Commercial ships began moving through the Strait of Hormuz after the U.S. and Iran signed a memorandum to extend a ceasefire and begin new talks. The agreement faces early tests over Iran’s nuclear program and Israel’s continued military presence in southern Lebanon.
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The U.S. said Iranian missiles and drones targeting Kuwait and Bahrain failed or were intercepted, while Kuwait reported a later airport attack that caused injuries and damage. Washington struck an Iranian ground control station on Qeshm Island as both sides disputed the status of ceasefire talks.
Israeli strikes in southern Lebanon killed several people after President Donald Trump said Israel and Hezbollah had agreed to stop shooting. The continued attacks raised doubts over the reported de-escalation and threatened U.S.-linked talks with Iran.
Oil prices surged sharply amid escalating conflict involving the U.S., Israel, and Iran, with Brent crude surpassing $100 per barrel due to disruptions in the critical Strait of Hormuz and attacks on oil infrastructure across the Gulf region. The crisis has led to significant economic impacts, including declines in U.S. stock markets, production shutdowns by major energy companies, and government measures such as fuel rationing in India and potential U.S. policy changes like a temporary Jones Act waiver and strategic oil reserve releases. Meanwhile, military actions have intensified, causing substantial casualties and prompting international efforts to address the escalating threats to global energy supplies and maritime security.