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.
The United States and Iran have indicated a willingness to resume high-level talks in Islamabad, aimed at extending a fragile ceasefire. Officials cautiously suggest a framework for negotiation exists, despite ongoing tensions.
Qatar’s Foreign Ministry has issued a sharp warning that the ongoing naval blockade and threats to the Strait of Hormuz transcend regional conflict. The critical energy corridor’s disruption risks a global economic and supply catastrophe, the statement emphasized.
The European Union is convening a major peace conference focused on the Palestinian issue, signaling a renewed push for influence in Middle East diplomacy. The initiative seeks to jumpstart dialogue and present a unified European stance on a two-state solution.
The US military has fully implemented a naval blockade, reporting that no merchant vessels have successfully bypassed the Strait of Hormuz in the last 24 hours. President Trump warned that any vessels attempting to breach the perimeter would be destroyed as part of “Operation Epic Fury.”
Ambassadors from Israel and Lebanon met in Washington for their first direct negotiations in decades, aiming to establish a permanent border framework. While envoys described the meeting as “productive,” Hezbollah retaliated by launching rockets at 13 towns in northern Israel as the talks began.
President Trump stated that a “grand bargain” to end the conflict is very close and that negotiations with Tehran could resume in Pakistan within two days. Vice President JD Vance emphasized that the US is offering economic prosperity to Iran if it commits to ending its nuclear weapons program.
Brent crude prices fluctuated near $95 as the closure of the Strait of Hormuz continues to disrupt 20% of the world’s oil supply. The IMF slashed regional growth forecasts to 1.1%, warning that a prolonged conflict could trigger a global economic downturn.