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Russia and China have exercised their veto power in the United Nations Security Council (UNSC) to block a resolution aimed at safeguarding commercial shipping in the Strait of Hormuz. The draft resolution, proposed by Bahrain, garnered support from 11 of the 15 UNSC members, with two abstaining.The vetoes by Russia and China were based on their assertion that the measure was biased against Iran. The resolution sought to encourage affected states to coordinate defensive efforts to ensure the safety and security of navigation across the strait.The Strait of Hormuz, a critical waterway through which a fifth of global oil and gas shipments pass, has effectively been blockaded after Iran threatened to attack vessels in response to the conflict with the United States and Israel. This blockade has led to soaring fuel prices worldwide and prompted some countries, particularly in Asia, to impose consumption restrictions and ration supplies.The US Ambassador to the UN, Mike Waltz, condemned the vetoes, calling them a 'new low'. He argued that Iran's actions were preventing medical aid and supplies from reaching humanitarian crisis zones in the Congo, Sudan, and Gaza.France expressed regret over the vetoes, stating that the aim was to promote 'strictly defensive measures' to ensure security in the strait without escalating tensions. Russia and China, however, argued that the resolution was biased against Iran and proposed an alternative resolution on the Middle East situation, including maritime security.Iran's UN Ambassador, Amir Saeid Iravani, praised the Russian and Chinese moves, saying they prevented the Security Council from being used to 'legitimize aggression'.

In a powerful display of dissent, hundreds of women took to the streets of Havana, Cuba's capital, to protest the de facto oil blockade imposed by the United States. The demonstration, which took place on what would have been the 96th birthday of Vilma Espin, a leader in the Cuban Revolution, saw protesters carrying banners and signs with the slogan 'Tumba el bloqueo' or 'Tear down the blockade'. The protesters are demanding an end to the US campaign that they say has caused widespread suffering and economic hardship.The protest was led by top officials in Cuba's communist government, including Deputy Prime Minister Ines Maria Chapman and Deputy Foreign Minister Josefina Vidal. Vidal denounced the US campaign as a form of collective punishment, stating that 'This policy of abuse has to stop. The Cuban people don't deserve this. It's the most comprehensive, all-encompassing, and longest-running system of coercive measures ever imposed against an entire country.'The US blockade has had a significant impact on Cuba's energy supply, with the country suffering at least two island-wide blackouts in the last month. The blockade has also led to food spoilage, water pumps ceasing to function, and medical patients going untreated. Russia has announced plans to send a second oil tanker to Cuba in defiance of the US blockade.The protest comes as the US and Cuba are in negotiations to lift the recent oil blockade. Deputy Foreign Minister Vidal stated that the talks are in a 'very preliminary' phase. The US blockade has been in place since the 1960s, but the current 'maximum pressure' campaign began under US President Donald Trump in his first term as president.

Israel’s armed forces posted a stark warning on X, urging Iranians to refrain from using trains or approaching railway lines until 21:00 Iran time (17:30 GMT). The message, issued on the military’s Persian‑language account, framed the advisory as a safety measure, hinting at imminent strikes on civilian rail infrastructure before U.S. President Donald Trump’s deadline to reopen the Strait of Hormuz lapses. Trump has publicly threatened to bomb Iran’s bridges and power plants if the strategic waterway remains closed, setting a deadline of Tuesday 8 p.m. EST (01:00 GMT Wednesday). In response, Tehran has pledged “devastating” retaliation against any attacks on its civilian targets. Recent Israeli air operations have intensified. New strikes hit Tehran’s residential districts and a nearby synagogue, and a petrochemical facility on Iran’s side of the South Pars gasfield—shared with Qatar—was also targeted. According to Iran’s Ministry of Health, the conflict, which began on 28 February, has claimed at least 2,076 Iranian lives over more than five weeks. Amid the escalating rhetoric, the King Fahd Causeway linking Saudi Arabia and Bahrain was suspended as a precaution against potential Iranian attacks on Saudi Arabia’s Eastern Province. The 25 km (16 mi) bridge is the sole road link for Bahrain, which hosts the U.S. Navy’s 5th Fleet. Gulf states report heightened alert levels: alarms sounded in Bahrain and the UAE, and the Saudi Ministry of Defense said it intercepted seven ballistic missiles in its eastern sector. Al Jazeera’s correspondent noted that the Gulf region has borne the brunt of the conflict. On the diplomatic front, the UN Security Council is slated to vote on a watered‑down resolution aimed at unblocking the Strait of Hormuz. The draft, seen by AFP, omits any language authorising force, but Russia and China retain the power to veto. Iran’s blockade has already rattled global energy markets, driving oil and gas prices to record highs and forcing nations to adopt austerity measures. Analysts such as Trita Parsi, vice‑president of the Quincy Institute, argue that President Trump retains the flexibility to extend the deadline without losing credibility, given his historically limited diplomatic leverage. As the deadline looms, the convergence of military warnings, infrastructure closures, and diplomatic maneuvering highlights the fragile balance between coercive pressure and the risk of broader regional escalation.

