live Clock ticking on Strait of Hormuz opening as more missiles fired across the region - Monday 23rd March

Clock ticking on Strait of Hormuz opening as more missiles fired across the region - Monday 23rd March
Reuters

Donald Trump's ultimatum to open up the Strait of Hormuz runs out at 23.45 GMT tonight, Iran asks for respect and Asian stock markets fell sharply when opened. The Middle East situation enters it's fourth week and we are keeping you up to speed on this live blog:

⦿ 04:05 GMT | UPDATE

UK government to hold emergency meeting

Reuters

British Prime Minister Sir Keir Starmer is to chair an emergency COBRA meeting today following a phone call with U.S. President Donald Trump last night. The two leaders discussed the urgent need to open up the Strait of Hormuz.

The Chancellor Rachel Reeves, Foreign Secretary Yvette Cooper, Energy Secretary Ed Miliband and the Governor of the Bank of England are expected to attend.

⦿ 03:55 GMT | UPDATE

NATO Secretary says more than 20 countries forming to open up the Strait of Hormuz

Reuters/FOX

Mostly NATO countries along with others such as Japan, Bahrain, New Zealand are working together to open up the Strait, which is vital for oil and gas distrubtion across the world.

Mark Rutte says it was "crucial" and "necessary" for the U.S. President Trump to carry out attacks on Iran.

⦿ 03:34 GMT | BREAKING

Singapore and Australia to safeguard diesel and ensure supply chain resilience

Reuters

In a joint statement, Prime Minister of Australia Anthony Albanese
and Prime Minister of Singapore Lawrence Wong said they "are committed to working together to strengthen energy supply chain resilience, including by deepening regional cooperation, accelerating renewable energy transition, addressing unjustified import and export restrictions, and maintaining open trade flows."

New Zealand will temporarily permit fuel meeting Australian standards to be imported for up to 12 months, but will not do the same back.

⦿ 03:24 GMT | UPDATE

Tehran hit with missiles

AFP

State media reports Iran's capital was hit by missles early Monday morning as the Israel Defence Force (IDF) says they have launched a 'wide-scale wave of strikes'.

⦿ 03:00 GMT | UPDATE

Crisis is 'very severe' - International Energy Agency 

Reuters

Executive Director of the agency, Fatih Birol, said the situation is "very severe", the global economy is facing a major threat and will be consulting with governments in Asia and Europe on the release of more stockpiled oil "if necessary".

He also pushed for energy reduction measures such as working from home and is speaking to the Australian PM Anthony Albenese later today. The single most important solution to this problem, he said, is "opening the Hormuz Strait".

⦿ 02:49 GMT | UPDATE

Asian stock markets tumble Monday morning

Reuters/Bloomberg

The Nikkei in Japan started early trading being down at 4.8%, South Korea's Kospi was more than 5.5% lower and Hong Kong's Hang Seng Index fell more than 2%.

Crude oil remains more than $110 a barrel.

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