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The LeadEleven weeks after the start of the Iran war, the Strait of Hormuz has remained closed to naval traffic, bleeding the global economy far beyond the Gulf. Iran's Islamic Revolutionary Guard Corps (IRGC) maintains an iron grip over this narrow, strategic waterway, while a corresponding United States naval blockade on Iranian ports has failed to reopen it.Before the war began, between 120 and 140 ships travelled through the strait each day, about half of them oil tankers carrying some 20 million barrels of oil between them. Now, only a few vessels whose owners have negotiated with the IRGC are permitted to pass.The Strategic Control of HormuzOn Wednesday, Iran said it coordinated the transit of 26 vessels through the Strait of Hormuz in 24 hours, two days after announcing the formation of the Persian Gulf Strait Authority (PGSA), a new body to provide "real-time updates" on operations in the strait.Since the announcement of a temporary ceasefire between the US and Iran in April, Iran has been working on formalising a mechanism to charge a transit fee from ships crossing the critical chokepoint, through which 20 percent of the world's oil and liquefied natural gas (LNG) are shipped during peacetime.Tehran has reportedly already charged fees as high as $2m per ship for transit since the war started. Even though countries opposing Tehran say this is illegal, it may still be less expensive than the overall cost of the closure of the strait each day.The Economic Cost of BlockadeNearly one-fifth of global oil and LNG exports were shipped by Gulf producers through the Strait of Hormuz before the US and Israel bombed Iran on February 28, triggering the Iranian closure of the waterway. The strait is the only waterway linking Gulf producers to the open ocean – there is no other route through which they can ship exports.About 20.3 million barrels per day of oil passed through the Strait of Hormuz in peacetime – nearly 27 percent of global maritime oil trade. The lion's share of that crude went to Asian markets.Global LNG trade has been similarly hard hit. On the day before the war broke out, Brent crude – the global benchmark for oil prices – closed at $72.48 per barrel. After Iran closed the waterway on March 4 and began attacks on vessels attempting to sail through, traffic came to a standstill, stranding about 2,000 ships on either side of the strait.In terms of lost oil revenues, this amounts to $114.8bn of losses per day. About 10 billion cubic feet of LNG per day also used to pass through the strait, worth a further $7.8bn.The Cost-Benefit Analysis of Transit FeesFor hundreds of ships stranded in the Gulf with thousands of sailors on board, the cost of remaining anchored is steep, including crew wages, loan repayments, repair and management, coupled with inflated war risk premiums.In turn, Iran has reportedly been charging up to $2m for authorisation to pass. Experts say many will see this as worthwhile purely in terms of monetary cost."There is no doubt that paying Iran is cheaper than a continuous blockade because a sitting tanker bleeds money," said Nader Habibi, an Iranian American economist."It makes sense from an economic point of view, but it is not politically feasible," he added. "The companies are under pressure from the US sanctions and not to make arrangements with Iran. This is not just a purely economic cost-benefit analysis, but long-term considerations that are taken into account."International Legal PerspectivesInternational law protects free transit through strategic waters such as natural straits like Hormuz, barring countries from imposing passage tolls even where the waterways fall entirely into territorial waters, like in the case of Hormuz.However, services such as security controls, inspections and insurance regimes can be charged for. Chargeable fees also partly depend on whether a waterway is a man-made passageway or a natural one.These are three different precedents in maritime traffic flow:Panama Canal: An artificial waterway connecting the Atlantic and Pacific oceans. Vessels pass through a unique system of locks that raise and lower vessels across elevated terrain. Since Panama built, maintains and operates the canal, it can charge transit fees based on vessel size, cargo capacity and booking priority. These range from several hundred thousand dollars per transit to some slots sold for millions of dollars.Suez Canal: Another artificial canal, linking the Mediterranean and Red seas. Egypt charges transit fees for the use of canal infrastructure, maintenance and traffic management services through the narrow waterway. Container ships and oil tankers pay from several hundred thousand dollars to more than one million dollars per voyage.Turkiye's Bosporus Strait and Dardanelles: These are different because they are natural straits, rather than man-made canals. Turkiye charges for navigation-related services such as lighthouse operations, rescue readiness, medical support and traffic management – and tightly controls ship scheduling and navigation.Regional Cooperation PossibilitiesIran's newly-formed PGSA published a new map of Hormuz, stretching from Kuh-e Mubarak in Iran to south of Fujairah, in the UAE, at the eastern entrance of the strait, and from the tip of Qeshm