UNCTAD: developing economies hit hardest by fuel price shock after Hormuz closure

▲ Escalating

Trump confirms US strike on Iranian air defence site as indirect talks continue

Trump said the US military struck an Iranian anti-aircraft facility on Tuesday, while Iran called Washington's reply to its Hormuz plan unconvincing. Iran's Revolutionary Guard said four vessels struck naval mines in the Strait of Hormuz while crossing a prohibited route, which is the IRGC's own account. Iranian officials welcomed Republican midterm losses, but Supreme Leader Khamenei said US policy toward Iran will not change. Indirect talks continue, and Tehran says the US must lift its naval blockade and meet its demands in full.

• The IRGC says four tankers hit mines in Hormuz on a prohibited route; the claim is unverified.
• Speaker Qalibaf said Americans rejected the war and Washington should not attack Iran again. France 24's correspondent says it is too early to judge the election's effect on the conflict.
• On Monday the US reportedly struck Qeshm Island, described as the latest of a series of limited, secret strikes, while Vice President Vance reportedly saw progress in talks.
• Brent crude fell over 6% on Monday to as low as $105.55 on hopes of a breakthrough. UNCTAD says developing economies bear the heaviest fuel price burden after the Hormuz closure.