Daily brief
Oil prices surged after the United States seized the Iranian-flagged cargo ship Touska near the Strait of Hormuz, escalating tensions in the region. Iran warned that the security of the critical oil shipping route cannot be assured if its oil exports are restricted, and over 750 ships are reportedly trapped due to competing blockades. President Trump said he expects lower gas prices once the Iran war ends. (ongoing coverage)
Financial markets fell globally as renewed US-Iran tensions reduced investor appetite for riskier assets, with the US dollar strengthening and gold prices dropping to a one-week low.
Oil prices swung on shifting signals about US-Iran relations, rising after President Trump indicated he would not extend a ceasefire, then falling on reports that Iran might attend talks with the US.
Japan's biggest airlines brought forward fuel surcharges to cope with the Iran war, and industry warnings emerged of a permanent crisis from the conflict, tariffs, and rising costs.