Hazel Oliva

At least two cargo vessels were struck by gunfire in the Strait of Hormuz on Wednesday, as reported by United Kingdom Maritime Trade Operations (UKMTO).

UKMTO stated that it initially obtained a report of an event 15 nautical miles northeast of Oman. The ship stated it was approached by a gunboat from the Iran Revolutionary Guard Corps (IRGC) “and subsequently shot at,” resulting in significant damage to the ship’s bridge. All crew members were reported unharmed.

Another incident occurred 8 nautical miles west of Iran, where the captain of an outbound cargo vessel reported being shot at and “is currently halted in the water.” The vessel has no damage, and the crew is safe, according to UKMTO.

The maritime agency stated, “UKMTO recognizes significant activity in the SoH region and advises vessels to report any unusual occurrences.”

The IRGC navy reported capturing two “violating vessels” and brought them to the Iranian shore, as stated by the semi-official Tasnim news agency. One ship was reportedly connected to Israel, while the other supposedly lacked appropriate authorization and altered its navigation system, according to Tasnim.

The IRGC has stated in the past that it would close the strait until the US embargo was removed.

Iran has put to death four individuals this week, asserting that the men had connections to Israeli intelligence agencies, as reported by the Iranian state-supported media source, Mizan News Agency.

Iran executed Mehdi Farid on Tuesday, following claims by authorities that he supplied sensitive national information to Mossad. Earlier this week, three additional men labeled by the regime as Mossad spies were executed: Amirali Mirjafari, Hamed Validi, and Mohammad Masoum Shahi.

Iran has a lengthy record of claiming espionage for Israel to impose the death penalty. The nation has executed political prisoners this year, along with dissidents involved in the extensive anti-government protests in January.

According to a joint report issued earlier this month by Together Against the Death Penalty (EPCM), based in Paris, and the Norway-based Iran Human Rights (IHR), Iran executed the largest number of individuals last year in over thirty years. The report revealed that at least 1,639 individuals were executed in 2025, representing the highest annual figure since 1989. The report indicated that the actual figure might be significantly greater because of insufficient transparency in the judicial system.

“The death penalty in Iran serves as a means of political oppression and suppression, with ethnic minorities and other marginalized communities overrepresented among those executed,” stated Raphaël Chenuil-Hazan, the executive director of the human rights organization ECPM, in the report.

Xenix News report contributed by Jonny Hallam.

Stock values are shown at the Australian Securities Exchange in Sydney on Wednesday. Hollie Adams/Reuters

Today, oil prices are climbing after reports emerged of Iranian assaults on container vessels close to the Strait of Hormuz, occurring just hours after US President Donald Trump prolonged a ceasefire with Iran to provide additional time for peace discussions.

Brent crude, the worldwide oil standard, has risen approximately 0.8% to $99.2 a barrel, after briefly reaching $100 earlier today. WTI, the benchmark for the US, has risen by a comparable amount to $90.3 per barrel.

Today, the United Kingdom Maritime Trade Operations Centre reported that two container vessels were shot at in waters close to the Strait of Hormuz. UKMTO linked one of the assaults to Iran’s Islamic Revolutionary Guard Corps and stated that the crews of the two ships were secure.

Prior to the news of the attacks, analysts noted that Trump’s choice to prolong the ceasefire had boosted trader sentiment, despite the ongoing US blockade on Iranian ports.

“Mohit Kumar, chief European economist at the investment bank Jefferies, stated in a note that both parties have a mutual interest in reaching an agreement.” However, this won’t return oil prices to levels seen before the conflict, he noted, suggesting that prices will probably stabilize at around $75-80 per barrel in the next three to six months.

Stock exchanges, on the other hand, are varied today. In Asia, South Korea’s Kospi, Japan’s Nikkei, and China’s Shanghai Composite indexes ended slightly up, whereas Hong Kong’s Hang Seng dropped by 1.2%. European markets are generally stable, while US futures indicate a modestly stronger start.

“Markets will be weighing the favorable news of an ongoing ceasefire against the other news – peace negotiations are stagnating and the Strait of Hormuz remains shut,” wrote Emma Wall, chief investment strategist at Hargreaves Lansdown, in a note.

On March 9, a driver fills up a vehicle with diesel at a gas station in eastern London. Paul Ellis/AFP/Getty Images

In March, UK inflation increased for the first time since December, driven by soaring fuel prices due to higher global oil costs.

