Iran’s Revolutionary Guards targeted three vessels, seizing two of them for alleged maritime violations and transferring them to Iranian shores, as U.S. President Donald Trump said Washington is extending its ceasefire with Iran until Tehran submits a proposal.
U.S. Treasury Secretary Scott Bessent said on Wednesday that both the United Arab Emirates and the U.S. would benefit from a currency swap lines, and other Gulf allies have requested similar facilities.
Bessent did not name the countries making such requests, but told a U.S. Senate Appropriations subcommittee budget hearing that such facilities would help stabilise financial markets amid turmoil from the Middle East war.
President Donald Trump on Tuesday said that a U.S.-UAE swap line was under consideration.
The United States has halted a shipment of up to $500 million in cash to Iraq and suspended parts of its security cooperation with Baghdad in an effort to pressure the Iraqi government over the actions of Iran-backed militias, Iraqi sources said.
Fallout from the Iran war increasingly draws Iraq into the conflict, with armed groups launching repeated drone and rocket attacks on U.S. facilities and neighbouring states and prompting U.S. retaliatory strikes that have intensified pressure on Prime Minister Mohammed Shia al-Sudani’s government as it balances relations between Washington and Tehran.
According to Reuters, five sources said the move affects periodic flights carrying physical U.S. currency worth between $450 million and $500 million into Baghdad.
The dollar was steady on Wednesday, trading near a one-week high as uncertainty over the Middle East conflict persisted, despite U.S. President Donald Trump extending a ceasefire with Iran indefinitely. It remains unclear whether Iran or Israel will sign on, while peace talks are uncertain and the Strait of Hormuz remains largely blocked. The dollar index was little changed at 98.341.
The outlook for global energy markets remains bleak even under the most optimistic scenario, European Energy Commissioner Dan Jorgensen has warned.
“This is a crisis that is probably as serious as the 1973 and the 2022 crises combined,” he said, adding that “even in a best case scenario, it’s still bad.”
Jorgensen said the disruption caused by the U.S.-Israeli war with Iran could lead to “very difficult months, or maybe even years”, depending on developments in the Middle East.
He added that even if peace were reached quickly, recovery would take time, noting that countries like Qatar could need “two years, maybe even more” to rebuild gas production and transport infrastructure.
Iranian media report that the Islamic Revolutionary Guard Corps (IRGC) targeted three vessels in the Strait of Hormuz, escalating tensions in the strategic waterway.
IRGC-affiliated Fars news agency said a ship identified as Euphoria was struck and is now grounded off Iran’s coast.
Separately, Iranian outlets said two other vessels - the MSC Francesca and the Epaminondas - were seized and directed toward Iranian shores, citing a statement from the IRGC Navy.
There were no immediate details on casualties or the status of the crews.
Greece has unveiled a €500 million ($587.6M) relief package to help households cope with rising costs linked to the Iran war.
Measures to curb the effects of the Iran war are being announced later by the European Commission.
Read more: Europe prepares to tackle second energy crisis in four years
At least 34 tankers connected to Iran have bypassed the U.S. blockade, according to cargo tracking group Vortexa and reported in the Financial Times.
19 vessels left the Persian Gulf with 15 entering from the Arabian Sea heading towards Iran. Six tankers leaving Iran are said to have been carrying crude oil with approximately 10.7 million barrels.
NetBlocks, the internet observatory website, says Iranian authorities have blocked the internet to most residents. Some official accounts are whitelisted.
⏳ Metrics show #Iran has entered the 54th day of an internet blackout that has been in place for over 1272 hours.
The ongoing measure is inherently disproportionate and continues to conceal human rights violations on the ground. pic.twitter.com/b6GuCSMcKE — NetBlocks (@netblocks) April 22, 2026
The United Kingdom Maritime Trade Operations (UKMTO) said the master of an outbound cargo vessel reported being fired upon west of Iran and is now stopped in the water.
UKMTO added that all crew members are safe and there is no reported damage to the vessel.
U.S. Treasury Secretary Scott Bessent has said the United States will keep its blockade of Iranian ports in place, reinforcing earlier comments by Donald Trump.
In a post on social media, Bessent said storage facilities on Kharg Island - which handles most of Iran’s oil exports - could reach capacity within days. He warned this could force oil wells to be “shut in”.
Bessent added that Washington would maintain what he described as “maximum pressure through Economic Fury” to weaken Iran’s ability to generate and move funds.
Iran’s Islamic Revolutionary Guard Corps (IRGC) has said it is ready to confront any new attacks, warning it would deliver “crushing blows” if fighting resumes.
In comments reported by Mehr News Agency, the Guards said their forces remain on high alert and prepared to respond decisively to any hostile action.
A container vessel has reported coming under fire from an Iranian gunboat near Oman, according to the United Kingdom Maritime Trade Operations.
