News
UK-led 40-nation coalition demands end to Hormuz blockade
The United Kingdom has convened foreign ministers from 40 nations to deliberate on strategies for reopening the Strait of Hormuz, a crucial maritime artery currently obstructed by the ongoing conflict involving the United States, Israel, and Iran.
According to Al Jazeera, the high-level meeting addressed the “vital shipping route” that has been severely impacted by the regional war.
During the virtual summit on Thursday, UK Foreign Secretary Yvette Cooper criticised what she termed as Iran’s “recklessness” in blockading the passage, asserting that the disruption was “hitting our global economic security.” Cooper’s opening remarks, which were broadcast to the media before the session transitioned to a closed-door format, accused Tehran of using the waterway as leverage. “We have seen Iran hijack an international shipping route to hold the global economy hostage,” she stated.
The impact of the blockade has been profound, as retaliatory strikes on merchant vessels and the ongoing “threat of more” have effectively “halted nearly all traffic” through the strait. Al Jazeera noted that this closure of the path connecting the Gulf to the world’s oceans has triggered a sharp rise in “petroleum prices” and interrupted the global “flow of oil.”
Notably, the United States was absent from the proceedings. This follows declarations from US President Donald Trump that “securing the waterway” is not the responsibility of his administration. The US President has also directed criticism toward European allies for their lack of “support for the war” and has frequently “renewed his threats” regarding a potential withdrawal from NATO.
Despite the American absence, a diverse group of nations, including France, Germany, Italy, Canada, Japan, and the United Arab Emirates, participated in the summit. These countries issued a joint statement demanding an end to attempts to “block the strait” and committed to “contribute to appropriate efforts to ensure safe passage” for international shipping.
Al Jazeera reported that while the coalition is broad, including Baltic, Scandinavian, and Middle Eastern nations like Bahrain and the UAE, significant questions remain regarding “naval capacity” and what these nations can practically achieve. There appears to be little appetite for a military solution to “open the strait by force” while active hostilities continue, especially given Iran’s ability to “target vessels” using “ballistic missiles,” drones, and “attack craft.”
British Prime Minister Keir Starmer has reportedly been “very explicit” about pursuing “non-military solutions,” making it clear he has “no interest in getting involved in this war.” Following this week’s summit, military planners from the British Ministry of Defence are scheduled to meet with international partners next week to discuss long-term “security for shipping” once the conflict concludes.
Starmer previously acknowledged that “resuming shipping” would be a complex challenge requiring a “united front of military strength and diplomatic activity.” Al Jazeera highlighted that this coalition serves, in part, as a signal to the Trump administration that Europe is prepared to “do more for its own security” amidst concerns over the future of the NATO alliance.
Adding to the diplomatic caution, French President Emmanuel Macron dismissed the idea of a military operation as “unrealistic.” He argued that such a move would “take forever” and leave vessels vulnerable to “coastal threats” from the Islamic Revolutionary Guard Corps. Macron has instead proposed that “talking directly to Iran” remains the most viable path to reopening the waterway.
According to data from Lloyd’s List Intelligence, the human and economic cost has been high, with 23 “direct attacks on commercial vessels” recorded since the war was “ignited on February 28,” resulting in the deaths of 11 “crew members.” For its part, Tehran maintains that “non-hostile” ships are permitted transit, claiming the “key waterway” is restricted only to “vessels of enemy countries” and their supporters.
Source:adaderana.lk
‘Be serious... don’t speak every day’: Macron criticises Trump approach to Iran war
The Iran war requires a “serious” approach that does not change every day, Emmanuel Macron has said, in an apparent reference to US President Donald Trump’s seemingly contradictory remarks about the conflict.
“This is not a show. We are talking about war and peace and the lives of men and women,” the French president told journalists upon arrival in South Korea for a state visit.
“When you want to be serious you don’t say every day the opposite of what you said the day before,” Macron added.
“And maybe you shouldn’t be speaking every day. You should just let things quieten down.”
Macron was answering questions on the US-Israel war in Iran, which has now entered its second month. France and other European countries have supported some of the US operations in the region, but have so far resisted getting dragged into the war.
Trump and his administration have so far offered mixed messages on the conflict, at various times suggesting that a ceasefire was near, that the war had already been won or that the US was going to fight on.
“Alliances like Nato are valuable because of what is unspoken – meaning the trust behind them,” Macron said, arguing that casting doubt on one’s commitment to the organisation emptied it of its substance.
