Iran's president apologises for air strikes on Gulf countries in state TV address

Iran's president has issued an apology for air strikes on Gulf countries during a state television address. This comes after a week of escalating tensions and retaliatory strikes, with no clear resolution in sight. The Trump administration has approved a new arms sale to Israel valued at $151 million, further complicating the situation in the region. In response to the ongoing conflict, Gulf states have urged Iran to refrain from retaliating against them and have expressed concerns about the potential use of their airspace or territory by the U.S. and Israel for attacks on Iran (Japan Times). The Strait of Hormuz, a critical waterway through which over $500 billion in oil and gas flows annually, has become a focal point of concern amid rising tensions. Disruptions in this region could have significant implications for the global economy, as experts warn that any damage to energy infrastructure or restrictions on shipping could lead to severe and lasting impacts on energy markets (Al Jazeera, Inside Climate News). Additionally, Iran has announced plans to close parts of the Strait of Hormuz for a few hours during a military drill, as reported by Fars news agency (Reuters). This military activity, coupled with the ongoing conflict, has heightened fears regarding the stability of the Strait of Hormuz, which is considered the world's most critical oil chokepoint (Deutsche Welle). The situation remains fluid, with the potential for further escalations affecting both regional and global energy markets.