International Chamber of Commerce (ICC) Secretary-General John Denton has warned that the world is heading toward the most severe industrial crisis in recent memory, driven by the ongoing United States-Israel war in Iran. Speaking on Wednesday in Yaoundé, Cameroon, Denton said the current energy crisis is far more serious than the oil shock of the 1970s, with global industries facing unprecedented disruption.

According to Denton, the crisis extends beyond soaring energy prices. Severe shortages of gas and other essential raw materials are crippling and displacing industrial production worldwide. The blockade in the Strait of Hormuz has halted the supply of fertilizers and agricultural inputs, threatening to drastically reduce crop yields in the next harvest season and endangering global food security.

Denton emphasized that the global trade environment is being redefined by conflict and geopolitical tensions. He called for a strong and effective multilateral trade system to help overcome the crisis.

Arsenio Dominguez, head of the International Maritime Organization (IMO), stated that about 2,000 ships carrying 20,000 sailors are currently stranded in the Hormuz Strait. He described the situation as a major challenge for the global shipping industry. Dominguez warned that the longer the ships remain there, the greater the mental stress and fatigue among sailors, and the more limited the supply of essential provisions will become.

According to the IMO chief, insurance companies are refusing to bear the financial losses, with many canceling contracts or demanding significantly higher premiums. He noted that assistance from countries surrounding the strait has so far prevented a humanitarian crisis. The IMO is pressing for the creation of a humanitarian corridor to allow the stranded vessels to leave the area.

Dominguez also criticized U.S. President Trump’s plan to escort ships through the strait, calling it “unacceptable” because there is no guarantee that commercial vessels will not be targeted or that innocent sailors will remain unharmed.

Google has introduced Lyria 3 Pro, an advanced version of its AI music generation model, on March 25, 2026. The new model enables users to create tracks up to three minutes long with enhanced structural awareness and customization. Lyria 3 Pro can generate specific musical elements such as intros, verses, choruses, and bridges, offering creators greater control and flexibility. The rollout extends Lyria’s capabilities to more Google products, including Vertex AI, Google AI Studio, Gemini API, Google Vids, the Gemini app, and ProducerAI.

According to Google, Lyria 3 Pro is designed to make high-quality music generation accessible to developers, businesses, and creators. It is available in public preview on Vertex AI for scalable audio production and integrated into Google Vids for Workspace and AI Pro subscribers. ProducerAI users can now collaborate with the model to iterate on full-length songs. The company emphasized responsible development, using only materials it has rights to and embedding all outputs with SynthID watermarks to identify AI-generated content.

Google stated that Lyria 3 Pro was developed in collaboration with musicians through its Music AI Sandbox, ensuring the technology supports creative expression while protecting intellectual property rights.

The United States and Iran appear to be running out of options to end their escalating conflict, despite repeated claims from Washington and Tel Aviv that Iran’s military capacity has been crippled. Recent reports indicate that Iran launched two missiles toward the U.S.-U.K. base at Diego Garcia, raising new concerns about its missile range. The attacks followed a series of strikes between Iran and Israel, including Iranian attacks on Israel’s Dimona area and Israeli retaliation near Iran’s Bushehr nuclear site.

Uncertainty surrounds Iran’s leadership after the reported death of Supreme Leader Ayatollah Ali Khamenei, with his son Mojtaba Khamenei named successor but yet to appear publicly. Meanwhile, U.S. President Donald Trump set a 48-hour deadline for Iran to reopen the Strait of Hormuz, threatening to destroy Iranian power plants if ignored. Hours before the deadline, he announced a five-day suspension of planned strikes, citing “productive talks.”

Both sides now face limited strategic choices. Iran’s internal pressures and the U.S.-Israel reliance on airstrikes leave little room for de-escalation, raising fears of a prolonged and destructive standoff across the region.

Larry Fink, chairman and chief executive of BlackRock, has warned that the global economy could face a severe recession if international oil prices rise to 150 dollars per barrel. In an interview with the BBC, he said the final outcome of the ongoing conflict in the Middle East remains uncertain but could lead to two extreme scenarios.

According to Fink, if the conflict is resolved quickly and Iran regains acceptance within the international community, oil prices could fall below pre-war levels. However, if the conflict drags on, prices may remain above 100 dollars for an extended period and could approach 150 dollars, which would have a serious impact on the global economy.

BlackRock, founded in 1988, manages about 14 trillion dollars in assets and is considered one of the world’s largest investors. Fink, one of its co-founders, is known for his insights into global economic trends.