Partners sign agreements and show up if issues arise, Macron added, “rather than commenting on them every day to say that you will or will not respect them”.
“I feel like there is too much chatter, it’s all over the place,” he said.
He added he was unwilling to comment on an operation that the US and the Israelis “decided on by themselves”, Macron said. “They then lament that they are alone in an operation they decided on alone. It’s not our operation.”
Macron also mentioned the US strikes on Iran in June 2025, which Trump said had “obliterated” Iranian nuclear facilities.
However, in the wake of the February 2026 war the US president said it was the “last best chance to strike at Iran’s nuclear weapons programme”.
“I remind you that six months ago were told that everything had been destroyed and all had been sorted out,” Macron noted.
He argued that international observers were needed to check the nuclear development situation in Iran, and a framework to prevent further enriching.
“You still have today and you’ll still have in the future people who have the know-how, hidden laboratories, etc. So it’s not targeted military action even lasting a few weeks which can sort out the nuclear problem for good.”
Trump has been on the offensive against France, which he accuses of failing to help in the war on Iran.
At a private lunch on Wednesday, Trump mocked Macron by imitating a French accent and saying that his wife Brigitte “treats him extremely badly” and that Macron was still “recovering from the right to the jaw”.
Trump was likely referring to a 2025 video which showed Macron being shoved in the face by Brigitte.
Macron dismissed the comments as “neither elegant nor up to standard”.
“I won’t respond to them, they don’t deserve a reply,” he said.
The comments on Macron’s marriage have been exceptionally badly received in France, where even staunch Macron critics came to his defence.
“For Donald Trump to speak to him like that and to speak of his wife in such a manner - I find that absolutely unacceptable,” said Manuel Bompard of hard-left France Unbowed party.
Tehran has retaliated to the strikes on its territory by closing the Strait of Hormuz, a key waterway which enables the passage of a large proportion of the world’s energy supply. In the absence of a quick resolution to the closure, Trump has said the countries most affected by the disruption should solve the problem themselves.
Macron pushed back against the idea of a military operation to liberate the strait, saying it was “unrealistic” because it would take too long and be too dangerous.
“It would expose anyone crossing the strait to coastal threats from the [Iranian] Revolutionary Guards, who possess significant resources, as well as ballistic missiles, [and] a host of other risks,” he said.
Source:adaderana.lk
US Army chief of staff and two other generals fired amid Iran war
US Defence Secretary Pete Hegseth on Thursday fired the US Army chief of staff and two other generals as the Iran war continues.
Hegseth told US Army Chief of Staff Gen. Randy George to retire immediately, a Pentagon official told CNN. He also fired two other Army generals Thursday, a US official said, the chief of chaplains, Maj. Gen. William Green Jr., and the commander of Army Transformation and Training Command, Gen. David Hodne.
Hegseth’s move comes a day after President Donald Trump’s address to the nation on the Iran war. In the speech, Trump signalled the US will intensify strikes on Iran, after earlier suggesting the US could be done with the war within two to three weeks.
Chief Pentagon spokesman Sean Parnell confirmed George’s departure Thursday, writing on X, “General Randy A. George will be retiring from his position as the 41st Chief of Staff of the Army effective immediately. The Department of War is grateful for General George’s decades of service to our nation.”
Senior Army leadership was caught off guard by Thursday’s abrupt announcement, the US official told CNN — learning of George’s forced departure along with the rest of the Defense Department, when it was announced publicly.
George found out in a phone call from Hegseth on Thursday while he was in a meeting, a second US official said. He later spoke to his staff in person about the announcement, and his staff was “very stoic” when receiving the news, the official said.
As the Army chief, George has worked closely with Army Secretary Dan Driscoll — a senior official close to the White House whom Hegseth has perceived as a threat and at times had a contentious relationship with.
The abrupt and public nature of George’s immediate retirement, the first US official said, left little room for officials to argue against removing one of the joint chiefs amid ongoing conflict with Iran — particularly as the Army, under George, is deploying forces and is primarily responsible for providing crucial integrated air and missile defense capabilities to the joint force.
In his role as chief, George provided advice and guidance to Chairman of the Joint Chiefs of Staff Gen. Dan Caine and Hegseth regarding those capabilities.
“It doesn’t feel like a very thought-out decision,” the first US official said.
