The day has a single center of gravity—Bürgenstock's table—around which almost everything else revolves: the price of crude oil, the key to the Strait of Hormuz, the real power in Tehran, and, less visibly but no less decisively, the internal war that the Iran-Contra affair has unleashed within the Republican Party.

The week dawns with the geopolitical pendulum swinging, once again, between diplomacy and outburst.

The UK's problems with the EU were caused by politicians who used "the villains in Brussels" as an excuse for their woes.

The world awoke today to a deceptive image: that of an armistice signed beneath the chandeliers of Versailles

Today I break with the usual format of five or six news items to devote the entire report to a single file, because a single file deserves it: the Memorandum of Understanding (MOU) that the United States and the Islamic Republic of Iran

The events of June 17th were dominated by a paradox that must be stated bluntly.

There are days that are heralded as an end but turn out to be little more than a respite.

The past twenty-four hours will be remembered as one of those pivotal moments—discreet in form, seismic in substance—where a conflict that threatened to ignite the global economy finds, not its solution, but a truce.

The nuclear program and ballistic missiles are excluded from the proposed memorandum that is to be approved.

The day begins under the shadow of a word that should be handled with the utmost caution: "agreement."

Rarely does a single day so starkly portray the era I have been describing in these reports—that of "wars of variable temperature" and the contained systemic fracture—:

June 10, 2026—the 103rd day of the war—dawns with the chessboard of the Middle East conflict expanding southward and, above all, toward the sea.