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Geopolitics · Iran Conflict · Oil Prices · Strait Of Hormuz
The White House declared a "dramatic and decisive victory" in the Middle East following a ceasefire with Iran, despite Iran halting tanker traffic in the Strait of Hormuz, demanding $1 per barrel tolls in cryptocurrency (potentially £2.2 million per ship), and continuing attacks on Gulf states.
Iran warned unauthorized ships in the Strait of Hormuz, through which 20 percent of the world's oil and gas is transported, would be "targeted and destroyed." The White House, through spokesman Karoline Leavitt, stated the US military "destroyed Iran's defense-industrial base," while US Secretary of War Pete Hegseth claimed a "capital-V military victory" and that Iran "begged for this ceasefire." However, Saudi Arabia's oil pipeline was hit by an Iranian drone, and the United Arab Emirates engaged 17 missiles and 35 drones. President Donald Trump insisted Lebanon's conflict with Israel was a "separate skirmish" not covered by the peace deal, a point disputed by Iran.
Vice President JD Vance, special envoy Steve Witkoff, and Jared Kushner will lead peace talks in Islamabad, Pakistan, on Saturday. Meanwhile, President Trump is preparing to discuss a US exit from Nato, accusing allies of "turning their backs."
