Iran War Escalates as Hormuz Closure Hits Global Economy

Iran has rejected US demands and signaled it favors diplomacy over surrender, as the ongoing conflict continues to roil global markets — most tangibly through the closure of the Strait of Hormuz. Japan is already feeling knock-on effects in its plastics industry, while the UK's Chancellor Rachel Reeves is rolling out a consumer relief package explicitly tied to cost pressures from the Iran conflict, including free summer bus rides for children and food tariff cuts.