Jul 31, 2026, 10:30 PM UTC

A massive Russian air assault targeting multiple Ukrainian cities, including Kyiv, Lviv, and Kryvyi Rih, has killed at least eight people and injured dozens more. During the strikes, a Russian cruise missile crossed into Polish airspace, traveling roughly 100 kilometers over six minutes before impacting an eastern agricultural field and leaving a ten-meter-wide crater. In response to the breach, Poland scrambled fighter jets. Ukrainian President Volodymyr Zelensky claimed Moscow utilized North Korean missiles in the barrage, while Ukrainian forces executed retaliatory strikes on a Russian ammunition storage facility.

To bolster domestic defense, Kyiv is seeking approval to produce American Patriot interceptor missiles locally. However, US President Donald Trump is reportedly hesitating to grant the required manufacturing licenses. The incident in Poland has amplified concerns over potential military escalation along NATO's eastern border.

Sources: FAZ, ORF.

US military forces intercepted several ballistic missiles fired by Iran in what American officials termed an attempted surprise attack, breaking a brief period of calm in the region. Following US counter-strikes, US President Donald Trump stated during a cabinet meeting at Camp David that Iran is "almost defeated." Addressing reports regarding depleted stockpiles, Trump asserted that the military maintains "more ammunition than anyone else and well beyond our needs."

Concurrently, Tehran warned Bulgaria and Cyprus against hosting American military assets, including KC-46 refueling aircraft. Meanwhile, Saudi Arabia announced an initiative to establish a maritime alliance aimed at safeguarding shipping routes in the Red Sea. Despite the military action, crude oil prices dropped by over five percent in Asian markets following renewed hopes for diplomatic progress.

Sources: Bloomberg, Corriere della Sera, El Mundo, FAZ

Authorities in Russia's Republic of Tatarstan reported intercepting a drone attack targeting a local logistics hub near Kazan. According to reports, the incident threatened facilities belonging to major Russian e-commerce platforms, including Wildberries and Ozon. Ukrainian forces have increasingly targeted infrastructure and logistics centers deeper inside Russian territory in recent months to disrupt supply lines and commercial operations. Regional officials claimed that defense systems successfully repelled the incoming uncrewed aerial vehicles, preventing significant disruption. This marks another instance of long-range strikes impacting commercial shipping hubs located hundreds of kilometers from the Ukrainian border.

Sources: Verstka.

Federal Reserve Bank of Cleveland President Beth M. Hammack has voiced concerns over prolonged elevated inflation in the United States, following her vote in favor of an interest rate increase at the recent central bank policy decision.

Hammack was among three Federal Open Market Committee members who backed raising interest rates on Wednesday. In an official statement following the meeting, she cautioned that allowing price growth to remain elevated could complicate future stabilization efforts. "The longer high inflation persists, the more challenging and costly it can be to bring it back down," Hammack stated.

The dissenting votes highlight internal debate within the Federal Reserve regarding monetary policy as policymakers balance price stability against economic growth risks.

Sources: E24.

Polish Minister of Finance and Economy Andrzej Domański addressed energy concerns in a broadcast interview, noting that global crude oil prices have dropped from roughly $100 to $85 per barrel in recent weeks. Despite the decline, ongoing conflict in the Middle East continues to generate economic uncertainty, raising questions over whether Poland will reintroduce support packages for motorists.

Domański highlighted that Warsaw previously deployed some of the European Union's most comprehensive relief measures, including cuts to value-added tax and excise duties. He added that future financial interventions remain subject to executive decisions and broader funding considerations.

Sources: Money.