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President Trump is poised to decide within days whether to extend a fragile Iran ceasefire, a move that could reignite regional hostilities or avert further escalation. A closed-door session with top national security advisors begins Tuesday at 2 p.m.
Global oil prices tumbled nearly 5% overnight after negotiators in Vienna confirmed a breakthrough in indirect US-Iran talks aimed at halting hostilities linked to the Israel-Hamas conflict. Asian stock indices surged in response, with markets in Tokyo, Seoul, and Singapore posting gains exceeding 2% by midday trading.
Donald Trump’s two-hour meeting with China’s Xi Jinping yielded no resolution on the US naval blockade of Iranian ports, as Beijing refused to endorse Washington’s enforcement campaign. The talks, held at the Temple of Heaven, were overshadowed by fresh attacks in the Strait of Hormuz, where three tankers were struck hours before the summit began.
Iran’s blockade of the Strait of Hormuz enters its third week, halting all oil shipments through the critical chokepoint. Disruptions at the world’s busiest shipping lane threaten energy markets and could push fuel prices to record highs.
Europe faces a fresh energy squeeze as Middle East conflict disrupts critical oil supplies, pushing wholesale prices past €80 a barrel for the first time since 2023. Analysts warn of potential blackouts and fuel shortages this winter.