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Britain is hosting a virtual meeting of 35 countries to discuss reopening the Strait of Hormuz, which Iran has effectively shut down amid the US-Israeli war. The US will not attend, and Australia is among participants weighing contributions to secure the vital waterway.
US President Trump claims Iran's president sought a ceasefire while Washington conditions it on reopening the Strait of Hormuz; Tehran denies the request as talks between the US and Iran are set to begin.
US-Israeli airstrikes have forced the shutdown of Iran's two largest steel producers, Mobarakeh Steel and Khuzestan Steel, with repairs expected to take up to a year. The attacks damage critical infrastructure and threaten significant economic losses, as Iran is the world's 10th largest steel producer.
According to a Wall Street Journal report cited by multiple outlets, the UAE is preparing to provide military assistance to the US and allies to open the Strait of Hormuz by force. The UAE is also lobbying for a UN Security Council resolution to authorize such action, amid ongoing US-Israeli military operations against Iran.
President Donald Trump said the US could conclude its military campaign against Iran within two to three weeks, asserting that a deal with Tehran is not necessary. Iranian officials say no negotiations are ongoing, and analysts question whether the timeline is realistic given the conflict's regional spread and Iran's continued retaliatory capacity.
The United States has deployed the USS George H.W. Bush aircraft carrier to the Middle East, joining two other carriers in the region as tensions with Iran escalate. Reports indicate the US Navy is enforcing a blockade of Iranian ports, while Iran maintains its own blockade of the Strait of Hormuz.
Iranian Foreign Minister Abbas Araghchi has confirmed direct contact with US President Donald Trump's envoy Steve Witkoff, but insists this does not constitute negotiations. Speaking to Al Jazeera, Araghchi expressed deep mistrust of Washington, citing past US actions, and revealed Tehran has not responded to a US proposal. The comments come amid ongoing conflict, with regional tensions high and the future of the Strait of Hormuz in question.
New forecasts suggest British households could face energy bills of almost £2,000 a year from this summer, driven by rising oil and gas prices linked to the Iran war. The increase, alongside other cost rises, is expected to hit living standards, with a think tank warning that typical incomes could fall.
The ongoing US-Israel conflict with Iran is causing shipping costs to surge due to the blockade of key routes like the Strait of Hormuz. Freight rates for oil tankers and container ships have skyrocketed, affecting global trade and fuel prices. Experts attribute the rise to reduced capacity, insurance risks, and longer alternative routes.
As Pakistan positions itself as a mediator between the US and Iran, India faces criticism from opposition leaders over its cautious approach. Analysts note Pakistan's diplomatic gains while India prioritizes energy security and diaspora safety amid regional tensions.
French President Emmanuel Macron visited Japan and South Korea for talks dominated by the US-Israeli war on Iran, focusing on de-escalation, energy security, and the reopening of the Strait of Hormuz. Bilateral agreements on critical minerals, nuclear technology, and AI were signed, while Macron also made headlines for his remarks on Europe's 'predictability' in an apparent swipe at the US.
As the US-Israeli war with Iran enters its second month, the strategic waterway at the heart of the global oil trade faces an unprecedented crisis. With the Strait of Hormuz largely closed to traffic and Iran's proxies threatening vessels, analysis points to three possible futures, ranging from regional military action to a new diplomatic framework.
Iranian Oil Minister Mohsen Paknejad announced that Iran has significantly cut discounts on its oil shipments and that average selling prices have increased, while reaffirming that oil exports continued uninterrupted during the conflict. Revenue from oil sales will help repair industry damage caused by wartime attacks.
US Gulf allies, led by Saudi Arabia and the UAE, are privately urging President Trump to continue the military campaign against Iran, arguing Tehran has not been sufficiently weakened. The war has killed over 3,000 people and disrupted global markets, while Gulf states face significant economic and security costs.
The White House says President Donald Trump is interested in having Arab countries pay for the war with Iran, while thousands of US troops arrive in the Middle East. The conflict enters its second month with mounting concerns over costs and new developments including UN peacekeeper deaths and threats from Iran's Revolutionary Guard.
Keir Starmer is set to launch Labour's English local elections campaign with a message that the Iran war underscores the need for Labour's values, while separately confirming the UK will not join a US blockade of the Strait of Hormuz. The prime minister will also chair a Downing Street meeting on the economic fallout of the conflict.
Oil prices soared above $116 a barrel following President Trump's comments about seizing Iranian oil and his threat to 'take out' Iran in one night. The escalation has rattled global markets, with Asian stocks tumbling and fears of sustained supply disruptions. Analysts and IMF officials warn of higher inflation and slower global growth as the conflict continues.
Prime Minister Shehbaz Sharif expressed gratitude to the foreign ministers of Turkiye, Egypt, and Saudi Arabia following a quadrilateral meeting focused on Middle East stability. The government is considering a 'Thanksgiving Day' to mark Pakistan's role in the temporary US-Iran ceasefire, which Islamabad says was a key diplomatic achievement.
Washington has reportedly accelerated military deployments to the Middle East, with options including a potential ground operation, even as US and Iranian officials prepare for talks in Pakistan mediated by Islamabad. While the Pentagon has not confirmed specifics, multiple sources indicate a dual-track approach of pressure and diplomacy.
As the US-Israel military campaign against Iran enters its second month, President Trump faces a stark dilemma between pursuing a negotiated exit and escalating military action. The conflict has disrupted global oil markets, drawn criticism from allies, and exposed domestic political vulnerabilities.