OPEC+ members are discussing a third straight hike in oil production in July, we’re told. The news sent oil prices sliding for a third day to the lowest in a week. 

Members are considering an increase of 411,000 barrels a day in July, which would be triple the amount initially planned, although no final agreement has been made. OPEC+ says publicly that supply increases are to meet demand, but officials have privately expressed a range of reasons, including punishing over-producing member states. 

But geopolitical tensions in the Middle East are rising, which could put upward pressure on prices. Iran has warned in a letter to the Secretary-General of the United Nations and the Director-General of the UN’s nuclear watchdog that it would take action against Israel and hold the US “legally responsible” if the Jewish state attacks its nuclear facilities. — Philip Lagerkranser

What You Need to Know Today

The European Commission is set to recommend a fresh delay to the adoption of new trading book rules that govern the trading activities of banks, we’re told. The bloc is likely to delay the Fundamental Review of the Trading Book to January 2027. The EU is waiting for clarity on how the US plans to implement the Basel rules. 

Novo Nordisk is selling Wegovy, its blockbuster weight-loss drug, to new patients for $199 for the the first month. The offer is available through June 30 for patients who were taking a copycat version of Wegovy.  Hundreds of thousands of Americans came to rely on cheaper, compounded versions of weight-loss shots during supply shortages last year. 

Donald Trump’s ambush of South African President Cyril Ramaphosa in the Oval Office yesterday caused dismay in the African nation. Observers praised Ramaphosa for keeping his cool during the encounter, during which Trump confronted him with a video and printouts purporting to back up his claims of genocide against White people in South Africa. A spokesman for the South African leader called it a “well-orchestrated, well-planned” ambush.

(EDITORS NOTE: Image contains graphic content.) US President Donald Trump holds a news article during a meeting with Cyril Ramaphosa Photographer: Jim Lo Scalzo/EPA

Russia was hit with a big swarm of Ukrainian drones over two days. The Defense Ministry in Moscow said it downed unmanned aerial vehicles over 13 regions as well as Crimea, the Black Sea peninsula the Kremlin seized in 2014. No injuries were reported, but more than 100 flights were delayed as airports around Moscow temporarily halted operations. 

Bitcoin rallied to a record today, with the original cryptocurrency surpassing $111,000 for the first time. The gains were spurred by optimism about crypto-friendly policies by Trump’s administration and expectations that entities like Michael Saylor’s Strategy will keep buying. Options traders have been placing bets that Bitcoin might soon hit $300,000. 

LVMH is no longer among Europe’s five biggest listed companies, a testament to the tough times facing the luxury industry. Demand in China, once a pillar of the luxury-goods market, is stagnant and Trump’s tariffs are expected to weigh on demand in the US. LVMH’s market value has now slipped below Nestle’s, and is smaller than that of luxury rival Hermes. 

BYD is on a roll in Europe, selling more electric cars on the continent than Tesla for the first time. The Chinese company’s sales of EVs jumped 169% from a year earlier, landing it among the 10 biggest brands by sales. Volkswagen also had a good EV sales month, while Tesla registrations tumbled by almost half. 

What You’ll Need to Know Tomorrow

For Your Commute

From motorcycle e-hailing in Angola to radiology services in South Africa and electric scooters in Ethiopia, these are the top 25 African startups to watch in 2025. 

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