CBS News first reported George’s ousting.
George, a career infantry officer, commissioned out of the US Military Academy at West Point in 1988. He has served as the chief of staff since September 2023; he previously commanded I Corps at Joint Base Lewis-McChord, and went on to serve as the senior military assistant to Secretary of Defense Lloyd Austin during the Biden administration.
While the job of senior military assistant to the defense secretary is often one considered to be apolitical and a role given to the best of the best of military officers, George’s proximity to Austin has been considered a mark against him to Hegseth and his circle.
There was speculation among military and Pentagon officials when Hegseth nominated his senior military assistant, Gen. Chris LaNeve, to be the Army vice chief of staff, that he would ultimately take over for George. As the vice chief, LaNeve will likely step in as the acting chief of staff in George’s absence.
Before working for Hegseth, LaNeve — who has served since 1990 after commissioning from the University of Arizona ROTC — was the commanding general of 8th Army in South Korea, after a brief tenure as commander of the 82nd Airborne Division at Fort Bragg, North Carolina.
Commanding the 82nd Airborne Division is typically a two-year job, though LaNeve left the role less than two years in and moved to be a special assistant to the commander of US Army Forces Command, before moving to South Korea, according to his official biography.
LaNeve got Trump’s attention in the hours after his inauguration, when LaNeve called into the Commander in Chief’s Ball with his troops from South Korea.
“Sir, on behalf of the brave men and women who serve under my command and the thousands of dedicated service members that are part of the joint team in Korea, congratulations on your victory as the 47th President of the United States,” LaNeve said on a video call. “Welcome back, Mr. President.”
Trump praised LaNeve, saying, “Is this man central casting or what?”
“They’re not going to play games with you. That’s good,” Trump added, according to an official transcript of the event. “I like to see that. Nobody is playing games with that man.”
(Source:Newswire)
Trump: ‘Bridges next, then Electric Power Plants!’
Donald Trump has posted on Truth Social, saying the army “hasn’t even started destroying what’s left in Iran”.
The US president then threatened to destroy more bridges, following yesterday’s strike on the B1 bridge linking Tehran to Karaj, before turning to Iran’s electric power supply.
Trump signed off saying the “New Regime leadership knows what has to be done, and has to be done, FAST!”
Source:adaderana.lk
Rotational Water Cuts Continue in Parts of Colombo District
The National Water Supply and Drainage Board (NWSDB) has stated that water supply interruptions will continue in several areas of the Colombo District today (April 3) due to reduced reservoir levels caused by prevailing dry weather.
According to a statement issued yesterday (02), areas including Padukka, Homagama, Palanwatta, and Pannipitiya will experience water cuts, as these areas depend on supplies from the Kalatuwawa Reservoir and Labugama Reservoir.
The water suspension in Padukka began at 8:00 p.m. yesterday and is scheduled to continue until 8:00 p.m. today (April 3). Meanwhile, a 24-hour water cut will be imposed in Homagama from 8:00 p.m. today until 8:00 p.m. tomorrow (April 4).
Subsequently, Palanwatta will face a water interruption from 8:00 p.m. on April 4 until 8:00 p.m. on April 5.
The NWSDB further noted that these interruptions will be implemented once every three days under a rotational system. However, uninterrupted water supply will be maintained on days when cuts are not scheduled.
Under this system, the next scheduled water cuts will take place on April 7 in Padukka, April 8 in Homagama, and April 9 in Palanwatta.
UK to host multi-nation meeting on Hormuz shipping
Britain will on Thursday (Apr 2) hold a virtual meeting of about 35 countries to discuss how to reopen the strategic Strait of Hormuz which has been crippled by the Middle East war.
Prime Minister Keir Starmer announced the meeting earlier Wednesday, while a UK official told AFP the meeting would be virtual and held on Thursday.
UK Foreign Secretary Yvette Cooper will host the discussions, Starmer told reporters during a Downing Street news conference.
The meeting will “assess all viable diplomatic and political measures that we can take to restore freedom of navigation, guarantee the safety of trapped ships and seafarers and resume the movement of vital commodities”, he added.
“Following that meeting, we will also convene our military planners to look at how we can marshal our capabilities and make the strait accessible and safe after the fighting has stopped,” he added.
The discussions will include countries who recently signed a statement saying they were ready “to contribute to appropriate efforts to ensure safe passage through the Strait of Hormuz”, said Starmer.
