ships

July 17 (Asia Today) — A senior U.S. lawmaker proposed building as much as 80% of some American naval vessels in South Korea while reserving sensitive technology and final assembly for the United States.

Rep. Ami Bera of California, the top Democrat on the House Foreign Affairs subcommittee overseeing East Asia and the Pacific, said Thursday that relying exclusively on domestic shipyards was unrealistic because the United States lacks sufficient workers and production capacity.

Bera spoke at a South Korea-U.S. shipbuilding and maritime innovation forum hosted by the Korea Foundation and the RAND research organization in Arlington, Va.

“To say we are going to build everything in the United States is wrong,” Bera said, urging Washington to make greater use of allied manufacturing capacity.

He suggested that South Korean shipyards could produce hulls and other components accounting for 75% to 80% of a vessel, while highly sensitive systems could be manufactured and installed in the United States.

Bera also proposed a distributed construction model under which components would be produced at different locations before being brought to the United States for final assembly.

“If we do not have the workers or construction capacity in the United States, we have to build where ships can be built,” he said.

Bera said combining the capabilities of the United States and its allies would strengthen deterrence and help prevent a military conflict with China.

Technology controls and visas remain obstacles

Bera said President Donald Trump had discussed nuclear-powered submarine construction with South Korea.

Such cooperation would require the two countries to address technology sharing and export control restrictions, he said.

Bera cited the security partnership among the United States, Britain and Australia as a possible model for resolving issues related to joint naval construction.

The partnership, commonly known as AUKUS, includes plans for Australia to acquire nuclear-powered submarines with American and British assistance.

Bera also called on the United States to facilitate the entry of South Korean engineers and technicians needed to support investments by Korean shipbuilding companies.

He described the detention of more than 300 South Korean workers in Georgia in September as an “embarrassing fiasco” and said the visa problem must be resolved.

The United States has encouraged South Korean companies to invest in American manufacturing while immigration restrictions have complicated the deployment of specialized Korean personnel to construction sites and shipyards.

Expert says U.S. rebuilding could take decades

Shin Jong-gye, a professor emeritus of naval architecture and ocean engineering at Seoul National University, said China’s overall shipbuilding capacity by gross tonnage was more than 230 times that of the United States.

He said China had more than 50 dry docks large enough to accommodate aircraft carriers.

Newport News Shipbuilding in Virginia is the only U.S. shipyard capable of designing and building nuclear-powered aircraft carriers.

Shin said the United States must expand both its physical shipyard capacity and its ability to build vessels quickly and efficiently.

South Korea, Japan and China benefit from building commercial and naval vessels within the same industrial ecosystems, allowing them to share technology, workers and supply chains, he said.

The United States lacks a comparable commercial shipbuilding base and therefore cannot obtain the same economies of scale, Shin said.

South Korea, Japan and China together account for more than 95% of global commercial shipbuilding.

Shin said rebuilding an industry requires accumulated experience, technology and repeated construction cycles.

He estimated that rebuilding the U.S. shipbuilding sector independently could take 20 to 30 years, while cooperation with South Korea could significantly shorten the process.

Shin proposed initially building complete ships in South Korea while developing supply chains in the United States. American production could then be expanded gradually.

He said protecting South Korean intellectual property, providing appropriate compensation and resolving visa restrictions for Korean specialists would be essential.

Hanwha, HD Hyundai respond to Navy request

Michael Coulter, president and chief executive officer of Hanwha Defense USA, said protectionism was one of the largest obstacles to industrial cooperation.

He said South Korea and the United States often viewed each other primarily as export markets rather than partners sharing a common industrial base.

Coulter said the U.S. Navy had issued a request for information after consulting the South Korean government and Korean shipbuilders.

The request examined the possible use of a vessel construction manager who would help finalize a ship’s design before construction begins.

South Korean shipyards generally complete designs before starting construction, while U.S. Navy projects often undergo design changes after work has begun, increasing costs and delaying delivery, Coulter said.

The U.S. government has asked Hanwha about options ranging from building combat vessels and supplying motors to constructing hulls in South Korea before installing American technology, he said.

Coulter said, however, that the administration and Congress had not reached a unified position.

He called on the two countries to integrate portions of their industrial bases rather than treat each investment or contract as a conventional export transaction.

Hong Suk-hwan, president and chief executive officer of HD Hyundai USA, proposed a two-track strategy involving investment in U.S. shipyards and partnerships with existing American companies.

Hong said HD Hyundai had built about 5,000 vessels during the past 50 years and could apply its skilled workforce, manufacturing experience and supply network to the United States.

He also proposed a “bridge strategy” in which American workers would train at South Korean shipyards for about three years while ships were being constructed there.

The trained workers could then return to the United States as supervisors and production managers at American shipyards.

U.S. law limits overseas warship construction

Brittany Clayton, a senior operations researcher at RAND, said complicated U.S. defense procurement procedures, unpredictable orders and design changes during construction remained major barriers to cooperation.

The Navy, Defense Department and Congress all play roles in funding and policy decisions, making rapid action difficult, she said.

Clayton said companies needed consistent and predictable demand from the U.S. government before making long-term investments.

She also cited proposed legislation restricting the overseas construction of American combat vessels.

Rep. Jared Golden of Maine, whose district includes the Bath Iron Works shipyard, introduced an amendment to the fiscal 2027 defense authorization bill that would restrict foreign construction of combat ships.

Clayton said distributed construction could provide an alternative, with components built at multiple locations before being integrated and tested in the United States.

She also suggested beginning cooperation with strategic sealift vessels, which contain fewer sensitive military technologies than combat ships.

The Senate Armed Services Committee included language in its fiscal 2027 defense authorization legislation that would permit the acquisition of up to two noncombat vessels from allied shipyards, including bulk fuel carriers and strategic sealift ships.

Trump said Wednesday that his administration was examining shipbuilders in South Korea and other countries and could purchase some vessels built outside the United States.

Kristin Gunness of San Diego State University said the university had signed an agreement with Samsung Heavy Industries to establish a marine engineering and shipbuilding center.

She said the university was also developing exchange programs with Seoul National University and other South Korean institutions.

Shin proposed short-term educational programs involving retired South Korean professors and American universities to train ship designers and production managers.

— Reported by Asia Today; translated by UPI

© Asia Today. Unauthorized reproduction or redistribution prohibited.

Original Korean report: https://www.asiatoday.co.kr/kn/view.php?key=20260717010006342

The United Kingdom and the Netherlands will jointly develop a new fleet of amphibious transport ships under a maritime partnership announced by the British government. Each country will operate four vessels, strengthening NATO’s amphibious capabilities and improving the alliance’s ability to respond rapidly to crises.

“Combining the U.K.’s industrial expertise with the Netherlands’ design and seafaring experience to deliver ‌first-rate platforms for our elite amphibious forces, this partnership will strengthen ⁠NATO,” U.K. Prime Minister Keir Starmer said in a statement issued while he attended the NATO Summit in Turkey.

The new landing platform docks (LPD) will be based on a Dutch design and will be built in U.K. shipyards “alongside Dutch industry,” as part of a deal worth £2.4 billion ($3.2 billion), covering the four ships for the U.K. Royal Navy and four for the Royal Netherlands Navy. These are expected to enter service from the early 2030s.

What the United Kingdom refers to as the Amphibious Transport Ship Program supersedes the previous Multi-Role Strike Ship (MRSS) program, which was judged “too complex” and not reflective of the future U.K. Commando Forces.

The arrangement has some parallels with the recently announced program to build five Type 26 frigates for Norway, with the warships coming out of British shipyards.

Although the final design has not been confirmed, Dutch shipbuilder Damen is widely expected to provide the design basis, likely drawing from its Enforcer amphibious ship family.

The U.K. government says the vessels will be 525 feet (160 meters) long and will have a displacement of 15,000 tonnes. Damen offers a total of seven different Enforcer designs, ranging in displacement from 9,000 tonnes to 17,000 tonnes. It is unconfirmed if the vessels will be of the conventional LPD-type layout, as seen at the top of this article, or if they will be of the through-deck type, providing a longer flight deck for helicopter and drone operations.

As well as transporting troops, vehicles, and equipment, the vessels will have flight decks designed to operate current and future long-range drones and autonomous systems. This is in line with the U.K. Royal Navy’s shift to what it describes as a ‘hybrid navy.’

For construction, it appears that the program will rely upon the Harland & Wolff shipyard in Belfast, Northern Ireland. Navantia UK, the owner of Harland & Wolff, shared the following statement:

“Amphibious transport ships will be a vital component of Britain’s sovereign naval defense capability going forward. As outlined in the Defense Investment Plan, they will enable troops to be deployed around the world and are a necessary replacement for the Albion class assault ships.”

After the United Kingdom officially decommissioned HMS Ocean in 2018 and sold it to Brazil, the Royal Marines had to rely on the Royal Navy’s two Albion class LPDs. However, in 2024, the U.K. Ministry of Defense announced that both Albion and Bulwark would be withdrawn from service the following year.

Since then, the Royal Marines have made use of the three Bay class landing ship docks. The Royal Fleet Auxiliary (RFA), a civilian mariner service akin to the U.S. Military Sealift Command, operates these ships, which have more limited capabilities than the LPDs.

At one point, the British were planning to procure up to six Multi-Role Strike Ships (MRSS) to replace the two Albion class, three Bay class, and the single RFA Argus. Budget pressures reduced those ambitions. While the Royal Navy will now get four new assault ships, they will form something like a joint force with the same number of Dutch vessels.

As for the Royal Netherlands Navy, it currently operates two Rotterdam class LPDs and a single Karel Doorman class multifunction support ship, also outfitted for amphibious operations. The new LPDs are expected to replace the Rotterdam class.

