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Iran has reclosed the Strait of Hormuz, a critical waterway for global oil supplies, in retaliation to the United States' ongoing blockade of Iranian ports. The Islamic Revolutionary Guard Corps (IRGC) announced on Saturday that control of the strait had 'returned to its previous state,' with Iranian gunboats reportedly firing at a merchant vessel attempting to cross.The strait's closure comes after a brief reopening, during which over a dozen commercial ships passed through. This development has cast doubt on US President Donald Trump's optimism about a potential peace deal to end the US-Israel war on Iran, which Trump claimed was 'very close.'The IRGC statement emphasized that the blockade represented 'acts of piracy and maritime theft,' and warned that the strait would remain under strict control until the US restores full freedom of navigation for Iranian vessels. Oil prices have been impacted, with at least eight oil and gas tankers crossing the strait by 10:30 GMT, while several others turned back.The situation has created uncertainty for maritime shipping, with specialist John-Paul Rodrigue noting that contradictory information from all parties has deterred many vessels from crossing. Al Jazeera's Tohid Asadi reported from Tehran that Iran seeks a comprehensive end to the regional war, including security assurances, sanctions relief, and a resolution to its nuclear dossier.

The International Monetary Fund (IMF) has downgraded its global growth forecast for 2026 from 3.3% to 3.1%, citing the impact of the US-Israeli war on Iran and the shutdown of the Strait of Hormuz on the world economy. In a worst-case scenario of a prolonged war, global growth could fall to 2.5% in 2026, with low-income and developing economies hit the hardest by soaring commodity and energy prices. However, some industries are benefiting from the uncertainty: Wall Street Investment Banks Wall Street investment banks are thriving due to increased trading activity, with Morgan Stanley reporting a profit of $5.57bn, up 29% year on year, and Goldman Sachs reporting a profit of $5.63bn, up 19% year on year. Aerospace and Defence The aerospace and defence industries are booming due to increased global defence spending, with the MSCI World Aerospace and Defence Index reporting net returns of 32% year on year. Artificial Intelligence The AI industry is expected to grow from $189bn in 2023 to $4.8 trillion by 2033, with Taiwan Semiconductor Manufacturing Company posting a net income of $18.1bn for the first three months of 2026, up 58% year on year. Renewable Energy The renewable energy sector is also benefiting from the war, with 150 countries having active policies to advance renewable and nuclear deployment, and the S&P; Global Clean Energy Transition Index up 70.92% year on year.

France and the United Kingdom are convening dozens of countries to advance plans for a multinational maritime force to secure the Strait of Hormuz, a critical waterway that has been closed since Iran imposed a blockade on February 28.The meeting, taking place at the Elysee presidential palace in Paris, is being chaired by French President Emmanuel Macron and British Prime Minister Keir Starmer, with around 30 to 40 countries participating in person or by video conference.The talks will focus on the Strait of Hormuz Maritime Freedom of Navigation Initiative, a defensive mission aimed at restoring free passage through the waterway once a lasting ceasefire in the US-Israel war on Iran is in place.European leaders have warned that the ongoing closure threatens consumers with higher inflation, food shortages, and flight cancellations as jet fuel supplies dwindle. Over 20,000 seafarers are trapped on board hundreds of vessels caught in the blockade.“The unconditional and immediate reopening of the strait is a global responsibility, and we need to act to get global energy and trade flowing freely again,” Starmer said, accusing Iran of “holding the world’s economy to ransom”.The initiative mirrors Europe’s earlier efforts to assemble a security force for Ukraine and carries similar conditions: deployment only when the conflict ends and security conditions allow.A French presidential official stated that allies would need “an Iranian commitment not to fire on passing ships and a US commitment not to block any ships leaving or entering the Strait of Hormuz” before any mission could proceed.Washington’s absence from the discussions is deliberate, with Macron emphasizing that the mission to provide security for shipping through the strait would be “strictly defensive” and limited to non-belligerent countries.

