Daily brief
The United States and Iran have reached a deal to reopen the Strait of Hormuz, sending oil prices sharply lower and stock markets to record highs. European gas prices fell 6%, crude oil plunged, and the first LNG tanker cleared the strait after the announcement. However, Japanese shipping companies are holding back, and ECB official Joachim Nagel warned that no inflation relief is in sight even if the strait reopens soon. Bitcoin rallied to a two-week high following the deal.
Dubai announced plans to build 31 new pedestrian bridges by 2030 as walking and cycling trips surge.
Dubai’s new mega airport hit a key milestone as its 2032 opening stays on track.
India pushed states to fast-track nuclear and battery storage approvals.
An Indian sailor died after a US blockade stranded a ship near Oman.