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Fresh worries about the Middle East ceasefire and the prospect of a US interest rate hike have hit stocks and oil prices on Thursday.

Oil prices climbed more than $2 a barrel after the US launched its additional strikes against Iran.

Investors also took little heart from closely watched data Wednesday that showed May US inflation had come in around expectations, but still hit a more than three-year high as fuel costs surged owing to the Iran war.

Stock markets it Tokyo, Hong Kong, Shanghai, Singapore, Sydney, Wellington and Taipei were down, while Seoul – at the forefront of the region’s tech-led rally to record highs – shed more than 1%, having seen wild swings over the previous two days.

The US embassy in Jordan has issues an alert, saying “reports indicate missiles, drones, or rockets are in Jordanian airspace.”

In a statement online, the embassy says Americans in the region should “seek overhead cover and shelter in place immediately. Remain indoors and pay attention to local announcements and alerts.”

The alert comes soon after Iran said it had launched 12 ballistic missiles at a base in Jordan hosting US airfcraft.

Iran’s Islamic Revolutionary Guard Corps (IRGC) has said it has targeted US aircraft at al-Azraq airbase in Jordan with 12 ballistic missiles.

Iran made similar claims yesterday, with the Jordanian armed forces saying all of the missiles fired at the base on Wednesday were intercepted and shot down. The military said that debris from that interception operation fell on Jordanian territory but caused no injuries or material damage.

Earlier the IRGC said they had launched attacks on Kuwait and Bahrain.

After warning that its air defence systems are intercepting “hostile aerial targets”, Kuwait has said it is “temporarily” closing its airspace due to Iranian attacks.

The announcement from the Kuwaiti civil aviation authority said some flights would be diverted.

In his interview with CNN, Brett McGurk also offered some insight into the thinking behind the Trump administration’s actions this week, and why they may have so clearly telegraphed that another attack was coming on Thursday.

What they’re trying to do is manage that escalation, to basically say to Iran, we’re going to respond, this is coming, but this is not a restart of the campaign we started in February.”

But McGurk notes that everything coming from Iran is “escalatory.”

I’m seeing nothing from the Iranians right now suggesting they’re on the verge of a deal.

Brett McGurk, who served in senior national security positions in the Obama, Trump and Biden administrations, has told CNN that the strikes today were highly “telegraphed”, indicating that the US is perhaps “trying to put a ceiling” on the action today.

If these strikes are designed to pressure Iran into doing a deal, I don’t think that objective will be met.”

McGurk said that if the US is attempting to “shape the battlefield” to help ships get through the strait, then these strikes have “tactical merit”. But he adds they are unlikely to make a deal more likely.

The US and Iran are for now engaged in a war of narratives over what has played out in the strait of Hormuz today.

Soon after the US launched its second wave of strikes on Thursday, Iran announced the complete closure of the strait of Hormuz and claimed that two vessels in the waterway had been targeted.

The US military was quite to push back, claiming commercial vessels were continuing to transit the strait of Hormuz, and contradicting reports that US ships near the waterway had been targeted.

Iranian state media also forcefully pushed back on an interview Trump held with Fox News, in which he claimed he had spoken with Iranian officials who asked him to stop bombing their country.

“Trump’s ‘false claim’ about contact with Iranian officials is ‘cover to avoid war against Iran”, state media reported.

Thursday’s strikes are more evidence that Iran has the leverage in the negotiations with the Trump administration, according to Dan Shapiro, the former US ambassador to Israel.

It is Trump that is desperate for them to sign the agreement, as his statements reveal, and Iran that is dragging their feet.”

in a post online, Shapiro says that the strikes will reinforce for Iran that “time works in their favor.”

A deal that punts nuclear negotiations to a second phase and requires some sanctions relief is a lousy deal — and still the least bad available alternative.”

Kuwait’s army has said its air defence systems are intercepting “hostile aerial targets”, after Iran claimed it had launched attacks on US bases in the country.

The general staff of the Army said in its announcement that citizens must “adhere to the security and safety instructions and guidelines issued by the competent authorities, and to obtain information from the approved official sources.”

At the same time, Bahrain’s ministry of interior has once again issued an air raid alert and told people to head to the “nearest safe” place.

The US has launched new strikes against targets in Iran for the second consecutive day, after the downing of a US Apache helicopter over the strait of Hormuz, which Trump has blamed on Iran.