Island to Umm al-Quwain at the western entrance.Given how the Iran war has spilled over into the Gulf region – with the UAE taking the brunt of Iranian strikes – economist Mohammad Reza Farzanegan said "regional cooperation with Iran is the most realistic path to stable transit through the Strait of Hormuz."The UAE, Oman, Qatar and Iran will have to work together because their economies require it, he argued. A workable arrangement could include a joint maritime authority, shared monitoring, emergency coordination, environmental protection and service-based contributions for maintaining safe passage."This would give Iran a recognised role in the security of the waterway while giving Persian Gulf economies more predictability," Farzanegan added. "Such a framework is also more realistic than relying on external military enforcement, which has been more a source of trouble for these states."The Future OutlookWhile it may seem that the economics of the closure of the strait are currently skewed towards Iran, Aniseh Tabrizi, an associate fellow on the Middle East and North Africa Programme at think tank Chatham House, noted that "the economics by itself is not going to be the driver to change calculation or move from the current standpoint."She emphasized that Iran and the US need to reach a "diplomatic compromise, with other calculations linked in to the economic factor", before there can be an end to the energy supply crisis.Farzanegan added that if the world expects stable access to the Strait of Hormuz, then paying Iran could well be accepted as the price of keeping the vital waterway predictable. "From an economic perspective, a negotiated transit arrangement [with Iran] now makes more sense than continued closure," he concluded.

Iran Scrutinizes the Latest US Offer Amid Growing Pakistani Diplomatic PushTehran confirmed it has received US views on its peace framework and is currently reviewing them, according to Ministry of Foreign Affairs spokesperson Esmaeil Baghaei. The statement arrives as Pakistan’s Field Marshal Asim Munir readies a visit to Tehran, and Interior Minister Mohsin Naqvi makes a second trip in less than a week to discuss the proposal.Key Numbers Shaping the Negotiation LandscapeThe war entered its nearly three‑month phase, with a ceasefire in place for six weeks.Iran’s original demand list comprises 14 points, including control of the Strait of Hormuz, reparations, sanctions relief, frozen‑asset release, and US troop withdrawal.The US naval blockade, launched in mid‑April, has resulted in the boarding of at least five vessels; a recent incident saw a ship searched and redirected by Central Command.Pakistan facilitated the only direct US‑Iran talks in April and now hosts the military chief for “talks and consultations”.Strategic Implications for the Region and Global PowersAnalysts note that Iran has seized the initiative by shifting focus to the strategic chokepoint of the Strait of Hormuz rather than its nuclear program, forcing Washington to defend its position. The US, wary of appearing weaker than it was on February 26 when it walked away from talks, is attempting to re‑center the nuclear issue. Meanwhile, the Islamic Revolutionary Guard Corps warns that any renewed aggression could expand the conflict beyond the region.What Comes Next? Scenarios for a Fragile Peace ProcessProfessor Scott Lucas of University College Dublin predicts a settlement is possible but cautions that President Donald Trump remains unpredictable, keeping the risk of renewed strikes alive. If the US accepts Iran’s 14‑point framework, a durable cease‑fire could emerge, unlocking the Strait for global shipping. Conversely, a failure to bridge gaps may see the blockade intensify and the conflict spill over, drawing in regional actors.

The Rise of Secondhand Shopping Once the preserve of jumble sales and charity shops, “preloved” fashion and homewares are now leading style and shopping trends in the UK. After the rapid growth of online retail, Britain is now witnessing “the normalisation of secondhand”, according to Adam Jay, the chief executive of Vinted’s main marketplace arm. Vinted's Expansion Beyond Fashion The UK is at the forefront of an international revolution, jostling for position with France to be Vinted’s biggest market, and is also one of its fastest growing markets, as the online marketplace moves beyond just selling clothes and into everything from smartphones and books to rugs. The Data Analysis Vinted was valued at €8bn (£7bn) in April when it sold €880m in shares. Sales through the site hit €10.8bn last year. Vinted generated €1.1bn in revenue, with net profits of €62m in 2025. Sales in Britain rose 47% last year. The Impact Analysis Vinted, Shein and Temu are all growing for “fundamentally the same reason”, which is “because it’s cheap and easy. Our main competitor is new [products].” Vinted shoppers save an average 72% on the price of buying an equivalent new item. The Prediction “I see a deep and sustained change in how people buy and how people think about things that they own,” says Jay. “We want people to be thinking about how they can give every item as long as possible life. Don’t allow things to sit in the back of the cupboard for years and years untouched. Get them to someone who’s going to love them, wear them, use them.”

