Global Express | July 30, 2026 Trump Vows "Our Turn" as US Launches Heavy Strikes on Iran

📰 Trump Vows "Our Turn" as US Launches Heavy Strikes on Iran, Oil Surges Past $90

President Donald Trump announced on July 29 that the United States would deliver "a very serious blow" to Iran, following Tehran's attempted missile attack on US forces. "We will deal them a very serious blow, because now it's our turn to do it," Trump told Fox News. US Central Command confirmed that American forces struck dozens of Islamic Revolutionary Guard Corps targets, including military command centers, missile launch sites, and drone facilities.

The strikes ended a days-long pause in violence between the two sides. Iran claimed its missile barrage was retaliation for previous US actions, but Trump asserted all five incoming missiles were intercepted. The US Strategic Petroleum Reserve is being drained at a rate of 7.2 million barrels per week as the administration tries to keep fuel prices in check amid the conflict.

Global benchmark Brent crude surged more than 7%, briefly topping $90.66 per barrel on Trump's threats. Commercial oil inventories in the United States continue to decline, and energy market anxiety has spread to global financial systems. Analysts warn that prices could climb further if the conflict escalates to disrupt shipping through the Strait of Hormuz.

— AP News

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📰 Magnitude 7.1 Earthquake in Japan's Kumamoto Kills at Least 18

A powerful magnitude 7.1 earthquake struck southwestern Japan's Kumamoto Prefecture on July 28, killing at least 18 people, injuring dozens, and forcing approximately 8,700 residents into evacuation centers. The Japan Meteorological Agency said the quake, at a depth of 10 kilometers, registered at the highest level of the country's seismic intensity scale. Multiple buildings collapsed, including a large shopping mall where the ceiling completely caved in.

Japanese Self-Defense Forces and emergency workers are combing through debris searching for trapped survivors. Aerial footage from NHK showed a large commercial facility with its internal structure exposed, multiple collapsed pillars, and at least seven fires recorded across the prefecture. The earthquake also derailed a train and partially suspended Kyushu Shinkansen services.

Japan's Prime Minister established an emergency response headquarters immediately after the quake and pledged full assistance to affected areas. Meteorological experts warned that aftershocks of similar magnitude remain possible over the coming week. In 2016, a similarly powerful earthquake struck Kumamoto, killing more than 200 people.

— AP News

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📰 US-Saudi Strikes Kill 20 Iran-Backed Fighters in Iraq

US Central Command and the Saudi Arabian Armed Forces launched joint airstrikes on multiple targets across Iraq in the early hours of July 29, targeting Iran-aligned militias allegedly directed by the Islamic Revolutionary Guard Corps. Iraq's Popular Mobilization Forces (PMF), a coalition of primarily Shiite Iran-backed armed groups, said at least 20 of its members were killed and 32 others wounded, with military vehicles and equipment destroyed.

The joint strikes were retaliation for previous attacks on US bases and Saudi energy infrastructure by Iran-backed militias. CENTCOM's statement said the targets included militia training camps, weapons storage facilities, and command centers. The Saudi Defense Ministry confirmed that Saudi airspace and energy facilities had recently come under drone and missile attacks from Iran-aligned armed groups.

Iraq's government condemned the strikes as a "dangerous escalation" and called for restraint from all parties. The Iraqi Foreign Ministry summoned the US and Saudi ambassadors in Baghdad, lodging formal protests over the violation of Iraqi sovereignty. A UN spokesperson called on all relevant parties to avoid further military confrontation.

— BBC News

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📰 Iranian Drone Hits US-Owned Gas Tanker at Egypt's Damietta Port

A major security incident unfolded at Egypt's Damietta Port on July 29 when the "Energos Winter," a US-owned floating gas storage vessel, was struck by a drone and set ablaze. The fire then spread to a nearby LNG carrier, the "Gaslog Salem." Egypt's Cabinet confirmed after preliminary investigations that "the incident was caused by a drone," though it did not attribute responsibility to any specific party.

