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Iran and the United States have paused their attacks, offering a respite for Gulf shipping and oil markets. Oil prices fell sharply on Monday as investors reacted to the reduced hostilities, while US envoy Mike Waltz said President Trump was giving talks 'some space'.
Australian shares are poised to rise at the open, with futures pointing to gains as investors weigh easing US-Iran tensions against ongoing concerns over tech valuations. Wall Street closed mixed, while oil prices fell sharply, and the Australian dollar was little changed.
Iran has passed another night without US airstrikes as Washington pauses its campaign, with reports suggesting concerns over dwindling munitions are restraining further escalation. The lull has revived hopes of negotiations, but President Trump has threatened strikes at a 'much higher level' if no deal is reached.
Yemen's Houthi movement launched missiles at Saudi Arabia after accusing the kingdom of bombing Sanaa airport, breaking a fragile four-year truce. The escalation threatens to draw the Red Sea and the Bab al-Mandeb Strait into a wider regional conflict, with oil facilities targeted.
As Iran escalates attacks on Gulf states, analysts and residents call for a coordinated regional response. Reports suggest Bahrain and Kuwait may have launched limited strikes, while US and Israeli support is seen as crucial in forming a defense alliance.
US President Donald Trump has paused plans for a major military escalation against Iran, according to multiple reports, amid concerns over depleting missile interceptor stockpiles. The decision follows warnings from top military officials and reflects broader worries about the conflict's trajectory and its political fallout.
Laura Loomer, a controversial far-right commentator with close ties to President Donald Trump, met with Ukrainian President Volodymyr Zelenskyy and admitted she had previously repeated Russian propaganda. Her shift coincides with recent changes in Trump's stance on Ukraine, including support for Patriot missile technology and new sanctions on Russia.
Yemen's Houthi rebels have claimed a missile attack on the Saudi city of Jazan, accusing Riyadh of a 'dangerous escalation' after Saudi strikes on Houthi targets. The US military paused its daily strikes on Iran for the first time in 13 nights, while President Trump indicated he would hold off on major operations as talks with Iran progress.
Pakistan has condemned Houthi threats against Saudi Arabia and commercial shipping in the Red Sea, vowing swift retaliation against any hostile act towards its maritime interests. The country reaffirmed its defence agreements with Saudi Arabia while balancing ties with Iran.
US President Donald Trump has warned of major military punishment for Iran after Houthi fighters struck two Saudi oil tankers in the Red Sea, sending Brent crude above $100 a barrel for the first time since May. International leaders, including UN Secretary-General Antonio Guterres, expressed alarm over the escalating conflict.
Oil prices have surged past $100 a barrel for the first time since May, driven by escalating attacks by Yemen's Houthis on Saudi oil tankers and continued US-Iran hostilities. The conflict threatens key shipping routes, raising concerns about global supply disruptions and economic impact.
US intelligence is investigating whether Russia helped Iran target CIA facilities in the Gulf, following drone attacks in March. Reports suggest Russian-supplied technology and targeting support may have enhanced Iran's strike capabilities. The investigation is ongoing, with no firm conclusions reached.
Yemen's Houthis said they attacked two Saudi oil tankers in the Red Sea, while the U.S. carried out strikes on Iranian targets for a 12th consecutive night. The incidents mark an escalation in the Middle East conflict, with oil prices surging and several countries responding to threats.
The US has carried out consecutive nights of strikes against Iran, while Iran has retaliated against US assets and allies in the Gulf, including UAE-flagged oil tankers. Explosions have been reported across Iranian provinces, and oil prices have risen sharply.
The United States Central Command has rejected Iran's assertion that it controls the Strait of Hormuz, insisting that the waterway remains open for transit. Tensions have escalated with Iran's Gulf neighbors attacked and the strait's closure announced, while the US military says it has helped hundreds of ships transit since May.
The United States and Saudi Arabia have signed a civilian nuclear cooperation deal, including two agreements on peaceful nuclear cooperation and bilateral safeguards, with the deal to be submitted to Congress for review. Concerns persist over a possible uranium enrichment facility and the potential for a regional arms race. President Trump has stated the deal is contingent on Saudi Arabia recognizing Israel.
Yemen's Houthi rebels have declared a naval blockade targeting Saudi-linked vessels in the Red Sea and claimed strikes on two Saudi oil tankers, prompting several ships to change course. US Secretary of State Marco Rubio accused Iran of flying Revolutionary Guard members into Yemen, while Washington signaled openness to talks despite launching new strikes on Iran.
The Australian share market is expected to open higher following a rally on Wall Street, with the S&P 500, Dow Jones, and Nasdaq all finishing up. Oil prices have dropped below $US84 per barrel, while the Australian dollar is trading at 70 US cents.
Iranian Parliament Speaker Mohammad Bagher Ghalibaf said Tehran will block regional oil sales if it cannot sell its own, and that the Strait of Hormuz will only open under Iranian arrangements. The threat follows renewed US and Iranian strikes, with Ghalibaf warning that strikes will be met with counterstrikes.
Senior officials from the UAE and Saudi Arabia have posted similar messages on social media affirming close historical ties, signaling a thaw in relations months after a public falling out. The posts come amid renewed U.S.-Iran hostilities and differing views on regional conflicts.