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Iran and the United States have completed a draft agreement on temporarily easing sanctions on Iranian oil exports, a negotiating team member confirmed Sunday. The accord comes under the Islamabad Memorandum, signed by Presidents Pezeshkian and Trump.
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US President Donald Trump has announced the completion of a peace agreement with Iran, authorising the immediate reopening of the Strait of Hormuz and lifting a naval blockade to resume global maritime traffic and energy shipments.
Prime Minister Anwar Ibrahim has cautioned that major powers are increasingly weaponising trade, threatening global stability and disadvantaging developing economies.
The Food and Agriculture Organisation has cautioned that any closure of the Strait of Hormuz would constitute a worldwide food security emergency rather than a localized issue, given the waterway's critical role in transporting fertilisers and energy.
China is rapidly expanding coal-based chemical production in Xinjiang to reduce dependence on Middle East oil. The region's vast coal reserves and advanced technology are reshaping global supply chains for plastics, fertilizers and fuels.
Tan Sri Dr Zeti Akhtar Aziz believes Malaysia can avoid an economic crisis from global upheavals if policymakers and businesses prepare proactively for multiple scenarios and strengthen coordination mechanisms.
The UN Food and Agriculture Organisation has cautioned that a sustained closure of the Strait of Hormuz could spark a severe worldwide food price crisis within six to 12 months, urging governments to act swiftly on alternative trade routes and strategic reserves.