US-IRAN WAR: TRUCE AND TALKS

The Middle East war triggered the world’s largest energy shock, with market recovery likely to extend into 2027 even if the Hormuz blockade is lifted soon, Saudi oil giant Aramco’s CEO told investors Monday.

"The energy supply shock that began in the first quarter is the largest the world has ever experienced," said Amin H. Nasser, adding: "If the Strait of Hormuz opens today, it will still take months for the market to rebalance, and if its opening is delayed by a few more weeks, then normalisation will last into 2027."

Britain on Monday sanctioned 12 individuals and entities linked to Iran, accusing them of involvement in hostile activity including plotting attacks and providing financial services to groups seeking to destabilise the UK and other countries.

The measures, set out in a government sanctions notice, include asset freezes, travel bans and director disqualification orders.

Deputy Prime Minister and Foreign Minister Senator Ishaq Dar held a telephone conversation with Saudi Foreign Minister Prince Faisal bin Farhan, discussing the evolving regional situation and matters of mutual interest.

The Saudi foreign minister appreciated Pakistan's constructive diplomatic role and reiterated Riyadh's support for Islamabad's efforts to promote regional peace and stability amid ongoing Iran-US engagement, the Foreign Office said in a statement.

Both leaders exchanged views on safeguarding maritime security in the Strait of Hormuz and agreed to maintain close contact on regional and international developments.

Pakistan remains the official mediator between Iran and the United States, Iranian Foreign Ministry spokesperson Esmaeil Baghaei said on Monday.

Speaking to the media, Baghaei said that other countries, including Qatar, which maintains good ties with both Iran and the US, present their ideas to the Iranian foreign minister whenever they deem it necessary.

He added that Tehran appreciates all these countries for their efforts aimed at de-escalation, Iran's Irna news agency reported.

Tens of millions of people could face hunger and starvation if fertilisers are not soon allowed through the Strait of Hormuz, the head of a UN task force aimed at averting a looming humanitarian crisis told AFP on Monday.

"We have a few weeks ahead of us to prevent what will likely be a massive humanitarian crisis," Jorge Moreira da Silva, executive director of the UN Office for Project Services (UNOPS) and leader of the task force, told AFP in an interview.

"We may witness a crisis that will force 45 million more people into hunger and starvation."

Iranian Foreign Minister Abbas Araghchi and Saudi counterpart Prince Faisal bin Farhan held a phone call on Monday and discussed diplomatic process between the US and Iran mediated by Pakistan, Iran’s state-run IRNA reported.

It was the second call between two leaders during 24 hours, in which they also discussed regional issues.

London's Heathrow Airport announced Monday that passenger numbers dropped in April as the Middle East war disrupted global air travel.

The airport handled 6.7 million passengers last month, down 5.3% from one year earlier, Heathrow said in a statement.

Heathrow, Europe's busiest airport, said that the decline reflected "the ongoing impact of the Middle East conflict on some markets and short-term adjustments to travel plans."

"While we have seen some short?term disruption linked to the Middle East conflict, demand for travel remains strong with current fuel supplies stable," said the airport´s chief executive Thomas Woldbye.

Iran's oil sector has faced some issues since the start of a US maritime blockade on Iranian ports, but the oil ministry has taken countermeasures, Iran's Oil Minister Mohsen Paknejad said on Monday to state TV, without specifying the measures.

"During the 40 days of war, our production didn't decrease and the export process was favourable," Paknejad said. "Naturally, in the days following the US blockade, we have faced challenges but measures were taken and this process continues" adding "the enemy is full of delusions."