The US-Israeli war on Iran has entered its fourth week, with global implications intensifying across energy markets, trade routes and military positioning.

From developments in the Strait of Hormuz to fresh comments from US President Donald Trump, here are five key things to know on day 22.

Iran signals possible opening of Strait of Hormuz for Japan

Iran is ready to allow Japanese-related vessels to pass through the Strait of Hormuz, according to Kyodo news, citing Iranian Foreign Minister Abbas Araqchi.

Tehran has begun talks with Tokyo about potentially reopening access, Araqchi said in a phone interview.

Japan relies on the strait for around 90 per cent of its oil imports. The waterway has largely been restricted during the conflict, contributing to a spike in global oil prices and prompting countries to release reserves.

US waives sanctions to ease oil supply pressure

The Trump administration has introduced a 30-day waiver on sanctions related to the purchase of Iranian oil at sea.

US Treasury Secretary Scott Bessent said the move could bring around 140 million barrels of oil back into global markets, helping to stabilise supply.

The decision reflects concerns in Washington that rising oil prices could impact businesses and consumers ahead of the November midterm elections.

Reports of Iranian missile attempt near Diego Garcia

Iran reportedly fired two intermediate-range ballistic missiles towards Diego Garcia in the Indian Ocean, according to the Wall Street Journal, citing US officials.

One missile failed mid-flight, while a US warship launched an interceptor at the second. It remains unclear whether the interception was successful.

There has been no official confirmation from the White House or UK authorities.

Airlines cut flights as fuel costs surge

United Airlines has announced it will cancel around 5 per cent of its planned flights in the short term due to rising jet fuel costs linked to the conflict.

CEO Scott Kirby said current fuel prices could add $11bn in annual expenses if sustained.

The airline expects to restore its full schedule later this year, assuming conditions stabilise.

Trump rules out ceasefire for now

US President Donald Trump said he does not support a ceasefire at this stage of the conflict.

“You don’t do a ceasefire when you’re obliterating the other side,” he told reporters.

Trump also suggested that Israel could be ready to end the war once US military objectives are achieved, while calling for more international involvement to secure the Strait of Hormuz.

He added that countries such as China and Japan should play a greater role in ensuring safe passage through the critical shipping route.

Chuck Norris, the US martial artist and Hollywood action star best known for Walker, Texas Ranger, has died at the age of 86, according to a statement shared by his family on Instagram.

Reuters and AP both reported the death on Friday, citing the family’s announcement.

“It is with heavy hearts that our family shares the sudden passing of our beloved Chuck Norris yesterday morning,” the family said in the statement.

They described him as “a martial artist, actor, and a symbol of strength” to the world, and “a devoted husband, a loving father and grandfather” to his family.

Norris built a career that stretched from competitive martial arts into action films and television, becoming a household name through Walker, Texas Ranger. He was also known for films including The Way of the Dragon, in which he appeared opposite Bruce Lee, as well as a string of 1980s action titles that cemented his reputation as one of Hollywood’s best-known tough-guy stars.

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A post shared by Chuck Norris (@chucknorris)

Beyond acting, Norris was a major figure in martial arts. AP reported that he was a six-time undefeated World Professional Middleweight Karate champion and later developed his own martial arts system, Chun Kuk Do.

His public image also endured well beyond film and television. In later years, Norris became a pop culture phenomenon through the viral “Chuck Norris Facts” meme, which turned his screen persona into internet folklore and introduced him to a new generation of fans.

The news came just days after Norris marked his 86th birthday on social media. In a final post highlighted by multiple outlets, he shared a video of himself boxing and joked: “I don’t age. I level up.”

Some entertainment outlets reported that Norris had recently suffered a medical emergency in Hawaii, though the family’s statement did not disclose a cause of death.

Norris leaves behind a legacy spanning martial arts, film, television and popular culture, with tributes expected from across the entertainment world in the hours ahead.

Across continents, Eid Al Fitr 2026 is being marked with joy, reflection and togetherness, making it one of the most visually striking celebrations on the global calendar. The festival comes at the end of Ramadan and is observed by a worldwide Muslim population that has reached more than 2 billion in 2020, according to the Pew Research Centre.

This year, the mood in countries such as the UAE is celebratory but more measured. Authorities have stepped up safety and traffic readiness for Eid, while prayers are being held indoors across the country to prioritise worshippers’ safety amid the current regional situation. That means many family moments, greetings and gatherings are expected to shift into homes, malls, mosques and other indoor venues this year.

Pictured below is a selection of some photos of Eid Al Fitr 2026 celebrations from across the world.

The UAE has issued a fresh weather alert, with rain, thunderstorms and the possibility of hail expected across parts of the country over the coming days, as authorities step up preparations for unstable conditions.

According to the National Emergency Crisis and Disaster Management Authority (NCEMA), authorities are taking a proactive approach to the changing conditions.

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A post shared by Shahab (@storm_trackerae)

In a recent update, it said preparations are underway “within the framework of proactive preparations for the potential impacts on the country”.

It also noted that weather developments are being continuously monitored, alongside the activation of continuity plans where needed.

