Tensions in the Middle East have escalated once again...

The article details the escalating military conflict between the United States and Iran, with U.S. strikes on Iranian targets and retaliatory attacks by Iran on Arab nations. The closure of the Strait of Hormuz, a critical maritime route for global oil trade, has heightened regional tensions. Despite Iran's claim of shutting the strait, the Joint Maritime Coordination Center (JMIC) reported only two oil tankers and one empty cargo ship navigating the area on Sunday. The U.S. and Iran remain locked in a standoff, with the U.S. demanding Iran ensure the strait remains open to shipping and pledging not to attack civilian vessels. Iranian officials have rejected U.S. demands, insisting on preconditions for negotiations, including a ceasefire and implementation of previous agreements. The situation threatens to disrupt global energy markets and escalate into a broader conflict, with both sides refusing to back down. Diplomatic efforts, such as Iran's visit to Oman, have failed to de-escalate tensions, leaving the region in a precarious state.

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Fitch warns a prolonged Hormuz closure threatens global chemicals supply chains, with force majeure declarations already emerging and material credit risks building across Gulf, European and Asian producers.