Iran says it temporarily closed parts of the Strait of Hormuz, one of the world's most crucial shipping lanes, for a military drill and missile test.

Gold consolidates as Iran war risk battles hawkish Fed minutes. Rate uncertainty trumps geopolitics with June cut odds at 50.4%. Range-bound until clarity.

In this explosive full video update, we break down the latest escalation in US-Iran tensions after indirect nuclear talks in Oman reportedly faltered and Tehran refused to abandon its uranium enrichment program.