Britain, France, Germany, Italy, Japan and the Netherlands are among those to have signed it.
“WILL NOT BE EASY”
Iran has virtually closed the vital strait since the US-Israeli strikes that started the war on Feb 28, causing global oil and gas prices to soar.
A fifth of the world’s oil and liquefied natural gas passes through the strait in peacetime.
“I do have to level with people on this. This (reopening) will not be easy,” Starmer said.
The UK leader also backed NATO following renewed criticism of the eight-decade-old alliance by US President Donald Trump.
“NATO is the single most effective military alliance the world has ever seen, and it has kept us safe for many decades, and we are fully committed to NATO,” Starmer said.
Trump told Britain’s Telegraph newspaper in an article published Wednesday that NATO was a “paper tiger”.
Asked whether he would reconsider US membership, he replied: “Oh yes, I would say (it’s) beyond reconsideration,” the paper reported.
Last month, Trump told the Financial Times that it would be “very bad for the future of NATO” if members fail to help reopen the vital waterway.
On Tuesday, he said that countries which had not joined the war but were struggling with fuel shortages should “go get your own oil” in the Strait of Hormuz, adding that the US would not help them.
Source:adaderana.lk
US Embassy warns Iran-aligned militias could attack Baghdad
The US embassy in Iraq has warned that Iran-aligned militant groups may conduct attacks in central Baghdad in the next 24-48 hours, again urging Americans to leave the country.
Iran and its proxies have already attacked US citizens and US-associated targets in neighboring Iraq, the embassy said in a post to X on Thursday.
“They may intend to target US citizens, businesses, universities, diplomatic facilities, energy infrastructure, hotels, airports, and other locations perceived to be associated with the United States, as well as Iraqi institutions and civilian targets. Terrorist militias have targeted Americans for kidnapping,” the post said. “US citizens should leave Iraq now.”
American journalist Shelly Kittleson was kidnapped in the capital on Tuesday, her media outlet said. The US government is currently working to secure her release.
The US embassy in Iraq has repeatedly warned US citizens to leave the country since the conflict with Iran began in late February.
Source:adaderana.lk
Trump fires Pam Bondi as US Attorney General
U.S. President Donald Trump ousted Attorney General Pam Bondi on Thursday after mounting frustration with her performance, especially over the release of files on late sex offender Jeffrey Epstein.
Trump also felt Bondi was not moving quickly enough to prosecute critics and adversaries whom he wanted to face criminal charges, according to sources.
Deputy Attorney General Todd Blanche, a former personal lawyer to Trump, will lead the Justice Department temporarily, Trump said in a social media post.
In the post, Trump praised Bondi as a “Great American Patriot and a loyal friend” who had overseen a “massive crackdown in Crime.” Trump said she will soon move to a job in the private sector, but he gave no details.
In her own social media post, Bondi said: “Leading President Trump’s historic and highly successful efforts to make America safer and more secure has been the honor of a lifetime.”
She said she would spend the next month transitioning the role to Blanche. On social media, Blanche thanked Trump and praised Bondi, promising to do “everything in our power to keep America safe.”
During her tenure as the top U.S. law enforcement official, Bondi was a combative champion of Trump’s agenda and dismantled the Justice Department’s longstanding tradition of independence from the White House in its investigations.
But it was repeated criticism over the Epstein files, including from Trump allies and some Republican lawmakers, that came to dominate her tenure. Bondi was accused of covering up or mismanaging the release of records on the DOJ’s sex-trafficking investigations into Epstein, a financier who cultivated ties to wealthy and powerful figures.
Trump informed Bondi at a White House meeting on Wednesday that he was looking to replace her as attorney general, according to a source familiar with the matter. Trump allies had encouraged the president in recent days to “rip off the Band-Aid” and fire her, according to the source and one other person familiar with the matter.
Trump told Bondi multiple times over the past several months that he was unhappy with her performance, a senior White House official told Reuters. The official said Trump has contemplated replacing her with Lee Zeldin, the administrator of the Environmental Protection Agency, but has also discussed other candidates.
Bondi spent much of Wednesday with Trump, riding with him to the U.S. Supreme Court in the morning, attending an Easter lunch where he spoke and later watching his address to the nation on the Iran war. At the Supreme Court, Trump observed as one of Bondi’s top officials, Solicitor General D. John Sauer, was grilled by justices about the administration’s attempt to limit birthright citizenship.
