The Federal Reserve Bank of Dallas estimates in a new study that a recent spring oil surge above $120/bbl reduced U.S. output by roughly 0.3 percentage point, far less than similar shocks in the 1980s when U.S. oil import dependence was higher. A U.S.-backed war on Iran cut about 15% of global oil supply, disrupted Strait of Hormuz shipping, roiled commodity markets, pushed prices higher, caused regional shortages and weighed on overall demand.

June 23 — Pakistani President Zardari met visiting Iranian President Pezeshkian at the presidential palace. The leaders discussed bilateral ties focused on regional peace and security, cross-border and regional connectivity, and economic cooperation, and pledged to deepen Pakistan‑Iran relations. Zardari welcomed the state visit, congratulated the signing of a US‑Iran memorandum of understanding and said ongoing technical‑level talks should lead to lasting regional peace. He reiterated Pakistan's support for Iran's peace, stability, unity, sovereignty and territorial integrity and opposed unilateralism, favoring dialogue and diplomacy. Pezeshkian thanked Pakistan for constructive support during recent difficulties and said Iran seeks to expand cooperation with Pakistan across political, economic, security and regional affairs.

Western France saw the hottest day of the current heatwave on the 22nd, with local temperatures expected to reach 43°C. The education ministry ordered more than 800 schools nationwide to close. Météo‑France forecast afternoon highs of up to 43°C in Bordeaux and up to 39°C in Paris.