Singapore, alongside Fiji, Jamaica, and Malta, delivered a joint statement at the UN calling for the restoration of unimpeded transit passage through the Strait of Hormuz, a waterway through which roughly 20% of global oil trade flows. Singapore's Permanent Representative Burhan Gafoor presented the statement, framing the issue as one of international law compliance rather than bilateral dispute. The joint appeal follows a UN Security Council veto that blocked a formal resolution on Hormuz transit rights, leaving the matter unresolved at the institutional level. The Strait of Hormuz is a chokepoint for liquefied natural gas and crude oil shipments from Gulf producers to Asian and European markets, making any restriction on passage a direct supply-chain and energy-price risk. Singapore's participation carries particular weight given the city-state's role as a major bunkering and shipping hub. Observers will watch whether additional maritime nations join the statement bloc, and whether the veto triggers alternative diplomatic or legal mechanisms under UNCLOS to enforce transit passage rights.
Qatar's foreign ministry said mediators including Qatar, Pakistan, and Oman have reached "very progressive stages" in efforts to end the US-Iran war, pushing Brent crude down more than four percent.
Qatar confirmed it is mediating between the US and Iran but said no direct talks are currently planned. The clarification follows conflicting statements from President Trump, who claimed talks are under way, and Tehran, which denied any dialogue is happening.
Saudi Aramco reported sharply higher second-quarter 2026 profits as the Iran war restricts global oil supply and pushes crude prices up. Other oil supermajors also posted outsized earnings, raising concerns about sustained fuel cost pressure for importing economies.
President Trump called current Iran negotiations the "last chance" to end five months of conflict, pushing oil prices higher. Tehran denied formal talks are taking place, raising the risk of a diplomatic breakdown with direct consequences for global energy markets.