Donald Trump had promised to “hit them hard again” as a two-month-old ceasefire appears close to collapse.

The latest tit-for-tat attacks are the most severe escalation since a ceasefire was established in early April.

Trump, seemingly frustrated by the lack of progress in talks to turn a temporary ceasefire into a permanent truce, added: “We were really close to a deal, but they keep tapping us along, they keep playing us for suckers.”

Iran’s foreign ministry spokesperson, Esmail Baqaei, said US strikes had jeopardised the ongoing ceasefire negotiations. He accused Washington of undermining diplomacy with its attacks and contradictory messages, and said Israel was also harming the diplomatic process by continuing to violate the ceasefire in Lebanon.

Read our full report here:

Iran’s Islamic Revolutionary Guard Corps (IRGC) has said that they have struck bases in Kuwait and Bahrain in response to the latest US strikes.

“During two waves of operations, eighteen important targets belonging to the US Army in the bases of Ali and Ahmad Ahmad Air Force [were hit],” the IRGC said in a statement quoted by state-run IRNA.

Iranian media earlier reported that Iran had attacked the US Fifth Fleet in Bahrain.

There was no confirmation of attacks from the US side. Iran made similar claims after the US strikes on Wednesday, but according to the US and its gulf allies, all of the drones and missiles fired by Iran were intercepted or missed their targets.

Bahrain’s interior ministry has issued an air raid alert, after Iran said it had targeted the US fifth fleet in the gulf country.

The siren has been sounded Citizens and residents are urged to remain calm and head to the nearest safe place.”

Iran has targeted the US fifth fleet in Bahrain with drones, in response to the attacks on the south of the country, Iranian state media is reporting.

Iran made a similar statement on Wednesday, after the US launched its first round of strikes on the country, with claims that American bases in the region, and the fifth fleet in Bahrain, had been targeted with drones.

The US later said that none of the drones or missiles launched by Iran has hit their targets.

Iran’s joint military command has said its armed forces will give a ‘“crushing and decisive” response to any “aggression” from the US in the region.

The joint military command has already announced the complete closure of the strait of Hormuz and claimed that two vessels attempting to pass through the waterway have been targeted.

US central command has contradicted these claims, saying vessels continue to move through the strait and no US vessels were struck by Iranian drones.

The US is also contradicting claims from Iran that US ships near the strait of Hormuz were targeted by missile and drones launched by Iranian armed forces.

“No U.S. warships have been struck in the Strait of Hormuz,” US central command said in a post on social media.

In his interview with a Fox News reporter, Trump also repotedly said the US bombing of Iran will “stop shortly”, but said he was leaving open the option of launching further strikes.

The US president also said that Israel was not involved in the Thursday strikes on Iran.

Following the announcement from Iran that the strait of Hormuz was closed, state media is claming that two vessels have been targeted.

Two ‘violating ships’ attempting passage through the strait of Hormuz were hit, according to Iranian media. There was no confirmation of these attacks from the US or shipping analysts.

In its announcement, Iran’s top joint military command said any vessel that attempts passage through the strait would be targeted.

The closure order includes oil tankers and commercial ships.

In the hours before the US began this fresh round of strikes on Iran, the US embassy in Baghdad issued new warnings to its citizens

In a statement it advised US citizens in Iraq “to maintain heightened readiness and stay alert to local news sources” as “travel disruptions and airspace closures could occur on short notice.”

Washington previously issued a warning for US citizens not to travel to Iraq and advised those there to leave. The statement reiterated that warning.

Iran-backed Iraqi militias have been launching regular attacks on US bases and diplomatic facilities the region, since the US and Israel began in late Feburary.

Speaking at a ceremony in Jerusalem on Wednesday evening, Israel Katz, the Israeli defence minister, said the campaign against Iran was “far from over” and warned that if Iran attacks Israel again, “it will suffer a severe blow.”

The comments came before the US began striking Iran for a second day.

Israel and Iran traded fire earlier this week for the first time in two months, but halted their attacks on each other after an appeal from Donald Trump to “immediately stop shooting”.

Hours before the US launched this new wave of attacks on Iran, US defense secretary told reporters that the strikes would be “strong” and “clear”.

He also raised the prospects of further round of strikes for tomorrow: “If they have to happen tomorrow night, they will be strong and they will be clear.”

