Benchmark Brent crude spikes over 7% to $126.41 as a US naval blockade on Iran deepens. International Energy Agency warns of a major energy and economic challenge.
President Pezeshkian says any attempt to impose maritime restrictions is contrary to international law. He warns it will fail to enhance security and will disrupt lasting stability in the Persian Gulf.
President Trump has warned Tehran to fully reopen the strategic waterway or face the “obliteration” of its energy infrastructure by the U.S. military. The White House separately stated the President “doesn’t bluff” and is prepared to “unleash hell” if diplomacy fails.
Precious metals reached new highs today as investors react to the ongoing maritime blockade in the Middle East and reports of debris from intercepted missiles falling in residential areas.
Lawmakers are questioning whether sensitive national security information was compromised after reports surfaced of unclassified group chats discussing high-level military strategies.
In a significant legal move, a high-level panel has recommended the withdrawal of a bill that would limit gender self-identification rights. This comes amid a broader national debate and recent court rulings regarding transgender healthcare declarations.
The Trump administration has offered a ceasefire and sanctions relief in exchange for Tehran halting its nuclear programme and reopening the Strait of Hormuz. However, Iranian officials have initially called the conditions “excessive” and maintained a policy of “resistance”.
Tehran warned it may open a new front by targeting the strategic chokepoint linking the Red Sea and Gulf of Aden if attacks on its territory continue. This escalation follows Iran’s existing restrictions on “hostile” vessels transiting the Strait of Hormuz.
Stock markets in Dubai and Bahrain fell as investors remained cautious over fast-moving military developments and conflicting reports on peace negotiations. Meanwhile, major UAE airports face significant flight delays due to a combination of regional instability and unstable weather conditions.