Significant is the fact that the eight new LPDs are involved, representing a considerable boost for the amphibious forces of both navies.

These services already operate closely together under the U.K.-Netherlands Amphibious Force, which dates back to the Cold War.

“This partnership is not just about building ships; it is also about delivering long-term security for both the U.K. and the Netherlands, ensuring we are able to stay ahead of the threats of tomorrow,” Prime Minister Starmer said.

U.K. Defense Secretary Dan Jarvis added: “We are building an even stronger amphibious force with the Netherlands, strengthening our defense and deterrence as close NATO allies and JEF [Joint Expeditionary Force] partners.”

The commonality of LPDs will also see the Royal Navy and Royal Netherlands Navy increasingly train, deploy, and operate together, the U.K. government has confirmed.

The drone aspect is also important, with the new LPDs being viewed as a way of accelerating industrial and military cooperation on autonomous and uncrewed technology.

While the kinds of drones that will go aboard the vessels have not been disclosed and are probably still a work in progress, it’s clear that the LPDs fit in with the United Kingdom’s vision for future warfare. The recently published Defense Investment Plan provides a budget of more than £5 billion ($6.6 billion) over four years just for drones and related capabilities, as you can read about here.

There is also further scope for cooperation here, with the U.K. government confirming that there are plans for future drone and uncrewed technology to be developed between the two nations.

The partnership also has significant implications for security in the North Atlantic and High North, regions that have become increasingly strategic as NATO bolsters its northern defenses in the face of increasing tensions with Russia.

Alongside other NATO and JEF allies, the new LPDs will be expected to work together to protect critical undersea infrastructure and strengthen deterrence against emerging threats in these waters.

The new amphibious transport ships represent a major reset of Britain’s amphibious capability after years of uncertainty and force reductions. Operating alongside Dutch vessels, autonomous systems, and NATO partners, they are expected to become central elements of the Royal Navy’s future expeditionary and hybrid warfare model.

Contact the author: thomas@thewarzone.com

Ukraine claims that 28 Russian vessels were hit by aerial drones in the Sea of Azov on Saturday. The strikes are the latest in a campaign that Ukrainian authorities assert has resulted in nearly 80 Russian vessels, mostly so-called shadow fleet oil tankers, being attacked in that body of water on a daily basis since July 6. 

As a result of these attacks, “Russia temporarily stopped shipping through the Don-Azov Channel, a navigable waterway linking the Don ​River with the Sea of Azov,” Reuters reported, citing three grain export industry sources.

The move came after 13 Russian vessels, including 10 tankers, were attacked in this body of water on Friday. Market analysts noted to Reuters that about 25% of wheat exports from Russia, the world’s largest exporter ​of the grain, pass through the Sea of Azov.

The Sea of Azov campaign is part of much wider Ukrainian efforts to isolate the Crimean peninsula as well as strike at Russia’s energy infrastructure to damage its economy and reduce its ability to wage war. As we have previously reported, these attacks are inflicting pain on Russian forces in Crimea. Also often striking very deep into Russia, they are also having a devastating effect on fuel supplies across the country. In addition, the attacks are helping to halt Moscow’s gains and pave the way for Ukrainian advances.

“Overnight on 11 July, the Birds of the Unmanned Systems Forces hit 21 tankers, 4 tugs, 2 cargo vessels, and 1 special-purpose vessel in the Sea of Azov,” Ukraine’s 414th Separate Unmanned Strike Aviation System Brigade, known as “Magyar’s Birds,” stated on X. The cutting-edge unit is named for Ukraine’s drone force commander Robert Brovdi, also known as Magyar. 

In addition to striking the ships, Magyar’s Birds claimed to also have hit “53 legitimate military targets were engaged deep inside the enemy’s rear in Crimea and the southern part of the temporarily occupied territories, including fleet assets and energy infrastructure. Operation ‘Crimean Switch Off’ has no end date.”

The shadow tanker fleet was engaged by drone pilots from a wide array of units, the brigade added. 

“The technological humiliation of the empire continues,” Magyar’s Birds proclaimed. “It will fall because of Crimea.”

TWZ cannot independently verify the claims; however, many videos have emerged on social media purporting to show the results of these attacks. Magyar’s Birds has released six compilations of them. 

The brigade began releasing videos of these strikes on July 6. This first one shows two ships being hit in a compilation of videos showing strikes on targets mostly on Crimea. The targets included S-400 air defense systems, radars and an oil depot.

The next day, July 7, Magyar’s Birds released a video that opened with a wide view of almost two dozen tankers lined up in the Sea of Azov. The video then cuts to show several of those vessels being struck and burning. The unit claimed eight tankers, a cargo ship and a ferry were hit.

On July 8, Magyar’s Birds claimed nine more Russian tankers were attacked.

Magyar’s Birds released another video on July 9 claiming 14 Russian ships were hit overnight.

Friday, July 10, Magyar’s Birds claimed strikes on 10 tankers, a cargo vessel, a ferry and a sea tug.

In addition to the videos released by the unit, others emerged on social media showing the aftermath of these attacks.

❗️Consequences of the 🇺🇦Ukrainian drone strike on the 🇷🇺Russian dry cargo ship FAVORI (Volgo-Don type, Project 1565A) in the Sea of Azov pic.twitter.com/MCfwC5fmPa

— 🪖MilitaryNewsUA🇺🇦 (@front_ukrainian) July 10, 2026

Footage shows Ukrainian Armed Forces drones attacking tankers belonging to the Russian shadow fleet in the Sea of ​​Azov.
In the last four days alone, the Ukrainians have damaged or destroyed 49 Russian vessels. pic.twitter.com/Ejv7aPv9JS

— Jürgen Nauditt 🇩🇪🇺🇦 (@jurgen_nauditt) July 10, 2026

Magyar’s Birds doesn’t name the types of drones being used, but the video displays show they are from Fire Point, which makes several kamikaze drones as well as the FP-5 Flamingo cruise missile.

Roy Gardiner, a former Canadian military officer who is part of the Defense Tech For Ukraine collective and is an expert on Ukrainian drone warfare, surmised that the attacks are by the FP-2 drone.

FP-1 and FP-2 – Drones that inflict pain on the Russian rear! | Weapons with @StarskyUA

“It’s the only UAV available in large numbers and with the range to carry that much explosive, other than the long-range AN-196 Liutyi, which is a lot more expensive and illogical to use for this mission,” Gardiner, who uses the @GrandpaRoy2 handle on X, told us.

Ukrainian UAVs have struck about 175,000 tons of shipping in the Sea of Azov over the last few days — these are World War II numbers. https://t.co/P4IEJb77M0

— Roy🇨🇦 (@GrandpaRoy2) July 10, 2026

Fire Point co-owner Denis Shtilerman recently told the TSN media outlet that the company has increased the warhead of its FP-2 strike drones to 200 kilograms. A change in the wing design enabled the drone to achieve a flight range of up to 370 kilometers with those warheads, he claimed.

УКРАЇНСЬКІ ДРОНИ СТАЛИ НОСІЯМИ РАКЕТ! Деталі від українських розробників / ТСН.Тиждень

That range gives Ukrainian forces fire control over virtually all of the Sea of Azov, a body of water north of the Black Sea. The videos indicate this is made possible by high-speed satellite data links allowing for man-in-the-loop operations at great distances. This has enabled Ukraine’s sea drones since their arrival but the miniaturization of the technology has now allowed for large-scale use on one-way attack munitions. 

In addition to the aerial drones striking these tankers, Ukraine’s SBU state security bureau used Sea Baby sea drones to attack a Russian tanker in the Black Sea on June 8. As we have frequently reported, Ukraine’s naval campaign has focused overwhelmingly on the Russian Black Sea Fleet. Many successful attacks have been recorded against Black Sea Fleet vessels and facilities, forcing the general evacuation of Russian naval assets from occupied Crimea and to bases in Russia proper.

The Sea of Azov campaign has some Russian milbloggers chiding Moscow for not doing enough to protect these tankers.

“The ‘Military Informant’ Telegram channel complained that the defenseless manner in which the tankers had travelled had become in effect a shooting gallery for Ukrainian drone operators, with no cover from a Black Sea Fleet, which could nowadays barely defend itself,” the BBC recently noted.

The Kremlin is certainly paying attention to Ukraine’s targeting of refineries, oil depots, ports, ships and other energy infrastructure.

Russian nationalist and Z-blogger Vitaly Voronov is disgusted that Ukrainian drones have reached Omsk, well to the east of the Urals in Siberia.

“Well, after Ukrainian drones started reaching Siberia and striking the Omsk oil refinery, I believe in Vladimir Putin even more.
1/ https://t.co/sFA9sLevl9 pic.twitter.com/WvbccZppt9

— Roy🇨🇦 (@GrandpaRoy2) July 8, 2026

Russian President Vladimir Putin “is concerned enough to address the fuel shortage publicly on state TV, insisting the Ukrainian attacks are ‘obviously creating problems’ but insisting ‘it’s not critical,’” BBC explained.

There’s good reason for Putin to be concerned.

“Russian gasoline output fell to a level equivalent to only around 65% of the ​seasonal average consumption after Ukrainian drone attacks led to stoppages at large oil refineries,” Reuters reported on Friday, citing “two industry sources ‌and Reuters calculations.”

As a result of the Ukrainian attacks, Russia – long a major oil exporter – is now turning to imports to cover the gap and meet the demands.

“Supplies of gasoline and diesel from Belarus to Russia hit a monthly record in June, while industry sources said last week that Russia had ‌started ⁠seaborne from India,” Reuters added. “Traders said that up to 6,000 tons of gasoline per day are delivered from neighboring Belarus to Russia. Stockpiles are also being tapped.”

