US-Iran Standoff Escalates Amid Ongoing Naval Blockade

The ongoing US-Iran standoff continues to escalate as tensions rise in the Middle East. President Trump denied any negotiations with Iran, stating that there are no plans for talks until Tehran meets Washington's conditions.

The United Arab Emirates (UAE) announced it would suspend trade, commercial, and financial transactions with Iran after claiming to have detected ballistic missiles launched from Iranian territory towards its territory. However, Iran rejected this claim, insisting the Strait of Hormuz will remain closed until its demands are met.

Market reaction has been mixed, with gold prices falling 1.86% to $4,334.57 per ounce while oil prices extended their gains, settling at $91.32 for Brent crude. The US stock indices closed lower, with the Nasdaq down 1.33%, and semiconductor stocks taking a hit.