Global security firm Ambrey first reported the incident, stating that a drone hit the US-owned gas storage tanker with no injuries reported. Port services company Inchcape confirmed two gas tankers had caught fire at Damietta. Firefighters brought the blaze under control, but the incident raised serious concerns about the Middle East conflict potentially expanding to Mediterranean shipping lanes.

The attack marks the first time Iran-related hostilities have directly reached Egyptian ports. The Suez Canal Authority stated canal shipping was unaffected, though global shipping insurance premiums have begun to rise. Analysts widely view the strike as a significant signal that Iran or its proxies are expanding the geographic scope of the conflict.

— Al Jazeera

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📰 Fed Holds Rates Steady, Dow Plunges 1,150 Points

The Federal Reserve voted 9-3 on July 29 to hold benchmark interest rates steady, with Chair Kevin Warsh declaring the central bank would be "resolute" in its fight against inflation. The hawkish stance, combined with escalating Middle East tensions, triggered a sharp selloff on Wall Street. The Dow Jones Industrial Average tumbled more than 1,150 points, or 2.2%; the S&P 500 fell 1.5%; and the Nasdaq Composite declined 1.7%.

Warsh stated in his post-meeting remarks that while inflation has retreated from its peak, it remains well above the 2% target. "We will not declare victory prematurely," Warsh told reporters. Markets had widely expected a hold at this meeting, but expectations for rate cuts have been pushed back sharply from multiple cuts in 2026 to possibly early 2027.

The 10-year Treasury yield rose 5 basis points to 4.657%, reflecting market pricing for a prolonged high-rate environment. Energy stocks were among the few gainers, buoyed by oil price surges driven by the Middle East conflict. Tech giants Microsoft and Meta are set to report earnings shortly, with investors closely watching whether AI-related revenue growth can justify current elevated valuations.

— CNBC

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📰 IMF Cuts 2026 Global Growth Forecast to 3.0%, Warns Inflation Will Hit 4.7%

The International Monetary Fund, in its latest World Economic Outlook update released on July 29, downgraded its 2026 global growth forecast from 3.3% to 3.0%, while revising the global headline inflation forecast upward to 4.7%. The IMF stated that global disinflation has "stalled," with the US-initiated tariff war and Middle East military conflict emerging as primary drivers of the deteriorating outlook.

The IMF was particularly pessimistic about the eurozone, cutting EU growth to 0.9%, Germany to 0.7%, and France to 0.6%. In contrast, the UK growth forecast was upgraded to 1.0%. The Fund simultaneously raised its 2027 global growth forecast to 3.4%, suggesting a potential rebound next year if geopolitical tensions ease. The IMF also highlighted rising global public debt levels, urging countries to adopt prudent fiscal policies.

The report warned that security-driven trade restrictions are generating negative cross-border effects, urging nations to narrowly scope such measures. The IMF's chief economist noted the global economy faces pressure on "multiple fronts"—trade frictions, geopolitical conflicts, and climate disasters combining to create an unprecedented set of challenges.

— Reuters

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📰 Russia Charges Telegram Founder Pavel Durov with "Aiding Terrorism"

Russia's Federal Security Service (FSB) announced on July 29 that it had charged Pavel Durov, co-founder of encrypted messaging platform Telegram, with "aiding terrorism" and issued an international arrest warrant. The FSB accused Telegram of failing to remove information "actively used by Ukrainian special services, terrorist organizations, and extremist organizations to prepare and coordinate sabotage and terrorist acts, mass killings, and cyber fraud activities" inside Russia.

Durov, 41, is a Russian-born entrepreneur currently residing in Dubai. Russian authorities allege that Telegram channels, group chats, and automated bots have been exploited by Ukrainian intelligence services to recruit Russians for attacks within the country. Durov has previously faced similar legal challenges in France, but Russia's direct issuance of an international arrest warrant represents a significant escalation.

