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Iran's military warns of attacks over Trump's Hormuz escort mission, claiming it violates ceasefire. The threat raises escalation risk and increases market uncertainty as diplomacy hangs in the balance.
Trump extended the ceasefire with Iran for a second time in as many weeks, signalling willingness to negotiate rather than escalate. The move buys diplomatic time but underscores the fragility of the truce and limits of US leverage over Tehran.
EU energy chief Dan Jørgensen warns the Iran war energy crisis is worse than the 1973 oil embargo and 2022 crisis combined. The assessment highlights how supply disruptions and geopolitical uncertainty are creating unprecedented pressure on global energy markets.