Explosions reported across Iran, including Bandar Abbas near Strait of Hormuz

Updated: 6:56 PM PKT — May 28, 2026

Iran’s Foreign Ministry has condemned the recent US attacks on the Bandar Abbas region, labelling them a ‘serious violation of international laws and the United Nations Charter.’

Ministry spokesperson Ismail Baqai called on the UN Security Council to fulfill its responsibility and hold the United States accountable for its actions. The spokesperson also described a recent threat by the US president to ‘destroy’ Oman as a ‘dangerous sign of bullying’.

Updated: 5:23 PM PKT — May 28, 2026

The escalating conflict between the United States and Iran is sending ripples through global commodity markets beyond oil, creating significant uncertainty for industrial metals. Copper prices on the London Metal Exchange have been volatile as investors weigh the potential for weaker demand caused by a conflict-induced economic slowdown against the risk of supply chain disruptions.

The geopolitical instability has dented investor confidence and strengthened the US dollar, making dollar-priced commodities more expensive for holders of other currencies. The cautious sentiment has also affected the prices of other base metals, including aluminum, nickel, and zinc.

Updated: 2:51 PM PKT — May 28, 2026

Escalating conflict in the Middle East has driven up global crude oil prices, with Brent crude rising 1.8% to $95.95 a barrel amid investor uncertainty. The market reaction follows new US military actions, which reportedly included targeting a control center in Bandar Abbas and shooting down four Iranian drones.

In response, Iranian state media claimed its forces fired on four vessels in the Strait of Hormuz. The widening tensions have also prompted Kuwait to confirm the activation of its air defense systems against potential missile and drone attacks.

Updated: 11:45 AM PKT — May 28, 2026

Amid severely curtailed shipping due to the ongoing regional conflict, two supertankers and one liquefied natural gas (LNG) vessel have exited the Strait of Hormuz with their transponders switched off. Shipping data indicates the vessels are heading towards ports in India and China.

The movement comes as traffic through the key transit route, which accounts for roughly a fifth of the world’s oil and LNG supply, remains limited. An estimated 20,000 seafarers are currently stranded on hundreds of ships in the Gulf.

Updated: 9:43 AM PKT — May 28, 2026

Iran’s Revolutionary Guards announced they targeted a US airbase in retaliation for American strikes near the port city of Bandar Abbas, warning that any further aggression would be met with a more decisive response.

US officials confirmed their forces conducted “purely defensive” strikes, destroying four Iranian attack drones and a control station they claimed posed a threat to US personnel and commercial shipping. The confrontation reportedly began after Iranian forces fired on a US tanker in the strategic Strait of Hormuz.