UK unemployment dropped to 4.9% and wage growth accelerated in April, exceeding forecasts. Despite this, employers are cautious about hiring permanent staff due to Middle East instability. The Bank of England faces pressure to raise interest rates.
President Trump declared the Iran War over and the Strait of Hormuz open following Qatari mediation. A framework deal was reached, offering Iran sanctions relief for nuclear commitments, despite Israeli airstrikes. Trump signed the agreement in Versailles.
US President Donald Trump has signed an initial agreement with Iran to extend the ceasefire for 60 days, paving the way for reopening the Strait of Hormuz and nuclear program negotiations. This is a breaking news live blog.
The US and Iran have signed a 14-point Memorandum of Understanding (MOU) to end military operations on all fronts, including Lebanon. The agreement, released after transparency concerns, aims for a final deal within 60 days and includes the removal of US naval blockades and forces.
The Iran war, though relatively short, has inflicted significant economic and human costs. U.S. consumers and taxpayers face $132 billion in expenses due to higher oil and commodity prices, increased mortgage rates, and disrupted supply chains. Globally, economic growth forecasts have been slashed, with Middle Eastern nations bearing the brunt. Military operational costs have reached $29 billion, with further expenses for base repairs.
The Iran war, though relatively short, has inflicted significant economic and human costs. U.S. consumers and taxpayers face $132 billion in expenses, with higher oil and gas prices impacting daily life. Globally, growth forecasts are down, and Middle Eastern economies are hit hard. Military operations cost $29 billion, with further repair expenses pending.
The Trump administration released the text of a signed MOU to end the Iran war, including 60 days of free passage through the Strait of Hormuz. The deal involves an immediate end to military operations, a 60-day negotiation period for a final agreement, and Iran's commitment against nuclear weapons.
A senior US official outlined a memorandum of understanding to end the US-Iran war, set for signing Friday. The deal includes a halt to fighting, lifting of US naval blockade, opening of the Strait of Hormuz, and 60 days of negotiations on Iran's nuclear program and sanctions relief.
US President Donald Trump expressed uncertainty about the finalization of a memorandum of understanding aimed at ending the US-Iran conflict. Speaking at the G7 Summit, Trump indicated the deal might not proceed as planned, despite previous assurances. Mixed signals from US officials and criticism over the deal's secrecy have added to the uncertainty.
The US redirects military assets, including the USS Boxer amphibious assault ship, from the Middle East to the Pacific, specifically the South China Sea, as tensions with Iran influence global deployments.
US President Donald Trump states oil prices, currently at $73-$74/barrel, may fall below pre-Iran war levels, citing market happiness and plummeting oil prices amid a soaring stock market.
BMW shares dropped to a 5-year low after the German automaker lowered its 2026 profit forecast due to declining demand in China and disruptions from the Iran war impacting costs and consumer sentiment. Analysts expressed concern over a lack of clarity on company structures and costs.
President Donald Trump threatened to resume hostilities with Iran if a deal is not finalized, speaking at the G7 summit. Meanwhile, Israel conducted strikes in Lebanon, and Hezbollah reported injuring Israeli soldiers with drones.
The IEA predicts a potential oil surplus in 2027 due to a surge in supply volumes following a resolution to the Iran conflict, despite a recent erosion of global demand. Oil prices have fallen to a three-month low.
Iran has warned of a "harsh response" after accusing Israel of violating a Lebanon truce linked to a US deal. Israeli strikes killed four in southern Lebanon, prompting US President Trump to criticize Israeli PM Netanyahu. The deal's terms, including sanctions relief for Iran and Israeli withdrawal from Lebanon, remain undisclosed.
G7 leaders aim to prioritize the Ukraine war, with Donald Trump suggesting the US may soon reinstate sanctions on Russian oil. Meanwhile, Ukraine reports a bomber crash and Russian strikes kill at least eight people across multiple regions. A Russian artist critical of Putin was killed in Poland.
Crimea has banned nighttime rides on mopeds, quad bikes, and motorcycles, citing their noise resemblance to drone attacks and alleging children are deliberately involved. Ukraine has intensified drone attacks on the peninsula, impacting supply routes and fuel availability. Meanwhile, a Ukrainian drone hit a Moscow refinery, halting operations, and Russia's strikes killed at least eight people across Ukraine.
The US-Iran war may make China the biggest winner by accelerating the global shift to renewable energy, according to the New York Times. China's dominance in renewable energy supply chains positions it to benefit from this transition, while the US faces challenges due to its focus on fossil fuels.
US President Trump plans to refocus on ending the Russia-Ukraine conflict post-Middle East crisis. EU officials are reportedly unsettled, fearing being sidelined by direct US-Moscow negotiations. Talks stalled in March, with key disagreements over Donbass.
US President Donald Trump invoked the Defence Production Act to bolster weapons stockpiles, amid concerns over strains from the war in Iran and other conflicts. A related MOU aims to end a 109-day war impacting the Strait of Hormuz and energy prices.
US President Donald Trump invoked the Defence Production Act to boost weapons stockpiles, amid concerns over strains from the Iran war and other conflicts. A related MOU aims to end the 109-day war impacting the Strait of Hormuz, energy prices, and inflation. China also expressed readiness to coordinate with Pakistan for peace and a ceasefire.
Israeli Prime Minister Benjamin Netanyahu faces widespread criticism for his handling of the conflict with Iran, which has resulted in a US-brokered interim agreement without Israeli input. Opposition spans the political spectrum, with critics citing a "dismal outcome" and "empty promises of total victory" against an Iran that remains a regional power.
The Iran war, marked by massive military deployments and economic disruptions, has failed to yield a clear victor, with the US, Israel, Iran, Russia, and China all failing to achieve core objectives amid thousands of casualties and soaring energy prices.
A report highlights Southeast Asia's vulnerability due to oil and gas reliance via the Strait of Hormuz, exacerbated by the Iran war. Rising energy import bills and inflation are noted, with calls for diversification and reforms to avoid a tripling of costs by 2035.
