Oil prices eased Friday but remained on track for a second straight weekly gain as hopes of a swift reopening of the Strait of Hormuz faded to near-zero.

As bombastic threats and abrupt shifts in positions come to define Trump's rhetoric in the six-month war with Iran, some analysts have likened his approach to the so-called "madman theory" often associated with former President Richard Nixon.

Iran has traditionally maintained good relations with Turkey and Pakistan; its cultural bonds with these two countries are strong and go back centuries. More recently, the Islamic Republic has worked to improve its relations with Saudi Arabia, particularly since reestablishing diplomatic ties with Riyadh in 2023.

The former Trump defense secretary says Iran's sweeping demands to reopen the Strait of Hormuz show Tehran believes it has the upper hand.

Iran says Qatar is holding three pilots who were shot down in March. Doha decries ‘misleading statements’.

Tehran has asserted that the Strait of Hormuz is "under Iran's control and management" after President Trump said the U.S. might "keep it."

Tensions over the Strait of Hormuz mounted after Trump threatened to attack Oman if it interfered with efforts, as a 60-day deadline for the US and Iran to reach a deal expired. Follow for live news updates.

September rate-hike chances have fallen, but a hot inflation print or renewed disruption in the Strait of Hormuz could put them back in play.

Both missiles failed to cause any damage or casualties, but marked a return to active conflict after more than three months.