Trump swiftly dismissed Iran's response to the U.S. peace overture today, triggering a surge in oil prices. Markets are worried that the conflict, now ongoing for 10 weeks, may drag on indefinitely, leading to prolonged disruption of shipping through the Strait of Hormuz. Following several days after the U.S. proposed restarting negotiations, Iran released its response on Sunday, with core demands calling for an end to hostilities across all fronts—especially in Lebanon, where Israel is currently fighting Hezbollah fighters backed by Iran. Today, another Israeli soldier was killed by a drone attack from Lebanon’s Hezbollah, raising the number of Israeli military casualties to 18.
The global economic and financial turmoil caused by the Iran war has led to two consecutive days of sharp dollar appreciation, while the Chinese yuan has reached its highest level in nearly three years. Meanwhile, in India, Modi has urged citizens to avoid buying gold over the next year to safeguard foreign exchange reserves. In India, gold plays a crucial role in savings, weddings, and religious ceremonies, highlighting how dire the current situation has become. Nevertheless, Modi’s personal approval ratings have remained largely unaffected. A Bloomberg analysis indicates that Modi’s leadership could extend beyond 2030.
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Original source: toutiao.com/article/1864870986909705/
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