Middle East Tensions Escalate Amid Ceasefire Extension

In a significant development, Iran has seized two ships in the Strait of Hormuz, further straining relations between the two nations. This move follows US President Donald Trump's announcement to extend the ceasefire at Pakistan's request, awaiting a unified proposal from Tehran.

According to official statements, the ships have been transferred to Iran's coast, sparking concerns about the stability of the region.

The US military maintains its blockade of Iranian ports, despite the ceasefire extension. This decision has been met with mixed reactions, with Brent crude edging higher to $98.51 a barrel and US benchmark crude falling 0.4% to $89.29 a barrel.

In a separate incident, a container ship reported being fired at by an IRGC gunboat, sustaining heavy damage to its bridge. Fortunately, all crew members were reported safe.

The conflict has resulted in significant losses, with at least 3,375 people killed in Iran and over 2,290 in Lebanon since the war started.

As the situation remains uncertain, Iran's Revolutionary Guards have threatened to prevent oil production in the Middle East if the Islamic republic faces attacks launched from its Gulf neighbours' territory.

The Middle East crisis continues to escalate, with the international community watching closely for any developments.