Key development: Iran just set up an actual government body to manage the Strait of Hormuz and charge ships for passage—moving from threats to a real bureaucracy.
Economy
(Update) Iran launched a formal transit authority to charge ships for passing through the Strait of Hormuz. This isn’t just talk anymore—they’ve got an agency now, and it wants to use Bitcoin for insurance. (Al Jazeera, France24, Euronews)
Context: Two days ago Iran announced ships would need permits to transit the Strait. Now they’ve actually created the bureaucracy to enforce it: a new government body that will charge fees and offer Bitcoin-based insurance to vessels willing to play ball. The move comes as peace talks with the US remain stalled and tankers are piling up in the waterway. Iran is demanding control over Hormuz as part of any deal.
Sources: Al Jazeera | France24 | Euronews
(Update) Iran sent its formal response to the US peace proposal through Pakistan. They want frozen assets released, sanctions lifted, and control over Hormuz. (Al Jazeera)
Context: Talks have been going through Pakistan as a mediator. Iran’s now put its demands in writing: release frozen money held abroad, lift sanctions, and recognize Iranian control over the Strait of Hormuz. The US Treasury Secretary, meanwhile, is pushing the G7 to pile on more sanctions.
Sources: Al Jazeera
(Update) Iran is reopening its stock market after shutting it down for the war. This is mostly symbolic, but it matters for public confidence. (Al Jazeera)
Context: Iran’s stock market isn’t the main way its economy gets funded, but keeping it closed was a sign of crisis. Reopening it now—even as the war continues—is a political signal that the government wants to project stability. Whether investors buy in is another question.
Sources: Al Jazeera
[UNCONFIRMED] Ryanair just posted record profits—up 40% to €2.26 billion—even with Boeing delays and the fuel crisis. People are still flying, and airlines are charging more. (Euronews)
Context: Europe’s biggest budget airline is thriving despite aircraft delivery problems and oil market chaos from the Iran war. Rising ticket prices and strong travel demand are covering the mess. It’s a weird data point in an otherwise grim economic picture.
Sources: Euronews
Diplomacy
(Update) Israel and Lebanon agreed to extend their ceasefire and hold expanded talks on a political settlement—even as Israel kept bombing southern Lebanon. The US announced this despite strikes that killed at least 7. (France24, Al Jazeera)
Context: The ceasefire was set to expire on April 17. Now both sides say they’ll keep it going and broaden negotiations beyond the basic truce. Israel insists its strikes in southern Lebanon—in response to Hezbollah fire since March—aren’t covered by the ceasefire. The US State Department announced the extension hours before new Israeli airstrikes hit the south.
Sources: France24 | Al Jazeera
[UNCONFIRMED] G7 finance ministers are meeting in Paris to deal with the economic fallout from the Middle East war. The US wants everyone to join its Iran sanctions. (France24, Al Jazeera)
Context: The Treasury Secretary is calling on the G7 to adopt US-led sanctions on Iran. France, which holds the G7 presidency, is trying to keep dialogue open while also managing Trump’s latest tariff threats. It’s a messy agenda.
Sources: France24 | Al Jazeera
[UNCONFIRMED] Italy’s Meloni wants the EU to treat the energy crisis like a defense emergency and relax budget rules. She’s threatening to pull out of a defense program if Brussels doesn’t give her flexibility. (Euronews)
Context: Meloni sent a letter to the European Commission asking for budget wiggle room to handle spiking energy costs. She’s warning Italy could exit the SAFE defence program if the EU doesn’t play ball. It’s a pressure tactic wrapped in an energy argument, though the link to Iran-related energy shocks isn’t explicit in her statement.
Sources: Euronews
Military Operations
(Update) Israel built two military bases in western Iraq before the war with Iran started. They’ve been there since late 2024, according to the New York Times. (Al Jazeera, New York Times)
Context: The New York Times reported Israel had makeshift bases in Iraq, positioning itself closer to Iran well before the war heated up. This reframes Iraq’s role in the conflict and raises questions about what Baghdad knew or allowed. It’s also a signal of how long Israel has been preparing for this fight.
Sources: Al Jazeera
What to watch: Whether any ships actually try to use Iran’s new Hormuz transit system—and what happens if they don’t.