Ceasefire tested as Iran, US exchange strikes near Hormuz

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Pakistan’s foreign minister said Islamabad had asked Singapore to help facilitate the welfare and repatriation of 11 Pakistani and 20 Iranian seafarers aboard vessels seized by US authorities and currently near Singaporean waters.

Deputy Prime Minister and Foreign Minister Ishaq Dar said he spoke with Singaporean Foreign Minister Vivian Balakrishnan and requested Singapore’s support in the case.

Dar said he also spoke with Iran’s Foreign Minister Abbas Araghchi and that Pakistan remained in close coordination with Tehran.

He added that Pakistan was ready to help facilitate the safe repatriation of Iranian nationals to Iran via Pakistan.

Dar said Pakistan’s Foreign Office and relevant authorities were coordinating with US authorities and others to ensure the safety, welfare and earliest possible return of Pakistani nationals.

The United Arab Emirates said Friday morning local time that its air defenses were engaging Iranian missile and drone threats, in a fresh sign of strain on the fragile ceasefire between Tehran and Washington.

Few details were immediately available about the reported attack, which came a day after US and Iranian forces exchanged fire around the Strait of Hormuz.

Iranian media have welcomed Beijing’s unusually sharp rhetoric in support of Tehran, portraying recent Chinese diplomacy as evidence of a deepening strategic partnership.

Much of the coverage has focused on Foreign Minister Abbas Araghchi’s visit to Beijing and his meetings with senior Chinese officials.

During the trip, Chinese Foreign Minister Wang Yi delivered some of Beijing’s strongest language to date on the conflict, condemning what he called “warmongering by the US and Israel” and warning that the region had reached a “decisive turning point.”

Iranian outlets quickly cast the remarks as evidence that China was moving closer to Tehran.

But beneath the celebratory tone lies a more complicated reality: China sees Iran as a useful junior partner, not an ally worth sacrificing its broader economic interests for.

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Oil prices could rise above $167 a barrel if the Strait of Hormuz remains closed through September, the Washington Post reported, citing projections from the Federal Reserve Bank of Dallas.

Such levels would likely push US gasoline prices above $5 a gallon, up from the current national average of $4.46, according to AAA.

The report said some analysts see an even more severe scenario, with major banks including Macquarie warning crude prices could hit $200 a barrel by early summer.

Based on previous energy shocks, the Post noted, that could send US gasoline prices above $7 a gallon, potentially enough to trigger a global recession.

The surge in diesel prices triggered by the Iran war is expected to accelerate China’s transition toward electric heavy trucks, potentially speeding the decline in fuel demand in the world’s largest oil importer, analysts and automakers say.

Electric heavy trucks, once a niche segment, accounted for nearly a third of new heavy truck sales in China in 2025, driven by government subsidies, lower refuelling costs and expanding charging infrastructure.

According to data provider CVWorld.cn, sales of new-energy heavy trucks rose 45% year-on-year to 44,000 units in early 2026, accounting for more than a quarter of the market, up from less than 20% a year earlier.

Oil prices rose and US stock futures edged lower early Friday after Iran and the United States exchanged fire near the Strait of Hormuz, raising doubts over the durability of a month-long ceasefire.

US crude futures climbed more than 2% from Thursday’s close to $96.8 a barrel, though prices remained lower for the week overall.

At the same time, S&P 500 futures slipped around 0.2%, while Nikkei futures pointed to a slightly weaker open for Japanese markets after Tokyo shares surged to record highs on Thursday.

Many Iranians have been forced onto distrusted domestic apps after authorities cut global internet access, disrupting education and business while exposing users to slow speeds, censorship and surveillance fears.

Most affected are businesses reliant on Instagram and other global services, but even users pushed onto domestic platforms described repeated outages, poor functionality and heavy censorship on apps such as Rubika, Bale and Shad.

One citizen said Rubika often fails to send photos and videos for much of the day and alleged the platform checks users’ phone galleries. Another said uploading a single image on Rubika can take an hour.

Citizens also raised concerns that domestic applications could expose their data and devices to state monitoring.

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US President Donald Trump said Thursday that Pakistan had asked Washington not to proceed with “Project Freedom” while negotiations with Iran remain underway.

The now-suspended US naval initiative aimed at escorting commercial shipping through Hormuz.

Trump also told reporters that the United States is still negotiating with Iran despite escalating tensions in the strategic waterway.

Tasnim News Agency, which is affiliated with Iran’s Revolutionary Guards, has published an editorial portraying the latest escalation in the Strait of Hormuz as a failed US operation that ended with burning ships and fire at Fujairah.

The commentary mockingly recounted the events since Monday, when President Trump's 'escort' plan took effect.

According to the editorial, most commercial vessels refused to move and a small number of ships that attempted passage were set ablaze, while Fujairah in the UAE was left burning following reported missile and drone attacks.

The editorial further claimed Trump quickly acknowledged the operation’s failure before ultimately deciding to withdraw the destroyers, which it said again came under heavy Iranian naval attack during their return journey.

“Destroyers came, got stuck and went back; the strait remained under Iran’s control,” the piece concluded.