International relations, geopolitics, wars, major global shifts
The US is seeking international help to reopen the Strait of Hormuz, closed for two months following US-Israeli strikes on Iran. The blockage is cutting off 20% of global oil and gas supplies and driving crude prices higher. No timeline for reopening has been established.
Oil surged past $126 a barrel after Trump said the US blockade of Iranian ports could last months, pushing prices to their highest since 2022. The Strait of Hormuz, through which a fifth of global oil and gas flows, remains shut with no deal in sight. Stock markets fell across Asia while the dollar rose on safe-haven
Trump said the US blockade of Iranian ports is producing results and called on Tehran to 'give up' on day 62 of the conflict. A sustained blockade threatens Iran's oil export revenue and could tighten global crude supply. No public response from Iran has been reported.
President Trump confirmed a phone call with Putin covering both the Ukraine war and the conflict with Iran. Putin reportedly offered assistance to the U.S. on the Iran front, though specifics were not disclosed. The call signals active U.S.-Russia diplomacy across two major conflict zones simultaneously.
The Trump administration is seeking to form an international coalition to protect shipping through the Strait of Hormuz, per a State Department cable seen by Reuters. The strait carries roughly 20% of global oil trade, making any threat there a direct risk to energy prices worldwide.
Oil prices surged to their highest since 2022 after Axios reported US Central Command has prepared strike plans on Iran to brief President Trump. Energy markets reacted sharply because Iran and the Strait of Hormuz are critical to global oil supply. No decision to strike has been made.
Oil prices jumped after the US blockaded Iranian ports, raising fears of a sustained supply shortfall. Trump met oil company executives to explore ways to cushion the hit to fuel supplies. How long the blockade lasts and whether other producers respond will drive prices from here.
Trump threatened to pull U.S. troops from Germany after Chancellor Merz said Iran had 'humiliated' America. The public spat puts a crack in a key NATO relationship at a sensitive moment for European security. No formal withdrawal steps have been announced.
The Japanese yen breached 160 per dollar and JGB yields hit their highest level in nearly three decades. Rising yields push up Japan's borrowing costs and could force the Bank of Japan to shift policy. A weaker yen also lifts import prices, adding to inflation pressure on households and businesses.
President Trump confirmed the US naval blockade on Iran's ports will remain until Tehran agrees to a nuclear deal. The move targets Iran's oil exports and broader trade, raising questions about escalation risk. Democrats questioned Pentagon leaders about the military and diplomatic path forward.
Brent crude is near $120 a barrel after Trump said the US naval blockade of the Strait of Hormuz will continue until Iran agrees to a nuclear deal. The Strait carries about 20% of global oil supply, making the standoff a direct threat to energy markets worldwide.
Brent crude hit $120 a barrel Thursday as U.S. sanctions on Iranian oil exports tightened and nuclear negotiations stalled. Sustained supply disruption from Iran, a major producer, is driving the rally. Markets are watching whether diplomacy restarts or sanctions enforcement intensifies.
President Trump said a US naval blockade of Iranian ports could last months and is more effective than bombing. Oil prices surged as markets factored in the risk of prolonged Iranian crude supply disruption. The duration and international compliance with the blockade are now key variables to watch.
U.S. crude oil crossed $100 a barrel after the Strait of Hormuz stayed closed due to a standoff involving Iran. The closure cuts off a major global oil route, lifting energy prices and pulling the S&P 500 lower as investors weigh rising costs.
Oil prices surged above $120 per barrel as a standoff in the Strait of Hormuz escalated, with Trump urging Iran to stand down. The strait carries around a fifth of global oil supply, making any disruption there an immediate shock to energy markets.
The Senate Banking Committee voted along party lines to advance Kevin Warsh's Fed chair nomination to the full Senate. All 13 Republican panel members supported him, with no Democratic votes. A final Senate floor vote is the last step before confirmation.
Trump says Putin told him he wants to be involved in settling the Iran nuclear enrichment dispute. A Russian role would add a significant new dimension to US-Iran negotiations. No format, timeline, or conditions for that involvement have been disclosed.
The US Federal Reserve held rates steady for the third straight meeting, with Jerome Powell pointing to energy prices and supply disruptions as key risks. A rate pause eases pressure on the Indian rupee and reduces capital outflow risk, but high crude oil prices remain a concern for India's import bill.
Jerome Powell said he will stay on the Federal Reserve board as a governor after his chairmanship ends May 15, though he did not say for how long. His continued board presence means he retains a vote on US interest rate decisions even after stepping down as chair.
The US Federal Reserve kept interest rates unchanged at 3.5, 3.75 percent, citing inflation concerns and global economic pressure. The decision came at what is expected to be Jerome Powell's final meeting as Fed chair. A leadership transition at the Fed could shift how future rate decisions are made.