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A post shared by NCEMA (@ncemauae)

The latest forecast points to unsettled conditions across parts of the UAE, including Dubai and Abu Dhabi, with rainfall of varying intensity, possible thunderstorms and the chance of hail in some areas.

In Dubai, the forecast from Saturday, March 21 through to Friday, March 27 indicates a mainly cloudy and unsettled stretch, with daytime temperatures ranging between 26°C and 30°C and overnight lows between 20°C and 22°C. Thunderstorms are expected in parts of the emirate on several days during the week.

In Abu Dhabi, temperatures are set to range from 27°C to 30°C during the day, with lows between 21°C and 23°C. The capital is also expected to experience cloudy conditions and thunderstorms on multiple days over the coming week.

Authorities have warned residents to expect rainfall of varying intensity, a chance of hail in some areas, and stronger winds that could lead to blowing dust and reduced visibility.

The unstable spell is expected to continue through much of the week, before clearer and sunnier conditions return towards next weekend.

Residents are advised to monitor official weather updates and exercise caution on the roads during periods of rain, thunder and reduced visibility.

Oil prices eased on Friday while bonds nursed losses after global central bankers warned of inflation risks stemming from the ongoing war in the Middle East, which has sent markets into a tailspin.

Following a hectic week of monetary policy meetings across much of the Group of Seven (G7) and beyond, the key takeaway for investors has been the prospect of a more aggressive policy path.

Traders are no longer expecting a Federal Reserve rate cut this year. A hike from the Bank of England next month is seen as a close call, while sources said the European Central Bank may need to begin discussing rate increases in April and could tighten policy in June.

“There’s a lot of value in the signal,” said Vishnu Varathan, Mizuho’s head of macro research for Asia ex-Japan, referring to the hawkish rhetoric from central banks this week.

“It’s a message to markets that we are on top of this. You do not need to push yields unnecessarily higher because the yields are already starting to do the work for them.”

A rout in global bonds pushed yields to multi-month highs on Thursday, although the sell-off eased in Asia on Friday.

Trading in cash US Treasuries was closed due to a holiday in Japan, but futures edged marginally higher.

The yield on the two-year US Treasury note, which typically reflects near-term rate expectations, had jumped by more than 20 basis points in the previous session.

“Probably every day that goes by without an end to the war, or clear positive steps, increases the chances of that more adverse scenario for the bond market,” Thomas Mathews, head of markets for Asia-Pacific at Capital Economics, said of the possibility of rate hikes from major central banks by year-end.

So far this month, Germany’s two-year yield has risen by around 56 basis points, while yields on two-year British gilts have jumped 88 basis points.

Energy chokepoint

Brent crude futures were down 3 per cent at $105.43 a barrel on Friday, while U.S. crude fell 2.2 per cent to $94 a barrel, after leading European nations and Japan offered to join efforts to secure safe passage for ships through the Strait of Hormuz and the U.S. outlined moves to boost oil supply.

Still, both remained well above levels seen before the US-Israeli war on Iran, having risen by more than 40 per cent this month.

Natural gas prices have also soared, with those in Europe surging by as much as 35 per cent on Thursday, as Iranian and Israeli strikes targeted some of the Middle East’s most important gas infrastructure.

That prompted US President Donald Trump to tell Israel not to repeat its attacks on Iranian natural gas infrastructure.

“Even if the US leaves the conflict, Israel might not, and there may still be some strikes, with Iran retaliating, perhaps at a lower intensity,” said Alicia Garcia-Herrero, chief Asia-Pacific economist at Natixis.

“But this means that the Gulf will still be under pressure, so oil prices will not go back to $60. They may stay at $90, at least until the end of the year. So the shock is already unavoidable.”

Shares steady, dollar falls

MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.18 per cent and was set for a weekly gain of roughly 0.7 per cent, snapping two straight weeks of losses.

The retreat in oil prices on Friday helped stabilise market sentiment, although moves remained volatile.

Nasdaq futures rose 0.3 per cent, while S&P 500 futures advanced 0.37 per cent, after both closed lower in the overnight cash session. EUROSTOXX 50 futures were up 0.87 per cent, while DAX futures jumped 0.8 per cent.

The dollar was meanwhile set for a weekly loss of more than 1 per cent, as investors priced in steeper rate hikes from other central banks this year compared with the Fed.

The euro last bought $1.1570, having jumped 1.2 per cent on Thursday, while sterling was steady at $1.3424 after a 1.3 per cent rise overnight.

Even the yen, which was close to 160 per dollar in the previous session, found some reprieve and last stood at 157.85.

The Japanese currency was also supported by hawkish comments from Bank of Japan Governor Kazuo Ueda on Thursday, after the central bank held rates steady but maintained its bias towards tighter monetary policy.

Yusuke Miyairi, Nomura’s JPY FX and rates strategist, said that while Ueda may have left the door open to a rate hike in April, it remained “premature” to conclude that such a move was imminent.

Elsewhere, spot gold was up 0.8 per cent at $4,686.97 an ounce.