ECB chief economist Lane said the oil futures curve indicates oil prices will remain elevated over the next few years, implying higher costs for the economy.

Kremlin says its stance on the new Ukraine peace proposal remains unchanged from Russian President Putin's 2024 statement.

On the afternoon of the 29th local time, Iran’s military ordered that all vessels transiting the Strait of Hormuz may only use the corridor south of Larak Island. On the 28th Iran said ships must still coordinate passage with the IRGC and advised that the safest route for vessels entering the Persian Gulf is south of Hormuz Island, while vessels leaving the Gulf should use the corridor south of Larak Island.