Global gold prices declined further on Tuesday morning, dropping more than 2 percent in international trading. Spot gold fell 0.2 percent to 4,396.74 US dollars per ounce, marking its lowest level since November 24, when it had reached 4,097.99 dollars per ounce. US gold futures for April delivery also decreased by 1.5 percent to 4,340.90 dollars per ounce.

According to OANDA senior market analyst Kelvin Wong, the current volatility in the market is closely tied to developments in the ongoing US-Israel-Iran conflict. Mixed signals from the countries involved have made investors cautious, leading to instability across commodity markets. Since the onset of the conflict, gold prices have dropped by about 18 percent.

Other precious metals also saw declines. Spot silver fell 3.4 percent to 66.80 dollars per ounce, platinum dropped 2.1 percent to 1,841.68 dollars, and palladium decreased 2.7 percent to 1,395.25 dollars per ounce.

OpenAI announced it will shut down its Sora AI video app just months after its launch, marking a major shift in the company’s strategy. In a statement, OpenAI thanked users and creators for their contributions and said it would share more details soon about timelines for the app and API, as well as how users can preserve their work. The decision coincides with Disney’s withdrawal from its $1 billion investment deal with OpenAI, which included licensing some of its characters for use in Sora.

Sora debuted last fall and quickly drew attention in Hollywood for its use of established intellectual property and actor likenesses. OpenAI later adjusted the platform to give studios and talent more control over their content. Disney had planned to integrate Sora’s technology into Disney+, but the app’s closure has effectively ended that collaboration. A Disney spokesperson said the company respects OpenAI’s decision to shift priorities and will continue exploring AI partnerships that respect creators’ rights.

The move leaves Google as the dominant player in large-scale AI video generation, though it has yet to secure licensing deals with major IP holders and faces ongoing legal challenges.

European Commission President Ursula von der Leyen has called on the United States and Iran to return to the negotiating table and end the ongoing conflict in the Strait of Hormuz. Speaking in Canberra, Australia, on Tuesday, March 24, 2026, von der Leyen described Iran’s attempts to close the strategic waterway as “deplorable” and urged an immediate halt to hostilities to prevent further global economic instability.

She emphasized that threats to commercial shipping, the laying of mines, drone and missile attacks, and any blockade attempts must stop at once. Von der Leyen warned that the situation is already affecting global gas and oil prices, stressing that dialogue remains the only viable path to resolving the Middle East conflict.

Her remarks come amid rising regional tensions, including reports of missile strikes in Israel, air raids in Beirut, and casualties in Iraq and Ukraine, underscoring the broader instability affecting global security and trade.

Global oil prices have risen above $100 per barrel again as uncertainty surrounding the Iran conflict intensifies. After a sharp decline on Monday, Brent crude rebounded in Asian trading on Tuesday, climbing 3.75 percent to $103.69 per barrel. At the same time, Nymex Light Sweet crude increased 3.42 percent to $91.55 per barrel, according to a BBC report.

The price rebound followed U.S. President Donald Trump’s announcement that planned attacks on Iran would be postponed for five days, which he described as a positive step toward dialogue. That statement had initially caused oil prices to drop by more than 10 percent. However, Tehran later stated that no talks had taken place with the United States, leaving the market uncertain and pushing prices upward again.

Analysts suggest that continued geopolitical tension and mixed signals from both sides are keeping the oil market volatile, with traders closely watching developments in the Iran situation.

Iran’s blockade of the Strait of Hormuz following a joint US-Israel strike on February 28 has disrupted global oil and gas supplies, pushing Brent crude prices above 100 dollars per barrel from around 65 dollars before the conflict. In response, many nations have begun releasing oil from their strategic reserves to stabilize markets and avoid deeper economic shocks.

On March 11, the International Energy Agency (IEA) announced that its 32 member countries would release 400 million barrels of oil from emergency reserves, marking the largest coordinated release in the agency’s history. The IEA’s members collectively hold over 1.2 billion barrels of government reserves, with an additional 600 million barrels in private storage. China, though not an IEA member, also maintains significant reserves.

Major reserve holders include the United States with 415 million barrels, Japan with 470 million, and the United Kingdom with 68 million barrels of crude and refined products. European Union members such as Germany, France, Spain, and Italy have also committed to releasing portions of their reserves to mitigate supply disruptions caused by the Hormuz closure.

