Oil prices rose sharply on Monday as fears deepened over potential supply shortages caused by the ongoing conflict in the Middle East, unsettling global energy markets and the row over the Strait of Hormuz, raising concerns for consumers and businesses alike.
President Donald Trump threatened to rain "hell" on Tehran if it did not make a deal and reopen the Strait of Hormuz by his Tuesday deadline, as he praised U.S. special forces who rescued an airman in a high-risk mission from deep inside Iran.
A French-owned container ship has sailed through the Strait of Hormuz, marking the first passage by a major Western vessel since the outbreak of war involving Iran and the U.S.-Israeli coalition.
One U.S. crew member has been rescued after two American warplanes were downed over Iran and the Gulf, as the search continues for a missing pilot, while President Donald Trump has given Tehran 48 hours to agree to a deal to end the war.
Residents in Pakistan say they are feeling "crushed" and have to put filling up the tank before putting food on the table. Diesel is set to rise by 55% and petrol 43% as the government hike prices for the second time in a month.
Russian Foreign Minister Sergei Lavrov discussed safety of navigation in the Strait of Hormuz by telephone with Iran’s Foreign Minister Abbas Araghchi on Thursday, the Russian foreign ministry said. A statement on the ministry website said the call had taken place at the initiative of Iran.
The United Nations Security Council is to vote on a Bahraini resolution to protect commercial shipping in and around the Strait of Hormuz, diplomats said on Friday, but veto-wielding China made clear its opposition to authorising any use of force.
One U.S. crew member has been rescued after Iran downed a warplane, while the search continues for a second. At the same time, Iran has officially told mediators it will not meet U.S. officials in Islamabad in the coming days, calling U.S. demands unacceptable, according to The Wall Street Journal.
Britain said on Thursday that around 40 countries are exploring ways to reopen the Strait of Hormuz, a vital oil shipping route effectively blocked by Iran amid ongoing conflict. The U.S. did not take part in the discussions.
Bahrain’s bid to secure a UN resolution to protect shipping in the Strait of Hormuz has stalled, highlighting deep divisions among global powers over how to respond to Iran’s effective closure of the key waterway.
Britain will explore ways to reopen the Strait of Hormuz by hosting talks on Thursday (2 April) with 35 countries after President Donald Trump said securing the vital waterway was a problem for other nations to resolve.
Iran is “essentially… no longer a threat,” U.S. President Donald Trump said on Wednesday (1 April), signalling what he described as the final phase of the war with Iran. In a televised address from the White House, Trump stated the U.S.-led campaign "Operation Epic Fury" was nearing completion.
Fears of wider escalation grow despite President Donald Trump saying U.S. strikes on Iran could end within weeks. Meanwhile missile attacks, tanker incidents and rising casualties across Israel, Lebanon and the Gulf heighten risks to regional stability and energy routes.
There are fears of an oil spill after a drone strike hit a Kuwaiti oil tanker near Dubai on Tuesday, while U.S.-Israeli strikes in Iran reportedly killed at least two people. A loud explosion was heard in Beirut in southern Lebanon early Wednesday, as oil prices climbed above $100 a barrel.
UK Prime Minister Keir Starmer, French President Emmanuel Macron and Japanese Prime Minister Sanae Takaichi have called for urgent action to reopen the Strait of Hormuz, as escalating conflict continues to choke one of the world’s most critical energy routes.
Australian Prime Minister Anthony Albanese warned the economic shocks of the war in the Middle East would be felt for months and encouraged citizens to take public transport in a rare address to the nation on Wednesday (1 April).
The petrodollar system, which has anchored the U.S. dollar’s dominance in global energy markets for five decades, is showing clear signs of strain. Pressures from geopolitical tensions and shifting trade practices are accelerating moves away from dollar-based oil transactions.
The Iran-U.S.-Israel conflict is intensifying, with fresh strikes near Tehran, European calls for restraint, and Iran threatening to target U.S. firms in the region, raising fears of a broader escalation across the Middle East.
Some 20,000 seafarers remain stranded on around 2,000 ships in the Strait of Hormuz amid the ongoing Middle East conflict, in what has been described as an unprecedented situation in the post-Second World War era. The vessels include oil and gas tankers, cargo ships and six cruise liners.
Japan and Indonesia will deepen coordination on energy security, Tokyo said, as the U.S.-Israeli war on Iran disrupts vital oil and gas flows to Asia.
One month into the war on Iran which broke out on 28 February, and Tehran has intensified its diplomatic offensives in a bid to prove that Israel and U.S. have lost control of the war.
The escalation of conflict involving the United States, Israel, and Iran since 28 February 2026 has moved beyond a regional security crisis to become a systemic shock to the global economy and our pockets.
Stock markets across Asia fell on Monday as escalating conflict involving Iran drove oil prices sharply higher, fuelling fears of inflation and a potential global recession, with investors reacting to disruption risks in the Strait of Hormuz and prolonged hostilities.
The United Arab Emirates has told the U.S. and other Western allies that it is willing to participate in a multinational maritime taskforce aimed at reopening the Strait of Hormuz, the Financial Times reported on Friday, citing people familiar with the matter.
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