US President Donald Trump has announced that Israel and Lebanon have agreed to a 10-day ceasefire, which will take effect at 5pm US East Coast time (21:00 GMT) on Thursday. The truce was brokered after Trump spoke with Israeli Prime Minister Benjamin Netanyahu and Lebanese President Joseph Aoun.The ceasefire is seen as a significant development in the conflict between Israel and Lebanon, which was drawn into the US-Israeli war on Iran on March 2 when Hezbollah, the Iran-aligned Lebanese armed group, fired rockets at Israel. The conflict has resulted in over 2,196 deaths in Lebanon and thousands more wounded.Lebanese Prime Minister Nawaf Salam welcomed the announcement, describing the ceasefire as "a central Lebanese demand we have pursued since the first day of the war". Netanyahu confirmed he had agreed to the truce, which he said presented his country with an opportunity for a "historic deal" with Beirut.The US State Department said that Israel would retain the right under the agreement to carry out strikes in Lebanon in self-defence "at any time". The ceasefire could be extended by mutual consent. Trump later said the Lebanese government would begin working with Hezbollah to achieve the goal of dismantling the group.The ceasefire follows an intense week of diplomacy, including direct talks between Lebanese and Israeli envoys in Washington, DC, hosted by US Secretary of State Marco Rubio. Trump said he would invite Netanyahu and Aoun to direct talks, believing "that will happen quickly".

Colombia, the largest coal and fourth biggest oil exporter in the Americas, is hosting a groundbreaking global conference this month to drive the long-awaited 'transition away from fossil fuels'. The conference, co-hosted with the Netherlands, aims to break the deadlock in UN climate talks and bring together countries willing to forge ahead with the energy transition.The conference comes at a critical time, with nations embroiled in another oil-inflected war and fuel prices soaring worldwide. Irene Vélez Torres, Colombia's environment minister, said the conference comes in the best possible moment, highlighting the stark choice world leaders face between oil, gas and coal and cleaner, safer renewable energy.Countries are paying the price for oil addiction, not just in their energy bills but in food prices, consumer inflation, shortages, and businesses threatened with collapse. The oil crisis, sparked by the US-Israeli attack on Iran, is spotlighting the risks of fossil fuel dependency.Some countries, like the UK, are already making the switch to renewable energy, with record numbers of households turning to solar panels, electric vehicles and heat pumps. Global power generation from coal and gas has fallen, while renewables have surged ahead, with solar generation up 14% and wind by 8%.The conference aims to bring together countries that want to forge ahead with the energy transition, with 54 countries confirmed to attend, representing about a fifth of global fossil fuel production and a third of demand. However, some of the world's biggest economies and biggest polluters, including the US, China, India, Russia and the Gulf petro states, will be missing.Colombia and the Netherlands hope to create a 'coalition of the willing' to drive the transition away from fossil fuels, with a focus on tangible outcomes, including a report by scientists on how countries can make the transition and a report from finance experts on how funding can be made available.

Cuban President Miguel Diaz-Canel has declared that his country is prepared to fight if necessary, despite not seeking conflict with the United States. This statement comes as Cuba marks the 65th anniversary of its socialist revolutionary character, amid heightened tensions with the US.Diaz-Canel's defiant remarks were made before a crowd commemorating Fidel Castro's declaration of the socialist nature of the Cuban Revolution and the failed Bay of Pigs invasion by US-aligned forces. He emphasized Cuba's readiness to confront serious threats, including military aggression, stating, 'We do not want it, but it is our duty to prepare to avoid it and, if it becomes inevitable, to defeat it.'The US, under President Donald Trump, has been increasing pressure on Cuba, threatening the island nation's government and tightening energy restrictions. Trump has suggested that the US could overthrow the Cuban government, following the US-Israel conflict with Iran. These actions have contributed to fuel shortages and energy blackouts in Cuba, straining workers and businesses.Cuba's economy has long suffered from a US economic embargo, economic mismanagement, and political repression, prompting many Cubans to leave the country. A United Nations vote in 2025 saw 165 countries demand an end to the US embargo, with only seven countries, including the US, Israel, Argentina, and Hungary, voting against.Diaz-Canel has strongly defended Cuba, stating, 'Cuba is not a failed state. Cuba is a besieged state,' facing multidimensional aggression through economic warfare and an intensified blockade.

