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One week can change the trajectory of a summer, and this one may have done exactly that. Military tensions escalated, world leaders committed to a new era of defense spending, and the biggest sporting event on the planet moved one step closer to its champion. Before the week ahead begins, here's everything worth knowing in five minutes.

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American forces struck roughly 90 military targets across southern Iran on Thursday, a night after hitting about 80 sites near the Strait of Hormuz. President Trump had declared the fragile ceasefire over, blaming Iranian attacks on three commercial vessels crossing the vital shipping lane.

Iran's Health Ministry reported at least 14 people killed and 78 wounded across two nights, most of them armed forces members. Tehran retaliated by launching strikes at U.S. infrastructure in Kuwait and Bahrain, widening a conflict many had hoped was quietly winding down.

NATO's 32 leaders gathered in Ankara on July 7 and 8, pledging more than $50 billion for new weapons and steadily higher defense budgets. President Trump pressed allies hard to spend more, and most agreed to keep climbing toward the alliance's tougher targets.

Russia underscored the stakes overnight, pounding Kyiv with dozens of missiles and hundreds of drones that killed at least 15 civilians. Zelenskyy urged the summit to act, while Trump used a nearly 90-minute call with Putin to again offer help ending the war.

Immigration agents shot and killed Lorenzo Salgado Araujo, a 52-year-old Mexican construction worker, during a targeted traffic stop in Houston's East End. ICE claimed he rammed a law-enforcement vehicle and tried to run over an officer, who then fired in self-defense.

Witnesses and Rep. Sylvia Garcia disputed that account, and the agency admitted its officers wore no body cameras. Texas lawmakers and advocacy groups demanded an independent federal investigation as ICE's presence across the neighborhood had visibly grown.

The twin earthquakes have now killed at least 3,535 people, injured 16,700, and displaced 18,000, with coastal La Guaira state hit hardest. Three La Guaira hospitals suffered critical structural damage, and the state's maternity program lead is missing and presumed dead.

Venezuela's health system was already gutted, with 37% of essential medicines missing and a third of doctors emigrated under Nicolás Maduro. WHO has delivered 6 tons of medical supplies with 28 more en route, while UNICEF warns of measles and respiratory outbreaks in displaced camps.

The World Cup semifinals are set, with France, Spain, England, and Argentina winning their quarterfinals at the tournament's 48-team debut. Erling Haaland's Norway fell to England in Miami Gardens, and Switzerland could not stop Lionel Messi's Argentina in Kansas City.

The bracket delivers a France–Spain rematch of the Euro 2024 semifinal, then an England–Argentina clash steeped in Falklands and Maradona history. USMNT was eliminated earlier — captain Christian Pulisic drew heavy criticism after a group-stage flop.

Jannik Sinner defends his Wimbledon title Sunday against French Open champion Alexander Zverev, the rematch of the season's most competitive rivalry. Watch for whether Sinner's dominance on grass survives Zverev's clay-honed baseline weapons.

The four Times reporters subpoenaed Friday must appear before a Manhattan grand jury Wednesday, and the paper is expected to move to quash. Watch whether the reporters face contempt — the first real test of the DOJ's press-freedom posture this term.

With the Hormuz ceasefire declared over, energy markets will watch for Iranian retaliation and any further US strikes. A hit to shipping lanes could send crude past $100 and force the Fed's hand at its July meeting.

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This week underscored how quickly military and economic uncertainty can compound. U.S. strikes on Iran pushed the Middle East closer to a broader regional conflict just as Russia's largest single-night barrage on Kyiv laid bare a Patriot-missile shortage — the same weapons two wars now demand at once.

Elsewhere, Venezuela's earthquake response has strained a healthcare system already gutted before disaster struck, raising uncomfortable questions about how the world mobilizes when the state cannot. Ukraine faces a related squeeze, as thinning air defenses test how far Western solidarity can stretch across two fronts.

Meanwhile, investors enter the new week focused on inflation data and corporate earnings, knowing that markets now have to price geopolitical risk on two theaters at once. A summer rate cut may not survive the Fed's July meeting if crude keeps climbing.

Together, these stories point to a summer where decisions made in capitals, hospitals, and conflict zones are increasingly shaping one another — and where stability, like security, is getting harder to take for granted.

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—The Five Minute Daily Team