The Office for National Statistics reported today that consumer prices increased by 3.3% last month compared to the same time last year, rising from 3% in February.

According to the ONS, fuel prices experienced their biggest rise in over three years, climbing by 4.9%, in contrast to a decrease in February. Food costs and airline tickets increased at a quicker pace. Costs for producers, encompassing energy and raw materials, significantly increased, primarily due to rising oil prices.

Core inflation, excluding fluctuating food and energy prices, stayed largely the same.

Economists cautioned that inflationary pressures might expand. “This is merely the initial wave of the energy crisis, mainly evident in increased fuel prices at the pump,” stated PwC UK economist Adam Deasy. “We have not yet observed the ripple effect of price pressures in… products derived from oil and gas, including fertilizer, helium, plastics, or metals,” he noted in a memo.

At the same time, UK fuel retailers report that rising gasoline prices are resulting in a rise in fuel theft. “The rise in fuel prices has been paralleled by an increase in drivers leaving without paying or asserting they lack the ability to pay,” Gordon Balmer, executive director of the Petrol Retailers Association, stated today.

Data from Forecourt Eye, which assists fuel retailers in recovering payments owed, indicated that some incidents involved first-time offenders, highlighting “broader financial strain” on households, the PRA reported.

Vice President JD Vance reached the White House on Tuesday afternoon for meetings, while his intentions to travel to Pakistan for Iran peace discussions are still uncertain.

Sources informed Xenix News that the vice president was anticipated to leave for Islamabad in the morning, but currently, his plans are postponed as officials convene to deliberate on the next steps.

Defense Secretary Pete Hegseth reached the White House just after the vice president. Xenix News cameras recorded Secretary of State Marco Rubio arriving at the White House’s West Wing entrance nearly 50 minutes before Vance showed up.

The US blockade of the Strait of Hormuz has added to the ongoing ambiguity regarding a second round of discussions between Iranian and American negotiators, as per officials knowledgeable about the situation.

Iran had first communicated privately to the US its willingness to send a negotiation team to Islamabad to restart discussions, and indicated they anticipated Vice President JD Vance to once again head the American delegation, the officials stated.

If Vance was present, Iran indicated it would dispatch Parliament Speaker Mohammad Bagher Ghalibaf, who headed the previous round of discussions.

However, since that time, Iran has indicated that the U.S. embargo on Iranian ports must be abolished before any further direct talks, officials stated.

This is one of the reasons for a noticeable delay in the negotiations. White House officials stated that none of the American delegation, which includes Vance, Steve Witkoff, and Jared Kushner, have left the United States.

During a Tuesday morning interview, Trump appeared hesitant to reopen the waterway without an agreement.

“We won’t open the strait until a final agreement is in place,” he stated on Xenix News . He stated that Iran replied by asserting: “No, no, we wish to keep this strait open.”

“I told them, ‘We’re not opening,’” Trump stated

Esmaeil Baghaei, spokesperson for the Iranian foreign ministry, states that Tehran’s reluctance to engage in talks in Pakistan stems not from uncertainty, but rather from what he termed as contradictory signals and actions from the United States.

Baqaei stated, as reported by Iranian official media, “The issue isn’t indecision; it’s due to conflicting messages, inconsistent actions, and intolerable conduct from the American side.”

Baghaei stated that Iran would determine its participation in discussions “once they start yielding results.”

He likewise denounced US strikes on Iranian vessels, labeling them “a blatant breach of international law,” as well as “state-sponsored terrorism and maritime piracy.”

Earlier today, Baghaei stated that the US is “shifting blame while breaching the ceasefire and not fulfilling essential commitments, such as the Lebanon truce.”

Pakistan is still awaiting official confirmation from Iran regarding its participation in peace talks with the US this week, stated Pakistani Information Minister Attaullah Tarar earlier today

European Union foreign affairs chief Kaja Kallas addresses the press upon her arrival for a gathering of EU foreign ministers at the European Council offices in Luxembourg on Tuesday. Virginia Mayo/AP

European foreign ministers have consented to broaden sanctions on Iran due to Tehran’s limitations on shipping within the Strait of Hormuz.

“The EU has extensive sanctions imposed on Iran, but today we have also achieved a political consensus to expand our sanctions framework to include those accountable for violations of freedom of navigation,” stated European Union foreign policy leader Kaja Kallas.

