House prices in Sydney and Melbourne dropped in May as the markets felt the impact of increased borrowing costs due to the Iran war.
This article discusses US politics and Middle East developments on Monday (Australia time). For Tuesday’s live updates, click here.
To make things worse, a fragile ceasefire between Iran and the US seems to be on the brink of failure after the US conducted several strikes against Iran over the weekend.
Iran’s chief negotiator Mohammad Bagher Ghalibaf stated there was “clear evidence of US noncompliance with the ceasefire” on Monday.
Tensions flared between the US and Iran around the Strait of Hormuz after US Central Command reported it carried out “self-defence strikes” over the weekend, targeting Iranian radar systems and drone command facilities in Goruk and on Qeshm Island after Iran allegedly shot down a US MQ-1 drone operating over international waters.
The latest clash marks the third known escalation within a week, raising serious concerns about the conflict potentially spiraling out of control again.
Even with ongoing hope from key figures connected to the White House and foreign intermediaries trying to mediate peace, talks remain stalled over major issues, especially regarding Iran’s enriched uranium stockpile and future shipping through Hormuz.
Read on for more updates from Monday.
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