Iran's prominent parliament speaker, Mohammad Bagher Ghalibaf, has stressed that a ceasefire in Lebanon is just as crucial as one in Iran, in a phone conversation with his Lebanese counterpart, Nabih Berri. This development comes as diplomatic efforts to end the war between Iran and the United States gain traction.Ghalibaf, who led the Iranian delegation at the recent US-Iran meeting in Pakistan, emphasized that Tehran is committed to achieving a permanent ceasefire in all conflict zones, including Lebanon. He assured Berri that Iran has not forgotten its Lebanese allies and considers them part of its own people.The conversation also touched on the latest Israeli attacks on Lebanon, which have resulted in the displacement of 1.2 million Lebanese people. Berri condemned Israel's actions, stating that they are committing crimes and seeking to displace Lebanese citizens. He appreciated Iran's efforts to secure a ceasefire in Lebanon and noted that any communication with Israel would not be in Lebanon's interests.Lebanon was drawn into the US-Israel war on Iran after Hezbollah fired rockets at Israel on March 2, in retaliation for Israel's killing of Iran's Supreme Leader Ayatollah Ali Khamenei and near-daily violations of a ceasefire agreement in Lebanon. Since then, Israeli forces have killed over 2,000 people in Lebanon.In a related development, US President Donald Trump announced that the leaders of Israel and Lebanon will speak to each other for the first time in 34 years. This historic conversation is seen as a significant step towards de-escalation in the region.

In a remarkable display of solidarity, people in Indian-administered Kashmir are donating gold, jewelry, and household items to support civilians in Iran affected by the ongoing US-Israel conflict. The donations, which include cash, livestock, bicycles, and even piggy banks broken open by children, reflect the deep cultural ties between Kashmir and Iran.The bond between the two regions dates back over six centuries, with Sufi scholar Mir Sayyid Ali Hamadani introducing religious practices, art forms, and Persian literary traditions to Kashmir in the 14th century. This historical connection has led to Kashmir being referred to as 'Little Iran' or 'Iran-e-Sagheer'.Masrat Mukhtar, a 55-year-old woman from Budgam, handed over gold earrings gifted to her by her father on her birthday, saying, 'We give what we love. This brings us closer to them.' Her cousins and other families in the region have also contributed items of personal value, including copper utensils, livestock, and portions of savings.The scope of donations is significant, with estimates from local authorities placing the value of contributions at up to six billion rupees ($64m). The Iranian embassy in New Delhi acknowledged the contributions, thanking the people of Kashmir for their 'humanitarian support and heartfelt solidarity'.However, Indian authorities have raised concerns about potential misuse of funds, citing examples of collections being allegedly funnelled towards rebel groups in the past. Authorities have asked volunteers to maintain records to ensure compliance with fundraising regulations.

Average private rents across Great Britain have halted their near‑decade‑long climb, with the typical advertised rent outside London remaining at £1,370 per month during the first quarter of 2026, according to Rightmove data.That flat reading marks the first time since 2017 that rents have not risen in the opening three months of a year compared with the end of the previous year, signalling a potential easing of the chronic affordability squeeze that has plagued tenants.Rightmove warned that many renters are now hitting the “ceiling” of what they can afford, a trend compounded by broader cost‑of‑living pressures. Estate agent Jeremy Leaf noted that the Iran war that began on 28 February has heightened tenants’ financial anxieties.Conversely, the conflict has spurred a modest influx of migrants from the Middle East, bolstering demand in the “prime” rental segment, according to Chestertons.Rightmove’s property expert Colleen Babcock cautioned that the war’s immediate impact is an increase in borrowing costs for landlords, which could later translate into higher rents.In response to the softening market, landlords are “positioning rents correctly for the current market.” About 26 % of rental listings have been reduced in price while advertised – the highest proportion recorded since Rightmove began tracking this metric in 2012.After years of demand outstripping supply, the market now shows signs of balance: the number of homes available for rent is 3 % higher than a year ago, and supply is at its strongest level for this time of year since 2021.London’s average advertised rent rose modestly by 0.7 % to £2,736 per month, still below the record peak reached in the summer of 2025.The sector is also bracing for regulatory change. The Renters’ Rights Act, effective 1 May 2026, will abolish Section 21 of the Housing Act, ending “no‑fault” evictions. Charities have warned of a potential surge in last‑minute evictions ahead of the deadline, but Rightmove reported no noticeable increase in newly listed rentals before the law takes effect.Analysts view the pause in rent growth as a temporary relief for tenants, yet warn that higher financing costs for landlords and the upcoming tenancy reforms could reignite upward pressure later in the year.