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British Prime Minister Keir Starmer told reporters that the United Kingdom has a "job" to assist in reopening the Strait of Hormuz after reports that the vital oil corridor was blocked again just hours after a tentative cease‑fire was announced. The leader arrived at the King Fahd airbase in Taif, Saudi Arabia, where he met with British and local staff before embarking on a broader diplomatic tour of Gulf allies. The visit mirrors his recent push to shape a cease‑fire framework for Ukraine. While officials describe the trip as complementary to the Pakistan‑mediated talks between Washington and Tehran, many Gulf observers see Starmer as a more predictable partner than a United‑States administration that has been criticised for its unpredictable stance. The cease‑fire, brokered barely an hour before a deadline set by the U.S. president, included a clause to reopen Hormuz. Starmer’s itinerary follows a UK‑led gathering of military planners that explored practical steps for achieving that goal. Iran’s state news agency, Fars, claimed that Israeli actions in Lebanon breached the cease‑fire, prompting a fresh blockage of oil tankers in the strait. Later on Wednesday, Starmer is scheduled to meet Crown Prince Mohammed bin Salman. Their agenda is expected to cover the removal of Iranian mines and the insurance of tankers that rely on the Hormuz route for global oil shipments. "There are many practicalities and moving parts involved; this cannot be switched on instantly," a UK official explained, underscoring the complexity of the task. Addressing the media at the airbase, Starmer acknowledged the temporary relief provided by the cease‑fire but warned that the situation remains in its early stages. He emphasized that the UK’s priority is a permanent solution that restores full maritime traffic. "The impact on our energy prices is evident – we have seen daily fluctuations over the past 39 days. It is our responsibility to ensure the strait remains open so that the world’s energy needs are met and UK fuel prices stabilise," he said. Starmer has previously drawn criticism from former President Donald Trump for refusing to back the initial U.S.–Israeli strike on Iran and for limiting U.S. use of British bases to defensive missions, such as targeting Iranian missile sites. When asked about the risk of the UK becoming entangled in the conflict, Starmer reiterated that Britain acts only in collective self‑defence and that his mandate is to protect British lives and national interests, which includes keeping Hormuz open. The remainder of his Gulf itinerary has not been disclosed, and it remains unclear which other regional capitals he will visit after Saudi Arabia. One government source summed up the mission: "The cease‑fire is welcome, but the decisive factor for the British public will be a fully operational Hormuz Strait, which will have the greatest impact on domestic energy costs." The source likened Starmer’s role to his earlier effort in assembling the "coalition of the willing" that pledged to back any peace settlement in Ukraine, noting that this is his first opportunity to demonstrate solidarity with Middle‑East allies.

Oil markets experienced a dramatic correction on Wednesday, with Brent crude falling 13.9% to $94.10 per barrel and U.S. WTI futures sliding almost 16% to $95, marking the steepest daily percentage drop since the COVID‑19 crash of April 2020. Despite the plunge, prices remain well above pre‑conflict levels, when Brent traded below $73.The price shock followed President Donald Trump's announcement of a two‑week, conditional ceasefire with Iran, contingent on Tehran reopening the strategic Strait of Hormuz for oil tankers. Iran’s foreign minister, Abbas Araghchi, confirmed the strait would be managed by the Iranian military during the grace period, while Iran’s national security council accepted the ceasefire on the condition that U.S. attacks be halted.Equity markets reacted positively. The pan‑European Stoxx 600 surged 4%, its biggest one‑day gain in over four years. In the UK, the FTSE 100 climbed nearly 3% to 10,646 points, its highest level since the early days of the Iran war. Travel and leisure stocks led the rally, with Air France up 14.5%, Lufthansa +11%, IAG +9.5% and TUI +12%.Oil majors were the notable laggards; BP and Shell each lost more than 5% as investors priced in continued supply uncertainty. Asian markets also posted strong gains: Japan’s Nikkei 225 rose over 5%, Australia’s S&P;/ASX 200 jumped 2.55%, South Korea’s Kospi surged 7.5%, Hong Kong’s Hang Seng added 3.1% and China’s CSI300 climbed 3.2%.Bond yields eased on the ceasefire news. The U.S. 10‑year Treasury yield fell to 4.24% from 4.30%, while the UK 10‑year gilt slipped to 4.7% from 4.9%.Safe‑haven assets rallied as well: gold rose more than 2% to $4,812 per ounce, and cryptocurrencies recovered, with Bitcoin up 2.9% to $71,327 and Ether gaining 5.6% to $2,234.Market strategists emphasized the provisional nature of the relief. Jim Reid, Deutsche Bank markets strategist, warned that “investors will be breathing a big sigh of relief, but the durability of the ceasefire remains the key risk.” He noted ongoing Israeli‑Iran strikes and unclear extensions to Lebanon could reignite volatility.Energy analyst Saul Kavonic (MST Financial) described the pause as “an off‑ramp for Trump’s bombastic ultimatum, but not yet an off‑ramp for oil markets or the war.” He expects a limited release of tankers from Hormuz in May, which would ease storage pressure without boosting production.Capital Economics chief economist Neil Shearing highlighted potential transit fees for Hormuz passage, estimating a $1‑2 million charge per tanker—equivalent to roughly $1 per barrel—would have a modest effect on global oil prices but could signal a de‑facto partial nationalisation of the route.TD Securities senior strategist Prashant Newnaha cautioned that “renewed escalation cannot be ruled out, but markets are treating this ceasefire as the real deal, and all parties will sell it as a major win.” He added that oil prices are unlikely to revert to pre‑war levels, keeping inflationary pressures alive.Earlier in the week, U.S. equities swung sharply, with the S&P; 500 dipping 1.2% before rebounding after Pakistan’s prime minister urged Trump to extend the deadline and keep the strait open.The conflict, which began after the U.S. and Israel struck Iranian targets in late February, has choked the Strait of Hormuz—through which about 20% of global oil and LNG supplies flow—fueling a worldwide energy crunch.