Russia is also taking the drastic step of considering bans on exports of diesel, gasoline and jet fuel.

All this comes as both Ukraine and Russia are jockeying for territory and influence amid a slow-churning, on-again, off-again effort by President Donald Trump to end the conflict.

Ukraine’s success in targeting Russia’s energy infrastructure and isolating Crimea has likely had an effect on Trump, who has repeatedly changed his stance on which side he favors.

As we recently reported, Trump and Ukrainian President Volodymyr Zelensky had a remarkably warm bilateral meeting at the NATO Summit in Ankara, Turkey, earlier this week. So much so that the American leader promised his counterpart licenses to manufacture Patriot air defense system interceptors, something Zelensky has sought for years without success.

Ukraine continues to struggle badly to fend off Russian ballistic missile barrages and remains overmatched in terms of troops and equipment on the battlefield, where fighting has ground to a virtual standstill. Despite that, Kyiv is proving that asymmetric efforts like the Sea of Azov campaign are helping to offset Moscow’s advantages.

Contact the author: howard@twz.com

Meanwhile, a delegation from Qatar travelled to Iran on Friday for talks aimed at defusing tensions and easing navigation through the Strait of Hormuz – the vital waterway where some 20% of the world’s oil and liquefied natural gas passes.

Trump wrote in a post on Truth Social earlier on Friday: “The Islamic Republic of Iran has asked us to continue ‘talks.’

“We have agreed to do so, but the United States has stated to them, in no uncertain terms, that the Cease Fire is OVER!”

It is not clear when those talks will be held. Vice-President JD Vance, Secretary of State Marco Rubio, as well as special US envoys Steve Witkoff and Trump’s son-in-law Jared Kushner, are expected to oversee negotiations for the US.

According to Iranian media, Araghchi is in Oman for talks with Omani officials.

A US official said American technical teams would not be present in Oman, but would be in touch with the Omanis and Qataris as developments occurred.

In the early hours of Saturday, Trump also responded to reports that Iran had plans to assassinate him.

The US would “completely decimate and destroy all areas” of the country in retaliation to such an attack, he said.

The Wall Street Journal and other US media reported this week that Israel had shared intelligence with Washington that Iran had recently devised a plan to assassinate the US president.

However, Trump denied that Tehran had made a fresh plan or that Israel was the source of any intelligence. He told the New York Post in an interview that he had been “No. 1 [on Iran’s kill list] for a long time”.

There were also open calls for Trump’s death at the funeral of Iran’s late Supreme leader Ayatollah Ali Khamenei, who was killed in an Israeli strike on his residence in Tehran on 28 February.

On Saturday, his son and successor, Mojtaba Khamenei, released a written message that said vengeance for his father’s killing was “inevitable”.

The “matter depends neither on my personal existence nor on that of other officials. Whether we are present or not, it will come to pass,” Khamenei said.

THE UK is getting hot again, and with the sunny weather what better way to keep yourself cool than by heading to a leisure centre.

And gone are the days where leisure centres just have big pools – there are now many across the UK that boast flumes, water coasters and sunken pirate ships.

What makes them even better? They don’t cost as much to visit as a waterpark.

Here are some of the best leisure centres across the UK:

Coral Reef Waterworld, Berkshire

Coral Reef Waterworld in Bracknell is home to a giant indoor pool with a pirate ship and flumes.

Unlike your usual leisure centre, Coral Reef Waterworld is one of the largest “interactive water worlds in England“.

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Slides include Aqua Splash, which is ideal for smaller children thanks to its gentler water.

Though if you do fancy something that is a little more thrilling, then head to Storm Chaser, which haschoppiery water and rocks riders from side to side.

Then there’s also Poseidon’s Peril, themed around the Greek God of the sea, where you hop into an inflatable, two-person raft and head down into a “super crater” with lots of flashing lights.

Adult tickets cost from £20.55 per person, kids’ tickets cost from £14.55.

LC Swansea

Over in Wales, you could head to the LC Swansea, which is a large indoor pool with a surf simulator and even a water coaster.

In addition to a large pool, families can relax on the lazy river or have a go on the slides.

Or if you want to have a go at something new, there is the Boardrider – a wave machine ideal for those wanting to learn to surf or bodyboard.

There’s also the MasterBlaster water coaster, where you ride on a rubber ring before being splashed into the pool.

There’s also a water-themed Climb and Play area with four storeys of obstacles.

Tickets start at £5.31 per adult or child for a General Splash session, with infant tickets for ages one to three starting at £2.97 each.

Water Meadows Complex, Nottinghamshire

Water Meadows Complex in Mansfield has its own pirate pool, alongside splash pads and flumes.

For little ones, there is the Clock Fun Pool, which is specifically designed for those aged under five.

The Pirate Pool is then suitable for all ages, but if you want more of a thrill there are a few different flumes to enjoy, including the Twister Flume, which stretches 50 metre, s and the Fast Drop Flume, which has a plunging drop.

Twice per hour you can also enjoy waves in the pool.

Tickets cost from £9.95 per person – but you’ll need to sign up to a pay as you go membership to book a session, which is free to do.

Guildford Spectrum, Surrey

In Guildford, you could head to the Guildford Spectrum, which reopens tomorrow after a refurb.

For adrenaline junkies, there are water slides as well as a wave machine.

The slides include Surf, which boasts three lanes and is ideal for competitive families or even siblings.

But little ones can enjoy the splash area with tipping buckets, spinning wheels and water sprayers.

One of the newer features at the attraction is a new inflatable obstacle course.

Tickets cost from £13.13 per adult and £10.50 per child.

Waterfront Leisure Centre, London

If you are in the capital, make sure to visit Waterfront Leisure Centre in Woolwich.

Inside you’ll find a 65 metre snake slide, lazy river and can enjoy ‘Wet and Wild’ sessions.

Toddlers can enjoy the training pool and splash zone as well.

Or for adults who want to chill out, there is also a hot tub.

Tickets cost from £9.70 per adult and £7.05 per child.

The Pavilion, London

Also in London, but this time in Bromley, you could drop into The Pavilion, which boasts a wave machine with a gradual entry pool, ideal for all age groups.

In addition to the large wave pool, there is a toddler splash area with shallow water, ideal for those getting confident in the water.

On some days, there is also a large inflatable obstacle course on the water.

Adult tickets cost from £9.55 per person and kids’ tickets cost from £6.85 per person.

Lagoon Leisure Centre, Scotland

If you are based in Scotland, you can visit the Lagoon Leisure Centre in Paisley.

For small kids, there is even a beach-style walk-in teaching pool.

As for the main pool, every so often a wave machine will be turned on.

You’ll also find a flume at the leisure centre.

Tickets cost from £5.65 per adult and £2.80 per child.

Waves Leisure Pool, Devon

Down in the southern county of Devon, you could drop by Waves Leisure Pool in Torquay, with a wave machine, flume and inflatable obstacle course.

Having grown up nearby, Travel Reporter Cyann Fielding said: “Growing up, my parents would often take me to the Waves Leisure Pool on the English Riviera.

“Set not too far from the beach, it was the ideal day out.

“Every half-an-hour the waves will run and depending where you are in the pool, they range from a gentle bob to waves that throw you up in the air.

“It is heated to 29C year-round and has a sloped entry floor so is ideal for little ones too.

“The waterslide adds some fun, with many twists and turns and for toddlers, there is a splash area with enough to keep them occupied for hours on end.”

Tickets cost from £7.40 per adult and £6.10 per child.

London Aquatics Centre

In Stratford you could head to the London Aquatics Centre and while the venue doesn’t boast flumes, it does have an inflatable course with climbing walls and slides.

You can even opt to do an inflatable disco session with giant floats on the water as well.

These sessions cost from £10.50 per adult and £7.35 per child.

Military command issues threat a day after Qatari mediators hailed ‘positive progress’ in indirect US-Iranian talks.

Iran’s military command has threatened ships that attempt to cross the Strait of Hormuz using unapproved routes with a “forceful response,” casting new doubt over trade flows in the critical conduit for global energy supplies.

Iran’s Khatam al-Anbiya Central Headquarters issued the threat on Thursday, a day after Qatari mediators hailed indirect negotiations between US and Iranian officials as making “positive progress” towards a peace deal.

“Any failure to comply with and depart from the designated route or disregard for the navigation protocols of the Islamic Republic of Iran in the Strait of Hormuz will be met with an immediate and forceful response from the armed forces, and will endanger the security of the offending vessels,” the military command said in a statement carried by the country’s semi-official Tasnim news agency.

While Tehran did not specify what prompted the warning, it came after US Central Command (CENTCOM) on Wednesday said it had presided over a security dialogue in Bahrain during which regional leaders expressed their commitment to the “free flow of commerce” in the strait.

Iranian Deputy Minister of Foreign Affairs Kazem Gharibabadi hit out at CENTCOM’s statement on Thursday, saying the forum “cannot establish legal order and security for the Persian Gulf”.

“The region’s security will be ensured through the end of interventions and the US withdrawal from the area, respect for countries’ sovereignty, and acceptance of new geopolitical realities – not under the military umbrella of America,” Gharibabadi said in a post on X.

The Strait of Hormuz, which facilitated about one-fifth of the global trade in oil and liquefied natural gas before the US-Israel war on Iran began in late February, has become a major sticking point in Washington and Tehran’s talks aimed at turning their fragile ceasefire into a lasting peace.

While Iran agreed to make its “best efforts” to arrange the safe passage of ships in the strait in the memorandum of understanding it signed with the US on June 17, Tehran has repeatedly threatened to attack ships that do not use its preferred route close to the Iranian shoreline.

