The Lyceum Daily — Jul 12, 2026

The June ceasefire is dead. Over the past 48 hours it collapsed entirely, taking with it the fragile assumption that the Strait of Hormuz would stay open — tankers are burning off Oman, the U.S. has revoked Iran's oil license and resumed strikes, and one-fifth of the world's seaborne oil now transits a corridor Tehran says is closed. Four months into a conflict that has already stranded 20,000 mariners, both sides are trading dozens of strikes while Qatar and Pakistan try to force a return to the table. The question is no longer whether the truce holds — it does not — but whether this becomes a full supply shock.

Iran Declares Strait of Hormuz Closed, Fires on Commercial Ship — Iran on Sunday said it closed the Strait of Hormuz after a vessel used an unapproved route and was damaged, warning that retaliation would draw a "severe response." A UK maritime agency reported tankers hit by projectiles near Oman, causing fires but no casualties. Why it matters: The strait carries roughly one-fifth of the world's seaborne oil, so any sustained closure feeds directly into what households and businesses pay for energy. Yahoo/Reuters

US-Iran Ceasefire Collapses as Mutual Strikes Resume — U.S. forces struck more than 170 targets across Iran over two days — air defenses, missile stores, coastal radar and Revolutionary Guard boats near Hormuz — after the June memorandum broke down. Iran responded with attacks on 85 U.S. targets in Bahrain and Kuwait. Why it matters: The end of the June 17 Islamabad understanding raises the risk of a return to open war, with consequences for energy prices and regional stability. PBS NewsHour

US Revokes Iranian Oil License After Tanker Attacks — Washington revoked the license permitting limited Iranian oil sales under the interim deal, citing the strikes on three tankers, and reimposed sanctions it had agreed to lift for 60 days. Iran's foreign minister accused the U.S. of violating the ceasefire. Why it matters: Removing Iranian barrels from the market as Hormuz traffic falls compounds the supply squeeze consumers ultimately absorb. PBS NewsHour

Ukraine Formalizes Long-Range Strike Command — President Zelenskyy signed a decree creating a Long-Range Strike Command within the armed forces, calling it "a command for global impact on Russia." Ukrainian drone strikes on refineries have cut domestic Russian gasoline output to around 65% of capacity and forced a diesel export ban. Why it matters: Institutionalizing deep strikes shifts Ukraine from ad-hoc raids to a systematic doctrine that could further destabilize Russia's fuel economy. Ukrainska Pravda

Oil Holds Weekly Gain on Hormuz Risk Premium — Crude slipped to around $71.20/bbl Friday but was on track for a weekly gain of about 3.5% on the renewed shipping disruption; Brent traded near $76.56. The UAE raised production to a record to help offset losses. Why it matters: Markets are pricing a contained conflict, not a full shock — but that judgment is one tanker strike away from reversing. Trading Economics

SK Hynix Stages Largest-Ever Foreign US Listing — SK Hynix's American depositary receipts jumped 12.8% above their offering price after raising $26.5 billion, the biggest U.S. listing ever by a foreign company. Why it matters: The blockbuster debut signals renewed investor appetite for AI-linked semiconductor names even amid geopolitical turmoil. Trading Economics

Oman Floats Hormuz Passage Framework — Oman proposed free navigation through its southern corridor while vessels using the northern Iranian corridor would need prior Iranian approval, with no tolls imposed. Yahoo/Reuters

Lebanon Ties Israel Talks to Withdrawal — President Joseph Aoun conditioned continued talks on an Israeli military withdrawal from southern Lebanon; another round is set for Rome, and Aoun will meet President Trump in Washington on July 21. CNN

New Iranian Supreme Leader Absent from Father's Funeral — Mojtaba Khamenei was notably absent from the multi-day funeral for his father, Ayatollah Ali Khamenei, killed in the joint US-Israel operation, raising questions about regime cohesion. CNN

