The prolonged closure of Strait of Hormuz, lasting significantly longer than a month, would negatively affect global chemical production, with Mideastern and Asian producers most affected. Chemical production costs may hit a new high and global supply chains could get disrupted, said a report.
US President Donald Trump spoke to Indian Prime Minister Narendra Modi on Tuesday about the West Asia situation, including the need to secure the key energy waterway, Strait of Hormuz, that remains under an Iranian blockade. Modi reiterated India’s support for de-escalation and restoration of peace at the earliest.
US President Donald Trump said on Monday he had given orders to postpone any military strikes against Iranian power plants for five days, hours ahead of a deadline that threatened further escalation in the conflict now in its fourth week.
The US military's request for $200 billion in additional funding for the Iran war met with stiff opposition in the US Congress on Thursday, as Democrats and even some Republicans questioned the need for the money after large defence appropriations last year.
Markets are facing a 'double whammy' of energy volatility and trade tensions flaring up again, says a financial expert amid escalating conflict involving Iran, while the Trump administration simultaneously launches sweeping new trade investigations targeting many of the world’s largest economies.
US President Donald Trump's administration said it used $5.6 billion in munitions during the first two days of strikes against Iran in a report provided to US congressional committees, reported Reuters citing a source familiar with the information.
