Iran deal collapses as strikes intensify
President Donald Trump threatened more military action against Iran on Wednesday, accusing Tehran of dragging its feet on negotiations. 'They had their chance. Now they will have to pay the price,' Trump told reporters. The remarks came after Iran targeted US bases in Jordan and the Gulf region, prompting Trump to order retaliatory strikes near the Strait of Hormuz. The back-and-forth attacks have shattered hopes for a ceasefire deal brokered earlier this year.
Economic fallout spreads worldwide
The conflict, now in its fourth month, is sending shockwaves through the global economy. US gasoline prices have surged 40.5% from a year ago, pushing the Consumer Price Index above 4% for the first time in three years. The energy crisis is hitting far beyond the Middle East: English farmers face fertilizer shortages as Hormuz shipping lanes remain contested, and Germany's DIW economic institute warns the country risks recession from the energy price shock.
Philippines earthquake adds to global crises
In a separate disaster, a 7.8 magnitude earthquake struck the Philippines, killing at least 35 people and collapsing buildings across several islands. Tsunami warnings were issued but later lifted. Rescue teams continue to search through rubble as the death toll is expected to rise. The quake comes as nations worldwide struggle with the compounding pressures of war, inflation, and natural disasters.