Middle East

A vessel was reportedly struck by a projectile in the Strait of Hormuz, adding to fears over global energy supplies after Saudi Arabia shut its vital East-West oil pipeline following a drone attack

Six armed people boarded the tanker in the Gulf of Aden and took control of the vessel, diverting it towards Somalia, according to UKMTO

Brent crude slipped below $80 a barrel as progress in Iran-Oman negotiations raised hopes of a broader US-Iran peace deal and the eventual reopening of the Strait of Hormuz

Oil prices fell more than 5 per cent on Monday after US President Donald Trump paused plans for a fresh strike on Iran

Traffic through the Strait of Hormuz remained low with only two tankers transiting

The United States launched fresh strikes on Iran overnight after Tehran targeted US forces across the Middle East, as the five-month conflict widened to Iraq, Jordan, Egypt and the Strait of Hormuz

After nearly two weeks of escalating military confrontation, direct hostilities between the US and Iran have paused—but the Middle East remains on edge as Houthi attacks intensify

Ship traffic through the Bab el-Mandeb strait dropped to its lowest level in months after Yemen’s Houthis attacked Saudi oil facilities

The ceasefire is contingent on a complete cessation of fire from Hezbollah and the evacuation of all of its operatives from the South Litani Sector

The UNDP warns that many developing countries lack the fiscal capacity to respond effectively, unlike advanced economies that can absorb shocks through subsidies and monetary policy