Dubai's Department of Economy and Tourism launched the 'Dubai Invite' scheme, offering residents benefits worth over 3,000 AED to attract friends and family, aiming to revive tourism numbers that plummeted after the city was drawn into the US-Israel war on Iran, leading to hotel vacancies and revenue declines.
Norway's state oil company Equinor reported nearly doubled profits of $11.5bn in Q2, exceeding predictions, driven by increased oil and gas production and soaring prices due to the war against Iran and a blockade in the Strait of Hormuz.
US Defense Secretary Pete Hegseth testified before the Senate, revealing the US-Israel war on Iran has cost $37.5bn and requesting $88bn in supplemental funding. Lawmakers expressed fury over rising costs, 17 American deaths, and the conflict's spiraling nature, questioning the administration's strategy and constitutional authority.
US Defense Secretary Pete Hegseth confirmed the official cost of the US-Israel war on Iran at $37.5bn during a Senate hearing. This figure, higher than previous estimates, comes amidst ongoing conflict, US strikes, and threats against Iran, raising concerns about the US defense budget and energy prices.
US President Trump expressed anger at NATO, threatening to cut ties with Spain over trade and military base issues, while reiterating his desire to acquire Greenland. NATO leaders met in Ankara to address these tensions and defense spending.
The US-Israel war on Iran is creating economic instability in Africa, affecting oil markets, shipping, and financial confidence. African nations are reassessing energy security, defense, and investment strategies, facing new risks but also accelerating efforts to boost domestic energy capacity and reduce reliance on external powers.
The conflict has caused significant disruption to merchant shipping, comparable to the COVID-19 pandemic and the war in Ukraine. While immediate impacts include attacks, delays, and increased costs, analysts suggest the long-term legacy may be minimal due to shipping's essential role and the availability of alternative routes for container vessels.
A US-Israel war on Iran, launched in late February, has caused major upheaval in global energy, impacting oil prices and shipping through the Strait of Hormuz. Experts foresee long-lasting shifts, including new pipelines, diversified supply routes, and an accelerated transition to renewables, with China poised to benefit.
Hong Kong's two major electricity suppliers will provide HK$80-90 million in rebates to eligible households between August and October. This initiative aims to ease financial pressure on residents due to increased energy prices, attributed to the US-Israel war on Iran.
The UN's International Maritime Organization is evacuating over 11,000 sailors stranded in the Strait of Hormuz following a US-Iran agreement. Shipping traffic has increased, but the strait's full reopening timeline remains uncertain.
Donald Trump signed an "Islamabad MOU" at the Palace of Versailles with French President Emmanuel Macron. Pakistani PM Shehbaz Sharif announced the deal, which includes Iran reopening the Strait of Hormuz and the US lifting its naval blockade. Analysts suggest the US made greater concessions due to its desire to end the war.
Oil prices are falling as markets anticipate stability following a potential US-Iran framework agreement. Brent crude futures dropped nearly 1% on Wednesday, extending previous declines, with analysts citing sentiment-driven trading and the prospective reopening of the Strait of Hormuz.
A ceasefire ends the 108-day US-Israel war on Iran, resulting in thousands of deaths and hundreds of billions in economic losses. Despite tactical successes like assassinating leaders and degrading infrastructure, strategic goals of capitulation were not met, leading to a 'freeze' rather than a clear victory or defeat.
Global stock markets rebound sharply after US President Donald Trump announces cancellation of planned strikes against Iran and an imminent peace deal, easing geopolitical tensions and boosting investor confidence.
Despite anonymous reports of US presidents expressing anger and frustration with Israeli PM Netanyahu, US policy and support for Israel have remained consistent, with critics arguing that actions, not words, define the relationship.
Updates on US-Israel war on Iran and Israel's invasion of Lebanon as of May 31, 2026
Updates on US-Israel war on Iran and Israel's attacks on Lebanon from May 30, 2026
Oil prices drop 19% since April as tentative 60-day ceasefire between US and Iran nears, easing global economic chaos caused by the 90-day war, including the closure of the Strait of Hormuz.
Donald Trump announced a "memorandum of understanding" to end the US-Israel war on Iran is largely negotiated. The deal reportedly includes a 60-day ceasefire, reopening the Strait of Hormuz, and lifting US port blockades, though details remain scant.
Donald Trump announced a "memorandum of understanding" to end the US-Israel war on Iran is largely negotiated. The deal reportedly includes a 60-day ceasefire, reopening the Strait of Hormuz, and lifting US port blockades. Iran would clear mines and not impose tolls.
Chinese traders are exploring transcontinental freight links across Eurasia as a more reliable alternative to shipping routes through the Strait of Hormuz, which continue to face disruptions. Rail capacity is in high demand, with May slots fully booked.
The Asian Infrastructure Investment Bank (AIIB) has launched a $10 billion facility to support member countries dealing with the economic impacts of the US-Israel war on Iran, providing fast-disbursing budget support and financing for critical imports.
The Asian Infrastructure Investment Bank (AIIB) has launched a $10 billion facility to support member countries facing development impacts from the US-Israel war's effects on Iran. The aid will provide fast-disbursing budget support, finance critical imports, and offer liquidity.
EasyJet reports lower summer holiday bookings than last year, citing consumer confidence hit by the Middle East conflict and a trend of passengers booking later. The airline also faced unexpected fuel costs but assures no supply disruptions or flight cancellations.
