Trump warns of Strait of Hormuz closure
U.S. President Donald Trump announced the closure of many diplomatic missions around the world and granted China an economic victory, while the U.S. trade deficit decreased to $73.3 billion in June. In a different development, Germany's Minister of Economics halted expectations of falling electricity prices, as gold prices rose supported by declining oil prices and market preparations for U.S. employment data. Additionally, sources revealed that Iraq exported about 30 million barrels of oil through the Strait of Hormuz during the month, and in coordination with Iran, they are preparing to reopen the strait. In the field of sports economics, Egyptian club Al Ahly announced a four-year sponsorship deal to boost its commercial stature.
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