Ata mārie and welcome to your Tuesday recap of global business and political news.
First up, US President Donald Trump described the Iran ceasefire as being “on massive life support” and severely criticised Iran’s response to the US peace proposal, Al Jazeera reported.
"I have just read the response from Iran's so-called 'Representatives.' I don't like it - TOTALLY UNACCEPTABLE," Trump wrote on social media.
Iran’s Foreign Ministry said the US had “unreasonable demands” and its response “was not excessive”. Iran was focused on ending the war on all fronts, including in Lebanon, where Israel was fighting Iran-backed Hezbollah.
Iran also wanted compensation for war damage, sovereignty over the Strait of Hormuz, guarantee of no further attacks, and removal of the ban on Iranian oil sales.
US President Donald Trump.
Trump said he aimed for "complete victory" amid Iran’s demands, the AFP and ABC reported. "I'll get tired of this. I'll get bored, or I'll have some pressure. But there's no pressure," Trump said.
Meanwhile, Saudi oil giant Aramco warned the energy crisis could continue into 2027 if the Strait of Hormuz was not reopened to commercial shipping in the coming weeks, while oil prices could stay in the "low US$100s" for much of this year, according to investment bank JP Morgan.
The bank said supplies of oil in the region would not return to normal service quickly, the BBC reported. Earlier, international oil benchmark Brent crude rose more than 4% to US$105.94 per barrel.
To the markets, where Wall Street made gains while oil futures were higher following the Middle East developments. US West Texas Intermediate futures rose 3% to above US$98 per barrel, while the S&P500 hit a fresh high.
UK Prime Minister Keir Starmer.
Embattled UK Prime Minister Sir Keir Starmer promised to prove his "doubters" wrong following last week's local election results which strongly favoured the Reform party, the AFP and ABC reported.
"I know that people are frustrated by the state of Britain, frustrated by politics, and some people frustrated with me," he said. "I know I have my doubters, and I know I need to prove them wrong, and I will.”
UK media reported at least 50 MPs demanded he set out a timeline for his exit, while UK financial markets reacted negatively to his reset speech on Monday.
“Financial markets are now treating UK political risk as a major factor driving asset prices,” deVere Group CEO Nigel Green said.
“The pound weakened against the dollar as traders cut exposure to UK assets and moved toward traditional safe havens. This speech was supposed to reset the political narrative after the elections. Instead, financial markets are signalling deep anxiety about where Britain goes from here.
“Investors are looking at a prime minister fighting for his political life after severe election losses while simultaneously trying to convince markets that fiscal discipline remains intact.”
Elsewhere, two passengers who had returned home from a hantavirus-hit cruise ship tested positive for the virus. US health officials said the passengers on board a repatriation flight were travelling in biocontainment units, CNN reported.
The World Health Organisation recommended up to 42 days of isolation for those leaving the ship.
Finally, the man accused of attempting to kill Trump during the White House Correspondent’s Dinner last month pleaded not guilty to four charges, CNN reported.
Cole Tomas Allen appeared before a federal judge in Washington DC overnight and was indicted on charges including attempting to assassinate a president and assaulting an officer.