Israel has reaffirmed that its military operations in Lebanon will persist, defying US President Donald Trump's ceasefire announcement aimed at Iran. The Israeli military has continued to carry out strikes in Lebanon, with civilians in southern Lebanon being told to move north of the Zahrani River.The office of Israeli Prime Minister Benjamin Netanyahu emphasized that Trump's two-week pause in military action against Iran does not include Lebanon. This stance directly contradicts statements made by Iran and Pakistan, which has been mediating in the conflict.Pakistan's Prime Minister Shehbaz Sharif had announced that Iran, the US, and their allies had agreed to an immediate ceasefire everywhere, including Lebanon. However, Israel maintains that its conflict with Lebanon, particularly with Hezbollah, is separate.On Wednesday morning, an Israeli military spokesperson confirmed that operations against Hezbollah were ongoing. The military also issued a warning in Arabic to people in Tyre to move away from a building, a common precursor to an airstrike in a populated area.The conflict in Lebanon has resulted in over 1,500 deaths, many of them civilians, and has displaced more than 1.1 million people, with many living on the streets. The situation remains volatile as Hezbollah is expected to issue a formal statement outlining its position on the ceasefire and Netanyahu's assertion that Lebanon is not included in the agreement.

British Prime Minister Keir Starmer embarked on a visit to the Gulf on Wednesday, following a two-week ceasefire agreement between the US and Iran. This development brings a moment of relief to the region and the world, as stated by Starmer.The ceasefire, agreed on Tuesday evening, effectively cancels a self-imposed deadline by US President Donald Trump for Iran to surrender or face widespread destruction. Starmer emphasized the need for the international community to support and sustain this ceasefire, with the goal of turning it into a lasting agreement.During his visit, Starmer will discuss diplomatic efforts to uphold the ceasefire and protect the UK and global economy, which has been impacted by the conflict. The British government aims to reopen the Strait of Hormuz, a crucial oil and gas shipping route that has been closed since US-Israel attacks began.The visit comes amid mounting pressure on Starmer to limit US access to British airbases, following Trump's warning that a 'whole civilization will die' if Tehran did not comply with his demands. Trump's comments were criticized by military observers and retired officers as 'likely war crimes'.British Foreign Secretary Yvette Cooper has been in talks with US Secretary of State Marco Rubio, urging a swift end to the conflict and giving the UK's backing to negotiations. Cooper and Rubio also discussed international efforts to open the Strait of Hormuz, including a UK-led meeting that brought together over 40 countries to pursue reopening.

The United States and Iran have agreed to a two-week conditional ceasefire, mediated by Pakistan, which includes the temporary reopening of the Strait of Hormuz. This development comes after a last-minute diplomatic intervention led by Pakistan's Prime Minister, Shehbaz Sharif, and a threatened US military response.US President Donald Trump had issued an ultimatum for Iran to surrender or face widespread destruction, but less than two hours before the self-imposed 8pm Eastern time deadline, he announced the ceasefire agreement. The agreement is conditional on Iran's complete, immediate, and safe opening of the Strait of Hormuz.The ceasefire process was clouded in uncertainty after Iran released two different versions of the 10-point plan intended to be the basis for negotiations. Oil prices dived, stocks surged, and the dollar was knocked back on Wednesday as a two-week Middle East ceasefire sparked a relief rally, fueled by hopes that oil and gas flows through the Strait of Hormuz could resume.Despite the provisional ceasefire, attacks continued across the region in the hours after Trump's announcement. The sudden about-face will allow Trump to step back as the US war in Iran has dragged on for five weeks with little sign that Tehran is ready to surrender or release its hold on the strait, a conduit for a fifth of the global energy supply.The agreement was welcomed by various countries, including Germany, Japan, and South Korea, who expressed hopes for a lasting ceasefire and peaceful resolution. However, some countries, such as Iraq and Australia, called for caution and noted that significant work remains to be done to secure a lasting ceasefire.