Speaking to reporters after being briefed by commanders at US central command headquarters in Florida, Hegseth said the Thursday strikes would hit targets that “improve the environment for us to operate in and undermine the capabilities that Iran wants to have.”

They’re going to have tap, tap, tap bombs dropping on key facilities in Iran from the United States of America.”

Iranian state media is claiming that US ships near the strait of Hormuz have been targeted by missiles and drones launched by Iran’s armed forces.

Earlier, Iranian media reported “clashes” at sea between Iranian and US forces.

The US currently has a large contingent of naval forces stationed in the gulf of Oman, enforcing their blockade on the strait of Hormuz. There has been no confirmation from the US side of any attacks on their forces.

Iranian media are also reporting strikes on the port city of Bandar Abbas, with claims that explosion have been heard near the airport and airbase.

Bandar Abbas is a strategically important port city on the strait of Hormuz and home to Iranian naval forces. The city serves as the main southern naval command centre, and many of the operations to disrupt shipping in the strait are thought to originate from there.

The US struck Bandar Abbas a number of times on Wednesday, making Thursday’s strikes the fourth time it has been targeted during the ceasefire.

Iranian media are reporting that explosions on the islands of Qeshm and Hengam in the strait of Hormuz were caused by projectile hits.

Sirik, on the southern coast of Iran, has also been hit by “enemy projectiles”, Iran’s Press TV is reporting.

Many of these locations were targeted by US strikes yesterday, and are said by American officials to be radar sites and command centres.

Iranian state media is reporting explosions in the port cities of Kangan and Bandar Abbas, according to Reuters.

The US defence secretary, Pete Hegseth, bristled when asked by a reporter if the US is committing a war crime in potentially targeting civilian infrastructure.

“That’s precisely the kind of disingenuous question that I’m used to from the media, impugning the motives of the folks on our side who are incredibly professional and incredibly effective,” Hegseth said.

He continued: “We will hit them hard on our terms on the targets that improve the environment for us to operate in and undermine the capabilities that Iran wants to have.”

US defence secretary Pete Hegseth is speaking to reporters in Florida now. Stay tuned for more details.

The ministry of foreign affairs of Saudi Arabia on Wednesday condemned Iran for targeting US bases in Jordan, Kuwait and Bahrain, calling the attacks “flagrant violations” of territorial sovereignty.

In a post on X, the ministry of foreign affairs reiterated its solidarity with Jordan, Kuwait and Bahrain and said that Iran’s continued strikes threaten “regional and international security and undermine efforts aimed at de-escalation and the restoration of security and stability in the region”.

Here are some images coming out of Lebanon today:

An Israeli drone strike in the southern Lebanese city of Sidon hit a car with two people inside it, killing them both, according to local media.

Footage shows multiple cars ablaze after the strike as firefighters battled to put out the flames.

India has summoned a top US diplomat in Delhi over a strike on a tanker off the coast of Oman where three Indians are missing, two Indian sources with direct knowledge of the matter told Reuters on Wednesday.

India has lodged a “strong protest” with the US deputy chief of mission to the country, Jason Meeks, the sources said.

Iran’s ambassador in Vienna on Wednesday called a new resolution passed by the UN nuclear watchdog demanding access to Tehran’s nuclear sites “counter-productive” and an obstacle to talks with Washington.

Ambassador Reza Najafi told AFP the International Atomic Energy Agency resolution was “politically motivated” and “legally flawed”.

The vote “cannot help and, would be indeed counterproductive to the current situation,” he added. “It further complicates, the volatile, situation, volatile ceasefire, and the unfinished negotiations between Iran and the US.”

The UN nuclear watchdog’s governing board on Wednesday approved a western resolution demanding that Iran immediately provide information on its uranium stockpile and production facilities.

Iran’s nuclear sites have been targeted in US-Israel attacks and Iran has suspended access for International Atomic Energy Agency inspectors.

The resolution, drawn up by Britain, France, Germany and the United States, said it is “essential and urgent” that Iran “without delay” provides the IAEA with “complete information on nuclear material inventories and design information for facilities”.

The resolution – passed by 21 votes to three with 10 abstentions – also demanded that Iran “grant the agency all access it requires to verify this information”, said diplomats. One country on the 35-member board did not vote.

United Nations chief Antonio Guterres has warned of the risk of return to “full war” in the Middle East after Iran and the United States traded strikes.