Telegram, with over 900 million users globally, is widely used in both Russia and Ukraine, including for battlefield communications by both militaries. Durov and Telegram have consistently maintained the platform upholds free speech principles and takes a "moderate" approach to content moderation. Legal experts say the Russian move could expose Durov to extradition risk, depending on the legal framework of his country of residence.

— Al Jazeera

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📰 Netanyahu Proposes Ending US Military Aid to Israel Within 10 Years

Israeli Prime Minister Benjamin Netanyahu, during his Washington meetings with President Donald Trump, tabled a historic proposal to gradually phase out and ultimately end direct US military aid to Israel within a decade. A senior Israeli official disclosed that Netanyahu reiterated this intention during separate conversations with Vice President JD Vance and special envoy Steve Witkoff, and has already instructed Israel's defense sector to develop a modern fighter jet within 10 years, even if it may not match the stealth capabilities of the US-made F-35.

Israel currently receives approximately $3.8 billion annually in US military aid, predominantly for purchasing American-made weapons systems. Netanyahu reportedly believes that given the increasingly complex views toward Israel within both US political parties, Israel should not make its future security entirely dependent on political shifts in Washington. The proposal signals a potentially transformative shift in the US-Israel security relationship.

As a companion measure, Netanyahu has directed Israel's Defense Ministry to launch a domestic fighter jet development program. Israel Aerospace Industries and Elbit Systems are expected to lead the project. Analysts view indigenous fighter jet development as a critical step toward full defense industrial independence for Israel, though the 10-year timeline is considered highly ambitious in military procurement terms.

— The Times of Israel

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📰 Senators Warren and Schiff Urge SEC Probe into Trump Media's Paid Early Access Plan

Democratic Senators Elizabeth Warren and Adam Schiff sent a letter to the Securities and Exchange Commission on July 29, urging the regulator to investigate whether Trump Media & Technology Group's plan to sell Wall Street firms faster access to President Donald Trump's Truth Social posts violates federal securities laws. The letter, reviewed by Reuters, contends that the so-called "Truth API" paid service could constitute insider trading and market manipulation.

TMTG previously announced plans to launch a paid API allowing financial institutions to access Trump's social media posts with millisecond-level latency, well before ordinary users see the content. Given that Trump's posts frequently involve tariff policies, military actions, and market-sensitive information, this millisecond head start could yield massive trading profits for paying clients. Shares of Truth Social's parent company experienced notable volatility following the announcement.

Warren and Schiff's letter asks the SEC to determine whether the plan violates federal laws related to insider trading and market manipulation, and to explain how it plans to protect retail investors from information asymmetry. The SEC has not yet commented on the matter. Trump Media has defended the paid API as standard industry practice, comparable to news distribution services such as Bloomberg terminals.

— CNBC

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📰 Senate Confirms Jay Clayton as Director of National Intelligence

The US Senate voted on July 28 to confirm Jay Clayton as Director of National Intelligence, installing another key Trump ally at the helm of the nation's intelligence apparatus in a party-line vote. Clayton, who previously served as a federal prosecutor, lost Democratic support during his confirmation hearing after refusing to clearly state that Joe Biden won the 2020 election, but ultimately secured confirmation with the Republican majority.

Clayton will succeed Bill Pulte and oversee 18 US intelligence agencies, including the CIA, NSA, and the FBI's intelligence division. Democratic senators voiced concerns during debate that Clayton could politicize intelligence work at Trump's direction. Senator Mark Warner, Vice Chair of the Senate Intelligence Committee, stated: "We need an intelligence director who will speak truth to power, not cater to it."

Clayton pledged during his Senate hearing to uphold the professionalism and independence of the intelligence community. Critics, however, pointed to his lack of intelligence experience, with a career background primarily in financial regulation and securities law. Clayton assumes the role at a moment when the United States is engaged in military conflict with Iran in the Middle East, placing unprecedented demands on the accuracy and timeliness of intelligence work.

— NBC News

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