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United Nations flag flying outside the UN headquartersWorld

US tables tougher UN resolution threatening Iran with sanctions over Hormuz

The United States and a group of Gulf nations circulated a draft Security Council resolution on Tuesday that threatens Iran with sanctions and "other measures" if it does not stop attacks on shipping in the Strait of Hormuz, the most concrete diplomatic step yet to break a four-week stand-off over the world's most strategic oil chokepoint.

By Yara Halabi

Headlines

Politics

Indiana primaries become first big test of Trump's grip on the GOP

Voters in Indiana cast ballots on Tuesday in a state Senate primary that has become the first concrete test of Donald Trump's ability to discipline Republicans who defy him, after seven sitting state senators became targets of presidential endorsements over a redistricting fight they had blocked in December.

Markets

UAE's exit from OPEC redraws the global oil order

The UAE's withdrawal from OPEC, made effective May 1, has knocked the third-largest producer out of the cartel and tilted Gulf geopolitics toward Washington. ADNOC accelerated $55 billion in project awards as it pushes capacity to 5 million bpd by 2027.

World

Trump tells Iran to 'wave white flag' as Hormuz ceasefire frays

Donald Trump on Tuesday demanded Iran 'wave the white flag of surrender,' calling its military 'totally gone' even as Iranian missiles again struck the United Arab Emirates and a four-week-old ceasefire showed fresh signs of strain.

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Front view of the United States Supreme Court building on a sunny dayUS Politics

Republican-led states race to redraw maps after Supreme Court guts Voting Rights Act

Detailed view of a server rack in a modern data centerTechnology

Big Tech AI capex now drives three-quarters of US GDP growth

Downing Street SW1 street sign in Westminster, LondonPolitics

Starmer warns antisemitism is 'a crisis for all of us' as Downing Street summit opens

PayPal app icon on a smartphone screenTechnology

PayPal to cut 4,500 jobs in $1.5bn AI restructuring as it tries to 'become a technology company again'

Neoclassical facade of the US Treasury Department in Washington at duskEconomy

Powell hands divided Fed to Warsh as 'integrity' speech caps tumultuous chairmanship

Facade of the New York Stock Exchange with American flagsMarkets

Wall Street closes at record highs as oil eases and US hiring surges

Military anti-aircraft vehicle equipped with a missile systemDefense

US ships $2.1bn in cheap APKWS rockets to Israel, Qatar and UAE as Iran war drains stockpiles

Helicopter flying with Taiwanese flag against a clear blue skyDefense

Taiwan defense budget stalls for third time as Trump-Xi summit nears

Spasskaya Tower of the Moscow Kremlin under a clear skyWorld

Putin and Zelensky declare rival Victory Day ceasefires as 26 die in fresh strikes

Victoria Tower at the Palace of Westminster in London with the Union Jack flyingPolitics

Starmer faces leadership plot rumours as gilts hit 28-year high before Thursday vote

Aerial view of an oil tanker on open ocean at sunsetMarkets

Brent retreats below $111 as UAE exit eases supply jitters

London skyline featuring the City of London financial district along the River ThamesMarkets

UK 30-year gilt yields hit 28-year high as Iran war and election jitters collide

Oil tanker passing through a strait, with city skyline in the backgroundWorld

Iran ceasefire on the brink as world leaders press Tehran after Hormuz attacks

Smartphone displaying an AI chat interface beside a laptopTechnology

AI build-out costs are reaching consumer pockets, tech earnings show