European allies have rebuffed Donald Trump's demand for a naval mission to reopen the Strait of Hormuz, which has been closed due to the Iran war. The UK, France, and Germany rejected the US president's call despite his warning that refusal would mean 'a very bad future' for Nato. The three countries stated they do not want to be drawn into direct conflict with Tehran.

Europe's military powers expressed concerns over the waterway's closure while calling for 'immediate de-escalation' of the Israel-Hezbollah conflict. The UK Maritime Trade Operations Centre reported an unknown projectile struck a tanker off Fujairah in the Gulf of Oman. Iranian drones have twice struck facilities at the UAE's Fujairah oil zone in recent days, disrupting oil loading operations.

In markets, major Asian indices gained after US markets rose their most since early February. Oil prices climbed to $103.1 a barrel after a 2.8% decline yesterday, while gold gained 0.6% to $5,033 per troy ounce. Nvidia's CEO projected at least $1 trillion in AI chip revenue over the next two years, though the forecast failed to move investors. Markets now face uncertainty over the Iran war's impact on inflation, testing the Bank of England's new scenario-planning approach to monetary policy.