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Oil jumps, US futures slip as Iran-US clashes shake ceasefire

May 8, 2026, 02:21 GMT+1

Oil prices rose and US stock futures edged lower early Friday after Iran and the United States exchanged fire near the Strait of Hormuz, raising doubts over the durability of a month-long ceasefire.

US crude futures climbed more than 2% from Thursday’s close to $96.8 a barrel, though prices remained lower for the week overall.

At the same time, S&P 500 futures slipped around 0.2%, while Nikkei futures pointed to a slightly weaker open for Japanese markets after Tokyo shares surged to record highs on Thursday.

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Spotlight

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    Iran officials threaten Hormuz escalation as Trump says deal is near

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    As prices soar, Iranian diets shrink to survival level

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  • Faith in diplomacy further dented by Iran-Israel exchange
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  • 'Nothing is over':  Iran-Israel conflict enters a new phase
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    'Nothing is over': Iran-Israel conflict enters a new phase

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Internet shutdown pushes Iranians onto distrusted domestic apps

May 8, 2026, 01:58 GMT+1
Internet shutdown pushes Iranians onto distrusted domestic apps
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Many Iranians have been forced onto distrusted domestic apps after authorities cut global internet access, disrupting education and business while exposing users to slow speeds, censorship and surveillance fears.

Most affected are businesses reliant on Instagram and other global services, but even users pushed onto domestic platforms described repeated outages, poor functionality and heavy censorship on apps such as Rubika, Bale and Shad.

One citizen said Rubika often fails to send photos and videos for much of the day and alleged the platform checks users’ phone galleries. Another said uploading a single image on Rubika can take an hour.

Citizens also raised concerns that domestic applications could expose their data and devices to state monitoring.

Read the full story here.

Trump says Pakistan urged US to pause Project Freedom during Iran talks

May 8, 2026, 01:25 GMT+1

US President Donald Trump said Thursday that Pakistan had asked Washington not to proceed with “Project Freedom” while negotiations with Iran remain underway.

The now-suspended US naval initiative aimed at escorting commercial shipping through Hormuz.

Trump also told reporters that the United States is still negotiating with Iran despite escalating tensions in the strategic waterway.

IRGC-linked Tasnim taunts US, UAE over Hormuz confrontation

May 8, 2026, 01:14 GMT+1

Tasnim News Agency, which is affiliated with Iran’s Revolutionary Guards, has published an editorial portraying the latest escalation in the Strait of Hormuz as a failed US operation that ended with burning ships and fire at Fujairah.

The commentary mockingly recounted the events since Monday, when President Trump's 'escort' plan took effect.

According to the editorial, most commercial vessels refused to move and a small number of ships that attempted passage were set ablaze, while Fujairah in the UAE was left burning following reported missile and drone attacks.

The editorial further claimed Trump quickly acknowledged the operation’s failure before ultimately deciding to withdraw the destroyers, which it said again came under heavy Iranian naval attack during their return journey.

“Destroyers came, got stuck and went back; the strait remained under Iran’s control,” the piece concluded.

Saudi envoy warns against threats to Strait of Hormuz shipping

May 8, 2026, 00:47 GMT+1

Saudi Arabia’s ambassador to the United Nations, Abdulaziz al-Wasel, warned that any threat to navigation through the Strait of Hormuz would directly affect global markets, trade flows and energy security.

Describing the waterway as one of the world’s most vital maritime passages, al-Wasel said disruptions in the strait could have serious humanitarian and economic consequences.

“Any threat to the freedom of navigation in the strait directly impacts the stability of global markets and international supply chains,” he said.

Trump calls Iran’s leaders ‘lunatics,’ warns of harsher strikes

May 8, 2026, 00:04 GMT+1
Trump calls Iran’s leaders ‘lunatics,’ warns of harsher strikes
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US President Donald Trump described Iran’s leaders as “LUNATICS” on Thursday and warned Tehran to quickly sign a deal with Washington after American destroyers passed through the Strait of Hormuz amid Iranian attacks.

In a social media post, Trump said three US destroyers transited the strategic waterway unharmed after what he described as an Iranian assault involving boats, missiles and drones.

“A normal Country would have allowed these Destroyers to pass, but Iran is not a normal Country,” Trump wrote. “They are led by LUNATICS.”

He also warned that the United States would respond “a lot harder, and a lot more violently” in the future if Iran failed to reach an agreement with Washington “FAST.”