US-Iran war

Economists and asset managers warn sub-Saharan Africa’s economic crisis will persist until 2026, with revised GDP growth projections for South Africa and Nigeria due to war-driven fuel price hikes and food security risks. The Strait of Hormuz’s disruption, a key route for energy and fertilizers, exacerbates inflation and instability.

Ogra announced a 15pc increase in Regasified Liquefied Natural Gas (RLNG) prices for June due to supply disruptions from the US-Iran war and costly spot market purchases. The price hike raised fuel costs for power generation to Rs31 per unit in May, up from Rs13.72 in April, with Sui Southern Gas Company (SSGCL) and Sui Northern Gas Pipelines (SNGPL) reporting higher distribution and transmission losses.

Iran insists on charging a toll for ships passing through the Strait of Hormuz despite U.S. diplomatic efforts, highlighting an unresolved issue in the U.S.-Iran conflict. The strait remains a strategic leverage point for Iran.

The average 30-year U.S. mortgage rate fell to 6.43%, its lowest level in seven weeks, while the 15-year rate also declined. The drop follows easing oil prices amid hopes of ending the U.S.-Iran war, though rates remain elevated compared to late February. Housing market activity remains subdued due to affordability challenges.

Prime Minister Shehbaz Sharif will visit Iran and Turkiye from July 3 to 5 to attend the funeral of Ayatollah Ali Khamenei and meet with President Recep Tayyip Erdogan. The visit aims to strengthen bilateral trade, investment, and regional security cooperation, alongside diplomatic efforts to mediate the US-Iran conflict.

The editorial urges an end to the US-Iran war through ongoing peace negotiations, emphasizing the need for a lasting resolution to achieve global peace. It highlights the importance of rapprochement between the two nations to prevent further conflict.

The Karachi Port Trust (KPT) achieved a record annual cargo handling volume in FY25-26, surpassing its previous record of 54.685 million tonnes set in FY17-18. The surge is attributed to global shipping lines diverting vessels to Pakistan due to the Strait of Hormuz closure amid the US-Iran war, and the government's efforts to modernize ports and expand trade infrastructure.

The government has kept petrol and diesel prices unchanged for the next week, following recent reductions in prices due to declining international oil prices. Prime Minister Shehbaz Sharif had previously announced cuts, but earlier wartime-related price hikes faced public backlash.

The Gulf states are divided over reconciling with Iran following the US-Iran war. Saudi Arabia and Qatar are pursuing reconciliation through a peace summit and shipping talks, while the UAE resists due to Iranian attacks. US Secretary of State Marco Rubio is in Bahrain to support an interim truce.

Thousands gathered in Tehran on the eve of Ashura. This marks the first such gathering since the killing of Iranian supreme leader Ali Khamenei in the US-Iran war.

Turkish President Tayyip Erdogan said he would most likely hold bilateral talks with U.S. President Donald Trump during the NATO summit in Ankara on July 7-8. The summit will include 32 NATO leaders and officials from Gulf and Asia-Pacific partners amid tensions over burden-sharing, defense spending, and U.S. complaints regarding allies' involvement in re-opening the Strait of Hormuz during the U.S.-Iran war.

Asian shares traded mixed amid uncertainty over U.S.-Iran war talks and oil price fluctuations. Key indices like Japan's Nikkei 225 and South Korea's Kospi fell, while China's Shanghai Composite rose slightly. U.S. markets saw declines in the S&P 500 and Nasdaq as oil prices dropped following weekend diplomatic discussions.

Bitcoin is pushing to reclaim $64,000 amid US-Iran tensions and selling pressure from Binance, despite a trader highlighting 'suspicious' price gains. The cryptocurrency's price movement faces challenges from geopolitical factors and exchange activity.

Shipping traffic through the Strait of Hormuz increased to the highest in two months after a deal to halt the US-Iran war, with 25 commercial vessels passing through on Thursday, according to AXSMarine data.

