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The UK has relaxed sanctions on Russian oil, allowing the import of jet fuel and diesel refined in third countries, as the closure of the Strait of Hormuz drives fuel prices upward. The move, aimed at shielding consumers from cost-of-living pressures, has drawn criticism from opposition figures and raised concerns among allies in Ukraine.
The UK government has announced it will scrap planned fuel duty increases and extend the current freeze, alongside other measures to ease cost-of-living pressures. Prime Minister Keir Starmer confirmed a 12-month vehicle tax holiday for hauliers, while Chancellor Rachel Reeves is set to unveil additional support including VAT cuts on summer attractions and food tariff suspensions.
China’s exports grew faster than expected in April, even as the Strait of Hormuz crisis pushed up energy and shipping costs. Meanwhile, oil and gas imports from Gulf nations plunged, but Russia stepped in with higher crude shipments, though discounts have narrowed.
A South Korean oil tanker has passed through the Strait of Hormuz, marking the first such transit since the U.S.-Iran war began. The vessel, carrying 2 million barrels of crude oil, received passage approval from Iran. Meanwhile, South Korea's oceans minister opposed Iran's reported push to charge transit fees.
A new Reuters/Ipsos poll shows Donald Trump's approval rating at 35%, near the lowest of his presidency, with Republican discontent rising over the cost of living and surging gas prices linked to the Iran war. Other polls, including a New York Times/Siena survey, report similar declines, with most voters disapproving of his economic stewardship.
US Treasury Secretary Scott Bessent called on allies to intensify efforts against Iran's financing networks and announced a review of US sanctions designations. The appeal came as G7 finance ministers gathered in Paris amid global economic uncertainty.
In a rare procedural move, the US Senate voted 50-47 to advance a war powers resolution that would require President Donald Trump to obtain congressional authorization for military action against Iran or withdraw troops. The measure, backed by four Republicans and all but one Democrat, faces significant hurdles before becoming law.
A senior U.S. diplomat will visit Seoul in the coming weeks to launch bilateral working groups on implementing agreements from the October summit between Presidents Trump and Lee, including nuclear-powered submarines and civilian nuclear fuel programs. Allison Hooker, Under Secretary of State for Political Affairs, will lead the U.S. delegation, as announced after her talks with South Korean First Vice Foreign Minister Park Yoon-joo.
As tensions over the Strait of Hormuz persist, analysts warn that the crisis signals a broader shift in how strategic trade routes are managed. With global oil supply disruptions and rising geopolitical competition, the focus is turning to other chokepoints like the Strait of Malacca.
US Secretary of State Marco Rubio will travel to Sweden for NATO foreign ministers' talks and then visit India for bilateral discussions and the Quad meeting, his first trip to India since taking office. The visit comes amid strains over tariffs and sanctions, as both nations seek to strengthen ties.
Russian President Vladimir Putin has arrived in Beijing for a two-day visit with Chinese leader Xi Jinping aimed at strengthening economic and strategic ties. The visit comes days after US President Donald Trump's own trip to Beijing, highlighting China's growing diplomatic centrality. Observers note that while Russia and China celebrated 25 years of friendship, concrete gains for Moscow, particularly on a major gas pipeline deal, remained limited.
President Trump has warned Iran to accept a deal to end the Middle East war or face renewed bombing, while reports suggest talks are at a critical juncture. The ceasefire is described as on 'life support,' and both sides remain entrenched, with Iran seeking to end hostilities and reject nuclear dismantlement.
G7 finance ministers concluded a two-day meeting in Paris with a renewed commitment to multilateral cooperation, agreeing on the need to address trade imbalances and global economic instability. Despite tensions with the US over tariffs and Russia policy, the group reaffirmed its support for international institutions and vulnerable countries.
Explosions were heard on Iran's Qeshm Island on Tuesday, with initial reports citing an unknown cause before a local official said unexploded enemy ammunition was being neutralized. The incident comes as US President Donald Trump paused a planned resumption of strikes on Iran after Tehran sent a new peace proposal.
South Korean President Lee Jae Myung and Japanese Prime Minister Sanae Takaichi met in Andong for their fourth summit in six months, agreeing to enhance cooperation on energy supply chains, including LNG and crude oil swaps. The meeting underscored shared concerns over Middle East instability and reaffirmed trilateral security ties with the US.
President Lee Jae Myung met with Japanese Prime Minister Sanae Takaichi to strengthen bilateral ties amid global instability, while Seoul manages conflicting narratives over an attack on the South Korean-operated vessel HMM Namu and volatile domestic economic indicators.
South Korean President Lee Jae Myung and Japanese Prime Minister Sanae Takaichi held their fourth meeting in Andong, Lee's hometown, agreeing to enhance cooperation on supply chains and LNG and crude oil supplies amid Middle East conflict. The summit marked the first time sitting leaders of both countries have visited each other's hometowns.
US President Donald Trump announced he is delaying a planned military attack on Iran scheduled for Tuesday, citing requests from Qatar, Saudi Arabia, and the UAE to allow more time for negotiations. Trump said he has instructed the military to be prepared for a large-scale assault if an acceptable deal is not reached.
Kenya's nationwide transport strike over fuel price hikes was suspended for a week after at least four people were killed and over 30 injured in protests. The government and transport unions will negotiate, while hundreds have been arrested and rights groups have condemned the use of force.
Pakistan has delivered a revised peace proposal from Iran to the United States, aiming to end the conflict in West Asia. Talks remain stalled with both sides citing major differences, while President Trump has warned of urgency and reportedly held off on a planned strike.