The incident took place around 15 nautical miles off the coast, where the ship’s master said it was approached by a vessel linked to Iran’s Islamic Revolutionary Guard Corps.
United Kingdom Maritime Trade Operations (UKMTO) said the ship was fired upon, causing heavy damage to the bridge. No fires or environmental damage were reported, and all crew members were safe.
Iran has executed a man accused of passing sensitive information to Israel’s intelligence service, according to judiciary outlet Mizan.
The report identified the man as Mehdi Farid, saying he worked in a civil defence unit within a sensitive organisation and used his position to gather and share information with Mossad.
Mizan said the death sentence was upheld by Iran’s Supreme Court and carried out after legal procedures were completed.
Donald Trump has said Iran is “collapsing financially” and urgently wants the Strait of Hormuz reopened, in a post on Truth Social.
U.S. President Donald Trump is weighing an extension of a temporary waiver to the Jones Act, a move aimed at easing domestic oil shipments and cooling fuel prices, according to a report by Axios.
The waiver, first enacted on 17 March for a 60-day period, allows foreign-flagged vessels to transport fuel between U.S. ports - something normally restricted under the Jones Act.
The administration introduced the measure to counter rising fuel costs linked to geopolitical tensions, including the ongoing Iran conflict, by boosting supply flows from the Gulf Coast to other regions.
Donald Trump’s administration has halted U.S. dollar shipments to Iraq and suspended parts of its security cooperation with Baghdad, in a bid to squeeze Iran-backed militias, according to a The Wall Street Journal report.
Officials cited by the newspaper said a cargo of nearly $500m in cash - proceeds from Iraqi oil sales held at the Federal Reserve Bank of New York - was recently blocked by the U.S. Treasury.
Pakistan Prime Minister Shehbaz Sharif has welcomed the extension of the Iran ceasefire, thanking President Trump for agreeing to Islamabad’s request to allow more time for diplomacy.
In a post on X, Sharif said he hoped both sides would continue to observe the pause and reach a comprehensive “peace deal” during a second round of talks scheduled in Islamabad.
An adviser to Iran's Parliament Speaker Mohammad Baqer Qalibaf has accused President Trump of using the extended ceasefire as a “ploy to buy time” for a potential surprise attack.
In a post on X, the adviser said the continued U.S. blockade of Iranian ports was “no different from bombardment” and should be met with a military response.
U.S. President Donald Trump said on Tuesday that he would extend the ceasefire with Iran until a "unified proposal" is submitted by Tehran, while the United States maintains the naval blockade.
In a post on Truth Social, Trump said the decision followed a request from Pakistan to hold off further attacks.
“I have therefore directed our Military to continue the Blockade and, in all other respects, remain ready and able,” he wrote, adding the ceasefire would remain in place “until such time as their proposal is submitted, and discussions are concluded, one way or the other”.
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Iran’s Foreign Minister Abbas Araghchi said Tehran has “no trust” in the United States and will only consider negotiations if Washington shows seriousness. His remarks came as talks on Iran’s nuclear programme continued, with Trump and Xi also opposing Iran acquiring nuclear weapons.
U.S. President Donald Trump said Washington could destroy Iran’s infrastructure “in two days,” while Tehran warned the U.S. would face growing economic costs from the conflict. The remarks came as Hezbollah reported new attacks on Israeli forces despite an extended Lebanon ceasefire.
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Russia and Ukraine exchanged prisoners of war as well as the bodies of fallen soldiers, on Friday (15 May). The swap came as Ukranian officials said Moscow had carried out its largest aerial attack over 48 hours since the conflict started.
The second semi-final of the 70th Eurovision Song Contest 2026 takes place tonight in a rain-soaked Vienna, with the final 10 places in Saturday’s grand final still up for grabs.
U.S. President Donald Trump says China's Xi Jinping agreed Iran must reopen the Strait of Hormuz, as Tehran prepares a new shipping mechanism. Tensions over the U.S. blockade and stalled nuclear talks continue to disrupt global oil supplies.
U.S. President Donald Trump said Washington could destroy Iran’s infrastructure “in two days,” while Tehran warned the U.S. would face growing economic costs from the conflict. The remarks came as Hezbollah reported new attacks on Israeli forces despite an extended Lebanon ceasefire.
Israel and Lebanon have agreed to a 45-day extension of a ceasefire that has reduced fighting between Israel and Hezbollah in southern Lebanon. The agreement came as two days of Washington-facilitated talks concluded with a decision to hold further meetings in the coming weeks.
Iran’s Foreign Minister Abbas Araghchi said Tehran has “no trust” in the United States and will only consider negotiations if Washington shows seriousness. His remarks came as talks on Iran’s nuclear programme continued, with Trump and Xi also opposing Iran acquiring nuclear weapons.
The U.S.-Israeli war with Iran loomed over U.S. President Donald Trump's visit to China, as signs emerged that the conflict is causing a shift in alliances across the Middle East.
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