The United States and Israels bombing campaign has left much of Irans infrastructure and industries in tatters, disrupting domestic production and hiking prices for basic food items. A US sea blockade has intensified the economic pressure on Iran, hampering its trade through the Strait of Hormuz, a key maritime chokepoint that has been effectively closed since the war began on February 28.
Spain's Sanchez asks EU to block US sanctions on ICC Submitted by MEE staff on Wed, 05/06/2026 - 11:16 The leader urges the EU to protect independence of the international court and the UN and their 'actions to end' Gaza genocide Spain's Prime Minister Pedro Sanchez (L) looks at European Commission President Ursula Von der Leyen prior to a roundtable as part of the EU Western Balkans summit in Brussels on 17 December 2025 (Nicolas Tucat/AFP) Off Spanish Prime Minister Pedro Sanchez on Wednesday called on the European Commission to activate the EU's Blocking Statute to shield the International Criminal Court (ICC) and the United Nations from US sanctions. "Spain does not look the other way," Sanchez wrote on X. "The EU cannot stand idly by in the face of this persecution," he added, calling on Brussels to protect the independence of both institutions and their "actions to end the genocide in Gaza ".
Trump pauses 'Project Freedom' amid potential deal with Iran Submitted by Mera Aladam on Wed, 05/06/2026 - 07:42 While the military operation to escort ships in Strait of Hormuz is on hold, the US says the blockade on Iran will remain US President Donald Trump during an event in the Oval Office of the White House in Washington on 5 May 2026 (Kent Nishimura/AFP) Off US President Donald Trump has said Washington will temporarily halt a military operation aimed at guiding ships through the Strait of Hormuz, citing a potential breakthrough in a deal with Iran . He indicated on his Truth Social platform that the blockade on Iran will, however, “remain in full force and effect”. Dubbed “Operation Project Freedom”, the US plan to escort ships sailing in the strait was launched days ago, despite an Iranian blockade on the waterway.
Under the framework, ships will receive emails with transit rules they must comply with to secure permits to pass Iran has officially launched a new mechanism to oversee maritime traffic through the Strait of Hormuz amid a lingering standoff with the US over the strategic waterway, state outlet Press TV reported on Tuesday.
Under the framework, ships will receive emails with transit rules they must comply with to secure permits to pass Iran has officially launched a new mechanism to oversee maritime traffic through the Strait of Hormuz amid a lingering standoff with the US over the strategic waterway, state outlet Pres
New Delhi has approved a $2 billion credit guarantee initiative for sectors, including aviation, impacted by the ongoing conflict India has rolled out a credit guarantee initiative to support businesses affected by the Middle East conflict. The federal government announced the $2 billion capital allocation plan, the Emergency Credit Line Guarantee Scheme (ECLGS) 5. 0, on Tuesday.
Plans to be included in king’s speech will allow tougher action against proxies for foreign powers such as Iran UK politics live – latest updates Offenders who commit antisemitic attacks backed by foreign powers such as Iran will face 14 years in prison under legislation to be included in the king’s speech next week. Shabana Mahmood, the home secretary, will be given the power under the National Security Act to designate proxy groups, such as those thought to be behind the recent attacks on the Jewish community, as a foreign intelligence service. Continue reading...
Chinese companies continue to ship drone-related parts and other dual-use goods to Iran and Russia despite US sanctions, the Wall Street Journal reported on Tuesday, citing customs data, former US officials and weapons analysts.
Canberra [Australia], May 6 (ANI): In a strategic move to fortify the nation against volatile global energy markets, Australian Prime Minister Anthony Albanese has unveiled a 10 billion Australian dollar (USD 7. 22 billion) initiative designed to bolster national fuel inventories.
US president announces short pause to ‘Project Freedom’ operation escorting ships through strait of Hormuz Business live – latest updates Oil prices have eased and stock markets rose as Donald Trump touted “great progress” towards a “final agreement” with Iran. The US president said he would briefly pause his “Project Freedom” operation escorting ships through the strait of Hormuz, which carries about a fifth of the world’s oil supplies but has been blockaded by Iran since late February, triggering a global energy crisis. Continue reading...
