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Hormuz without their permission, and have fired at some vessels. These tit-for-tat acts have amplified a global energy crisis, sending gas and oil prices to multiyear highs. “Even short of a full shutdown
oil prices to soar. Later, [Iran began charging tolls](/news/2026/3/26/tehranstollbooth-how-iran-picks-who-to-let-through-strait-of-hormuz) for passage through – a move until now unheard of for a strait. Despite a fragile ceasefire, Washington, in an attempt to pressure Iran, has imposed
Crisis Group, told Al Jazeera. If Trump were to make concessions on weapons sales to Taiwan, he would be breaking with a longstanding policy against consulting with Beijing that dates back to former US President
oil, have risen more than 80 percent since the US and Israel launched their war on Iran in late February, prompting airlines to hike fares, reduce their schedules, or both. In the starkest example
supplies remain trapped in the region. Here is what we know: ## In Iran - **Iran presses US on peace proposal:** Iran’s chief negotiator and Parliament Speaker Mohammad Bagher Ghalibaf said Washington must accept Tehran
crisis response window that allows them to tap up to 10% of funding approved under existing programs, while another $30bn to $40bn could come from repurposing existing programs, Banga said. If the war continued beyond
Hormuz, where a fifth of the world’s oil and gas normally travels, in the wake of the US and Israel’s attack on Iran caused energy costs to spike around the world
impact of the United States-Israeli war on Iran and the shutdown of the Strait of Hormuz on the world economy. The war has damaged energy infrastructure across the Gulf, while critical exports like oil
supply.** Data shows that Iran exported an average of 1.84m barrels per day in March, despite the ongoing war. But exports from Gulf countries that rely on the strait of Hormuz to get their
supplies are feared to be running low on some trapped vessels. On Sunday, Trump announced the launch of [Project Freedom](https://www.theguardian.com/us-news/2026/may/04/project-freedom-marks-a-classic-trump-flip-from-warmonger-to-humanitarian), a presidential initiative, which would see the stranded 850 vessels pass through