Brent crude rises above $123: Brent crude oil rose over 5 per cent after Trump issued a warning stating that the US blockade of Iranian ports could last for months as peace talks between the warring nations remain stalled.
The contract surged 5.6 per cent to $124.67 in Asian trade, while West Texas Intermediate climbed 2.4 per cent to $109.49.

US seeks coalition to secure Strait of Hormuz shipping route: The United States is asking its international partners to join a coalition aimed at enabling ships to navigate the Strait of Hormuz, according to a Wall Street Journal report. “Your participation will strengthen our collective ability to restore freedom of navigation and protect the global economy,” the cable sent to US embassies reportedly said. “Collective action is essential to demonstrate unified resolve and impose meaningful costs on Iranian obstruction of transit through the Strait.”

Hegseth slams opposition, calls critics of Iran war ‘biggest adversary’: US Defense Secretary Pete Hegseth hit out at the opposition, calling the lawmakers who criticise the Iran war as “the biggest adversary.” The US defense secretary’s hearing marks the first time he has testified before Congress since the US and Israel launched a war against Iran on February 28. This also comes as the White House is seeking $1.5 trillion for its defence budget.

Defending the United States’ military operation against Iran, the Pentagon chief said, “Their nuclear facilities have been obliterated, underground they’re buried, and we’re watching them 24/7 so we know where any nuclear material might be.”