New attacks on shipping as Iran war talks hit fresh impasse

As Iran and the United States remained at odds, the prospect of ending the Iran war became increasingly uncertain. On Tuesday, both the U.S. and Yemen's Iran-aligned Houthis reported separate attacks on shipping, further dimming hopes for a resolution. The attacks occurred in the Gulf of Oman, leading to the Strait of Hormuz, and at the entrance to the Red Sea, two key chokepoints for global oil supplies.

Oil prices rose, with Brent crude futures increasing by 1.4% to $88.91 per barrel and U.S. crude up by 1.3% to $83.20. The attacks came amid escalating rhetoric from both sides. Iran's top security official, Mohsen Rezaei, stated that the Strait of Hormuz would stay closed unless the U.S. accepted Iran's conditions, which include the release of Iran's frozen assets and an end to conflicts in regions like Lebanon and Gaza.

Meanwhile, the U.S. President, Donald Trump, suggested that Iran might fail economically or face "really, really hard" consequences, hinting at the potential for further escalation.