Iran’s Revolutionary Guard Corps said it was combing an area near where plane came down in south-western Iran; Israeli military strikes ‘Hezbollah infrastructure’ in Lebanon capital

British Foreign Secretary Yvette Cooper was set to chair a meeting of more than 30 foreign ministers on Thursday, in an effort to coordinate an international plan to reopen the Strait of Hormuz.

John Driscoll, Chief Strategist at JTD Energy Services, says the most dramatic impact of the Iran War has been on middle eastern physical crudes, with their prices soaring so high that it has disrupted price assessment systems.

The U.N. Security Council is scheduled to vote Friday on a proposal to secure the Strait of Hormuz after it was significantly watered down in the face of opposition from China and Russia about allowing force to reopen the critical waterway that Iran has largely cut off to global shipping.

The Strait of Hormuz is a vital waterway for the global economy.

Amid its ongoing blockade of the Strait of Hormuz, Iran has hinted at widening its maritime pressure by potentially targeting another critical global chokepoint—the Bab el-Mandeb Strait. The signal came from Iranian Parliament Speaker Mohammad Bagher Ghalibaf,

Stocks took a hit, with U.S. index futures down 1% and European futures sinking over 1.5%. Almost all Asian bourses were in the red, with Japan's Nikkei down 1.8% and MSCI's index of other Asia-Pacific shares down more than 1.5%.