“We should not minimise the risks of a lesser fire becoming full fire, or in another word – full war,” secretary-general Guterres said at a meeting of the UN Security Council on the situation in the region.

Smoke rises in southern Lebanon following an explosion, as seen from the Israeli side of the Israel-Lebanon border, in northern Israel today.

The effective closure of the strait of Hormuz has led to global energy disruptions “never seen before”, said Wael Sawan, CEO of oil company Shell.

Speaking at a summit of business leaders hosted by the Wall Street Journal, he said more than 10% of global oil production has been removed from the market since the start of the US-Israeli war against Iran. He added that about 20% of global liquefied natural gas (LNG) production is offline.

When asked for his thoughts on the prospect of reopening the strait of Hormuz, he replied: “It’s very difficult to call. What is clear is that the nature of the disruption to the global energy system is something like we have never seen before.”

He added that the blockade has been “particularly acute in Asia”, with countries such as Vietnam, Indonesia and Thailand resorting to rationing fuel while Pakistan and the Philippines have implemented four-day working weeks.

“It has been disproportionately painful in Asia,” Sawan said.

Here are some of the latest images from southern Lebanon and northern Israel, as the Israeli military said it would continue its military campaign against Hezbollah.

Lebanon’s official National News Agency reported an airstrike on a village east of Tyre killed at least six people, while an Israeli drone strike on a car in the southern city of Sidon killed two others.

Here is a video released by Iran’s Revolutionary Guards (IRGC) purporting to show missiles being fired at US military bases in the Gulf:

The Jordanian military said it had intercepted five Iranian missiles after the IRGC claimed to have targeted the Muwaffaq Salti airbase, which is known to host US F-35 fighter jets and other aircraft. Bahrain’s armed forces said it had shot down several Iranian drones and missiles, while the Kuwait army reported its air defences intercepted hostile targets.

In a subsequent post on Truth Social, Trump denounced “The Fake News Media” for refusing to report “how EFFECTIVE the US Naval BLOCKADE is”, describing it as “the most successful Blockade in the history of Naval Warfare”.

He wrote:

NOTHING GETS THROUGH unless we want it to. IT IS A STEEL WALL! Iran is doing ZERO business, not paying their military, or any of their bills, and quickly becoming a FAILED NATION! Lots of oil is getting out. Praise be to Allah!

It is a notable shift in tone after Trump expressed optimism yesterday that a deal could be reached with Iran in “two or three days” and that the strait of Hormuz would reopen “immediately” after.

Qatari negotiators travelled to Tehran to address remaining differences between the US and Iran, a diplomat told AFP on Wednesday, as talks between the warring sides appeared stalled.

“Following consultations with the US, Qatari negotiators travelled to Tehran this morning to meet with the Iranians in an effort to bridge the remaining gaps,” the diplomat with knowledge of the situation said on condition of anonymity to discuss sensitive talks.

The diplomatic effort came after Iran and the US exchanged fire following the downing of an American helicopter, further straining a ceasefire that took effect in April.

The future of peace talks in the Middle East have been thrown into question after Iran’s foreign ministry said it needed to “reassess” its participation, while Donald Trump said Iran would have to “pay the price” after the two countries traded fire overnight, drawing neighbouring states back into an on-and-off war that has consumed the region since late February.

The US launched strikes against Iran in the early hours of Wednesday morning in retaliation for what it said was Iran’s downing of a US army helicopter near the strait of Hormuz. Iran then launched a wave of retaliatory airstrikes claiming hits on US bases in Kuwait, Bahrain and Jordan.

The tit-for-tat attacks were the most severe escalation since a ceasefire was established in early April. Talks to turn the ceasefire into a durable peace have been stalling for weeks, with periodic flare-ups as both sides launched limited strikes and traded blame for violating the truce.

Iran’s foreign ministry spokesperson Esmaeil Baqaei said US strikes jeopardised ongoing ceasefire negotiations. He accused the US of undermining diplomacy with its attacks and contradictory messages. He said that Israel was also harming the diplomatic process by continuing to violate the ceasefire in Lebanon.

“Following overnight events, we need to reassess … Any diplomatic process requires a minimum stable environment,” Baqaei said.

Trump, for his part, said Iran had taken “too long to negotiate a deal that would have been great for them” and would now pay a price.

The UN rights chief said he would send a mission to Lebanon to collect evidence on alleged rights abuses since the war began between Hezbollah and Israel.

