Rising US-Iran tensions see Trump push a prolonged blockade, stall nuclear talks, and warn Tehran to “get smart soon.” Oil prices surge amid supply fears, while Iran’s economy weakens. Pentagon reveals $25B war cost as global powers step in,

While the effective ceasefire remains in place, the uncertainty around what it means has only burgeoned. In the most recent development from this West Asian conflict, Iranian defence forces reportedly sounded an alarm and claimed that the defence systems engaged with projectiles over Tehran.

Tensions in the Strait of Hormuz have driven global oil prices above $120 per barrel, with US gas prices reaching a four-year high. Israeli forces intercept Gaza-bound aid.

Efforts to resolve the conflict have hit an impasse, which the United States is trying to unlock with a naval blockade of Iran's oil exports.

The dollar fell to a two month low against the yen, and ING said Japanese authorities appeared to have intervened to shore up the currency, and could yet take more action.

Iran’s supreme leader said Thursday that the Islamic Republic will protect its “nuclear and missile capabilities” as a national asset, likely seeking to draw a hard line as President Donald Trump seeks a wider deal to cement the shaky ceasefire now holding in the war.

Ayatollah Mojtaba Khamenei has not been seen or heard in public since he took over for his father, who was killed in the initial round of U.S. strikes in February.

Meanwhile, benchmark Brent crude for June delivery reached as much as $126 a barrel in trading on Thursday as Iran maintains its chokehold on the Strait of Hormuz, the narrow mouth of the Persian Gulf through which a fifth of all crude oil and natural gas traded passes.