Fatih Birol of the International Energy Agency, who orchestrated a multinational release of oil reserves, detailed the risks facing the economy now and beyond.

The U.S. military says it has opened a passage through the Strait of Hormuz and reached out to dozens of shipping companies to encourage navigation through the waterway.

The U.S. is racing to reopen the Strait of Hormuz as Iran reportedly lays mines in the critical waterway, testing the Navy's shift to unmanned systems.

More than 110 countries have signed up as co-sponsors

Iran says the Strait of Hormuz is fully open to commercial vessels. But President Donald Trump says the American blockade on Iranian ships and ports will stay in force until Tehran reaches a deal with the U.

The U.S. military announced the launch of an operation to end Iran's blockade of the Strait of Hormuz and reopen the waterway to global shipping traffic.

Efforts to reopen the Strait of Hormuz have been the focus of talks between US secretary of state Marco Rubio and UK Foreign Secretary Yvette Cooper.The pair discussed the ongoing Iran crisis as Britain and France prepared to co-host a meeting of 40 defence ministers on Tuesday about plans to protect shipping in the critical waterway once hostilities cease in the conflict.

Qatar and Türkiye support Pakistan’s mediation efforts aimed at ending the Iran war and reopening the Strait of Hormuz, the Qatari foreign minister said on Tuesday.