“I have agreed with the government of Lebanon to conduct an impartial and independent assessment mission in the country,” Volker Turk told journalists, adding:

I will soon be deploying a team to collect information and evidence on alleged violations and abuses of international human rights law, and violations of international humanitarian law and related law committed by the parties to the armed conflict in the country since 2 March.

The Israeli prime minister, Benjamin Netanyahu, also posted a message on social media around the same time as Trump, again insisting that Iran could never have a nuclear weapon and defending Israel’s decisions to attack the country.

In a separate post on X, Netanyahu took aim at the Turkish president, Recep Tayyip Erdoğan, calling him an “antisemitic tyrant”. This is likely a response to Erdoğan’s earlier remarks condemning Israel’s “aggression” (see post at 11:52).

The Turkish president, Recep Tayyip Erdoğan, said Israel’s attacks on Lebanon and Syria have reached a point where they also pose a threat to Turkey, Reuters reports.

Speaking to members of the Turkish parliament, he called for an end to Israel’s “aggression”, which he said is a threat to the entire world.

Erdoğan also claimed that there are initiatives, led by Israel, to destabilise the Mediterranean region. He vowed a “clear and forceful” response from Ankara to any action that violates the rights of Turks and Turkish Cypriots.

Asian stocks have fallen sharply after Iran and the US exchanged their biggest round of fire since a ceasefire was agreed in April.

Japan’s Nikkei index dropped 2%, while the tech-heavy South Korean Kospi slumped by about 6% – although it is still up by more than 70% in the year to date.

However, oil prices have actually fallen a bit this morning, with Brent crude – the international benchmark – down 0.2% to $91.28 a barrel.

Jim Reid at Deutsche Bank suggests that while investors are preoccupied with the conflict in the Middle East, “markets are also swinging between 1999-style AI exuberance and 2000-type tech crash fears”.

On the former, Brent briefly fell below $90 for the first time since April 17th yesterday before partially rebounding after Trump vowed retaliation following Iran shooting down a US helicopter. On the latter, the Philly Semiconductor Index fell by as much as -8.62% intra-day before recovering to -1.93% by the close.

Follow our business live blog for the latest economic and financial news:

A US attack on two water reservoirs in the Bemani area of Sirik in southern Iran, located on the shores of the strait of Hormuz, has left 20,000 people without drinking water, according to an Iranian water utility company.

Hormozgan province water and wastewater company, or Abfa Hormozgan, said the reservoirs were “targeted and completely destroyed” this morning by US military fire, according to a statement on its website.

The company’s CEO, Abdolhamid Hamzehpour, said the reservoirs provided drinking water to the city of Kohstak and 10 surrounding villages. There are not enough groundwater resources for immediate replacement in this area, Hamzehpour said in a statement carried by the Iranian judiciary’s Mizan news agency, adding that conditions for residents have become “difficult and critical” as temperatures exceed 45C (113F).

More than 460 former European leaders and senior officials have called on the EU “to stop turning a blind eye” to Israel’s conduct in Palestine and impose sanctions.

In an op-ed released to European newspapers, the group urge the EU to suspend preferential trade with Israel, prevent exports from the illegally occupied West Bank entering the bloc and impose sanctions on Israeli ministers

The op ed is signed by 18 former senior politicians, including former prime ministers Leo Varadkar of Ireland, Robert Golob of Slovenia and Stefan Löfven of Sweden.

Notably it is also backed by leaders from countries that have hitherto declined to support trade sanctions against Israel, such as the former Italian prime ministers, Romano Prodi and Massimo d’Alema, and German former vice-chancellor Sigmar Gabriel.

In an implicit rebuke to EU leaders – Ursula von der Leyen at the European Commission and foreign policy chief Kaja Kallas – the group calls on the EU to show leadership.

They write:

Alarmingly, today, the EU’s credibility in the eyes of its own citizens and voters – and most of the world – is being undermined by its failure to show moral and political leadership in upholding international law.

The letter highlights that Israel’s onslaught on Gaza has killed at least 73,000 people, including more than 21,500 children, since the “heinous” Hamas attacks on 7 October 2023 that ignited the conflict. More than 900 Palestinians in Gaza have been killed since Donald Trump declared a ceasefire last October and conditions in the strip remain catastrophic, with the UN agency UNRWA and NGOs having warned that vital supplies are impeded by Israel.

