Middle East crisis live: Tehran says it will charge ships in strait of Hormuz after 60 days; US-Iran presidents sign peace deal

Key events Continuing from the last post : Philippines president Ferdinand R Marcos Jr was also optimistic, saying the freedom of navigation returning to the Hormuz strait was “what we have been hoping for since the day after the war started”. However, he acknowledged that recovery from the crisis would take time due to the scale of instability, saying: double quotation mark Because of the enormity of the problem, of the instability that this war has caused – it’s inevitable that it will take some time for us to adjust back to what will be the new normal. The Middle East conflict has provided a “stark wake-up call” for south-east Asia’s energy system, the International Energy Agency said in a new report – exposing deep structural vulnerabilities linked to import dependence, limited diversification and concentrated supply routes. If these energy security vulnerabilities were not addressed, the report predicted, the region’s energy import bill could more than triple from $80bn in 2024 to $245bn by 2035. Share Updated at 06.04 BST South-east Asian nations – which were amongst the first and the hardest hit by the energy crisis due to their heavy reliance on Middle Eastern oil – have welcomed the US-Iran agreement on ending the war, particularly relieved at the reopening of the strait of Hormuz. …