Iran

Oil prices increased as the United States conducted new strikes on Iran, impacting a fragile ceasefire in the Middle East. The US official stated the actions were defensive, while Iran claimed to have fired at ships. These developments occurred despite Iranian officials suggesting renewed hostilities were unlikely and amidst ongoing negotiations for a peace deal.

Iran's Revolutionary Guards stated on Wednesday that the possibility of war with the United States is low, but they remain prepared for any attack. This comes after Iran accused the US of violating the ceasefire and warned of retaliation for recent strikes. The ongoing conflict, which began in late February, has spread across the region and impacted global energy markets.

The United States conducted self-defense strikes on missile sites and mine-laying boats in southern Iran, which Iran's Foreign Ministry has condemned as a "serious violation" of the ceasefire. These actions have further jeopardized ongoing peace talks aimed at ending the Middle East war and have led to renewed tensions.

US President Donald Trump has threatened Oman with military action, stating "Oman must behave like everyone else, otherwise we will have to bomb them," if the country does not comply with international norms regarding control of the Strait of Hormuz. The US State Department later confirmed Trump's specific mention of Oman, despite initial speculation he may have intended to name Iran. Oman, a long-standing US ally, has not publicly expressed any desire to cooperate with Iran on managing the strategic waterway.

The US military stated it conducted "defensive" strikes against Iranian missile launch sites and mine-laying boats in southern Iran, asserting the action was to protect American soldiers. This military action occurred simultaneously with diplomatic efforts, as US President Donald Trump claimed talks with Tehran were "progressing positively," despite the fragile ceasefire.

Air India announced on Wednesday it will temporarily reduce or cut several domestic routes, following similar international adjustments due to soaring aviation fuel prices. These adjustments are attributed to the sustained impact of high fuel prices on overall operations, with the airline stating passengers affected will be rebooked or offered refunds. Air India will continue to monitor demand and operating conditions to restore frequencies as conditions stabilize.

Iran has reportedly intensified military preparations and placed its military and Revolutionary Guards on high alert due to escalating tensions with the United States, according to Al Jazeera. Iranian officials have warned that US military bases and energy infrastructure could become targets if tensions escalate further, with the Revolutionary Guards stating any future US military action would face a stronger response. The US Central Command reportedly carried out strikes on an Iranian vessel and a missile facility, describing them as defensive actions.

Ten Indian sailors, detained in Iran since July 2025 aboard the oil tanker MV Harbour Phoenix, have been released following diplomatic engagement. The Directorate General of Shipping confirmed the sailors' safe release and stated that arrangements are being made for their return to India.

A high-level Iranian delegation, including the central bank chief and top negotiator, arrived in Doha for discussions with the US concerning diplomatic efforts to end the conflict and the release of frozen funds. The talks are expected to address issues related to the Strait and highly enriched uranium, with the Central Bank governor specifically involved in negotiations over frozen funds as part of a potential final deal.

Pakistan Prime Minister Shehbaz Sharif is set to visit Beijing from May 23-26 for discussions on bilateral relations and issues of common concern, including mediation efforts in the Middle East conflict. China stated it will collaborate with Pakistan to contribute to peace and stability in the region, supporting Pakistan's role as a mediator.