Vietnam’s gig‑economy is under pressure as fuel prices soar following the Iran‑related blockade of the Strait of Hormuz. Nguyen, an e‑hailing driver in Ho Chi Minh City, reported that a 7‑hour shift earned him 240,000 VND (≈$9.11) while fuel alone cost 120,000 VND (≈$4.56), wiping out half his income.Diesel prices have more than doubled and petrol has risen by almost 30 %, straining riders who rely on motorcycles – the dominant transport mode in a city of over 7 million two‑wheelers.In response, Prime Minister Pham Minh Chinh announced a temporary suspension of the environmental tax on diesel, petrol and aviation fuel until 15 April, a move that will forfeit an estimated $273 million in revenue but aims to curb the price surge.Experts warn the shock highlights Vietnam’s vulnerability to external conflicts. Nguyen Khac Giang, a visiting fellow at the ISEAS‑Yusof Ishak Institute, said the tax cut is essential to “keep macro‑economic stability intact” amid “turbulence outside Vietnam”.Beyond gig workers, the ripple effect reaches public transport and airlines. Bus operators have raised fares by 3,000 VND (≈$0.11) yet still face losses, while Vietnam Airlines and Vietjet have trimmed flight schedules.Gig workers lack collective bargaining power. Do Hai Ha, a University of Melbourne research fellow, noted that platform drivers “have no chance to negotiate with the platforms” and are excluded from minimum‑wage or overtime protections, forcing many to work longer hours for diminishing returns.Small‑scale entrepreneurs are also feeling the pinch. A fisherman from Binh Thuan reported that his catch price fell from 800,000 VND (≈$30) to 650,000 VND (≈$24) as fuel costs climbed, while a bus fare collector on route 13 said the company cannot absorb the higher fuel bill despite modest fare hikes.Households are cutting back on essential goods. Uyen Pham of Saigon Children’s Charity observed that the price of bottled cooking gas has nearly doubled, prompting low‑income families to revert to wood‑fuel stoves and limit travel to see relatives.The crisis is prompting a strategic rethink on energy policy. Giang warned that Vietnam’s reliance on just two refineries – which currently meet only 40 % of national petrol demand – is unsustainable, urging accelerated investment in domestic refining capacity.Corporate responses are already shifting. Vingroup, the country’s largest conglomerate, announced it would pause a planned LNG‑fired power plant and redirect funds to renewable projects, citing “significant risk of high fuel prices” linked to the war.For workers like Duy, who runs a café near a petrol station, the tax suspension offers modest relief: projected price cuts of about 25 % for petrol and 5 % for diesel could ease daily expenses that had briefly doubled.

