Washington: US President Donald Trump has issued a 48-hour ultimatum to Iran, demanding that the country either make a deal or reopen the Strait of Hormuz. Trump reiterated his demands on his social media platform, Truth Social, highlighting the urgency with a stark warning: "Time is running out - 48 hours before all Hell will reign down on them."

According to Anadolu Agency, Iran has responded by approving the passage of ships carrying humanitarian and essential goods through the Strait of Hormuz. This directive, backed by the government and armed forces, allows vessels carrying essential goods and livestock feed to pass under designated protocols. Industry associations have since informed their members to proceed with sending cargo ships to southern Iranian ports following the removal of previous restrictions.

In related developments, Kuwait has reported significant damage to its power and water infrastructure following an Iranian drone attack. The Kuwaiti Electricity Ministry confirmed that the attack targeted two electricity generation and water desalination plants, causing major damage and forcing two power generation units out of service. Fortunately, no injuries were reported.

The geopolitical tensions have also reverberated through the business sector, with five European Union countries-Spain, Germany, Italy, Austria, and Portugal-urging the European Commission to implement a coordinated windfall tax on energy firms. This call comes in response to rising oil prices linked to hostilities in the Middle East.

Furthermore, the Syrian Petroleum Company has announced plans for a significant increase in Iraqi fuel oil transit through Syria, potentially positioning Syria as a crucial transit hub for Iraqi oil exports via the Mediterranean. This strategic move comes amid disruptions in the Strait of Hormuz related to the ongoing US-Israeli conflict with Iran.