Oil prices are set for a significant weekly decline as traffic through Hormuz increases. The ongoing US-Iran war, entering its third month, has led oil traders to hedge against outcomes linked to US inventories, while the top crude exporter faces pressure to meet global demand.

Three Saudi oil tankers passed through the Hormuz Strait following a deal to end the US-Iran war, though traffic remains uncertain. The route, nearly halted during three and a half months of conflict, shows slight improvement but with unclear resumption plans.

Kevin Warsh chairs his first Federal Reserve interest-rate setting committee meeting as inflation remains at a three-year high. The Fed is expected to keep benchmark rates unchanged due to inflation driven by energy price spikes from the U.S.-Iran conflict. Warsh opposes public rate forecasts, arguing they limit policy flexibility, while markets anticipate higher rates by year-end.

Residential land prices in Muscat, Oman, rose 43.6% year-on-year in Q1, with the country's economy insulated from US-Iran war effects due to its ports being outside the Strait of Hormuz. Saudi Arabia's property market also showed resilience despite fewer transactions caused by affordability issues and war-related uncertainty.

Trump is attending the G7 summit in Évian-les-Bains, France from June 15-17. This will be his fifth physical attendance and comes amid heightened global turmoil.

Qatari mediators are traveling to Tehran to finalize a truce in the U.S.-Iran war. Defense Secretary Pete Hegseth, Democratic Sens. Mark Warner, and Mark Kelly will appear on 'Face the Nation with Margaret Brennan' on June 14, 2026.

The Israeli military launched strikes on Beirut suburbs targeting Hezbollah infrastructure, with smoke visible over the city. The attacks occurred despite ongoing negotiations to end the U.S.-Iran war.

Prime Minister Shehbaz Sharif emphasized the importance of strong security for national progress during a federal cabinet meeting ahead of the budget presentation. He acknowledged past tax increases due to economic stabilization efforts and noted inflation had declined to single digits, though it recently rose due to the Middle East conflict. The premier also expressed gratitude to Pakistan's citizens for enduring economic challenges.

Donald Trump has repeatedly claimed an Iran peace deal is imminent but has not produced results, while the US-Iran conflict cycles through threats, detente, and deadlock. The president’s assertions about an impending agreement have been cited 38 times by CNN, with no progress reported.

Pakistan's Naqvi visited Iran with a 'special letter' for the supreme leader as part of diplomatic efforts to end the US-Iran war. Gulf countries have warned of potential escalation in the conflict.

Iran launched drone and missile attacks on Kuwait's international airport, causing severe damage. The US responded with self-defensive strikes on an Iranian military ground control station on Qeshm Island in the Strait of Hormuz as negotiations between Washington and Tehran stall.

Jared Kushner has billion-dollar business ties to the Middle East and is described as playing a central role in ending the US-Iran war.

Analysts believe China and the US share interests in reopening the Strait of Hormuz, potentially creating a path towards peace. This shared interest could shape the direction of the US-Iran war. The situation is being closely monitored by experts.

The US-Iran war has devastated Dubai's tourist industry, causing daily losses of nearly £500 million and leaving millions of foreign laborers unemployed and unable to return home. The conflict's economic and humanitarian impact is severe, with Dubai's tourism sector bearing the brunt.

Bitcoin's price remained weak despite a 'most hawkish' Federal Reserve meeting and oil prices nearing four-year highs. The US-Iran tensions influenced the Fed's policy stance, while energy markets saw significant gains.

The article discusses the possibility of the US-Iran conflict becoming a prolonged 'frozen' conflict due to the lack of a permanent agreement, leading to ongoing attrition despite significant costs.

Pope Leo has issued a strong plea for peace amid the ongoing US-Iran war, as reported by ABC News' Melissa Adan from Vatican City. The statement highlights the Pope's urgent call for conflict resolution in the region.

The stock market has declined following the US-Iran conflict initiated by Trump, but the reaction is not as severe as expected. The article questions why the market's response remains muted despite the escalation.