Iran has issued a threat to close the Bab al-Mandeb shipping route, a vital waterway connecting the Red Sea to the Gulf of Aden, in response to escalating tensions with the US. Ali Akbar Velayati, a top adviser to Supreme Leader Mojtaba Khamenei, warned that Iranian allies could shut the route, similar to Iran's effective closure of the Strait of Hormuz.The Bab al-Mandeb is a crucial passage for global oil trade, with 4.1 billion barrels of crude oil and refined petroleum products passing through it in 2024, accounting for 5% of the global total. A closure of both the Bab al-Mandeb and the Strait of Hormuz would block 25% of the world's oil and gas supply.The strait is effectively controlled by the Iran-backed Houthis, who have already demonstrated their ability to disrupt shipping in the region. During Israel's conflict in Gaza, the Houthis blocked the Bab al-Mandeb for ships associated with Israel or the US.A closure of the Bab al-Mandeb would have significant implications for global trade, particularly for Saudi Arabia's oil exports to Asia and global container shipping from China, India, and other Asian countries to Europe. It could also exacerbate the ongoing global energy supply crisis.Experts warn that a blockade of the Bab al-Mandeb would create a 'nightmare scenario,' disrupting trade toward Europe and potentially leading to a broader conflict in the region.

The Israeli war on Gaza has resulted in a catastrophic economic collapse, leaving 70 percent of Gaza's residents under 30 without work or opportunities. The unemployment rate in the Gaza Strip has soared to 80 percent, with the local gross domestic product (GDP) plummeting by 87 percent over the past two years.Mahmoud Shamiya, a university graduate, exemplifies the struggles of Gaza's youth. He had dreams of becoming a teacher but now spends his days surviving in a tent, fetching water, and scavenging for firewood. The destruction of Gaza's educational infrastructure has effectively paused the lives of students trapped inside the besieged enclave.The systematic destruction of universities and schools has erased 22 years of development in Gaza, leaving the territory's youth cut off from the outside world and denied the ability to study, work, or secure their basic survival. Economists warn that the situation is a generational catastrophe.Mona Al-Mashharawi, who was scheduled to travel to Algeria for her university studies, is now trapped in Gaza. She laments, 'Two years of my life have been lost, and I am now entering the third. These years are automatically vanishing from our lives.'The private sector, once Gaza's main economic engine, has been shattered, with 90 percent of all sectors, including housing and infrastructure, wiped out. The total economic losses are estimated to be $70 billion.The blockade has drained the territory of essential goods and raw materials, with 80 percent of the population relying entirely on international humanitarian assistance to stay alive. However, aid entering the territory falls drastically short of the daily target of 2,000 tonnes.

President Donald Trump has proposed that the United States could charge a toll for ships passing through the Strait of Hormuz after the war with Iran. This move would likely require direct US military control over the strategic waterway, which connects the Gulf to the Indian Ocean and handles about 20% of the world's oil and liquefied natural gas (LNG).Trump made these comments while issuing what he called a 'final' ultimatum to Tehran to reopen the strait and agree to Washington's terms or face attacks against Iran's civilian infrastructure. He emphasized that any deal with Iran must include reopening the Strait of Hormuz and ensuring 'free traffic of oil'.The US president's suggestion comes as Iran has been sustaining drone and missile attacks across the region and maintaining a blockade of Hormuz. Despite this, Trump reiterated that Iran has been militarily defeated, a claim he has been making since the early days of the war.Iran's Foreign Minister Abbas Araghchi has called for 'new arrangements' to manage the waterway after the war, ensuring safe passage for ships and protecting Iran's interests. The White House has also indicated that Trump is considering asking Arab countries to pay for Washington's expenses in its war on Iran.