The Strait of Hormuz Transit Iran's Islamic Revolutionary Guard Corps (IRGC) has said it coordinated the transit of 26 vessels through the Strait of Hormuz in the past 24 hours, as talks between Washington and Tehran over the resumption of traffic through the narrow waterway remain stalled. Coordination and Control “Traffic through the Strait of Hormuz is being carried out with permission and in coordination with the IRGC Navy,” the statement carried by Iran's state-affiliated ISNA news agency said on Wednesday. Global Energy Impact About a fifth of global energy exports used to pass through the strait before the beginning of the United States-Israel war on Iran on February 28, which prompted Tehran to blockade the waterway. Humanitarian and Economic Consequences The standoff has put huge strain on global energy markets as well as raising concerns over a looming humanitarian catastrophe. On Wednesday, the Food and Agriculture Organization of the United Nations (FAO) warned that the blockage could trigger a severe global food price crisis within six to 12 months, calling the disruption “the beginning of a systemic agrifood shock”. Stalled Talks and Future Uncertainty On Wednesday, Trump spoke about “progress” made in negotiations with Iran. But he also threatened to resume military action if Iran does not agree to a deal. Iran's Foreign Minister Abbas Araghchi warned “return to war will feature many more surprises”. The IRGC also said that if Iran is attacked again, it would widen the conflict by extending fighting “this time” beyond the region.

The Lead: Figma's AI Integration RevolutionFigma has introduced a groundbreaking AI assistant that operates directly within its collaborative canvas, marking a significant evolution in design software capabilities. This new AI agent allows users to leverage natural language prompts to generate new designs, edit existing ones, and automate various design tasks, potentially transforming how design teams collaborate and create.The Technical Breakthrough: Design-Specific AI CapabilitiesThe new AI assistant represents Figma's strategic move to integrate artificial intelligence deeply into its design ecosystem. Unlike generic AI tools, Figma's assistant is specifically fine-tuned for design use, enabling it to understand design contexts and elements with remarkable precision. Users can employ multiple AI agents simultaneously, each handling different tasks, allowing for parallel processing of design iterations and automations.This development builds on Figma's recent partnerships with OpenAI and Anthropic, which brought AI CLI tools like Claude Code and Codex to the platform. The company's chief design officer, Loredana Crisan, emphasized how this technology helps teams focus on strategic decisions rather than tedious execution, stating: "As building software gets easier, what matters most is setting direction: deciding what to work on, how it should function, what the experience should feel like. Teams can now collaborate with agents on the multiplayer canvas to test out ideas, visualize edge cases, and refine concepts together without over-indexing on the more tedious parts."The Financial Impact: Strong Growth Amidst CompetitionFigma's AI integration comes at a time when the company is demonstrating robust financial performance. In the first quarter of 2026, Figma reported revenue of $333.4 million, marking a 46% increase compared to the same period in the previous year. This growth trajectory underscores the company's ability to maintain market momentum despite increasing competition and concerns about AI potentially displacing design work.The company has strategically expanded its capabilities through acquisitions like node-based design tool Weavy and by adding new image editing features to its products. These moves, combined with its AI initiatives, position Figma to address the evolving needs of design professionals in an increasingly AI-augmented creative landscape.The Industry Transformation: AI Reshaping Design WorkflowsFigma's AI assistant launch reflects a broader industry trend where artificial intelligence is becoming integral to creative workflows. The design software market is experiencing significant disruption as companies race to integrate AI capabilities that enhance rather than replace human creativity. Figma faces intense competition from established players like Adobe and Canva, as well as emerging competitors such as Flora, Krea, and Dessn.This technological shift is challenging traditional design processes while simultaneously creating new opportunities for efficiency and innovation. By automating routine tasks and providing intelligent design suggestions, AI tools like Figma's assistant are enabling designers to focus more on strategic thinking, conceptual development, and user experience refinement.The Future Outlook: Convergence of Design and CodeLooking ahead, Figma has outlined ambitious plans to further integrate AI across its product suite and bring design and code closer together. The company intends to expand the AI assistant beyond Figma Design to its other products, creating a more unified AI-powered creative environment. This convergence could potentially bridge the gap between design and development workflows, fostering greater collaboration and efficiency throughout the product development lifecycle.As AI continues to evolve, we can expect Figma and its competitors to further refine their AI offerings, potentially incorporating more sophisticated understanding of design principles, user preferences, and technical constraints. The successful integration of AI in design tools may set new standards for the industry, ultimately benefiting end users through more intuitive, responsive, and human-centered digital products.

