•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
In the past week, the deadlock at the Hormuz Strait persisted as the United States and Iran maintained simultaneous blockades, even as a fragile ceasefire between the two sides was extended. The prospect of resumed peace talks lifted US stock indices to new highs, but crude oil prices stayed elevated, weighing on the precious metals market.
According to the White House, US special envoy Steve Witkoff and Jared Kushner will travel to Pakistan on Saturday morning (April 25) to take part in “direct negotiations” with Iranian officials. The announcement follows an earlier move by President Donald Trump to extend the ceasefire with Iran just before the previous agreement expired.
Traffic through the Hormuz Strait remained paralyzed this week as both the US and Iran continued blockading the energy artery of global transport. Tensions escalated at times when the two sides took steps to seize ships.
With the stalemate continuing, crude prices rose for the week, surpassing $105 per barrel. The higher oil price environment also increased inflation risks, contributing to expectations of higher interest rates. Gold fell sharply: spot gold in New York declined 2.5% for the week, its first weekly drop after four consecutive weeks of gains.
The European Union reached a 90 billion euro loan to Ukraine after Hungary dropped its veto. The EU also approved a new sanctions package on Russia.
Separately, the Financial Times reported that Moscow plans to halt crude oil supplies from Kazakhstan to Germany via the Druzhba pipeline, a move that could affect Berlin’s energy supply.
With the US-Iran war now lasting eight weeks, Reuters, citing data from ship-tracking firm Kpler, reported that in the first seven weeks of the conflict, flows of crude oil and condensates to the global market fell by more than 500 million barrels.
Beyond energy, concerns also extended to potential disruptions in medical supplies and food, alongside warnings about the risk of a global recession.
To mitigate the oil price shock, countries have pursued multiple approaches, including turning to nuclear power, seeking oil and gas imports from farther afield, and purchasing oil from Russia and Iran. Data cited in the report indicated that Russia and Iran’s oil exports rose in March.
Expanding renewable energy development was also highlighted as a favored solution.
The Spring Meetings of the World Bank and IMF concluded on April 18, with issues related to the US-Iran war among the top concerns for delegates. Global financial leaders also said the United States is no longer viewed as the leading force shaping international order as it was previously, and is not seen as the primary provider of solutions to crises.
Apple announced that Tim Cook will step down as CEO on September 1, 2026, after 15 years in the role. The company said Cook steered Apple through a period of rapid growth. Apple’s market capitalization is currently more than $3.9 trillion, compared with the roughly $350 billion level when Cook took over in August 2011.
US Congress is moving to confirm Kevin Warsh, whom President Trump nominated for Federal Reserve chair to replace Jerome Powell, whose term ends next month. Warsh testified before the Senate Banking Committee this week and did not commit to cutting rates, saying he intends to pursue “bold reforms” of the Fed.
As global traders reduced bets on a stronger US dollar amid hopes for ending the US-Iran war, the greenback’s safe-haven appeal weakened. However, with tensions not fully resolved, the dollar remained supported. The Dollar Index rose more than 0.4% over the week.
The conflict poses risks not only to the global economy but also to Iran’s domestic economic outlook, including currency depreciation, high inflation, and slowing growth.
Premium gym chains are entering a “golden era” that is ending or already in decline, as rising operating costs collide with shifting consumer preferences toward more flexible, community-based ways to exercise. Long-term memberships are shrinking, margins are pressured by higher rents and facility expenses, and competition from smaller, more personalized…