Two weeks after the United States and Israel entered a direct conflict with Iran, the White House faced mounting criticism that the war would drive up fuel costs and anger voters. Former President Donald Trump attempted to calm concerns on Truth Social, noting that the United States is the world’s largest oil producer and that higher prices translate into higher revenues for American companies. Now, five weeks into the hostilities, the reality is becoming clear: defense contractors and oil companies are the primary beneficiaries of the escalating energy market. The Department of Defense announced that Boeing will partner with Lockheed Martin to triple U.S. production of missile seekers, a move that sent Lockheed Martin’s stock up 25% since the start of the year. The announcement also lifted Boeing’s share price, underscoring how wartime procurement is boosting aerospace valuations. At the same time, Iran’s continued blockade of the Strait of Hormuz—through which roughly one‑fifth of global oil and gas flows—has pushed U.S. crude from $65 to over $110 per barrel in just a month. Pump prices have mirrored this surge, breaking the $4‑a‑gallon barrier for the first time since 2022. Oil majors have responded with sharp stock gains; ExxonMobil, Shell and Chevron have each risen more than 20% year‑to‑date. According to market‑research firm Rystad Energy, U.S. oil producers stand to earn an additional $63 billion as barrels trade above $100. “Oil prices in March have been materially higher than anyone expected, delivering a windfall for the vast majority of U.S. energy companies,” said Leo Mariani, senior analyst at Roth Capital Partners. The last comparable price shock occurred in 2022 after Russia’s invasion of Ukraine, when U.S. gasoline peaked at $5 per gallon and inflation surged to 9%. That episode generated $916 billion in global oil‑and‑gas profits, with U.S. firms accounting for $281 billion. Chevron’s subsequent $75 billion stock‑buyback program—seven times its prior year’s amount—illustrates how quickly companies can translate price spikes into shareholder returns. Research by economists Gregor Semieniuk and Isabella Weber revealed that in 2022, 50% of oil‑company profits went to the top 1% of Americans, while the bottom half of the wealth distribution captured just 1% of those gains. Analysts warn that the current conflict could generate even larger windfalls because it has damaged actual production capacity in the Middle East, not merely reshuffled supply. “You’re benefiting a lot more from higher prices than you are from lost production,” Mariani noted, emphasizing the outsized profit potential. Even if hostilities cease, restoring pre‑conflict output in the region may take months, prolonging the supply crunch. As senior fellow Clay Seagle of the Center for Strategic and International Studies explains, the current situation differs from 2022: “Now we’re dealing with a much more severe supply event because the oil has been actually removed from the market.” Prolonged high prices could eventually curb demand, as consumers and businesses seek alternatives—a shift seen after the 1970s oil shocks when the U.S. moved away from oil‑generated electricity. Nonetheless, many sectors remain vulnerable: diesel, a key fuel for trucks and aircraft, has risen 40%, and airline stocks such as United and American have fallen more than 15% since the year began. Moreover, disruptions to liquefied natural gas (LNG) production threaten fertilizer supplies essential for agriculture. Semieniuk cautions that “we’re approaching the kinds of disruption levels we saw in 2022, and with that, the kinds of profits that we saw there. If this takes longer, it’s going to surpass that.”

Eight OPEC+ participants have consented to raise daily oil‑production quotas by 206,000 barrels for May, a modest adjustment given that several key producers are constrained by the US‑Israeli conflict with Iran that has sealed the Strait of Hormuz.The strategic waterway has been blocked since late February, halting shipments from the core OPEC+ exporters Saudi Arabia, the United Arab Emirates, Kuwait and Iraq, thereby tightening global supply.During a virtual session, the eight members—Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria and Oman—endorsed the May quota increase and reiterated their commitment to monitor market dynamics closely.The joint statement highlighted ongoing vigilance over market conditions and expressed concern that attacks on energy infrastructure make restoration costly and time‑intensive, further limiting supply availability.Although the increase accounts for less than 2% of the volume lost due to the Hormuz closure, OPEC+ sources told Reuters the decision signals a willingness to expand output once the strait reopens.Crude prices have surged to around $120 per barrel, a four‑year high, driving up transport‑fuel costs worldwide.JPMorgan warned that if the blockage persists into mid‑May, oil could breach $150 a barrel, an unprecedented level.The May adjustment mirrors the April decision made on March 1, yet the conflict is estimated to have removed between 12 and 15 million barrels per day—approximately 15% of global supply.Iran has allowed certain regional vessels to navigate the strait; Iraqi crude was observed transiting, and Oman is conducting talks with Tehran to facilitate smoother passage.U.S. President Donald Trump has threatened to expand attacks on Iranian civilian infrastructure, including bridges and power plants, if the Strait of Hormuz does not reopen by Monday.