The Middle East conflict makes clear that greatpower politics now matter as much as OPEC quotas and output WhenBrent crude briefly crossed $120 a barrellast week amid renewed Hormuz tensions and the UAE's exit from OPEC, market reactions suggested something beyond just another cyclical oil shock. Markets are recognizing the erosion of the framework that governed global crude flows for decades.
Analysts say that the U. S. actions are unlikely to fully open the Strait of Hormuz, offer little relief to the global energy crisis, and risk further escalating tensions.
Albanese announces fuel stockpile plan amid Hormuz blockade concerns Australian Prime Minister Anthony Albanese has announced a 10 billion Australian dollar ($7. 22bn) package to strengthen the country’s fuel security by boosting national stockpiles and creating a government-owned reserve. The plan includes a reserve of about 1 billion litres aimed at ensuring Australia maintains at least 50 days of fuel onshore to protect against future supply disruptions.
Tehran [Iran], May 6 (ANI): Iran has launched a new regulatory mechanism to assert control over maritime traffic through the strategic Strait of Hormuz, implementing a system that requires vessels to secure prior authorisation before transiting the waterway.
New Delhi [India], May 6 (ANI): Average US gas prices topped USD 4. 50 a gallon on Tuesday, the highest level recorded in nearly four years, according to an ABC News report. This price milestone comes as the war in Iran continues and the Strait of Hormuz, a critical channel for international oil trade, remains restricted, impacting global energy flows and driving up costs for American motorists.
Draft UN resolution urges Iran halt actions in Hormuz The United States and several Gulf allies have drafted a resolution at the United Nations Security Council aimed at ensuring safe passage for shipping through the Strait of Hormuz, with a vote expected in the coming days. US Secretary of State Marco Rubio said the proposal calls on Iran to cease attacking vessels, laying sea mines and imposing fees for transit through the strategic waterway. Bahrain, Saudi Arabia, the United Arab Emirates, Kuwait and Qatar participated in preparing the draft, which also urges Iran to disclose the locations of sea mines and assist in their removal.
Washington DC [US], May 6 (ANI): US President Donald Trump on Tuesday (local time) said that his Chinese counterpart Xi Jinping has not challenged the United States' naval blockade on Iranian ports in the Strait of Hormuz, expressing confidence in his relationship with the Chinese leader ahead of an upcoming meeting.
US president says he is pausing US effort to guide stranded vessels out of the strait of Hormuz but blockade remains Donald Trump has announced that he is pausing ‘Project Freedom’, the US effort to guide stranded vessels out of the strait of Hormuz, so that he can finalise a deal with Iran, but added that his blockade of Iranian ports would remain in place. Trump announced the decision in a social media post, saying he was pausing the effort for a short period to give space for US efforts to finalise a settlement with Iran to end the war. Continue reading...
Washington DC [US], May 6 (ANI): US President Donald Trump on Tuesday (local time) announced that 'Project Freedom', an initiative aimed at helping the passage of commercial vessels trapped in the Strait of Hormuz amid escalating regional tensions in the Gulf, will be temporarily paused even as the naval blockade of Iran's ports remains in place.
Trump official insists overhauled visa system won't scare away foreign investment Submitted by Yasmine El-Sabawi on Tue, 05/05/2026 - 19:43 Deputy Secretary of State Christopher Landau expressed 'regret' over the deportation of South Korean businesspeople last year US Deputy Secretary of State Christopher Landau takes questions from the foreign press corps at the Gaylord Resort and Convention Center at National Harbor, Maryland, on 5 May 2026 (Yasmine El-Sabawi/MEE) Off The US government is working on overhauling its visa system to accommodate foreigners who come to do business in the US, a top Trump administration official said on Tuesday. Speaking at the SelectUSA Investment Summit - the largest annual convention to bring in foreign investment - Deputy Secretary of State Christopher Landau acknowledged that last year's immigration raid, detention, and deportation of more than 300 South Korean business consultants and workers from a Hyundai factory in the state of Georgia was one of "regret". "We are substantially overhauling our visa system to accommodate those concerns," that the US is unpredictable or potentially unsafe, Landau told a briefing for the foreign press corps.
