Key facts
- G7 leaders committed to increased weapon deliveries for Ukraine and tightening pressure on Russia's energy sector.
- A US-Iran Memorandum of Understanding has been signed, aiming to reopen the Strait of Hormuz.
- Brent crude futures fell below €70 per barrel following the Iran deal announcement.
- Ukrainian President Volodymyr Zelenskyy will attend meetings with NATO and EU leaders.
- NATO defence ministers will discuss securing the Strait of Hormuz.
- EU leaders are debating trade relations with China and the bloc's long-term budget.
G7 leaders have concluded their talks with a unified stance on supporting Ukraine and increasing pressure on Russia's war economy. The summit also saw the signing of a US-Iran Memorandum of Understanding, brokered by Pakistan, which has led to a drop in oil prices due to the prospect of the Strait of Hormuz reopening.
Ukrainian President Volodymyr Zelenskyy is expected to attend meetings in Brussels with NATO and EU leaders, following the G7 summit where significant new pledges of support for Ukraine were secured. These include increased deliveries of weapons and a signal to tighten sanctions on Russia's energy sector. The White House also waived sanctions on Russian commodities to mitigate the impact of the Iran war on the global economy.
Despite these developments, lingering doubts about the Iran deal's scope persist, with former US commander general Ben Hodges noting the absence of Israel and Lebanon from the agreement. The focus now shifts to Brussels, where EU leaders will discuss Russia's invasion of Ukraine and trade relations with China. Divisions among member states are apparent regarding direct talks with Russia and the appointment of an EU envoy.
In other news, former French Economy Minister Bruno Le Maire proposed a smaller core group of European countries to strengthen the continent. NATO defence ministers are meeting to discuss securing the Strait of Hormuz, with a coalition of allies planning operations. NATO Secretary General Mark Rutte is set to meet US President Trump to smooth transatlantic tensions ahead of the annual NATO summit.