BREAKING: The IRGC warns of cutting the seven submarine internet cables that pass through the Strait of Hormuz, which would trigger a "digital catastrophe" for Gulf states that depend on them for over 90% of their internet, banking, and cloud services, per Tasnim.
Iran relies on these cables for less than 40% of its internet, with the rest routed overland through Turkey. Gulf states have no comparable backup. IRGC described the cables as "strategic pressure points" alongside ports, shipping lanes, and energy facilities.
IRAN WAR PUSHES UP COSTS BEYOND OIL—FROM CLOTHES TO TOYS
The Iran conflict is driving up oil prices, and the impact is spreading into everyday goods like clothing, crayons, and even stuffed toys.
Manufacturers say synthetic materials made from petroleum are already 10–15% more expensive as supply chains tighten. With petrochemicals used in thousands of consumer products, the ripple effects are broad and unavoidable.
EU WEIGHS EMERGENCY JET FUEL CONTROLS
The EU may require countries to hold emergency jet fuel reserves and could introduce redistribution measures if supply risks worsen.
Officials stress it’s too early for mandates, but warn intervention is possible if the market fails to ensure supply. The bloc is also assessing whether refinery output can be increased.
INVESTORS DUMP U.S. STOCKS AS GLOBAL ROTATION BUILDS
Investors are pulling money out of U.S. equities and shifting into international markets, with the trend accelerating into Q2, according to Bank of America.
Funds sold $15.4B in U.S. stocks in March while buying heavily in Europe and Japan. Over the past year, U.S. outflows have reached $284B, far exceeding inflows elsewhere.
Healthcare attracted strong buying, while tech—especially software and AI—saw major selling. Overall, active funds are now most overweight Europe and underweight the U.S.
IRAN FIRES ON THIRD SHIP IN HORMUZ ESCALATION
Iran’s Revolutionary Guard reportedly attacked a third vessel in the Strait of Hormuz, escalating tensions in the key shipping route.
The container ship Francesca, owned by Mediterranean Shipping, was targeted while waiting to enter the Gulf of Oman.
The year is 2029.
The negotiations between US and Iran are ongoing.
Paper Oil trades at $5 and Physical Oil trades at $500.
AXIOS keeps running a story every week that we are close to a ceasefire.
h/t @hkuppy
BREAKING: The IRGC's top military command says its forces are "at 100% readiness and on the trigger" with missiles ready for launch, warning of a "powerful attack on predetermined targets" that will deliver "a harsher lesson than before."
IRAN'S TASNIM: CONTINUATION OF A NAVAL BLOCKADE AMOUNTS TO CONTINUED HOSTILITY; AS LONG AS THE BLOCKADE PERSISTS, IRAN WILL AT LEAST NOT REOPEN THE STRAIT OF HORMUZ, AND IF NECESSARY, IT WILL BREAK THE BLOCKADE BY FORCE
IRAN'S TASNIM: A CONTINUED NAVAL BLOCKADE CONSTITUTES ONGOING HOSTILITY; AS LONG AS IT PERSISTS, IRAN WILL NOT REOPEN THE STRAIT OF HORMUZ AND WILL BREAK THE BLOCKADE IF NECESSARY.
BREAKING: Iran says it did not request a ceasefire extension and that "Trump has lost the war and knows he will gain nothing through it," per Tasnim.
Ghalibaf's advisor says the extension "means nothing" as "the losing side cannot dictate terms," adding that the continuation of the blockade is "no different from bombardment" and must be met with a military response.
BREAKING: A source close to Ghalibaf warns that Iran will launch a full military campaign "in response to the maritime blockade" by Trump when the ceasefire expires, adding it is in a state of complete military readiness with its "finger on the trigger" and will react more forcefully to any renewed attacks.