A fragile US-Iran military pause enters its second day as mediators pursue ceasefire talks on nuclear issues and sanctions, while oil prices fall and UAE residents await official updates amid persistent shipping disruptions and flight delays.
Brent crude surged to $105.7 on its fifth consecutive gain, up 17 percent weekly amid persistent supply concerns, while WTI dipped to $94.7 as tentative US-Iran diplomatic talks raised hopes of reopening the blocked Strait of Hormuz.
UK inflation unexpectedly fell to 2.8 percent in April from 3.3 percent, offering temporary relief, yet economists warn Iran conflict threatens to reverse gains through rising global energy prices in coming months.
Economic pain from Iran war will hit poor countries hardest, officials say
US-Iran tensions have intensified, raising concerns among analysts and officials about potential escalation into a broader regional conflict involving multiple Middle Eastern actors and destabilizing the area further.
Russia provides Iran with intel to target US forces, say officials.