Mali and Algeria Move to Repair Ties — The neighbors agreed to reopen airspace and reinstate ambassadors, ending a yearlong diplomatic rift. AP News

News Outlets, Including Fox, Reject Pentagon Press Policy — Major media organizations across the spectrum have overwhelmingly declined to sign the Pentagon's new press access rules, a rare cross-partisan stand on government-media relations. The Washington Post

US Stocks Close Higher into Earnings Season — The S&P 500 closed up 0.42% on the session at 7,575.39, the Dow closed up 0.29% on the session at 52,637.01, and the Nasdaq closed up 0.29% on the session at 26,281.61 as Middle East risk premiums faded. Trading Economics

Treasury Yields Ease as Oil Retreats — The 10-year yield slipped to around 4.54% on the session, a second straight decline, as lower oil eased inflation fears; markets still price a ~64% chance of a September Fed hike. Trading Economics

Russia Bans Diesel Exports Amid Fuel Crisis — Moscow halted diesel exports to protect domestic supply after Ukrainian strikes forced several refineries to suspend operations, cutting gasoline output to about 65% of capacity. People News Today/Reuters

Chip and AI Names Lead the Tape — Meta jumped 6% on the session on a bullish AI-compute report, Nvidia rose 4% on the session and AMD 2% on the session, while Broadcom fell 0.3% on the session and Intel shed 2.4% on the session. Trading Economics

War-Risk Insurance Spikes for Gulf Tankers — Tanker war-risk cover is now priced at 8.0× pre-crisis levels, with six protection-and-indemnity clubs having withdrawn coverage. Straits.live

GPS Spoofing Surges Around Hormuz — Elevated levels of GPS interference are visible in vessel and flight data around the strait, compounding the physical dangers for commercial and military navigation. CNN

Ukraine Demonstrates Industrial-Scale Drone Strikes — Kyiv reportedly hit 48 Russian vessels in five days — including 10 tankers in a single day — a scale of autonomous maritime strike operations with no modern precedent. EA WorldView

IMO Pauses Gulf Seafarer Evacuations — The International Maritime Organization suspended its evacuation plan for stranded seafarers after the latest vessel attack, citing coordination and safety concerns. DW

US Strikes Target Coastal Radar and Anti-Ship Systems — American strikes damaged Iranian coastal radar and anti-ship systems, underscoring the central role of surveillance and tracking technology in the maritime fight. PBS NewsHour

20,000 Mariners Stranded in the Gulf — The IMO reported roughly 20,000 seafarers and 2,000 ships stranded in the Persian Gulf, a humanitarian dimension of the crisis that has persisted through the disruption. Straits.live

NATO Summit in Ankara Confronts Iran Crisis — At the Turkey summit, President Trump declared the Iran memorandum "is over," while UK PM Keir Starmer urged both sides to weigh the economic cost of renewed war. Washington Times

Qatari LNG Tanker Struck Near Hormuz — The Qatari-flagged Al Rakiyat, operated by Nakilat, suffered an engine-room fire after being damaged; Qatar condemned the attack as a violation of international law. Reuters

Ukraine has expanded its campaign against Russian energy infrastructure, with strikes aimed at disrupting fuel supplies and pressuring Moscow. The reported focus is on whether the strategy is materially affecting Russia's war capacity and economy.

Also in right-leaning news:

• Fox News also highlighted a report on Marco Rubio intervening after Tim Walz pardoned an undocumented migrant later described as a child rapist before deportation.
• The New York Post reported that the United States is using military force against Iran after Tehran closed the Strait of Hormuz.

A U.S. congressman said he was detained by armed Israeli settlers in the occupied West Bank. The account adds to reporting on tensions and violence involving settlers, Palestinian residents, and visiting officials in the territory.

Also in progressive news:

• The Guardian also reported on allegations that DHS used intensive intimidation tactics, including polygraphs and forced reassignments, in an internal campaign of fear.
• Mother Jones reported that FBI records show the bureau secretly extracted data from the phones of ICE protesters.

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