
EU leaders meet to discuss tougher Russia sanctions, US tariffs and Mideast conflicts
BRUSSELS, June 26, (AP): The heads of the European Union's 27 member nations will meet Thursday in Brussels to discuss tougher sanctions on Russia, ways to prevent painful new US tariffs, and how to make their voices heard in the Middle East conflicts. Most of the leaders will arrive from a brief but intense NATO summit where they pledged a big boost in defense spending, and papered over some of their differences with US President Donald Trump. Ukrainian President Volodymyr Zelenskyy will join the EU summit by videoconference, after meeting Trump on Wednesday.
US-led NATO downgraded Ukraine from a top priority to a side player this week, but Russia's war in Ukraine remains of paramount concern for the EU. Members will be discussing an 18th round of sanctions against Russia and whether to maintain a price cap on Russian oil, measures that some nations oppose because it could raise energy prices.
Meanwhile, Trump's threatened tariffs are weighing on the EU, which negotiates trade deals on behalf of all 27 member countries. He lashed out at Spain on Wednesday for not spending more on defense and suggested yet more tariffs. France's president called Trump to task for starting a trade war with longtime allies. European leaders are also concerned about fallout from the wars in the Middle East, and the EU is pushing to revive diplomatic negotiations with Iran over its nuclear program. EU members have internal disagreements to overcome.
They are divided over what to do about European policy toward Israel because of its conduct in Gaza. And left-leaning parties are attacking European Commissioner Ursula von Der Leyen's pivot away from the EU's climate leadership in favor of military investment. Defense and security are likely to top the agenda. The summit will end with a statement of conclusions that will set the agenda for the bloc for the next four months and can be seen as a bellwether for political sentiment in Europe on major regional and global issues.

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Kuwait Times
33 minutes ago
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Prices then fell to below pre-war levels at $67 on Tuesday after US President Donald Trump announced that Zionist entity and Iran had agreed to a ceasefire. The doomsday scenario for energy markets – Iran blocking the Strait of Hormuz, through which nearly 20 percent of the world's oil and gas supplies pass – did not occur. In fact, there was almost no disruption to flows out of the Middle East throughout the duration of the conflict. So, for the time being, it looks like markets were right not to panic. The moderate 15 percent low-to-high swing during this conflict suggests oil traders and investors have slashed the risk premium for geopolitical tensions in the Middle East. Consider the impact on prices of previous tensions in the region. The 1973 Arab oil embargo led to a near quadrupling of oil prices. Disruption to Iranian oil output following the 1979 revolution led to a doubling of spot prices. 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So geopolitical risk may keep rising, but don't expect energy prices to follow suit. — Reuters


Arab Times
7 hours ago
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