At least 49 attacks on commercial vessels have been recorded in the strait since the start of the war on February 28, according to MarineTraffic.

Most of those incidents, including drone attacks on a Singapore-flagged cargo ship and Panama-flagged merchant vessel on Thursday and Saturday, respectively, have been blamed on Tehran.

While transits through the waterway have risen since US President Donald Trump and Iranian President Masoud Pezeshkian signed their MoU on June 17, they remain far below the roughly 130 daily crossings that took place before the conflict.

At least 45 vessels crossed the strait on Wednesday, up from 34 on Tuesday, according to MarineTraffic data.

After dropping to pre-war levels on Thursday on reports of productive talks in Doha, oil prices largely held steady as markets opened in Asia on Friday.

Brent futures for August delivery stood at $72.07 per barrel as of 02:30 GMT, after dropping below $71 for the first time since the war the previous day.

June 26 (UPI) — President Donald Trump said Friday that Iran has attacked ships in the Strait of Hormuz and that it’s a violation of the cease-fire between the United States and Iran.

A cargo ship in the strait was attacked Thursday, but it’s unclear if this is the attack about which the president was speaking.

“The Islamic Republic of Iran shot at least four One Way Attack Drones at Ships transversing the Strait of Hormuz. One of the Drones solidly hit the upper deck of a large and very expensive Cargo Carrying Ship. Damage was done, but the Ship was able to proceed on its way. We knocked down three other Drones. Obviously, this is a foolish violation of our Ceasefire Agreement. President DONALD J. TRUMP,” the post on Truth Social said.

Trump did not address the negotiations with Iran.

Iranian Deputy Foreign Minister Kazem Gharibabadi posted a statement on X Friday emphasizing Iran’s control of the strait.

“Safe passage through the Strait of Hormuz, with ambiguous arrangements, parallel routes, or decision-making outside of Iran’s considerations as the coastal state, cannot be guaranteed. Any credible framework must be based on coordination with Iran and the provisions of paragraph five of the Islamabad Memorandum of Understanding. Otherwise, the outcome will be the suspension of the designated parallel route,” the post said.

The memorandum of understanding that Trump and Iran’s president signed on June 17 established the cease-fire and opened passage through the strait. In the fifth paragraph, it said Iran will use its “best efforts” to ensure the safe passage of commercial vessels with no charge for 60 days, The Hill reported.

On Thursday, the United States issued a joint statement with the Gulf Cooperation Council saying that “free, unconditional, and unrestricted navigation” through the strait is guaranteed under international law.

“The Ministers rejected any tolls, fees, or attempts to assert control over the strait,” the statement said. The council includes Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates.

The U.N. International Maritime Organization (IMO) paused its plan to evacuate hundreds of ships stuck in the Persian Gulf after a vessel was attacked in the Strait of Hormuz on Thursday. A U.S. official told us the attack was carried out by an Iranian drone, which was confirmed by Iranian officials.

The evacuation plan, which IMO developed with Oman, was designed to provide safe passage to vessels in the Persian Gulf that are still unable to transit the Strait, which has been largely closed since Iran was attacked by the U.S. and Israel. The announcement came as traffic was beginning to move through the Strait again amid ongoing, albeit tense peace talks between the U.S. and Iran. However, these transits represent a tiny fraction of what took place before the war.

The IMO decision today also came after a warning earlier on Thursday by the Islamic Revolutionary Guard Corps Navy (IRGC-N) that safe passage through the Strait was limited to routes designated by Tehran and that other routes were “unacceptable and completely dangerous,” according to The Washington Post. The publication cited Iranian state-run media. The IRGC-N also claimed it turned back several ships trying to transit the Strait through the southern route suggested by IMO. There is also a northern route, near the Iranian coastline while concerns remain about mines in the main route, down the middle of the Strait.

IMO said it is pausing its evacuation plan even though the ship that was attacked was not taking part in that nascent effort.

“Following the launch of the IMO’s evacuation plan, through which several vessels have already been successfully evacuated, I have decided to temporarily pause its implementation in order to reconfirm that the necessary safety guarantees continue to be in place for the ships on our evacuation list and all those in the region,” IMO Secretary-General Mr. Arsenio Dominguez said in a statement. “I have been informed of an attack today in the Gulf of Oman on a vessel which passed through the Strait of Hormuz. This vessel did not transit under IMO’s evacuation framework. I have always reiterated that the safety of the seafarers remains paramount. Therefore, to ensure a coordinated approach and navigational safety, the evacuation plan will be paused until further clarity is obtained.”

“Today marks the Day of the Seafarer, underlining the importance of ensuring that the continued evacuation of the thousands of seafarers stranded in the Persian Gulf can proceed without the risk of them becoming collateral victims in this geopolitical conflict,” Dominguez added.

A maritime security official told us the ship that was attacked was the Ever Lovely, a Singapore-flagged cargo ship, according to MarineTraffic. The incident occurred about 7.5 nautical miles southeast of Dahit, Oman, according to the United Kingdom Maritime Trade Operations (UKMTO) center.

“A cargo vessel has been hit on the starboard side by an unknown projectile, causing damage to the bridge,” UKMTO stated on X. “Master has reported no casualties and no environmental impact. Authorities are investigating. Vessels are advised to transit with caution and report any suspicious activity to UKMTO.”

Iran’s Islamic Revolutionary Guard Corps (IRGC) has warned commercial vessels to only use routes through the Strait of Hormuz approved by Tehran, reopening a point of friction in fragile negotiations between the United States and Iran over the future of the strategic waterway.

The warning came after Oman announced a new shipping transit route through the strait on Wednesday, saying it had coordinated the route with the International Maritime Organization (IMO) as maritime traffic slowly resumes following weeks of disruption.

The dispute remains one of the unresolved issues after a memorandum of understanding (MoU) was signed by the United States and Iran last week, which largely halted hostilities in the four-month US-Israel war on Iran and which launched a 60-day negotiation process aimed at reaching a broader peace agreement.

The MoU, which includes the reopening of the strait, followed months of severe disruption to shipping after Iran effectively closed it, and the US imposed a corresponding naval blockade on Iranian ports.

Both Washington and Tehran have declared the strait open to commercial shipping, but questions remain over whether Iran will seek greater control over vessel movements, whether it will impose transit or service fees on ships using the strait following the 60-day negotiating period, and whether disagreements over the waterway could derail efforts to reach a permanent agreement altogether.

Why is the Strait of Hormuz so important?

The Strait of Hormuz is one of the world’s most strategically significant waterways, with around one-fifth of global oil and liquefied natural gas (LNG) supplies normally being shipped through the narrow passage linking the Gulf to the Arabian Sea.

Bordered by Iran to the north and Oman and the United Arab Emirates (UAE) to the south, the strait is only about 50km (31 miles) wide at its entrance and exit, narrowing to about 33km (21 miles) at its tightest point. Despite its width, it is deep enough to accommodate the world’s largest oil tankers.

According to the US Energy Information Administration, about 20 million barrels of oil and petroleum products transited the strait each day in 2025, representing hundreds of billions of dollars in annual energy trade.

The route is used not only by Iran but also by Iraq, Kuwait, Qatar, Saudi Arabia and the UAE. It is also vital for global fertiliser exports, with roughly one-third of international fertiliser trade normally passing through the strait.

Because disruptions to shipping there rapidly push up global energy prices and destabilise US markets, control of the waterway has become one of Iran’s strongest sources of strategic leverage in its conflict with the US.

Why is Iran objecting to Oman’s new route?

The IRGC says Oman and the IMO announced the new shipping corridor without consulting Tehran. “Certain authorities have announced a new shipping route through the Strait of Hormuz without prior notification to or coordination with the Islamic Republic of Iran. The proposed route is unacceptable and poses serious safety risks,” the force said.

“The only authorised transit routes through the Strait of Hormuz are those designated by the Islamic Republic of Iran,” it said, adding that ships must maintain contact with the IRGC Navy while transiting the waterway.

Iran first issued its own map of acceptable routes through the strait in April, showing that ships should pass much closer to the Iranian coast than they had previously.

The IRGC’s warning came after a Liberian oil tanker passed through the strait on Thursday using a route much closer to Oman’s coastline.

Al Jazeera’s Resul Serdar, reporting from Tehran, said the IRGC appeared frustrated because the Omani route partially bypasses Iran’s direct control over shipping.

“The control of the Strait of Hormuz has been a huge leverage for Iran to put pressure on its adversaries and the global economy since the beginning of the war,” Serdar said.

Oman defended the corridor route it had announced, saying it was intended to restore safe navigation while complying with international law. Foreign Minister Badr Albusaidi said Oman remained committed to ensuring freedom of navigation through the waterway and stressed that “future arrangements related to the strait do not involve imposing any transit fees”.

What does the US-Iran agreement say about the strait?

In the MoU signed last week, Iran agreed that it would “make arrangements using its best efforts for the safe passage of commercial vessels with no charge, for 60 days only, from the Persian Gulf to the Sea of Oman and vice versa”.

While the agreement states that “the traffic of commercial vessels will immediately start”, it also acknowledges that demining operations will be required before normal shipping routes can fully resume, stating that “demining by the Islamic Republic of Iran will be instated within 30 days”. It also provides for discussions between Iran, Oman and other Gulf states on future arrangements for managing the waterway.

However, the memorandum does not specify what will happen after the initial 60-day period. Ali Vaez, Iran project director at the International Crisis Group, said the temporary rerouting of vessels had always been expected because of the mine-clearing operations outlined in the agreement.

“We always knew that if there was a deal, there would be several weeks of mine-clearing operations in the international shipping lane running through the middle of the Strait of Hormuz,” he said.

“During that period, vessels would have to transit through Iranian and Omani territorial waters instead.”

