Tehran has rejected reports of direct talks with the US, instead laying out its own terms to end the conflict, while the White House acknowledges 'elements of truth' to Washington offering a peace plan, further complicating ongoing back-channel diplomacy. Gold prices have held gains following reports of US negotiations aimed at ending the Iran War.

Global energy markets are reacting to perceived easing tensions and signs of progress in resolving the Middle East conflict, with oil prices tumbling and US stock futures climbing, impacting the broader global economy.

The Middle East conflict has prompted the Asian Development Bank to mobilize financial support and DoorDash to provide gas relief, while also posing a key risk to the otherwise resilient Asia private equity market and impacting the future of the petrodollar.

The Iran war continues to cause a global energy shock, driving fuel prices up and shaking the world economy, with Asia looking to COVID-era playbooks to tackle the crisis from the Strait of Hormuz blockage. Daily life in Asia is disrupted by the fuel crisis, and poor countries face catastrophe as the global economy pays a high price for the conflict.