Prime Minister Anthony Albanese has welcomed a two-week ceasefire deal between the US and Iran, describing the news as 'very positive' and expressing hope it would lead to a permanent end to the conflict that has driven up global fuel prices. The ceasefire agreement was announced just before Trump's self-imposed deadline for Iran to surrender or face widespread destruction, including the bombing of bridges and power plants. Trump had warned that 'a whole civilization will die tonight, never to be brought back again.' In an interview with Sky News, Albanese criticized Trump's threat to destroy civilian infrastructure, calling it an 'extraordinary statement to make'. He emphasized that the conduct of any conflict must be within international law, which protects civilians. The Nationals leader, Matt Canavan, had urged Albanese to make clear to the US that Australia wouldn’t support Trump’s threat of widespread bombings. Albanese has avoided criticizing Trump's inflammatory language in the past but took a firmer stance this time. The two-week ceasefire, facilitated by Pakistan, allows for safe passage through the strategic Strait of Hormuz, a crucial shipping lane that Iran had effectively closed in retaliation for US and Israel strikes. In a joint statement, Albanese and Foreign Affairs Minister Penny Wong welcomed the ceasefire and called for the agreement to be upheld and the conflict resolved. They highlighted that Iran's closure of the Strait of Hormuz has caused unprecedented energy supply shocks and impacted oil and fuel prices. Albanese's comments mark a rare instance of criticism from a world leader against Trump's aggressive rhetoric. The development underscores the significant global economic implications of the conflict and the efforts to de-escalate tensions.

US President Donald Trump has suspended a planned bombing of Iran for two weeks following mediation by Pakistan. The decision was announced on Tuesday evening, hours before the planned attack.Trump took to his social media platform Truth Social to reveal that, based on conversations with Pakistani Prime Minister Shehbaz Sharif and Field Marshal Asim Munir, he had agreed to hold off the attack on the condition that Iran re-open the Strait of Hormuz.“Based on conversations with Prime Minister Shehbaz Sharif and Field Marshal Asim Munir, of Pakistan, and wherein they requested that I hold off the destructive force being sent tonight to Iran, and subject to the Islamic Republic of Iran agreeing to the COMPLETE, IMMEDIATE, and SAFE OPENING of the Strait of Hormuz, I agree to suspend the bombing and attack of Iran for a period of two weeks,” Trump wrote.The announcement came just under one and a half hours before Trump’s 8pm (00:00 GMT) deadline for the attack. Earlier in the day, Trump had posted a menacing message on social media, stating, “A whole civilization will die tonight, never to be brought back again. I don’t want that to happen, but it probably will.”Trump claimed victory against Iran, stating that Tehran had delivered a feasible ceasefire proposal. He described it as a “double sided CEASEFIRE” and mentioned that the US had “already met and exceeded all Military objectives.”Despite the temporary halt, it remains unclear to what extent Trump will pursue his military offensive, which had previously included threats to target power plants, bridges, and other civilian infrastructure.

India's nuclear program has reached a significant milestone with its prototype fast breeder reactor (PFBR) achieving criticality, a self-sustaining nuclear chain reaction. Located in Kalpakkam, Tamil Nadu, the 500 megawatt electrical (MWe) reactor is a major leap forward for India's atomic energy ambitions. The PFBR is only the second commercial fast breeder reactor in the world, following Russia's. This advanced reactor design produces more fissile material than it consumes, using a mix of uranium and plutonium as fuel. The reactor's success is a crucial step towards India's goal of significantly increasing its nuclear energy capacity. Indian Prime Minister Narendra Modi hailed the achievement as 'a proud moment for India' and 'a defining step' in advancing the country's nuclear program. The reactor is designed to enable India to extract greater energy from its limited uranium reserves while paving the way for large-scale deployment of thorium-based reactors. India has more than 25 percent of the world's thorium reserves, which are four times larger than uranium reserves globally. The country's three-stage nuclear program aims to utilize thorium as a primary fuel source in the third stage, with the PFBR serving as a critical component in this process. Experts highlight that the PFBR's success could inspire other countries to adopt similar technology, but challenges remain, including high costs and technical complexities. The reactor's electricity generation is expected to be more expensive than alternatives, including solar energy. Despite these challenges, India's achievement marks a significant advancement in nuclear technology and energy security, particularly for a country with growing energy demands and a desire to reduce dependence on fossil fuels.

The Iraqi armed group Kataib Hezbollah, which is backed by Iran, has announced that it will release Shelly Kittleson, a journalist from the United States. Kittleson was abducted in the Iraqi capital of Baghdad on March 31, prompting calls for her release from press freedom groups.The group said on Tuesday that Kittleson would be freed on the condition that she leave Iraq immediately. An anonymous Iraqi official confirmed her release to The Associated Press on Tuesday afternoon.Kittleson, a 49-year-old freelance reporter, had been kept in detention in Baghdad. Her release comes at a moment of heightened tension in Iraq, where Iran-backed groups have carried out attacks on US forces amid the US-Israel war on Iran.The decision to release Kittleson was reportedly made in response to 'the national stances of the outgoing prime minister' of Iraq, Mohammed Shia al-Sudani. Abu Mujahid al-Assaf, a security official with the group, warned that the 'exceptional gesture' would not be repeated again.The Associated Press reported that Kittleson was released in exchange for several imprisoned Kataib Hezbollah members, citing anonymous members of the militia. During her detention, publications Kittleson had worked for, including Al-Monitor, praised her for her commitment to covering conflicts in the Middle East.