However, Vaez said the latest announcement by Iran was unexpected. “The important thing now is that the Iranians do not start taking fees or other tolls,” he said, “because that is not provided for in the memorandum of understanding.”

Asked whether the IRGC’s position differed from that of Iran’s government, Vaez said: “There is no distinction between the IRGC and the state. They are effectively one and the same. The IRGC is calling the shots.”

Can Iran charge ships fees?

International law generally protects the right of transit through international straits, including Hormuz, making it difficult for coastal states to impose unilateral transit fees on vessels simply passing through international shipping lanes, even where they are within territorial waters.

Last week, Iran announced it would waive planned fees through the strait for 60 days while talks with the US continue in Switzerland, suggesting charges may be introduced once the negotiating period expires.

Iran’s chief negotiator, Mohammad Bagher Ghalibaf, has signalled that Tehran views the post-war arrangement as fundamentally different from the status quo that existed before the conflict.

“Hormuz will never return” to its prewar status, Ghalibaf said.

The suggestion that Iran could charge fees was dismissed by US Secretary of State Marco Rubio this week. Speaking at the start of a regional tour in the United Arab Emirates, he said: “It’s an international waterway. No country is allowed to charge tolls or fees on an international waterway.”

Rubio added that he believed “all the countries in this region would agree”.

Speaking in Manama, Bahrain, after meeting with the Gulf Cooperation Council (GCC) – a bloc comprising Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the UAE – on Thursday, Rubio also told reporters: “Iranians are saying one thing, but then something else is actually happening.

“It’s now obvious to us that … the Iranian system is going to produce all sorts of maximalist rhetoric. What we’re interested in is not their press conferences. What we’re interested in is whether or not ships are moving. If ships are moving as they should be moving, then that’s what we’re going to judge.

“If, on the other hand, this rhetoric is backed up by actual ships being threatened and ships are not moving, then that’s a violation of the agreement, and we’re going to have a problem with it.”

Rubio claimed there is no regional support for Iranian transit fees, saying, “There is zero support among Gulf countries for any sort of toll or fees charged for the use of international waters … that isn’t going to happen.”

His comments came after UAE presidential adviser Anwar Gargash said that new “geopolitical facts” could not be imposed on the Arab Gulf states as a result of what he described as the “treacherous aggression against them”.

Are ships returning – and which route are they taking?

Some commercial shipping through the strait has resumed, although traffic remains well below normal levels. Before the conflict, between 120 and 140 vessels typically transited the strait each day.

According to shipping analytics company Kpler, confirmed crossings rose to 70 vessels on Wednesday as demining progressed and more operators began using the Omani route.

“The US-Iran MoU framework and apparent lifting of the US blockade appear to have supported a short-term confidence boost, although IRGC warnings against use of the Omani route could create a new source of contention,” Kpler reported.

The company added that incomplete demining, continued “dark” routing by some vessels – when ships limit or switch off their tracking transponders – and unresolved questions over inspections, sanctions and future governance meant shipping had not yet returned to prewar conditions.

This comes as oil prices drop to the lowest level since before the Iran war, with Brent crude, the global benchmark, falling to a low of $72.24 a barrel on Thursday. This remains above the prewar price of $66, however.

The chart below shows how shipping through the strait before the war compares to its status in recent weeks:

Is a peace deal achievable?

The future administration of the Strait of Hormuz is only one of several issues still to be resolved before negotiators hope to reach a comprehensive agreement within 60 days, with another major sticking point being Iran’s nuclear programme.

International Atomic Energy Agency (IAEA) Director-General Rafael Grossi has said the agreement explicitly provides for international monitoring of Iran’s nuclear activities.

However, Kazem Gharibabadi, Iran’s deputy foreign minister for legal and international affairs, has said inspectors’ access to nuclear sites damaged during the conflict will only be considered as part of a final agreement.

Questions also remain over the fate of Iran’s enriched uranium stockpile, the sequencing of sanctions relief and the release of frozen Iranian assets, while regional tensions continue to pose additional risks.

Israeli forces remain deployed in parts of southern Lebanon occupied during the conflict, according to a Lebanese military source, while Israeli strikes have continued, despite the MoU explicitly calling for “a permanent end to the war on all fronts, including Lebanon”.

Vaez said visible progress would be essential if negotiations are to survive, noting, “Both sides have to see progress, whether that’s greater access for UN nuclear inspectors, sanctions relief, or resolving the issue of Iran’s uranium stockpile.”

He cautioned against viewing the interim agreement as a series of smaller deals. “Nothing is agreed until everything is agreed,” Vaez said.

“They [the Iranians] are determined to reach a comprehensive agreement within 60 days. That’s a very ambitious timetable, but there has to be visible momentum or the process risks falling apart.”

However, Vaez said both Washington and Tehran have strong economic incentives to bring about a lasting peace. “The situation in the Strait had become one of mutually assured economic destruction,” he said.

“The United States was facing rising energy and oil prices ahead of the midterm elections … At the same time, Iran was already in a deep economic hole before this conflict began. The war only made that worse.

“It became a lose-lose dynamic, and both sides needed a way out.”

Oman and the U.N. International Maritime Organization (IMO) are sharpening up their plan to evacuate hundreds of ships still stuck in the Persian Gulf since Iran closed the Strait of Hormuz after being attacked by the U.S. and Israel on Feb. 28. The move comes as shipping traffic in this strategic chokepoint is increasing amid tense ongoing peace negotiations between the U.S. and Iran. However, there is still a very long way to go and many challenges, including the possible presence of mines, to overcome before transits reach pre-war levels.

“The Sultanate of Oman based on its responsibilities toward the Strait of Hormuz, and its importance to the global economy, and in accordance to its continued commitment to the international law and the law of the sea to ensure freedom of navigation in the strait without imposing any tolls, in line with the outcomes and efforts reached by the United States and Islamic Republic of Iran…has worked in coordination with the International Maritime Organization (IMO) to provide vessels with the option of a temporary maritime corridor defined by the coordinates announced by IMO and Omani authorities. Ships willing to transit must coordinate with IMO,” Oman’s Maritime Security Center stated Wednesday on X.

“This large-scale operation will be carried out in close cooperation with Iran, Oman, all other coastal States in the region, the United States and the maritime industry,” according to the IMO.

IMO on Wednesday issued additional guidance to what it is calling an “evacuation” plan and noted that there are two routes for ships transiting the Strait. The northern route, close to the Iranian shoreline, is controlled by the Islamic Republic of Iran while the southern route, along the Oman coastline, is coordinated with U.S. authorities.

The southern route is clear of mines and is the preferred route, according to the Joint Maritime Information Center.

Regardless of which route ships prefer, IMO is cautioning them to “remain in their current position and await further instructions.”

Vessels have to wait to “allow safe sequencing, avoid congestion, and mitigate risks related to mines and degraded navigation conditions,” IMO added. “Movements will only begin once vessels are contacted through the coordinated mechanism involving IMO, UKMTO, and MICA Center, followed by coastal State coordination.”

As for current mine clearance operations, CENTCOM would not offer details about how they are being carried out.

“I won’t go into specifics for operational security reasons,” Navy Capt. Tim Hawkins, CENTCOM’s spokesman, told us Wednesday morning. “We’ve been at this for a number of weeks and we’re making progress, as demonstrated by the safe passage currently available to commercial vessels and enabling traffic flow to pick up.”

All this comes after tensions surrounding the Strait erupted again last week, with the Islamic Revolutionary Guard Corps saying it was being closed again after Israeli attacks on Lebanon and CENTCOM maintaining it was open.

Trump on Wednesday took to Truth Social to dispel what he claims are inaccurate media accounts about the Strait.

“Iran has informed the U.S. that, despite troublemaking Fake News reporting to the contrary, there are ‘NO TOLLS, NO INSURANCE COSTS, & NO OTHER CHARGES OF ANY KIND BEING SOUGHT OR RECEIVED BY IRAN ON SHIPS TRAVELING THE STRAIT OF HORMUZ,’” Trump proclaimed. “If this is false information, negotiations would end, immediately!”

Trump: Iran has informed the U.S. that, despite troublemaking Fake News reporting to the contrary, there are “NO TOLLS, NO INSURANCE COSTS, & NO OTHER CHARGES OF ANY KIND BEING SOUGHT OR RECEIVED BY IRAN ON SHIPS TRAVELING THE STRAIT OF HORMUZ.” If this is false information,… pic.twitter.com/3bYur1t71o

— Polymarket Intel (@PolymarketIntel) June 24, 2026

TWZ cannot independently confirm any of these statements; however, ship tracking organizations on Wednesday say commercial vessels have been transiting the Strait at increasing rates, though far from what they were before the war.

“Vessel activity through the Strait of Hormuz has rebounded sharply across two consecutive weekends, pointing to a clear shift in traffic patterns through one of the world’s most critical maritime chokepoints,” the MarineTraffic website stated on X Wednesday. “According to #MarineTraffic data and Kpler data, confirmed crossings rose from 32 vessels between 12–14 June to 93 vessels between 19–21 June, an increase of 61 crossings week-on-week.”

The biggest change came on Saturday, MarineTraffic noted, “when crossings jumped from 3 to 42 compared with the previous weekend. The recovery has been supported by recent diplomatic developments and a temporary OFAC general license, which has helped ease immediate compliance uncertainty around approved Hormuz transits until 21 August.”

When it comes to oil, at least 20 tankers carrying 35 million barrels have exited the Persian Gulf through the Strait of Hormuz since the U.S. and Iran agreed to open the sea lane, according to data provided by Kpler.