During their gathering in Luxembourg, the ministers emphasized that navigation freedom is “non-negotiable,” as stated by Kallas.

“Daily U-turns, regardless of the Strait of Hormuz being open or closed, are irresponsible.” “Transit through the strait should be cost-free,” stated the EU official.

Since the beginning of the war, Iran has effectively stopped traffic in the Strait of Hormuz, as ships proceed cautiously due to the unstable US-Iran ceasefire. Last month, Iranian officials announced they would keep imposing fees for the safe transit of certain tankers through the strait, following a Lloyd’s List Intelligence report on March 23 that stated at least two ships had paid substantial amounts to pass.

Security staff maintain a watch at a checkpoint close to the Serena Hotel, where the initial round of US-Iran talks took place, on Tuesday. Asif Hassan/AFP/Getty Images

Iran has yet to confirm its participation in the peace talks in Pakistan this week, according to Pakistani Information Minister Attaullah Tarar, who stated in a recent post on X that his country has made “genuine efforts to persuade” Iran to join the discussions.

Tarar mentioned that a “formal reply from Iran regarding the confirmation of a delegation to participate in the Islamabad Peace Talks is still pending,” noting that his nation remains in “constant communication with the Iranians and is committed to diplomacy and dialogue.”

The minister announced that the existing ceasefire between Tehran and Washington concludes at 4:50 a.m. Pakistan time on Wednesday (7:50 p.m. ET today). US President Donald Trump stated yesterday that the ceasefire ends on “Wednesday evening Washington time.”

“Tarar stated that Iran’s decision to join the discussions before the two-week ceasefire concludes is crucial.”

“Pakistan has made earnest attempts to persuade the Iranian leadership to join the second round of discussions and these attempts are ongoing,” he stated.

Earlier today, Pakistan’s Foreign Minister Mohammad Ishaq Dar encouraged both the US and Iran to “think about prolonging the ceasefire” and “to allow dialogue and diplomacy an opportunity,” as stated by the ministry spokesperson’s office.

Iranian Foreign Ministry spokesperson Esmaeil Baghaei stated yesterday that there are “no plans for the next round of negotiations” currently, even though Iranian sources had earlier informed Xenix News that a delegation from Tehran would be heading to Pakistan for discussions.

US Vice President JD Vance is anticipated to visit Pakistan today with senior US officials to engage in the newest series of discussions, sources familiar with the arrangements informed Xenix News, although he remains in Washington, DC, and it is uncertain when he will leave.

Vessels and watercraft in the Strait of Hormuz near the coast of Musandam, Oman, on Monday. Reuters

Tehran and Washington appear ready for another set of discussions to resolve the conflict initiated by the US-Israeli attack. However, several of the most contentious issues remain unsettled, including the situation of the congested Strait of Hormuz.

Thousands of sailors continue to be stranded in the crucial waterway, typically a channel for about one-fifth of the globe’s oil and gas resources. Since late February, the movement of oil through the channel has diminished to a slow trickle, primarily consisting of Iranian barrels, as reported by consultancy Rystad Energy.

Tehran is resolved to maintain partial control of the strait, an international maritime route that Iranian officials have effectively blockaded since the war began, driving up energy prices globally.

Numerous analysts currently view a possibly permanent tolling system for vessels navigating the waterway, though with significant caveats. It remains uncertain if the US would consent to such a scenario, which might grant Iran significant power over the global economy.

Currently, shipping passages through the strait are still restricted, having dropped from more than 100 transits daily prior to the onset of the conflict. According to S&P Global Market Intelligence on Monday, thirty-six ships transited from Friday to Sunday, with Saturday recording the “largest number” since early March. It noted that the vessels comprised four passenger ships.

Since April 13, when the US enacted the blockade, at least 27 Iranian ships have crossed the channel, shipping analytics company Kpler reported to Xenix News on Tuesday. During that period, CENTCOM has ordered numerous ships to alter their routes.

One data provider stated that shipping through the strait “continues to be highly limited.”

“According to CRU Group, which monitors commodity prices and supply, this disruption is expected to persist at least until the end of May, maintaining volatility in energy markets and high prices,” the company stated on Tuesday.

The company emphasized that “not reaching an agreement to reopen traffic through Hormuz would significantly impact the global economy.”

Xenix News reporting contributed by Eleni Giokos.