Gold prices jump Rs3,000 per tola in Pakistan

US Secretary of State Marco Rubio has warned that Iran’s demand to control shipping through the Strait of Hormuz could create a dangerous international precedent with serious consequences for global trade and economic stability. Speaking at a meeting of Southeast Asian foreign ministers in Manila, Rubio said allowing any country to control an international waterway and impose tolls through force would undermine international law and encourage similar actions in other regions. Rubio addressed ministers from the Association of Southeast Asian Nations at the start of their annual gathering, where concerns over renewed fighting in the Middle East dominated discussions. He assured regional partners that despite Washington’s focus on the conflict with Iran, the United States remains fully committed to its relationship with ASEAN and its security partnerships in Asia. He warned that if Iran is allowed to demand payment from ships passing through the Strait of Hormuz while threatening attacks against those that refuse, it could encourage other countries to adopt similar tactics in strategic waterways around the world. Rubio said such a development would pose a serious threat not only to the Middle East but also to the Indo Pacific region, where global shipping routes are equally vital. The US secretary also accused Iran of backing away from commitments made under an earlier ceasefire arrangement. He said Tehran has contacted Washington through both direct and indirect channels to discuss possible negotiations. While the United States remains open to a diplomatic solution, Rubio said it would not tolerate attacks on commercial shipping or American personnel in the region. The ASEAN meeting has brought together senior diplomats from major global powers including the United States, China, Russia, India, Japan, and Australia. Many participating countries expressed concern over the impact of the Iran conflict on energy supplies and international markets. Russian Foreign Minister Sergey Lavrov said Moscow hopes for a quick resolution to tensions between Washington and Tehran. He stated that continued conflict hurts the global economy and affects Russia as well. Lavrov added that stable energy prices are important for long term economic planning and said Russia supports efforts to end the crisis peacefully. Australian Foreign Minister Penny Wong also called for an immediate ceasefire and renewed negotiations. She warned that the security situation in the Middle East could worsen without warning and stressed that the reopening of the Strait of Hormuz is essential for restoring stability in global energy markets. The International Energy Agency has described the current situation as a major warning for Southeast Asia’s energy security. The region depends heavily on oil and liquefied natural gas transported through the Strait of Hormuz. According to the agency, Asian countries imported about 80 percent of the crude oil and nearly 90 percent of the liquefied natural gas passing through the waterway last year. Any prolonged disruption could increase energy prices and place additional pressure on economies across the region. On the sidelines of the summit, Rubio also met foreign ministers from the Quad partnership, which includes the United States, Australia, India, and Japan. The group reaffirmed its commitment to maintaining maritime security and ensuring freedom of navigation while expressing concern over China’s growing influence in regional waters. Japanese Foreign Minister Toshimitsu Motegi criticised attempts to change the regional balance through force, referring to disputes in the South China Sea and East China Sea. Penny Wong echoed those concerns, saying that actions increasing regional instability must be addressed through dialogue and international cooperation. Rubio also held talks with Chinese Foreign Minister Wang Yi. The two discussed a recent confrontation between Chinese and Philippine forces in disputed waters. Rubio described the incident as an escalation and said disagreements between Washington and Beijing must be managed carefully to avoid wider conflict. He added that both sides also discussed trade issues ahead of a planned meeting between US President Donald Trump and Chinese President Xi Jinping later this year. Rubio is expected to meet Russian Foreign Minister Sergey Lavrov again to discuss the war in Ukraine and explore whether there is an opportunity to revive diplomatic efforts aimed at ending the conflict. Officials said the meetings in Manila highlight the growing connection between security challenges in Europe, the Middle East, and the Indo Pacific as world leaders seek ways to prevent further instability.