Strait of Hormuz traffic remains active, but recovery stays cautious

Confirmed vessel activity through the Strait of Hormuz remained steady on 23 June, with 31 verified crossings recorded across commercial and energy-linked vessels. According to #MarineTraffic data, west-to-east… pic.twitter.com/dz3o9OWRJx

— MarineTraffic (@MarineTraffic) June 24, 2026

Still, two major shipping companies we spoke with remain cautious about transiting the Strait.

Maersk referred us to a statement they gave TWZ last week saying that the announcement about the U.S.-Iran Memorandum of Understanding “is a welcome and positive development, but publicly available details are still limited, and it is too early to assess how it will impact logistics and maritime operations in the Middle East. At this stage, there are no changes to our operations in the region.”

On Wednesday, a company spokesman told us Maersk still has five ships stuck in the Persian Gulf.

Hapag-Lloyd is also taking a wait-and-see attitude.

“Our vessels are ready for a transit, but we will only sail through the Strait of Hormuz when it is safe to do so,” a company spokesperson told us, declining to say how many ships it still has in the Gulf.

Meanwhile, the Royal Navy’s RFA Lyme Bay and two German warships have transited the Red Sea in case they are needed to help remove mines from the Strait of Hormuz. The Lyme Bay, “now configured as an Afloat Forward Support Base for mine countermeasures, transited the Suez Canal on 19th June and then passed south through the Red Sea,” the Royal Navy (RN) noted. 

The ship carries uncrewed surface vessels (USVs) with towed sonar arrays and AI automatic target recognition that can “filter and refine vast amounts of data allowing operators to speed up the process of classifying and neutralizing mines,” according to the RN.

Lyme Bay also has “Video Ray Defender-Viper portable mine disposal submersibles, capable of locating, identifying and destroying mines.”

There are also mine warfare, diving and explosive ordnance disposal specialists on board to assist the mine clearance mission.

Lyme Bay was accompanied by the German command and support ship FGS Mosel and minehunter FGS Fulda.

However, those vessels “detached from the task group on 23 June to head for Djibouti for resupply and further preparation,” according to Navy Lookout, an independent publication focusing on the Royal Navy. “They currently operate under the European Union mission Operation Aspides, which has the sole aim of defending merchant shipping against Houthi attacks in the Red Sea.”

We have reached out to the German Bundeswehr and Aspides for additional insights.

Amid the renewed flow of traffic through the Strait, oil prices have plummeted in recent days. As of Wednesday morning, Brent Crude was trading at just under $74 a barrel, according to OilPrice.com. That’s down from a high of more than $114 per barrel at the height of U.S.-Iran tensions in early May.

U.S. crude oil inventories fell by 6.1 million barrels last week, pushing stockpiles to 412.1 million barrels—7% below the five-year average. Despite the bullish draw, oil prices fell sharply as traders focused on easing Middle East supply risks. #Oil #CrudeOil #EIA…

— OilPrice.com (@OilandEnergy) June 24, 2026

How long oil prices continue to fall is an open question as the U.S. and Iran continue to express disagreements over the terms of a final Iran-U.S. peace deal following the MoU signed last week.

In addition to the aforementioned confusion over the status of the Strait, there is ongoing discord over whether Iran has agreed to allow inspection of its nuclear facilities. Trump and the International Atomic Energy Agency (IAEA) both say Iran has agreed to let inspectors in while the Iranians say that isn’t the case.

President Trump said Iran agreed that it will “never have a nuclear weapon” during his visit to a Pennsylvania’s Mack Truck facility on Tuesday. He also said “19 million barrels of oil flowed out of the Strait of Hormuz” on Monday, which he said is “the most oil in the history of… pic.twitter.com/ycsILtZRpq

— CBS News (@CBSNews) June 23, 2026

Meanwhile, both sides have issued bellicose threats against the other as the often acrimonious negotiations for what is essentially an extension of the ceasefire continue. 

As we have noted in the past, there is tremendous global and domestic pressure on Trump not to resume the war. The world economy is only beginning to recover from rising oil prices while Trump’s Republican party faces a midterm election in November made challenging by the unpopularity of this conflict. In addition, forces have now been deployed for many months and will have to be rotated out in the coming weeks.

Regardless, while getting vessels finally out of the Persian Gulf is still a priority, when robust two-way transits will return is still unclear, which will be critical to stabilizing the situation economically and geopolitically.

Contact the author: howard@twz.com

June 18 (UPI) — South Korea’s SK hynix said Thursday that the company has shipped samples of its next-generation high-bandwidth memory chips, or HBM4E, to major customers.

SK hynix provided samples of the 12-stack HBM4E, which it says shows improvements in both performance and power efficiency, on schedule, according to the tech giant.

The firm noted that the new product delivers a data-processing speed of up to 16Gbps per pin while enhancing power efficiency by more than 20% compared with previous-generation models.

The corporation stated that the HBM4E features an upgraded interface and optimized architecture, which reduce data-transfer latency while ensuring reliable performance in high-bandwidth environments.

SK hynix expected the improvements to enable clients to process data more efficiently in AI data centers and large-scale computing systems.

Amid the AI boom, high-bandwidth memory, or HBM, has emerged as one of the most sought-after semiconductor products. SK hynix and its local rival, Samsung Electronics, are global leaders in the HBM supply chain.

“SK hynix has laid the foundation to strengthen its AI leadership with HBM4E based on its market-leading technological capabilities and manufacturing expertise,” SK hynix Chief Development Officer Ahn Hyun said in a statement.

“Through close collaboration with our partners, we will deliver the value needed in the market while reinforcing our technology leadership as a full-stack AI memory creator,” he added.

DEVELOPING STORYDEVELOPING STORY,

Explosions hit Qeshm Island, ports along Strait of Hormuz after Trump threatens to hit Iran ‘very hard’.

The United States has launched fresh strikes against “multiple targets” in Iran at President Donald Trump’s direction, in a fresh escalation that prompted Tehran to declare the Strait of Hormuz closed to “all types of vessels”.

The US military said the strikes late on Wednesday were “in response to Iran’s unwarranted and continued aggression”, as Iranian state media reported explosions on Qeshm Island and in the cities of Bandar Abbas and Sirik along the Strait of Hormuz.

Blasts also hit the southern city of Kargan, wounding at least two people.

Iran’s Islamic Revolutionary Guard Corps accused the US of “repeated violations” of their April ceasefire, and said the Strait of Hormuz was “closed until further notice”.

It said all traffic in the vital waterway, including oil tankers and commercial vessels, would be affected, and firmly rejected the US’s previous claims that it had helped ships pass through the strait.

The IRGC subsequently added that “two oil tankers attempting to illegally pass through the strait were hit”.

The escalation comes a day after the US and Iran exchanged tit-for-tat strikes over the downing of a US Apache helicopter in the Strait of Hormuz.

Earlier, Trump said the US would hit Iran “very hard”.

“We’ll see what happens with the deal. We were really close to a deal. But they keep stringing us along. They keep playing us for suckers because you know what? They dealt with some very stupid presidents. I have to say that I’m embarrassed to say it,” he told reporters at the White House.

Iran’s President Masoud Pezeshkian slammed Trump’s threat in a post on X.

“Critical infrastructures are the lifeblood of the people. Threats to target them – from transportation networks to the electricity and water industries – are not a show of strength but a sign of desperation in the face of a nation’s will,” he wrote.

“Iran, relying on the knowledge and capabilities of its specialists, national unity, and solidarity, will stand firm against any pressure or threat,” he added.

May 29 (Asia Today) — Samsung Electronics said Friday it shipped samples of its seventh-generation high-bandwidth memory chip, HBM4E, for the first time, demonstrating its competitiveness in advanced semiconductor technology.

The shipment came three months after Samsung began mass shipments of HBM4 in February, raising expectations that the company could expand its share of the HBM market.

Samsung said it supplied 12-layer HBM4E samples to global customers. The company did not identify the customers, but industry officials said the samples were likely supplied to Nvidia, a major buyer of AI chips.

Samsung said the HBM4E shipment goes beyond an expansion of its product lineup and could strengthen the company’s supply capacity and technological edge in the global AI infrastructure market, which is expected to grow rapidly for years.

Samsung said HBM4E operates at 14 gigabits per second to 16 gigabits per second per pin, more than 20% faster than the previous generation. It provides bandwidth of 3.6 terabytes per second in a single stack, improving computing speed for large language models and next-generation AI systems.

The 12-layer HBM4E offers 48 gigabytes of capacity, more than 30% higher than the previous generation. Samsung said it plans to expand the lineup to 32 gigabytes, or eight layers, and 64 gigabytes, or 16 layers, to meet different customer service environments.

The new HBM4E uses Samsung’s 1c DRAM, a sixth-generation 10-nanometer-class DRAM process, and its own 4-nanometer foundry logic die. Samsung said the combination improves process stability, yield and mass production capability.

The company also said low-power design and packaging optimization improved energy efficiency by 16% and thermal resistance characteristics by more than 14% compared with the previous generation.

Samsung’s position in the HBM market is expected to strengthen because the company appears to have moved ahead of competitors in shipping samples. Earlier sample shipments could help Samsung secure customer volume in the next-generation AI memory market.

Samsung ranked second in the global HBM market with a 22% share in the fourth quarter of last year, behind SK hynix, which held 57%, according to Counterpoint Research. Samsung’s share was down sharply from 40% a year earlier, but analysts say its HBM4 mass shipment this year could help it recover.

Global customers have given positive reviews of Samsung’s HBM4 in speed, power efficiency and overall performance, industry officials said. Samsung’s HBM4 received the highest rating in a system-in-package test in December after demonstrating an industry-leading speed of 11.7 gigabits per second.

