Bank of Korea said rising interest rates are putting households that have reached borrowing limits at risk and making credit stress more likely to spread within households.

Refinitiv reports US presidential envoy Witkoff and Kushner arrived in Kyiv for peace talks.

After six months of market turmoil and pushing the Gulf region to the brink of a wider war, the situation may be shifting in Iran's favor. According to Iranian insiders and regional sources, Iran is now facing one of the most severe "squeezes" in the history of the Islamic Republic, following years of sanctions. The US naval blockade and harsher sanctions are curbing Iranian oil exports, restricting its access to foreign exchange, and exposing growing tensions within the economy. This has led US and regional officials to believe that increasing economic pressure can force Iran to allow free navigation through the Strait of Hormuz. Their assessment is based on a simple calculation: the economic losses Iran suffers are greater than it can inflict. Efforts to curb oil exports have already slashed Iranian government revenue, and Iran's attempts to disrupt shipping through the Strait of Hormuz have not triggered the global economic shock it hoped for. Energy markets have adjusted, with alternative supplies continuing to flow. Iranian analyst Arash Aziz stated that the balance of power has slightly tilted against Iran, which is losing some leverage over the Strait of Hormuz because it cannot completely blockade it, and the US naval blockade "is indeed hitting Iran." Aziz stated that Iran had anticipated the strait unrest would have a significant impact on the global economy and force the United States back to the negotiating table. However, this did not actually happen. Other countries have adapted, revealing Iran's limited ability to inflict economic pain on the region and beyond. Regional sources say it is unclear whether this pressure will force Iran to make concessions. While Iran has not achieved its desired outcome, it has not shown any clear signs of abandoning its demands. However, sources say a new solution to the deadlock is currently being discussed between mediators and Iran.