Also in the spotlight are state-backed attacks by violent settlers on Palestinians in the West Bank, despite an opinion from the International Court of Justice in July 2024 stating that all settlements were illegal and should be dismantled.

The demands to suspend Israel’s preferential trade and expand sanctions on Israeli government ministers raise pressure days before EU foreign ministers meet in Brussels for talks on the Middle East.

EU officials insist that there is no majority to suspend preferential trade with Israel or take other measures, while saying the proposals remain on the table. In the absence of a majority, the Commission has declined to prepare a proposal to ban trade with occupied territories.

Russia and China, both allies of Iran, have urged restraint after violence broke out anew in the Middle East

“Various relevant parties should maintain calm and exercise restraint, stop intensifying the conflict and escalating the situation, take concrete measures to ease and cool down tensions,” Chinese foreign ministry spokesperson Lin Jian said.

Russia’s foreign ministry spokesperson Maria Zakharova later weighed in, saying: “We are extremely concerned about the new round of US-Iranian armed confrontation, which began with the unprovoked US-Israeli aggression against the Islamic Republic of Iran.

“We call on both sides to exercise restraint and to immediately cease military attacks.”

Iran’s semi-official Mehr news agency reported explosions near Qeshm, an Iranian island in the strait of Hormuz.

The news agency said: “The exact nature of these sounds is still unknown, given the volume of the sound, the source of the explosion may have been a relatively large distance from the city of Qeshm or related to movements in the strait of Hormuz.”

State media, citing Iran’s Islamic Revolutionary Guard Corps (IRGC), reported US attacks on Qeshm island earlier this morning.

Thirty-two charities in England and Wales have donated at least £28m to Israeli settlements that are illegal under international law, an MP has said.

Labour’s Melanie Ward said that if gift aid were claimed against the donations in the usual way, it would mean taxpayers had subsidised illegal settlements to the tune of £5.6m, a situation she described as deplorable. The foreign secretary, Yvette Cooper, announced on Tuesday that the Charity Commission has been tasked with investigating UK charities’ links to settlements.

Ward, formerly the chief executive of Medical Aid for Palestinians, set out the details of their recent activities in a letter to the commission in which she urges the regulator to take action by investigating them and removing them from the charity register.

She writes: “The existence and growth of Israeli settlements in the state of Palestine is globally recognised as one of the major impediments to peace. Any activity which supports the maintenance and the expansion of Israeli settlements – such as that funded by these 32 ‘charities’ – is extremist and not of benefit to the UK public.”

Read more:

Meanwhile in Lebanon, the Israel Defense Forces (IDF) has issued several warnings this morning urging people in three southern Lebanese towns and villages to flee their homes ahead of strikes.

The forced evacuation orders were issued for Ansariyeh, Ghassaniyah and Houmine el-Faouqa, warning people to stay away from the towns and villages and move north of the Zahrani River.

Earlier, the Israeli military said it had launched several strikes in the city of Tyre and other areas in southern Lebanon over the past day, claiming to target Hezbollah infrastructure.

Iran’s foreign minister, Abbas Araghchi, has held calls with his counterparts in Turkey and Saudi Arabia, Iranian media is reporting.

According to state media, Araghchi used the call to condemn the overnight attacks on Iran as a “violation of sovereignty and affirmed Iran’s right to respond in legitimate defense”.

If the US genuinely wants a deal it will have to engage with Iranian demands on sanctions relief, says Danny Citrinowicz, the former head of the Iran branch of Israeli military intelligence.

Today’s exchange of strikes shows how easily both Iran and the US can slide towards another round of escalation, says Citrinowicz, who is now a nonresident fellow at the Atlantic Council.

He adds that regardless of how much pressure is applied, Iran has shown it will not abandon its current position and reach a deal without “meaningful economic relief”.

If Washington is unwilling to accept that reality, it should recognize the likely alternative: continued confrontations with Iran that could eventually spiral beyond anyone’s control and lead to military conflict under less favorable conditions.

Even a limited military campaign designed to weaken Iran would not fundamentally alter Tehran’s negotiating position. It has not happened in the past, and there is little reason to believe it would happen now. Iran emerges from the latest exchange of blows convinced that it can absorb pressure and respond to attacks.”

Iran’s foreign ministry has warned that its neighbours in the Gulf have a “legal and moral responsibility” to prevent American and Israeli strikes.

