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Five months into the war, Iran's blockade of the Strait of Hormuz has cut oil traffic by 90%, defying US claims of control and prompting cautious NATO-facilitated talks. As Tehran asserts sovereignty over the waterway, the world faces an energy crisis with no easy resolution.
A Financial Times report citing sources close to Tehran says Iran has assessed striking US military assets in southeastern Europe, including bases in Bulgaria and Cyprus, if President Trump escalates the conflict. NATO says it is prepared to defend allies, while Bulgaria and Cyprus have taken precautionary measures and Cypriot officials deny the threat.
As the US-Iran Memorandum of Understanding set to expire on Monday, Iranian President Masoud Pezeshkian called for ending the war from a position of strength, while Foreign Minister Abbas Araghchi said no decision has been made to restart negotiations. The US is preparing intensified sanctions, and analysts note Iran's increased leverage.
Iran and Oman's top diplomats met in Tehran to discuss a temporary maritime corridor and mine-clearing project in the Strait of Hormuz. The talks come as US President Donald Trump claims mines have been cleared and threatens to designate the strait a US territory, while Iran insists the waterway remains closed.
US President Donald Trump has repeatedly declared the Strait of Hormuz an 'American territory' amid a naval blockade and escalating tensions with Iran. While Trump asserts total control, international law experts and Iranian officials dismiss the claim as legally and practically impossible, as the waterway remains a critical global chokepoint.
The UAE has accused Iran of attacking an Abu Dhabi National Oil Company vessel in the Strait of Hormuz, marking the third such incident in less than a week. The UAE Foreign Ministry called on Tehran to halt attacks and fully reopen the waterway, while Iran has rejected the accusations. The incident underscores heightened tensions in the region since the outbreak of the US-Israeli war with Iran in late February.
President Donald Trump has declared the Strait of Hormuz an 'American territory' and threatened to formally annex it after defeating Iran, escalating tensions in a conflict approaching six months. Iran has rejected the claim, insisting the waterway's status remains under its authority, while shipping data shows traffic still well below pre-war levels.
Washington has announced an unprecedented push to isolate Iran's economy, with Treasury Secretary Scott Bessent pledging to sever every economic lifeline of the 'tyrannical regime.' Iran has vowed to shut down Gulf oil exports if the pressure continues, as diplomatic efforts and a crisis in the Strait of Hormuz deepen.
The US Treasury paid its highest borrowing costs in a quarter of a century at its latest 30-year bond auction, as investors demanded a heavy premium on long-term government debt over inflation and fiscal concerns. A Treasury plan to double bond buybacks gave markets a brief reprieve, but yields quickly climbed again. Stocks were mixed globally, while the White House pressed an economic campaign against Iran.
The USS Abraham Lincoln is returning to San Diego after a nine-month deployment marked by record time at sea and reports of deteriorating crew conditions. Senators are demanding a Pentagon review, while officials dispute the accounts.
Russian President Vladimir Putin made his first visit to the disputed Kuril Islands, prompting a strong protest from Japan. The visit coincided with Russian naval exercises that included missile tests, further heightening tensions between the two countries over the long-standing territorial dispute.
Iranian Parliament Speaker Mohammad Bagher Ghalibaf said Saturday that Tehran received 'numerous messages' from neighboring countries seeking new regional security arrangements, though he did not name any nations. The remarks come as Washington prepares to announce what Treasury Secretary Scott Bessent has called the 'toughest sanctions in history' against Iran.
President Trump asserts the US has 'total control' of the Strait of Hormuz, pledging to keep it, while Iran is described as 'shot' with 'no money.' Yet independent tracking data and official counts suggest traffic remains far below pre-war levels, and analysts dispute the administration's figures.
Shipping through the Strait of Hormuz remains far below pre-war levels, with only a handful of vessels transiting daily, even as President Trump asserts the US has 'total control' over the waterway. Iran conditions any full reopening on the lifting of the blockade and sanctions, while diplomatic efforts to end the conflict remain stalled amid conflicting claims about the strait's status.
Months of blockades and uncertainty around the Strait of Hormuz have pushed Gulf energy exporters to seek alternative routes, with Saudi Arabia successfully rerouting oil through its East-West Pipeline while the UAE and other states face greater challenges. President Trump and Iranian officials offer sharply conflicting assessments of the waterway's status, as analysts warn that bypass projects cannot fully replace the strait's capacity.
Saudi Arabia, Turkey, and Pakistan have signed a trilateral defense agreement in Mecca, pledging collective deterrence against aggression. The pact, which some compare to NATO's Article 5, comes amid regional tensions and questions over US security commitments.
Pakistan's Foreign Office announced it will implement the Saudi-led multinational maritime defence coalition 'in full earnest', following the deaths of three Pakistani sailors in Houthi strikes on a Saudi cargo ship. The FO also highlighted Oman's lead in negotiations with Iran over the Strait of Hormuz and Pakistan's focus on broader political settlement.
The South Korean won edged higher against the U.S. dollar in recent trading sessions, supported by exporter dollar sales and falling oil prices, while traders remained cautious over U.S. inflation data and Middle East tensions. Foreign investors showed mixed activity in local stocks, with the KOSPI experiencing sharp fluctuations.
The Trump administration is escalating economic pressure on Iran with new sanctions and a naval blockade, announcing what President Trump called an 'economic D-Day.' Iran has threatened retaliation, and the UAE has suspended trade with Tehran, severing a key economic lifeline.
South Korea's KOSPI opened sharply lower on Thursday, falling 119.51 points, following losses on Wall Street and amid reports of progress on the Strait of Hormuz. The index had opened 59.6 points lower earlier in the week, with markets also tracking U.S. declines.