The Lead: Ending the 22-Year DroughtArsenal have ended a 22-year wait to be crowned Premier League champions after Manchester City were held 1-1 by Bournemouth. Mikel Arteta's men held off the challenge of Pep Guardiola's second-place City to seal a long-awaited triumph with one game to spare.Tactical Innovation: The Set Piece RevolutionArsenal's title-winning campaign has been built on a back-to-basics approach that has revolutionized their set-piece strategy. For a couple of seasons, Arteta's Arsenal have been the emblem of a more pragmatic approach in English football, moving away from the era of pretty passing under Guardiola and heavy-metal football under Jurgen Klopp.The Gunners have mastered set pieces with Gabriel Magalhaes a menace at corners, Declan Rice key with his pinpoint throws and dead-ball deliveries, and Victor Gyokeres providing a robust striking option. More than 40 percent of Arsenal's Premier League goals this season have come from dead ball situations, with 18 of their 28 set-piece goals coming from corners – a new single-season Premier League record.Key Performances: Leadership Between the Posts and in MidfieldDeclan Rice and goalkeeper David Raya have stood out for Arsenal this season, putting them among the favorites for English football's Player of the Year award. Rice's leadership, energy in midfield, and set-piece delivery have made him an integral member of the team and one of England's key players heading into the World Cup.Raya has helped Arsenal keep 19 clean sheets, earning him the Golden Glove award for the third straight year. "David Raya, for me, has to be the player of the season," former Arsenal captain Patrick Vieira told Sky Sports. "I think he was outstanding from the first game until the end of the season. I think he was really impressive."Throw in Gyokeres scoring 21 goals in all competitions in his first season at the club, and it is clear that Arteta has built the most well-rounded team of his tenure.Squad Depth: Overcoming the Injury CrisisInjuries played a ruinous role in Arsenal's failed pursuit of Liverpool last season. However, the decision to invest heavily in bulking out Arteta's squad paid off this season despite injuries to key players like Saka, Magalhaes, Martin Odegaard, Kai Havertz, and Jurrien Timber.New signings Gyokeres, Eberechi Eze, Martin Zubimendi, Noni Madueke, Piero Hincapie, and Cristhian Mosquera have all made significant contributions to get Arsenal over the line in the Premier League and within one game of winning the Champions League for the first time.Mental Fortitude: Building Resilience Through AdversityFinishing as runners-up in the Premier League for the past three years saw Arsenal's players and Arteta derided as "nearly men", even chokers, by many football pundits. However, this period built up the prerequisite experience and resolve to finally launch a successful tilt at the title.Arteta kept believing in his squad and came up with unorthodox methods to inspire his players. A professional pickpocket was reportedly hired for a preseason dinner to highlight the need for alertness, while a lightbulb was brought into the locker room before one game to demand that the team "shine" at Emirates Stadium. Recently, TikTok videos featuring fan chants were played on big screens during practice sessions.Arsenal have been mentally tougher this season, holding on after yet another strong start and seeing it through to the end despite City's trademark late-season rally.The Competitive Landscape: When 82 Points Was EnoughArsenal accumulated more points two years ago when they were pipped to the title by City despite winning 16 of their final 18 games. Over the past decade, City and Liverpool have often set the bar high, winning the league with more than 90 points.This time, 82 was enough to see Arsenal over the line. Despite taking the title race into the final week of the campaign, City lacked the same consistency and relentlessness of Guardiola's best sides while Liverpool's title defense imploded.

