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The Pakistan Stock Exchange's benchmark KSE-100 index fell more than 3,000 points during early trade on Tuesday, extending losses for a second day. The decline was attributed to rising global oil prices and heightened US-Iran tensions in the Strait of Hormuz.
The United States launched new airstrikes on Iran, prompting retaliation against Gulf Arab states and tankers. As tensions escalate over the Strait of Hormuz, President Trump has warned of further strikes, while oil prices have risen.
The US military has launched a third consecutive night of strikes against Iran, while Iran's Revolutionary Guards Corps announced missile and drone attacks on US facilities in Bahrain. Both sides accuse each other of violating the interim agreement that had ended fighting in June.
South Korea's government has lifted its 2026 growth forecast to 3 percent, citing a semiconductor supercycle and easing Middle East tensions, while international bodies like the IMF and ADB project 2.6 percent. The government also outlined plans to boost exports, income, and infrastructure investment.
The UAE Ministry of Defence reported that two Emirati oil tankers were hit by Iranian cruise missiles in the Strait of Hormuz, killing one Indian crew member and wounding eight others. The attack has drawn condemnation from the UAE and expressions of solidarity from other Gulf states.
South Korea's benchmark KOSPI opened lower on Tuesday, tracking Wall Street losses, as investors weighed heightened Middle East uncertainty and AI sector concerns. The index fell in early trading, with tech heavyweights like SK hynix and Samsung Electronics under pressure, while the Korean won ticked up slightly against the dollar.
US President Donald Trump formally notified Congress that hostilities against Iran resumed on July 7, opening a new 60-day window for military action without congressional approval. The notification follows Iran's alleged violation of a June memorandum of understanding, leading to renewed strikes. Reports also detail an informal nickname for the operation and the killing of Supreme Leader Ali Khamenei.
US President Donald Trump has declared the reinstatement of a naval blockade targeting Iranian vessels and cargo in the Strait of Hormuz, while stating the United States will act as guardian of the waterway and impose a 20 percent charge on cargo. The move follows renewed military exchanges between US and Iranian forces, including reported Iranian missile strikes on UAE tankers.
President Donald Trump announced the United States is taking control of the Strait of Hormuz and resuming its maritime blockade of Iran, saying all other countries will have fair and open use of the waterway. The remarks were made on Fox News and Truth Social, with only Iranian ships or customers affected, according to TASS reporting.
The Saudi-backed Yemeni government said it struck the runway at Houthi-held Sanaa airport to stop an unauthorised Iranian aircraft from landing, prompting Houthi missile attacks on Saudi Arabia and threats of further escalation. The exchange marks the most serious rupture in a largely dormant conflict since an informal 2022 truce, raising concerns that a fragile ceasefire framework could collapse amid wider US-Iran tensions.
Yemen's internationally recognised government has claimed responsibility for a strike on Sanaa airport, saying it aimed to prevent an Iranian plane from landing. The Houthi rebels blamed Saudi Arabia and threatened retaliation, raising fears of renewed all-out war in Yemen.
President Trump said the U.S. will act as 'guardian' of the Strait of Hormuz and charge a 20% fee on all cargo shipped through it, while reinstating a naval blockade of Iranian ports. The announcement comes amid ongoing U.S.-Iran tensions and has raised questions about cost calculations and implications for energy-importing nations.
According to an OPEC report, Russia was the largest oil supplier to India in May, exporting 2.1 million bpd, and also remained China's top supplier. India's total imports rose month-on-month, while China's declined. In June, India's imports hit a record 4.93 million bpd, with Russia supplying more than half.
The UK government is submitting draft regulations to ban support for Iran’s Islamic Revolutionary Guard Corps and the linked Islamic Movement of Companions of the Right, which claimed seven attacks on Jewish and related sites. Officials say the IRGC’s Qods Force almost certainly directed the group and are designating Russia’s GRU Volunteer Corps under the same new state-threats powers. Prime Minister Keir Starmer said the measures will make it easier to prosecute those carrying out hostile work on British soil.
US Central Command has confirmed the first combat use of one-way attack sea drones against Iranian targets, striking a naval base and degrading Iran's ability to attack commercial shipping. The strikes come amid an escalating naval blockade and retaliatory attacks, including an Iranian strike on two UAE tankers that killed one crew member.
The Middle East has seen a significant escalation in US-Iran hostilities, with new strikes reported on both sides. Iran's Revolutionary Guards announced attacks on Gulf nations, while the US continued targeting Iranian military sites. Diplomatic efforts, including Pakistan's mediation, face challenges.
Oil prices surged more than 3% after renewed military strikes between the US and Iran raised concerns about shipments through the Strait of Hormuz. While Iran claims it has closed the strait, US officials and Central Command say it remains open. Gulf oil exports have recovered from May lows but remain below pre-war levels.
President Donald Trump announced the US will take control of the Strait of Hormuz and charge a 20% toll on cargo, prompting Iranian officials to assert Tehran's continued guardianship of the waterway. The proposal has drawn criticism from an Israeli security expert who says it validates Iran's own fee demands.
Tensions between the U.S. and Iran have escalated sharply after a weekend of military exchanges near the Strait of Hormuz, with Iran striking a commercial ship and U.S. forces hitting Iranian military targets. Russia's foreign ministry warns of shipping disruption risks, while Pakistan's role in a recent ceasefire agreement surfaces.
Iranian Foreign Ministry spokesman Esmaeil Baghaei said Tehran will not allow the Strait of Hormuz to become a source of threats to its national security, and accused the United States of undermining stability in the region. He also defended Iran's record in negotiations, saying Washington is the party that constantly violates agreements.