POLITICAL HEADACHE
The Epstein files created political headaches for Trump and drew renewed scrutiny of his past friendship with Epstein, which he has said ended decades ago.
Bondi’s firing could lead to a shake-up in strategy at the Justice Department and potentially a renewed push to deploy the U.S. legal system against Trump’s targets.
Bondi is the second senior Trump official to be ousted recently. Trump removed Homeland Security Secretary Kristi Noem on March 5 following criticism of her management of the agency and Trump’s immigration agenda.
Bondi, a former Republican state attorney general in Florida, said she worked on restoring the Justice Department’s focus on violent crime and rebuilding trust with Trump’s supporters after federal prosecutors twice criminally charged Trump during his years out of power.
Bondi also faced criticism over the removal of dozens of career prosecutors who worked on investigations that Trump opposed, with critics accusing her of abandoning the DOJ’s traditional focus on even-handed justice.
“Pam Bondi took a sledgehammer to the Justice Department and its workforce,” said Stacey Young, a former DOJ lawyer and the head of Justice Connection, an advocacy organization formed to aid career staff who were expelled or resigned.
Bondi presided over a mass exodus of career lawyers from many crucial DOJ units and a near-total alignment between the Justice Department and Trump, whose image now adorns its Washington headquarters.
DOJ has pursued a slew of investigations against Trump antagonists, including bringing criminal charges last year against former FBI Director James Comey, opens new tab and New York Attorney General Letitia James.
The cases encountered obstacles in court and were thrown out by a judge who found the Trump-nominated prosecutor who brought them, Lindsey Halligan, was unlawfully appointed.
“Pam Bondi’s legacy will be the weaponization of the world’s preeminent law enforcement agency for Donald Trump’s personal benefit, but apparently even she didn’t go far enough to appease him,” Senator Dick Durbin, the top Democrat on the Senate Judiciary Committee, said in a statement.
SPARRING WITH LAWMAKERS
Bondi defended the rollout of the Epstein files, saying the Trump administration had been more transparent than previous presidents and that DOJ lawyers quickly reviewed reams of material.
At a House of Representatives committee hearing in February, Bondi responded to criticism with political attacks on lawmakers.
Bondi early last year played into fevered speculation about the Epstein files, saying a client list was on her desk for review. But after an initial release included material that was largely already public, the DOJ and FBI declared in July that the case was closed and no further disclosures were warranted.
That prompted an eruption of criticism and eventually a bipartisan law passed in November requiring the Justice Department to release nearly all its files.
The release of roughly 3 million pages still did not quell the controversy, as lawmakers criticized redactions and the disclosure of some Epstein victims’ identities.
Source:adaderana.lk
Indian Govt. waives customs duty on petrochemicals till June 30
The central government on Thursday exempted a wide range of critical petrochemical products till June 30th, in light of the ongoing war in the Middle East and the consequent disruptions in global supply chains.
The exemptions, effective from April 2, apply to imports of products such as ammonium nitrate, methanol, styrene, acetic acid and polyvinyl chloride, the government order said.
The government also exempted ammonium nitrate from the Agriculture Infrastructure and Development Cess for the same period.
Detailed list of the products exempted
- Anhydrous ammonia
- Toluene
- Styrene
- Dichloromethane (methylene chloride)
- Vinyl chloride monomer
- Methanol (methyl alcohol)
- Isopropyl alcohol
- Monoethylene Glycol (MEG)
- Phenol
- Acetic acid
- Vinyl acetate monomer
- Purified Terephthalic Acid (PTA)
- Ethylenediamine
- Di Ethanolamine and Mono Ethanolamine
- Toluene di-isocyanate
- Ammonium nitrate
- Linear alkylbenzenes
- Polymers of ethylene (including Ethylene-vinyl acetate)
- Polypropylene
- Polystyrene
- Styrene-acrylonitrile (SAN)
- Acrylonitrile-butadiene-styrene (ABS)
- Polyvinyl Chloride (PVC)
- Polytetrafluoroethylene
- Polyvinyl acetate
- Polyvinyl alcohol
- Poly (methyl methacrylate)
- Polyoxymethylene (POM - acetal)
- Polyols
- Polyether Ether Ketone (PEEK)
- Epoxy resins
- Polycarbonates
- Alkyd resins
- Polyethylene terephthalate (PET) chips
- Unsaturated polyester resins
- Polybutylene terephthalate
- Formaldehyde, Urea formaldehyde, Melamine formaldehyde, Phenol formaldehyde
- Polyurethanes
- Polyphenylene sulphide (PPS)
- Polybutadiene, Styrene butadiene
A clutch of industries that use petrochemicals as inputs, from pharmaceuticals and paints to textiles and toys, is facing the brunt of the Iran conflict as refiners have passed on the surge in crude oil and natural gas prices. Some of the downstream sectors in the petrochemicals complex are labour-intensive small enterprises with low pricing power, such as textile units where distress is showing up in employment figures.
