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The ongoing US-Israeli conflict in Iran could force more than 30 million people back into poverty, according to the United Nations. Disruptions from the closure of the Strait of Hormuz are impacting fuel and fertiliser supplies, leading to decreased agricultural productivity and heightened global food insecurity.

Meta is laying off 8,000 workers, about 10 per cent of its workforce, to enhance efficiency and focus on artificial intelligence investments. Concurrently, Microsoft is offering voluntary buyouts to approximately 8,750 employees, marking a significant shift for the company amid industry-wide cost adjustments.

Oil prices surged above $106 per barrel amid escalating US-Iran tensions in the Strait of Hormuz, following reciprocal vessel seizures. The increase represents a nearly 5% rise since late Wednesday, reflecting concerns over shipping disruptions in a key global energy transit route.