Analysts say HBM4E could move into mass production quickly because Samsung is already mass-producing HBM4 using the same combination of 1c DRAM and a 4-nanometer base die.

Market watchers also remain optimistic about Samsung’s HBM business.

“The memory market in 2027 is expected to face a deeper supply shortage, and price increases are also likely to gain momentum,” said Kim Dong-won, an analyst at KB Securities. “HBM prices are expected to rise more than 50% from a year earlier as negotiations reflect the narrowing margin gap with general-purpose DRAM.”

Hwang Sang-joon, executive vice president and head of memory development at Samsung Electronics, said the company completed the HBM4E sample supply without disruption after successfully starting HBM4 mass shipments.

“This has clearly imprinted Samsung Electronics’ unmatched technology leadership in the market,” Hwang said. “We will continue to strongly lead growth in the global AI memory market based on overwhelming technology leadership and preemptive investment in production infrastructure.”

— Reported by Asia Today; translated by UPI

© Asia Today. Unauthorized reproduction or redistribution prohibited.

Original Korean report: https://www.asiatoday.co.kr/kn/view.php?key=20260529010008844

US-Iran ceasefire holds as Tehran warns Washington against attacks on tankers and Israel kills 24 people in Lebanon.

U.S. forces operating in the Gulf of Oman disabled an Iranian-flagged ship trying to run the ongoing blockade of Iranian ports by blasting its rudder with several rounds from the 20mm cannon of an F/A-18 Super Hornet , U.S. Central Command stated on X. The jet was launched from aircraft carrier USS Abraham Lincoln.

The incident occurred at 9 a.m. EDT, according to the command. It came as a new peace initiative between the U.S. and Iran is being floated and a day after President Trump paused the short-lived Project Freedom operation to protect commercial shipping trying to escape the Persian Gulf through the Strait of Hormuz.

CENTCOM forces “observed M/T Hasna as it transited international waters enroute to an Iranian port on the Gulf of Oman,” the command added. “American forces issued multiple warnings and informed the Iranian-flagged vessel it was in violation of the U.S. blockade.”

When it ignored the warnings, the Super Hornet opened fire. After being fired upon, the ship is no longer traveling to Iran, CENTCOM explained.

“The U.S. blockade against ships attempting to enter or depart Iranian ports remains in full effect,” the command continued. “CENTCOM forces continue to act deliberately and professionally to ensure compliance.”

The Hasna incident is the second known time the U.S. has fired on an Iranian-linked large commercial ship running the blockade. The Arleigh Burke class guided missile destroyer USS Spruance struck the Iranian cargo ship Touska on April 19th with its 5-inch MK 45 gun. The destroyer fired nine inert rounds into the cargo ship’s engine room after the vessel failed to comply with warnings while transiting the north Arabian Sea, Joint Chiefs Chairman Gen. Dan Caine said last month. The Super Hornet used its own method to disable but not sink the ship via taking out its rudder control.

You can see him explain the incident in the following video.

Meanwhile, a French-owned ship is “currently drifting without power” after being “struck by an Iranian drone” yesterday, a maritime security official told TWZ.

The container vessel, CMA CGM San Antonio, was damaged and eight people were injured in the attack, the U.N.’s International Maritime Organization (IMO) told us. The attack was reported about two hours before Trump paused Project Freedom, pending further negotiations with Iran.

A U.S. military official told us that it is “aware of the reports” about the attack on the San Antonio, but had no further details about how it happened.

“The transit in question was not coordinated” through Project Freedom, said the official, adding that the crew did not seek U.S. assistance.

Since the war began on Feb. 28, UKMTO “has received 46 reports of incidents affecting vessels operating in and around the Arabian Gulf, Strait of Hormuz (SOH), and Gulf of Oman,” the organization states. There were 26 reported ship attacks, including the San Antonio, 18 suspicious activity reports and two ships hijacked.

Vessel Attacked In Strait Of Hormuz As US Pauses Operation To Guide Ships | US Iran Update

In the wake of Trump’s decision to pause Project Freedom, the IMO and shipping companies say the short-lived effort did not changed the level of danger for ships trapped in the Persian Gulf.

“The situation remains the same,” IMO told us Wednesday morning. “IMO has been consistent in its messaging that the Strait of Hormuz is not safe at present for ships to transit, and ships should exercise maximum caution. Things have not materially changed over the past few weeks.”

“Our risk assessment goes on continuously and it is still valid, that the Strait of Hormuz remains closed for Hapag-Lloyd transits until further notice,” a spokesperson for the German shipping giant told us

“We don’t have a comment specifically addressing the decision to pause,” a spokesperson for Maersk told us. ”We are following the guidance of our security partners in the region, and it is currently recommended to avoid transiting the strait.”

A U.S. official declined comment on how the pause is affecting CENTCOM operations. However, “U.S. forces are currently focused on enforcing the U.S. naval blockade against Iran,” the official told us.

As we reported yesterday, Trump paused Project Freedom after little more than a day, pending negotiations with Iran. 

The move came after Iran fired on U.S. warships and commercial vessels being protected under Project Freedom.  Trump said he made that decision at the behest of Pakistan, which has been mediating peace talks. The president claimed the goal was to give Iran time to respond to U.S. proposals.

Given the circumstances, it seems probable that tactical considerations also drove this decision.

US president Donald Trump has said that the US military operation “Project Freedom” guiding ships through the Strait of Hormuz will be paused for a short period. He cited a request from Pakistan and progress towards a final deal with Iran.

U.S. Central Command said its new plan to protect commercial shipping in the Strait of Hormuz kicked off Monday with the safe passage of two U.S.-flagged merchant ships. Dubbed Project Freedom, the operation is designed to “restore freedom of navigation for commercial shipping” through this strategically vital body of water, the command stated on X. Iran closed the Strait after being attacked by the U.S. and Israel on Feb. 28. Meanwhile, Iran says this move will threaten the fragile ceasefire and that it will attack any ships transiting the Strait without permission.

“U.S. Navy guided-missile destroyers are currently operating in the Arabian Gulf after transiting the Strait of Hormuz in support of Project Freedom,” CENTCOM stated in a message posted on X Monday morning. “American forces are actively assisting efforts to restore transit for commercial shipping. As a first step, 2 U.S.-flagged merchant vessels have successfully transited through the Strait of Hormuz and are safely headed on their journey.”

CENTCOM didn’t say which ships transited the Strait and it is unclear if the Navy destroyers escorted them. We have reached out to CENTCOM for more details.

Project Freedom involves “guided-missile destroyers, over 100 land and sea-based aircraft, multi-domain unmanned platforms, and 15,000 service members,” CENTCOM said in a post on X Sunday.

“The mission, directed by the President, will support merchant vessels seeking to freely transit through the essential international trade corridor,” CENTCOM added. “A quarter of the world’s oil trade at sea and significant volumes of fuel and fertilizer products are transported through the strait.”

“Our support for this defensive mission is essential to regional security and the global economy as we also maintain the naval blockade,” said Adm. Brad Cooper, CENTCOM commander.

President Trump on Sunday framed Project Freedom as an effort to gets ships and crews out of the Strait. It is unclear if this operation will also protect ships trying to enter as well. It’s possible this could occur once CENTCOM evaluates the realities in the waterway as ships are evacuated. We will update this story with any additional details we learn.

As part of Project Freedom, vessels “choosing to transit the Strait of Hormuz should consider routing via Oman territorial waters south of the Traffic Separation Scheme,” U.S. Navy Central (NAVCENT) cautioned Monday morning. The Traffic Separation Scheme refers to new traffic patterns Iran set up for ships transiting the Strait through its territorial waters.

“Due to anticipated traffic volume, coordination with Oman authorities via VHF channel 16 is advised to maintain safety of navigation,” according to NAVCENT. “Transit via or in close proximity to the Traffic Separation Scheme should be considered extremely hazardous due the presence of mines that have not been fully surveyed and mitigated.”

Iran has placed an undetermined number of mines in the Strait since the war broke out, a U.S. official told us.

As we noted last week, the UK Maritime Trade Operations (UKMTO) group says strait transits have fallen by more than 90%, leaving 850 merchant ships and around 20,000 sailors trapped inside the Gulf and unable to leave. 

In reaction to Project Freedom and the new NAVCENT transit guidance, the Islamic Revolutionary Guard Corps (IRGC) on Monday warned that “maritime movements of vessels, contrary to the regulations declared by the Iranian Navy, would face serious risks, and that they would be stopped by force.”

The IRGC added that it maintains control over the Strait and that ships adhering to its rules will be safe. In addition, it called Project Freedom, as well as the ongoing U.S. naval blockade of Iranian ports, acts of “piracy.” IRGC also said that Project Freedom is in violation of the April 8 ceasefire agreed to by the U.S. and Iran.

In addition to the IRGC warning, Iranian media claimed that “two missiles struck a U.S. Navy patrol boat. This patrol boat, which today moved near Jask violating security and navigation rules intending to pass through the Strait of Hormuz, was targeted by a missile attack after ignoring the warning from the Islamic Republic of Iran Navy.”

The official Iranian FARS news agency added that the “patrol boat was unable to continue its route due to the hits and was forced to retreat and flee the area.”

Iranian media offered no proof of the attack. In a post on X, CENTCOM denied that claim.

“No U.S. Navy ships have been struck,” the command stated. “U.S. forces are supporting Project Freedom and enforcing the naval blockade on Iranian ports.”

🚫 CLAIM: Iranian state media claims that Iran’s Islamic Revolutionary Guard Corps hit a U.S. warship with two missiles.

✅ TRUTH: No U.S. Navy ships have been struck. U.S. forces are supporting Project Freedom and enforcing the naval blockade on Iranian ports. pic.twitter.com/VFxovxLU6G

— U.S. Central Command (@CENTCOM) May 4, 2026

However, the United Arab Emirates on Monday said that one of its oil tankers was attacked by two Iranian drones as it sailed through the Strait.