These industries were looking at an extended spell of margin pressure as input costs are unlikely to subside till global petrochemicals supply chain recovers, possibly only months after hostilities end in the Persian Gulf. India’s Goldilocks economic scenario of strong growth and low inflation is over.
Effects of petrochem inflation are not as immediate as fuel - these appear with a lag. Packaging price rises show up in new inventory that arrives in the market with a delay. Petrochem use is almost universal in consumer goods, and the ticket shock, though slow and imperceptible, shows up over time. The price transmission works through labour-intensive industries and affects lower-income consumers.
Source:adaderana.lk
US Army chief of staff fired by Hegseth, sources say
U.S. Army Chief of Staff Randy George was fired on Thursday by Defense Secretary Pete Hegseth, two U.S. defense officials and a source familiar with the matter told Reuters, in the latest purge among the Pentagon’s most senior ranks.
Hegseth, a former Fox News host, has moved quickly to reshape the department, firing generals and admirals as he seeks to implement U.S. President Donald Trump’s national security agenda.
The Pentagon confirmed that George, who had more than a year left in his term, “will be retiring from his position as the 41st Chief of Staff of the Army effective immediately.”
The Pentagon said in a statement it was grateful for George’s decades of service. “We wish him well in his retirement,” it said.
The department did not give a reason for his departure, which comes as the U.S. military builds up its forces in the Middle East while carrying out operations against Iran.
The strikes in the region are largely being carried out by the Navy and Air Force, although U.S. Army soldiers have been dispatched to the Middle East for air defense systems. The Army is the largest branch of the U.S. military, with about 450,000 active-duty soldiers.
Thousands of soldiers from the U.S. Army’s elite 82nd Airborne Division have also started arriving in the Middle East, potentially for ground operations in Iran.
LATEST UPHEAVAL AT PENTAGON
There had been no public signs of friction between Hegseth and George, even as Hegseth pursued controversial moves such as firing the Army’s top lawyer and arranging a massive military parade celebrating the Army’s 250th birthday, which coincided with Trump’s birthday.
Earlier this week, however, Hegseth reversed an Army decision to investigate Army pilots who were flying attack helicopters near singer Kid Rock’s house, in an apparent show of support for the vocal Trump backer.
CBS News, which first reported George’s dismissal, said his firing was not related to the Kid Rock incident. An official said Hegseth’s former military aide and Army vice chief of staff, General Christopher LaNeve, will take over George’s role in an acting capacity.
George, an infantry officer who served in Iraq and Afghanistan, was confirmed to the top Army post in 2023. Terms in that role usually run for four years.
Prior to holding the top job, George was the vice chief of the Army and, before that, the senior military adviser to then-Defense Secretary Lloyd Austin.
He was considered close to Army Secretary Dan Driscoll. The two worked together to take on large defense companies, in the Army’s drive to speed up weapons development and drive down costs.
George’s removal adds to recent upheaval at all levels of leadership at the Pentagon, including the firing last year of the previous chairman of the Joint Chiefs of Staff, Air Force General C.Q. Brown, as well as the chief of naval operations and Air Force vice chief of staff.
The office for George did not immediately respond to a request for comment.
Source:adaderana.lk
Global oil prices rise after Trump address
Trump’s address appears to have done nothing to reassure global oil markets that disruption to the key Strait of Hormuz shipping route will ease anytime soon.
The price of benchmark Brent crude was trading at about $100 a barrel before the president started speaking.
It fluctuated during the address but is now heading higher and is currently up by around 4% at $105.38.
The strait is crucial to the global economy as around 20% of the world’s energy usually passes through the narrow shipping lane.
It has been effectively shut since the conflict started on 28 February as Iran retaliated to US and Israeli airstrikes by threatening to attack ships using the waterway.
Source:adaderana.lk
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