Daily brief
Iran has offered to reopen the Strait of Hormuz as part of a ceasefire, following a period of blockade that disrupted global shipping and sent oil prices surging. The announcement came as an Israel-Lebanon ceasefire also took effect, marking a potential de-escalation in regional tensions. Businesses worldwide, from Tokyo cleaners to European airlines, have been squeezed by the energy price spike.
The IMF has warned the EU against overly offsetting the energy price spike, urging caution in fiscal responses.
A South Korean oil tanker has passed through the Red Sea after the Strait of Hormuz blockade was lifted.
The first Russian airline flight to Tel Aviv since restrictions were lifted has taken place.
Israel's Energy Ministry has reversed course and now calls for relocating, rather than closing, the Iran-targeted Bazan oil refinery in Haifa.