In a statement released hours after the exchange of fire between the US and Iran, the foreign ministry said there is a:

Legal and moral responsibility of all countries in the region (especially those located along the southern shores of the Persian Gulf) to prevent the US military and Israel from using their territory or facilities to plan, organise, execute, or support hostile actions against Iran.

Donald Trump has addressed the most recent exchange of strikes between the US and Iran – by posting a 26-year-old clip from the NBC show The West Wing.

Replying to the US military’s announcement of “self-defense strikes” on Iran, Trump posted a 1.33 minute clip from the programme, which sees the fictional president, Jed Bartlet, and his aides debate the approach to take after a US military plane is shot down over Syria.

“What is the virtue of a proportional response?” Bartlet, portrayed by Martin Sheen, asks his chief of staff and military advisers.

After becoming angry at their answers he demands that they engage in a “disproportional response”.

Let the word ring forth from this time and this place, gentlemen – you kill an American, any American, we don’t come back with a proportional response. We come back with total disaster.”

It is not entirely clear what message Trump is trying to convey – but he is perhaps unaware of how the episode ends. After the military presents Bartlet with a plan that would lead to hundreds of civilian casualties, the fictional president reluctantly picks the initial, proportional response.

Despite its final episode airing more than 20 years ago, The West Wing has remained a cultural touchstone to many Americans, with some calling it a “bittersweet comfort watch” in the age of Trump.

In 2016, as Trump secured his grip on the Republican party and launched his campaign for the presidency, pop-culture journalist Brian Moylan wrote in the Guardian: “The West Wing shows us a world where the political system works.”

It reminds us of a time, not too long ago, when people in political office took their jobs very seriously and wanted to actually govern this country rather than settle scores and appeal to their respective bases.

You can watch the clip that Trump posted here:

The Wall Street Journal has reported that Donald Trump was not convinced of the need to retaliate against Iran after the Apache Helicopter went down earlier on Tuesday. He spent much of the day playing down the incident, telling reporters that it wasn’t a big deal.

But according to the WSJ, his mind was changed after a briefing from defense secretary, Pete Hegseth, and chairman of the joint chiefs of staff, Dan Caine.

The Associated Press has reported that the Apache helicopter that crashed went down after colliding with an Iranian drone. It is not clear whether the collision was intentional, but US officials reportedly told the president that the attack merited a response nonetheless.

Trump would then go on to say that Iran shot down the helicopter, in a post on Truth Social, and declared that the US must “respond to this attack.” Hours later the US began the strikes on Iran.

US House speaker Mike Johnson is among the many senior American officials who have been playing down the significance of the strikes.

He called the strikes on Iran “targeted”, “proportional” and “defensive in nature.”

Johnson said he spent several hours earlier in the situation room with Trump, the vice-president, JD Vance, secretary of state, Marco Rubio and defense secretary, Pete Hegseth, discussing the Iran war and other matters.

“We lament that has become necessary,” he said.

But he said after Iran struck US assets and personnel in the region, “We can’t allow that.”

Nearly all the missiles and drones launched by Iran over the last few hours were intercepted, a US officials has told the Reuters news agency.

The US official said that the military was not aware of any reports of harm to US personnel, or known damage to US locations at this time.

According to the official, the US struck nearly 20 targets in Iran on Wednesday morning.

We’ll bring you more on this when we have it.

As the US launched several waves of strikes on Iran, Asian share markets fell and oil prices surged.

Escalating tensions in the Middle East have unsettled markets, dimming hopes for an end to the months-long war that has pushed commodities higher and stoked inflation worries.

Japan’s Nikkei fell 0.9% while the tech-heavy South Korean KOSPI slumped 2%.

Oil prices climbed about 1% in early trade, moving away from a seven-week low touched in the previous session. Brent futures rose 0.9% to $92.29 a barrel, while US West Texas Intermediate (WTI) crude climbed 0.8% to $88.97.

“Oil holding around $90 despite fresh Iran headlines suggests markets are not pricing a sustained supply disruption. That leaves room for a bigger repricing if energy infrastructure, shipping routes or U.S. involvement escalate,” said Charu Chanana, chief investment strategist at Saxo in Singapore.

US investor will be focused on inflation data, which is set to be released later on Wednesday. The report – covering the last 12 months through to May – will gauge the impact of the war, with a Reuters survey of economists predicting that inflation likely increased 4.2% in the perdiod.