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Brent crude futures jumped more than 9% after US President Donald Trump announced a naval blockade of the Strait of Hormuz and as US-Iran talks in Islamabad failed to yield progress. Asian markets fell, while Russian indices rose. Oil prices have been volatile amid threats and delays of strikes on Iran's energy infrastructure.
Israel launched extensive airstrikes on Iranian targets, including a residential building near Tehran that killed at least 13 people, while Iran fired multiple missiles at Israel, causing minor injuries in Tel Aviv. Regional fallout includes Kuwait power outages, Saudi intercepts, and Lebanon expelling Iran's ambassador.
Fresh US-Israeli attacks on Iran have killed dozens, including a prominent academic and his children, while Iran retaliates with missile fire on Israel and Gulf states. President Trump claims negotiations are underway, but military actions persist, and a new ceasefire proposal circulates amid threats to Iran's power plants.
As the US-Israel conflict with Iran intensifies, Pakistan has emerged as a potential mediator, leveraging its unique ties to both Washington and Tehran. While offering economic and strategic opportunities, experts warn of significant risks and limited progress so far.
An Iranian diplomat has stated that the Strait of Hormuz remains open to all ships except those from 'aggressor' nations, amid reports of Iran closing the waterway to US and Israeli-linked vessels during the ongoing conflict. The statements come as Iran reports attacks on tankers without permission and pledges to continue the closure for the long term.
US President Donald Trump faces a set of difficult options in the ongoing conflict with Iran, according to analyses in The Economist and The Atlantic. The options include negotiating, withdrawing, continuing military operations, or escalating, but each carries significant risks and downsides for American interests.
Saudi Arabia and the UAE reported coming under fresh attacks on Monday, with ballistic missiles intercepted and drones shot down by coalition forces. Fires broke out at petrochemical plants in Abu Dhabi, Bahrain, and Kuwait, and an Indian national was wounded by falling debris. Iran state media framed the strikes as retaliation for attacks on its petrochemical facilities.
Prime Minister Shehbaz Sharif announced rejection of a petrol and diesel price increase summary during an unspecified Eidul Fitr address, citing regional conflict impacts. However, official claims regarding the closure of the Strait of Hormuz and 100%+ oil price spikes within three weeks remain unverified against global shipping data and benchmark crude markets, while ministerial statements describing recent 'bold' pricing decisions create ambiguity about sequential policy actions.
Pakistan's information ministry has rebutted Afghan Taliban claims of ceasefire violations and border fence removal, calling them 'frivolous' and 'fabricated.' Islamabad accuses elements within the Taliban regime and Indian intelligence of spreading propaganda, while warning of resuming military operations if cross-border attacks occur.
European natural gas prices surged past $850 per 1,000 cubic meters on March 19, the highest level since December 2022, amid Middle East conflict and infrastructure damage. Average March prices rose 1.5-fold to $633, with analysts citing attacks on Qatari and Emirati facilities.
As the US-Israel conflict with Iran disrupts Gulf oil supplies and closes the Strait of Hormuz, some analysts see crude surpassing $150 or even $200, while others point to diplomatic efforts and falling prices as signs of easing tensions. A look at the competing forecasts and the facts behind them.
Several countries, including India, China, and Pakistan, are reportedly negotiating with Iran for safe passage through the Strait of Hormuz, according to a report cited by TASS. Meanwhile, Iranian state media says a parliamentary commission has approved plans to impose tolls on vessels using the waterway, which has seen crossings drop by 95% due to the recent conflict.
China will provide emergency humanitarian assistance to Iran, Lebanon, Jordan, and Iraq as the conflict with US and Israeli forces enters its third week. The announcement follows US President Donald Trump's decision to delay a planned Beijing visit, alongside Chinese diplomatic efforts to mediate de-escalation while rejecting claims that US visits were conditional on Strait of Hormuz cooperation.
The Israeli military claims to have killed Gholamreza Soleimani, commander of Iran's Basij paramilitary forces, in a targeted airstrike in Tehran. If confirmed, the 62-year-old's death would represent a significant blow to Iran's internal security apparatus, though Iranian authorities have neither confirmed nor denied the claim. Reports regarding the status of other officials remain disputed.
South Korea's defense minister denied receiving any formal diplomatic request from the United States to deploy warships to the Middle East, despite President Trump's public calls for allies to protect the Strait of Hormuz. The statement comes as Seoul navigates domestic constitutional concerns and alliance pressures over potential military involvement in the region.
Explosions were heard over Dubai early Tuesday as the UAE military reportedly intercepted incoming Iranian missiles and drones, according to France 24—a claim not independently verified or confirmed by UAE officials. Meanwhile, Israel launched new strikes on Tehran and Hezbollah targets in Lebanon as the 18-day conflict continued to escalate regionally, causing civilian casualties and energy market disruption.