New UN report urges action as Hormuz shipping drops 95%, sparking global inflation fears

Highlights
Authorities in Abu Dhabi have responded to an incident near the Khalifa Economic Zones (KEZAD) after air defence systems successfully intercepted a missile, causing minor damage with no injuries reported. The public has been urged to rely only on official sources and to refrain from sharing unverified information or rumours.
Australian Prime Minister Anthony Albanese said on Thursday the original objectives of the war in Iran had been met and it was not clear what more remained to be achieved.
"Now those objectives have been realised it is not clear what more needs to be achieved or what the end point looks like," he said.
Israel's military said air defences were responding to an Iranian missile attack on Thursday, shortly after US President Donald Trump delivered an address to the American public about the Middle East war.
The military said in a statement it had "identified missiles launched from Iran toward the territory of the State of Israel" for the third time in just over three hours, adding that "defensive systems are operating to intercept the threat".
Air raid sirens sounded across northern Israel, according to the military's Home Front Command, and there were no immediate reports of any casualties or damage.
Oil prices surged Thursday after Donald Trump's address to the nation did little to soothe investor worries over the closure of the strategic Strait of Hormuz, with the US president calling on other nations to help reopen it.
Brent jumped more than four percent to as high as $105.55, while West Texas Intermediate climbed three percent to hit $103.16. Both contracts had been falling before the US president started his speech.
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US President Donald Trump vowed Wednesday to attack Iran relentlessly over the coming two to three weeks, saying American forces were nearing completion of the war.
"Over the next two to three weeks, we are going to bring them back to the Stone Ages, where they belong," Trump said in an address to the nation, adding that US forces would meet all their battlefield goals "very, very shortly."
The UAE Ministry of Defence has given the all-clear to residents across the country, declaring the security situation stable following an alert sent out earlier. A mobile notification was pushed to phones nationwide, thanking the public for their cooperation and confirming that daily life could resume as normal. Residents were nonetheless encouraged to stay alert, exercise caution, and continue monitoring official government channels for any further developments.
Abu Dhabi: The UAE's air defence systems are responding to incoming missile and drone threats from Iran, the Ministry of Defence said early on Thursday, as loud sounds were reported in several parts of the country. In a statement, the ministry said the loud booms heard in certain areas were the result of air defence systems intercepting missiles and drones targeting the UAE.
Iran said Thursday that Washington's demands were "maximalist and irrational" and denied any negotiations were under way on a ceasefire to end the war in the Middle East, as President Donald Trump prepared to make a national address on the conflict.
The United Nations Conference on Trade and Development (UNCTAD) confirmed in a new report that maritime navigation through the Strait of Hormuz has nearly come to a standstill, recording a 95% decrease in the number of vessels passing through daily over the past month.
The disruption is expected to reduce annual trade growth in goods by at least 1% and drive up inflation due to rising crude oil prices.
Day 33: Trump says US to hit Iran 'extremely hard'
Day 32: Debris hits several homes in Dubai, 4 injured
Day 31: Trump threatens to obliterate Iran's Kharg island
Day 30: Tehran warns Washington against ground invasion
Day 29: Yemen's Houthis enter war with missile targeting Israel
Day 28: Rubio says US expects victory in weeks after G7 talks
Day 27: Trump insists Iran is ‘begging’ to make a deal, not him
Day 26: US preparing to deploy 1,000 troops to Middle East
Day 25: UAE intercepts threats from Iran ; 1dead, 5 hurt in Bahrain
Day 24: Netanyahu speaks with Trump, vows to protect Israel's interests
Day 23: Trump gives Iran 48 hours to reopen Strait of Hormuz