Global-economy

Iran said it will step up efforts to tackle problems created by the U.S. sanctions that are ​crippling its economy, while a senior Iranian official warned of a "painful response" if it comes under further attack.Six months after U.S.-Israeli strikes against Iran, the war appears to be at ‌a stalemate. A preliminary ceasefire accord reached in June has unravelled and little progress has been made in diplomatic efforts to get the peace process back on track.After a pause in military action for muc...

Six months after the outbreak of war in the Middle East, the strategic Strait of Hormuz remains largely paralysed. Commercial shipping has yet to recover, thousands of seafarers are still stranded in the Gulf, and the flow of vital commodities through the waterway is a fraction of what it once was.Before Iran shut the strait in February—in retaliation for joint US‑Israeli airstrikes—roughly one‑fifth of the world’s oil and liquefied natural gas passed through this narrow chokepoint. Today, traff...

Pakistan's mediation efforts to end the war in Iran are gaining renewed momentum. Amid threats of new and stringent US sanctions, a deadlock in the Strait of Hormuz, and ongoing tensions in Tehran-Washington negotiations, Pakistan's Army Chief General Asim Munir is set to visit Iran on Monday. Iran's Foreign Ministry has stated that the visit is part of efforts to establish regional peace and security.Pakistan has taken on the role of mediator in talks between Iran and the United States to end t...

As global crude prices continue to slide, a core faction of the OPEC+ alliance has finalized plans to marginally increase oil output next month. The decision reintroduces more supply to a market that has seen fuel prices plunge to pre-war levels, reversing the spikes triggered by the military conflict between Iran, Israel, and the United States. Modest Output Hikes ApprovedThe Organization of the Petroleum Exporting Countries and its broader coalition (OPEC+) announced on Sunday that seven memb...