“The UAE condemns in the strongest terms the targeting of a national tanker affiliated with [Abu Dhabi National Oil Company] ADNOC while passing through the Strait of Hormuz,” the UAE Foreign Ministry stated on X, adding that there were no injuries in the attack.

The ministry did not say which ship was attacked or when. However, the United ​Kingdom ⁠Maritime Trade Operations (UKMTO) agency said it received a report of an incident on May 3 “78NM north of Fujairah, United Arab Emirates. A tanker has reported being hit by unknown projectiles. All crew reported safe. No environmental impact reported.”

Project Freedom and the new NAVCENT transit guidance were launched following a message U.S. President Donald Trump posted Sunday on his social media.

“Countries from all over the World, almost all of which are not involved in the Middle Eastern dispute going on so visibly, and violently, for all to see, have asked the United States if we could help free up their Ships, which are locked up in the Strait of Hormuz, on something which they have absolutely nothing to do with — They are merely neutral and innocent bystanders!” Trump proclaimed on Truth Social. “For the good of Iran, the Middle East, and the United States, we have told these Countries that we will guide their Ships safely out of these restricted Waterways, so that they can freely and ably get on with their business.”

The president added that Project Freedom is a humanitarian effort, conducted as the U.S. and Iran are working on ways to end the conflict.

“I am fully aware that my Representatives are having very positive discussions with the Country of Iran, and that these discussions could lead to something very positive for all,” Trump avowed. “The Ship movement is merely meant to free up people, companies, and Countries that have done absolutely nothing wrong — They are victims of circumstance. This is a Humanitarian gesture on behalf of the United States, Middle Eastern Countries but, in particular, the Country of Iran.”

Still, if Iran does not comply, Trump issued a warning to Tehran. 

“I think it would go a long way in showing Goodwill on behalf of all of those who have been fighting so strenuously over the last number of months,” the American leader posited. “If, in any way, this Humanitarian process is interfered with, that interference will, unfortunately, have to be dealt with forcefully.” 

Trump on Truth Social announces that “Project Freedom” will begin in the morning to get ships out of the Strait of Hormuz pic.twitter.com/a7ygbWUEFQ

— Ben Jacobs (@Bencjacobs) May 3, 2026

As Project Freedom kicks off, shipping companies are taking a wait-and-see attitude about its effectiveness.

“We of course welcome initiatives aimed at improving the security situation in principle,” a spokesperson for German shipping giant Hapag-Lloyd told us Monday morning. “However, we currently have too little information on how such an escort service could be safely implemented in practice, so we are maintaining our risk assessment. We have taken note of the latest announcement. We are currently reviewing the information available and are in close contact with relevant authorities and our security partners.”

“At this stage, our risk assessment remains unchanged and the Strait of Hormuz remains closed for Hapag-Lloyd transits until further notice,” the company added.

While CENTCOM says Project Freedom had a successful first encounter, there are still many questions to be answered about this operation. Despite Iranian bluster, it is unknown so far if its threats are just posturing for domestic consumption or if they will really fire on U.S. warships. Such a move would guarantee a ferocious U.S. response and an end, at least temporarily, to the ongoing moves to stop the now-paused war.

Update: 2:15 PM EDT –

Earlier today, U.S. Army AH-64 Apache and U.S. Navy MH-60 Seahawk helicopters destroyed six small Iranian boats that were threatening commercial ships in and around the Strait of Hormuz, according to Cooper. You can read more about that here.

Contact the author: howard@thewarzone.com

May 4 (UPI) — The Iranian military threatened Monday to attack U.S. forces if they attempt to implement U.S. President Donald Trump‘s “Project Freedom” to bring ships trapped in the Persian Gulf out through the Strait of Hormuz.

In a statement carried by state-run broadcaster IRIB, the commander of Khatam al-Anbiya Central Headquarters, the Iranian military’s central command, warned the Americans not to approach the strait and that no vessels would be permitted to transit safely without Iran’s permission.

The statement also appeared to threaten Iran’s neighbors in the Gulf and other allies of the United States.

“Do not approach the Strait of Hormuz. Any foreign armed force, especially the aggressive American army, will be attacked if they intend to approach and enter the Strait of Hormuz. Supporters of the evil America should be careful and not do anything that will lead to irreparable regret, because America’s aggressive action to disrupt the current situation will have no result other than complicating the situation and jeopardizing the security of vessels in this area,” said central command chief, Maj. Gen. Ali Abdullahi.

“In any circumstances, any safe passage through this strait will be carried out in coordination with the Armed Forces,” added Abdullahi.

The warning came hours after Trump announced plans to use U.S. military assets deployed in the region, including guided-missile destroyers, over 100 land and sea-based aircraft, multi-domain unmanned platforms and 15,000 marines, to “guide” ships and crews “safely out of the Strait.”

U.S. Central Command confirmed in a news release posted on X that the operation to restore freedom of navigation for all commercial shipping, with the exception of vessels servicing Iran, would get underway on Monday.

“The mission, directed by the president, will support merchant vessels seeking to freely transit through the essential international trade corridor. A quarter of the world’s oil trade at sea and significant volumes of fuel and fertilizer products are transported through the strait. Our support for this defensive mission is essential to regional security and the global economy as we also maintain the naval blockade,” said U.S. CENTCOM Commander Adm. Brad Cooper.

The developments came as two ships, an oil tanker and a bulk carrier, were attacked near the strait on Sunday.

However, it was unclear how effective the operation might be with Copenhagen-headquartered BIMCO, the world’s largest international shipping association, with more than 2,000 members across 130 countries, telling the BBC that while much depended on the “risk appetite” of individual ship owners, it couldn’t see how an evacuation could work without agreement from Iran.

As many as 20,000 merchant sailors are languishing aboard 2,000 commercial ships marooned in the Persian Gulf by Iran’s effective closure of the Hormuz Strait, according to the U.N.’s International Maritime Organization, which Friday adopted a resolution condemning attacks on shipping that “threaten the welfare of seafarers, represented a grave danger to life and posed a serious risk to the marine environment.”

Published on
04/05/2026 – 7:15 GMT+2

Crude prices were slightly lower ahead of European markets opening as traders digested comments from US President Donald Trump that Washington would help ships leave the Strait of Hormuz from today. Iran, however, has rejected the plan.

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At the time of writing, the price of a barrel of US benchmark crude (WTI) was down 0.28% to $101.65 a barrel, while Brent crude, the international standard, edged down 0.06% to $108.10 a barrel.

Much hinges now on progress towards ending the war with Iran and unlocking the bottleneck through the Strait of Hormuz.

The oil market “remains the fulcrum, with hundreds of tankers, bulk carriers, and cargo ships still stranded across the Gulf, idling as storage constraints force producers to shut … production simply because there is nowhere left to store it,” Stephen Innes of SPI Asset Management said in a commentary note.

Trump said what he called “Project Freedom” would begin Monday morning in the Middle East. The US Central Command said it would involve guided-missile destroyers, more than 100 aircraft and 15,000 service members, but the Pentagon did not immediately answer questions about how they would be deployed.

Asia-Pacific and US markets

In Asian share trading overnight, Hong Kong’s Hang Seng jumped 1.4% to 26,135.47. Markets in mainland China and Japan were closed for “Golden Week” holidays. In Australia, the S&P/ASX 200 slipped 0.3% to 8,704.70.

Strong buying of tech stocks pushed shares in South Korea sharply higher, as the Kospi gained 3.8%. Taiwan’s Taiex surged 4.2%.

On Friday, the S&P 500 climbed 0.3% to another all-time high of 7,230.12, closing out a fifth straight winning week. The Dow Jones Industrial Average dipped 0.3% to 49,499.27, and the Nasdaq composite added 0.9% to a record close of 25,114.44.

Apple led the way after delivering better profit than expected. Because it’s one of Wall Street’s biggest stocks in terms of overall size, its rally of 3.3% was by far the strongest force lifting the S&P 500.

Stock prices generally follow the path of corporate profits over the long term, and US companies have been exceeding expectations for earnings in the first three months of 2026. That’s even with the war with Iran and high oil prices souring confidence for many US households.

Strong earnings boost S&P 500

A little more than a quarter of the companies in the S&P 500 have reported already, and 84% of them have topped analysts’ estimates, according to FactSet. The index is on track to deliver roughly 15% growth in profit from a year earlier.

The main uncertainty for the global economy is where oil prices are heading because of the Iran war. Oil prices moved higher last week on worries that the war might keep the Strait of Hormuz closed for a long time, trapping oil tankers pent up in the Persian Gulf instead of delivering crude to customers worldwide.

Brent was selling for a little more than $70 per barrel before the war began, and soaring prices helped the two biggest U.S. oil companies report stronger profit for the latest quarter than analysts expected. But stock prices nevertheless fell for both Exxon Mobil, 1%, and Chevron, 1.4%, as oil prices regressed Friday and each reported drops in net income from a year earlier.

In other dealings early Monday, the dollar rose to 157.18 Japanese yen from 156.80 yen. The euro fell to $1.1724 from $1.1746.

US President Donald Trump has announced ‘Project Freedom’, a naval mission to escort stranded ships through the Strait of Hormuz starting Monday, warning any interference will be met “forcefully”. The move comes amid a fragile US-Iran truce, with Tehran warning it would treat US intervention as a breach.

“For the good of Iran, the Middle East, and the United States, we have told these Countries that we will guide their Ships safely out of these restricted Waterways, so that they can freely and ably get on with their business,” he said in a post on social media without specifying which countries.