Good afternoon,

Today’s news: Globally, updates from India and the G7. Plus, story of the day: the Israel-Iran war. Locally, the Govt. hikes fuel prices and the army-run FFC eyes stake in PIA.

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Around The World

Air India Crash. Authorities have started handing over remains of the victims of one of India’s worst aviation disasters, days after the Air India flight crashed and killed at least 270 people. Investigators are also studying the aircraft's black boxes to ascertain the cause of the crash by reviewing cockpit conversations and data related to the plane’s engine and control settings.

Gee-7. Leaders of the Group of Seven (G7) countries – Canada, France, Germany, Italy, Japan, the UK, and the US arrived on Sunday in Alberta for the 51st G7 summit meeting. Many issues, such as U.S. tariffs and conflicts in the Middle East and Ukraine, are featured heavily during the discussions, as Trump’s plan to annex Canada and Greenland looms in the background. 

Trump also signaled Monday that the ongoing conflict between Israel and Iran was intensifying rapidly, announcing he would return to Washington a day early from the Group of 7 summit in Canada to monitor developments after issuing an ominous warning to Iranians to “immediately evacuate” their capital city.

Story Of The Day - Iran and Israel

What happened? On Friday morning, explosions hit Tehran as Israel carried out a major attack on its nuclear capabilities in a preemptive strike, killing prominent nuclear scientists and key defense personnel. Iran threatened "severe punishment" and quickly retaliated with a wave of missiles and drones. Israel targeted Iran’s state TV station live on air yesterday, injuring journalists, and reportedly also targeted a hospital and military sites.

Israel and Iran are now trading strikes on a fifth day of conflict, with civilians in flashpoint areas facing waves of attacks. In Iran, at least 224 people have been killed since hostilities began. In Israel, 24 people have been killed. Get a detailed timeline of the conflict here, and live updates here and here.

Why did Israel attack? The Israeli government claims that the strike was a “preventive” one, meant to address an immediate, inevitable threat on Iran’s part to construct a nuclear bomb, suggesting Iran was fast approaching a point of no return in its quest to obtain nuclear weapons. 

There was no evidence for this claim, and the US intelligence assessments had reached a different conclusion: Not only was Iran not actively pursuing a nuclear weapon, it was also up to three years away from being able to produce and deliver one to a target of its choosing.

Another suggestion is that Israel started this operation to jumpstart a regime change in Tehran. Prime Minister Netanyahu also called on the proud people of Iran to stand up for their freedom from an evil and repressive regime.

What about the nuclear talks? Iranian Foreign Minister Abbas Araghchi has confirmed that the next round of Iran-US nuclear negotiations, scheduled for Sunday in Oman, has been cancelled. Tehran branded dialogue over its nuclear program with the US as “meaningless” after Israel launched its biggest-ever military strike against Iran, which Tehran accuses Washington, DC, of supporting.

What’s the US saying? The US has denied the Iranian allegation of being complicit in Israel’s attacks and told Tehran that it would be wise to negotiate over its nuclear program. Trump called the Israeli attacks on Iran excellent after initially warning Israeli Prime Minister Netanyahu against action that could jeopardize nuclear talks.

What’s next? Israel’s operation against Iran is expected to take “weeks, not days” and is moving forward with implicit US approval. Israeli Defense Minister Israel Katz has warned that Tehran’s residents will pay the price for deadly Iranian retaliatory strikes. Trump says he’s hopeful Israel and Iran can make a deal, but adds his country will continue its support for Israel.

Meanwhile, Iran is considering closing the Strait of Hormuz, a move that would send oil prices soaring and risk expanding the war. Hormuz is the only marine entryway into the Persian Gulf; about 20% of global oil consumption flows through it.

Pakistan

Petrol protection program. In response to escalating regional tensions and oil market volatility following Israel’s attack on Iran, Prime Minister Shehbaz Sharif has formed a high-level committee, led by Finance Minister Muhammad Aurangzeb, to monitor supply dynamics and petroleum prices, which the federal government has increased by Rs. 4.80 per litre for petrol and Rs. 7.95 per litre for diesel. 

The committee will assess oil futures, supply chain risks, forex, and fiscal impacts, and ensure uninterrupted fuel availability. During its first meeting, the committee noted Pakistan’s current petroleum stock levels were adequate but stressed ongoing vigilance due to the potential threat to global oil flows, with experts warning prices could spike above $100 per barrel if the situation escalates further. 

Boots on board. Fauji Fertilizer Company Ltd. (FFC), part of the Fauji Foundation, has announced its intent to bid for a stake in the Pakistan International Airlines (PIA), as part of the government's privatization push under an IMF program. FFC, Pakistan’s largest fertilizer producer with diversified interests, aims to expand into aviation, pending due diligence and regulatory approvals. This follows a failed 2024 PIA sale attempt that drew just one low offer, prompting the government to clear 80% of PIA’s legacy debt and restructure the airline.

What Else Is Happening?

🏏South Africa secured their first major title on Sunday by beating defending champions Australia in the World Test Championship finals in London, sparking emotional celebrations.

🇵🇸Thousands of international pro-Palestine activists were blocked, forcefully dispersed, and detained before reaching Egypt’s Rafah border crossing during the Global March to Gaza event, allegedly over security concerns.