident. 

Track tactics. The Punjab government has allocated Rs. 250 billion over three years for a fast train project between Rawalpindi and Lahore, aiming to cut travel time to two hours, while Rs. 100 billion will improve other branch lines. Minister for Railways Hanif Abbasi highlighted ongoing efforts to revamp Pakistan Railways, including reclaiming encroached land, launching suburban rail services on eight routes, and upgrading stations with mobile ticketing, solar panels, elevators, and escalators. 

Gold diggers. Barrick Gold Corporation and Japan’s Komatsu have signed a $440 million deal to supply ultra-class mining equipment for Pakistan’s Reko Diq copper-gold project, one of the world’s largest undeveloped deposits located in Balochistan. The agreement includes the delivery of high-performance machinery from the U.S. and Europe and marks Komatsu’s first major equipment placement in Pakistan. 

Komatsu will also establish a local subsidiary, Komatsu Pakistan Mining, to provide technical and operational support and expand its regional base in Dubai. Construction at Reko Diq is set to begin in 2025, with production targeted for 2028, and the project is seen as a strategic driver for Pakistan’s exports, foreign investment, and industrial growth.

What Else Is Happening?

⚖️A US federal judge has ruled that Anthropic made fair use of the books it utilized to train artificial intelligence (AI) tools without the authors' permission. A group of authors had filed a class-action lawsuit alleging that Anthropic’s use of their work to train its chatbot, Claude, without their consent was illegal.