The United Kingdom has welcomed what it called productive talks between the United States and Iran, expressing hope that the dialogue could ease tensions in the Middle East and lead to the reopening of the Strait of Hormuz. A spokesperson for British Prime Minister Keir Starmer confirmed the position on Monday, emphasizing London’s interest in regional stability.

Earlier, former U.S. President Donald Trump stated on social media that he had ordered a halt to planned strikes on Iranian power plants following what he described as highly productive discussions with Tehran. However, Iran’s Foreign Ministry denied that any such talks had taken place, suggesting that Trump’s announcement was aimed at influencing global oil prices and delaying military action.

The British government reiterated that a swift resolution to the conflict was in the global interest, particularly to restore normal maritime operations through the vital Strait of Hormuz.

Turkey, Egypt, and Pakistan have taken on a mediating role to ease ongoing tensions between the United States and Iran. According to a U.S. source, the three countries have been exchanging messages between the two sides over the past two days. Their foreign ministers have held separate meetings with White House representative Steve Witkoff and Iranian Foreign Minister Abbas Araghchi, signaling intensified diplomatic efforts to resolve the conflict.

The source added that the mediation process is progressing with signs of positive development. The discussions aim to end the conflict and address long-standing unresolved issues. Further progress is expected soon, according to the same source.

Egypt’s Foreign Ministry stated that Foreign Minister Badr Abdelatty emphasized during the meetings the importance of limiting the scope of the ongoing conflict and preventing its further escalation.

Global oil prices fell sharply on Monday after U.S. President Donald Trump announced a five-day suspension of planned strikes on Iranian power plants. Reuters reported that oil prices dropped more than 13 percent immediately following the announcement. Brent crude futures fell to around $104 per barrel, down about 7 percent, and at one point declined as much as 15 percent to $96. U.S. West Texas Intermediate (WTI) crude dropped nearly 8 percent to around $90, briefly touching just above $85.

Trump had earlier warned that the United States would attack Iran’s power facilities if Tehran did not fully reopen the Strait of Hormuz within 48 hours. Before the deadline expired, he announced the suspension. In response, Iran’s Revolutionary Guards warned they would strike Israeli power plants and U.S. energy supply bases in the Gulf if attacked. Earlier in the day, oil prices had been rising, with Brent above $113 and WTI near $101.

The International Energy Agency (IEA) cautioned that the Middle East crisis could surpass the severity of the 1970s oil shock or the Russia-Ukraine war’s impact. It decided to release 400 million barrels from strategic reserves to stabilize supply and said further releases could follow if needed.

UK Prime Minister Keir Starmer and US President Donald Trump held a phone conversation on Sunday evening, according to a Downing Street spokesperson. The two leaders discussed the current situation in the Middle East, focusing on the need to reopen the Strait of Hormuz to resume global shipping. They agreed that reopening the strait is essential to ensure stability in the global energy market. The call lasted 20 minutes and was described as constructive.

The discussion came shortly after Trump shared a satirical video clip about the British Prime Minister. Following the call, Starmer convened a 'Cobra' meeting with Chancellor Rachel Reeves, Bank of England Governor Andrew Bailey, and others to assess the economic impact of the ongoing conflict. On Saturday night, Trump had given Iran a 48-hour deadline to reopen the strait, warning that the United States would destroy Iranian power plants if it failed to comply.

Meanwhile, the Israel Defense Forces announced preparations to continue fighting Iran and Hezbollah for several more weeks and approved plans to expand operations in Lebanon, raising fears of a full-scale ground offensive.

International Energy Agency (IEA) Executive Director Fatih Birol has warned that the current global energy crisis poses a greater threat than the oil shocks of the 1970s and the disruptions caused by the 2022 Ukraine war. Speaking at the National Press Club in Canberra on March 23, 2026, Birol said the world economy is facing a major threat as the situation combines two major oil crises and one gas crisis. He urged for a coordinated global response to mitigate the impact, warning that no country would remain unaffected if the crisis continues.

Birol revealed that at least 40 key energy facilities in the Middle East have been severely damaged due to ongoing conflict in the region. To stabilize the situation, the IEA has begun discussions with Asian and European countries about releasing emergency oil reserves. Earlier this month, IEA member states announced a record release of 400 million barrels of oil to curb soaring global prices.

He emphasized that restoring regular supply through the Strait of Hormuz is essential for energy security and confirmed the agency’s readiness to release additional reserves if necessary.