Eshe Nelson

After three months, the fallout of the closure of the Strait of Hormuz is spreading, with developing countries bearing the brunt of the shortfall.

The United States and Iran both reported strikes overnight, accusing each other of being the aggressor. It was unclear where diplomatic efforts stand to end the war.

LONDON -- The conflict in the Middle East, which is significantly disrupting the world's supply of energy and other critical commodities like fertilizer, will slow economic growth this year and raise inflation through 2027, the Organization for Economic Cooperation and Development said Wednesday.

The United States and Iran accused each other of launching new strikes. President Trump told The New York Post that Iran’s supreme leader is involved in peace talks, and he hopes to meet him.

The European Central Bank is set to raise rates, the first such move since September 2023, as energy disruptions caused by the Iran war drive higher prices.

The European Central Bank raised interest rates for the first time since 2023. It expects inflation to run hotter than previously thought, and downgraded its forecast for economic growth.

Kevin M. Warsh will take questions from reporters after leading his first gathering of the Federal Reserve’s top officials.

Prime Minister Keir Starmer of Britain said he would not “walk away” from any leadership contest after a top rival in his party, Andy Burnham, decisively won a parliamentary seat.

A survey found that just over half of Britons would support rejoining the European Union. Read more at straitstimes. Read more at straitstimes.

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