Europe Braces for Costly Summer as Heatwaves Intensify
Europe is bracing for a costly summer as record heatwaves sweep across the continent. The war in Iran has already driven up energy costs, and now prolonged hot and dry conditions are exacerbating the situation.
Iran's foreign minister, Abbas Araghchi, said that Tehran is not directly negotiating with the US to end the war and reopen the Strait of Hormuz. He stated that 'messages are being exchanged through intermediaries.'
The US military has redirected 55 commercial vessels away from Iranian ports, up from 35 on August 2. This move comes as Israeli Prime Minister Benjamin Netanyahu reiterated his rejection of Trump's latest Gaza plan, saying that Israel does not accept the 15-point document and will not withdraw until Hamas is disarmed.
The heatwaves have led to extreme wildfires in western Europe, with the Copernicus Climate Change Service reporting a two-month average temperature of 21.62°C, beating the 2022 benchmark. German inflation figures and UK GDP growth are expected to show the impact of elevated energy costs on prices and growth.