The Plant That Changed MedicineGoat's rue or French lilac, Galega officinalis, is a wild plant often grown in gardens for its clusters of attractive lilac or white flowers. For centuries, the plant was used to treat diabetes. Its key ingredient was later identified as galegine, which lowers blood glucose levels but has toxic side-effects.From Natural Remedy to Synthetic SolutionEventually, galegine led to the development of the synthetic drug metformin, now the classic treatment for diabetes by controlling blood sugar. Metformin has none of the toxic side effects of galegine and is now one of the most prescribed drugs in the world. For many years, however, metformin was vilified and banned in many countries because of its association with galegine.The Emergence of a Medical MultitaskerMetformin is now becoming something of a super drug for its anti-cancer effects, cardiovascular protection, delaying the onset of diabetes, and helping some people lose weight. It may even lower the risks for cognitive decline, dementia, strokes, slow aging and increase life expectancy.Understanding the MechanismExactly how metformin achieves all these remarkable wonders is not entirely understood, but it is not bad for a drug that originally came from an attractive wild plant. The scientific community continues to research the multiple pathways through which this simple compound derived from a garden plant can have such profound effects on human health.

The Rise of Ocean: Combating AI Phishing Shay Shwartz, a former teen hacker, has raised $28 million for his startup Ocean, which aims to combat AI-powered phishing attacks. Shwartz's journey from a teenage hacker to a cybersecurity expert, including work on Israel's Iron Dome project, led him to create an agentic email security platform. Shwartz's Background and Motivation Shay Shwartz was a teenage hacker who got caught at age 16. He shifted his focus to preventing cyber attacks, working with Israel's elite defense and intelligence units. He joined Axis, a startup later acquired by HPE, before launching Ocean. The Funding and Support Ocean raised $28 million in funding led by Lightspeed Venture Partners. Other participants include Picture Capital and Cerca Partners. High-profile angel investors, such as Wiz co-founder Assaf Rappaport, also joined the round. The Problem: AI-Powered Phishing Attacks Shwartz argues that AI requires a different defensive approach than traditional phishing attacks. AI can automate the process of launching targeted attacks, making it easier for hackers to impersonate individuals. Ocean's Solution: AI-Driven Email Security Ocean claims its AI can thoroughly analyze the context of every incoming email to detect fraud and impersonation attempts. The startup is already reviewing billions of emails each month for customers like Kayak, Kingston Technology, and Headspace. The Future Outlook With the funding, Ocean aims to make the inbox a safe place with high hygiene, using a small language model tailored to quickly analyze emails and understand the sender's intent. This approach could revolutionize email security and protect against AI-powered phishing attacks.

A Tennis Legend's Academic JourneyWhen Billie Jean King left college in 1964, she had a clear purpose. Within a few years, she had become the top-ranked tennis professional in the world. Over a trailblazing career, she won 39 championships, a Presidential Medal of Freedom and a congressional Gold Medal – all while pushing publicly for gender and pay equality.Last year, she finally returned to finish the degree in history she started more than six decades ago. On Monday, she graduated at 82 years old.The Commencement Celebration"It is a privilege for me to be here as a member of your graduating class," King said at her commencement. "Yeah baby, only 61 years!"King recalled growing up in a working-class family, the daughter of a firefighter father and homemaker mother."Like so many of my fellow graduates, I am the first member of my immediate family to graduate college, like many of you," King said.Early Life and Tennis BeginningsShe chose Cal State Los Angeles, then known as Los Angeles State College, because the tennis coach, Scotty Deeds, trained men and women together. He said it would help give her the level of competition she needed to excel."Their approach to winning in tennis was revolutionary at the time," King said of Deeds and the women's coach Dr Joan Johnson. "Even today most collegiate D-1 and D-2 tennis teams do not have the women and men practice together. Scotty and Dr Johnson had it right and they took the extra step for their student athletes."King distinguished herself as a tennis champ in college, winning Wimbledon doubles while enrolled. King was 18 and her partner, Karen Hantze, was 17, making them the youngest team to win at the time.A Lifelong Commitment to EqualityBut King told the crowd that her true motivation since childhood had been to fight discrimination, a calling she first remembered feeling at age 12, when she realized that virtually everyone at the tennis clubs where she trained was white."I asked myself, where is everybody else?" King said. "From that day forward, I committed my life to equality and inclusion for all. Tennis is a global sport and it became my platform, but equality was my dream – to make the world a better place."She added: "We can never understand inclusion unless we've been excluded."King, one of the first openly gay professional athletes, founded the Women's Tennis Association in 1973 and successfully campaigned to get the US Open to pay equal purses at the US Open. That same year, she defeated Bobby Riggs in a historic match billed "The Battle of the Sexes" – a feat later dramatized in a Hollywood film staring Emma Stone and Steve Carell.Legacy and Final WordsKing ended her speech with words of advice for her fellow graduates."Have fun," King said. "Be fearless. And make history."