Thursday night, the Persian Gulf became a battleground again.

US Navy warships transiting the Strait of Hormuz came under coordinated fire — Iranian missiles, drones, and fast-attack boats targeting American vessels in one of the most sensitive waterways on earth. US Central Command confirmed it struck back, targeting what it described as Iranian military facilities responsible for the attacks. Within hours, the ceasefire the world had cautiously celebrated just weeks ago looked very much like it was dying.

This is today's live international news at its most urgent. And for billions of people — whether they're filling up a car in Delhi, running a factory in Germany, or running a government in Washington — this conflict is no longer a distant headline. It is arriving at their door.

Why the Strait of Hormuz Can Break the World Economy

The Strait of Hormuz is just 33 kilometres wide at its narrowest point. That narrow channel, however, carries roughly 20 percent of the world's seaborne oil and a significant share of global liquefied natural gas every single day. When it functions, the world barely notices it. When it closes, the entire global economy begins to shudder.

Since the US-Israel military campaign against Iran began in late February, the strait has been functionally closed. Iran's Revolutionary Guard has attacked vessels, laid sea mines, and blocked commercial shipping. The International Energy Agency has called the situation the "largest supply disruption in the history of the global oil market." Brent crude, which sat near $72 a barrel before the conflict began, surged past $120 — a gain of more than 55 percent in under two months, one of the steepest oil price spikes on record.

Airlines have added fuel surcharges. Food prices are climbing because fertiliser production — which relies on natural gas — has been disrupted. And stock markets globally have been rattled by a combination of oil shock and recession fears.

Ceasefire in Jeopardy: What Went Wrong

The ceasefire brokered by Pakistan on April 8 was always described as fragile. It was meant to hold for two weeks while US and Iranian negotiators met in Islamabad. Those talks collapsed. The US then imposed a full naval blockade on Iran from mid-April. Iran responded by tightening its grip on the strait once again.

Since May 4, the strait has recorded zero commercial transits, according to Lloyd's. The exchange of fire on Thursday brought the ceasefire to what many analysts are calling a breaking point. French President Macron has been in direct contact with Tehran, pushing a European-led diplomatic solution. NATO allies, many of whom were not informed before the original US strikes, are increasingly alarmed and are openly discussing new security arrangements that do not depend on Washington.

Meanwhile, Iran's new Supreme Leader Mojtaba Khamenei — who took over after his father was killed in the initial strikes — has communicated only through written statements, a sign that Iran's internal situation remains deeply uncertain.

India on Alert: LPG, Fuel Prices, and Millions Abroad

For readers tracking the latest national news update in India, this conflict hits close to home.

India imports around 60 percent of its LPG — the cooking gas used by hundreds of millions of Indian households — through the Strait of Hormuz. That supply was among the first disrupted when the strait closed in early March. The Indian government responded by raising export duties on diesel and aviation fuel to protect domestic availability, and refiners quickly pivoted to Russian crude as an alternative.

Still, the pressure is real. Prices have risen. Some states have seen delays at LPG distribution centres. And over nine million Indian citizens living and working in Gulf countries — nations now also facing food and water shortages after Iran struck regional desalination plants — are caught in the middle of a crisis not of their making.

The remittances those workers send home matter enormously to Indian families. Their safety matters even more.

The Road Ahead — And the Stakes If It Goes Wrong

If the ceasefire fully collapses and the strait remains closed for months, analysts warn oil could push past $150 a barrel. That would mean another wave of fuel price increases, deeper food inflation, and a serious risk of global stagflation — the painful combination of rising prices and slowing growth that defined the 1970s energy crisis.

A Financial Times investigation added an even more unsettling dimension: three rounds of suspicious oil futures bets totalling $2.28 billion were placed minutes before Trump made key Iran policy announcements, prompting calls for an insider trading investigation at the highest levels.

The days ahead are critical. Whether diplomacy can pull the situation back from the edge — or whether the world's most important energy corridor becomes a permanent war zone — will shape the global economy for years to come.

For now, the ceasefire is not officially over. But it has never been more fragile.

Stay with today's live international news for the latest updates as this story develops. For international news in Hindi, visit our Hindi edition.