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Delegates are also addressing emerging threats in Eastern Europe and the Middle East. German Chancellor Merz announced plans for Berlin’s defense budget to reach 3.5 percent of GDP by 2029. U.S. and EU representatives signaled support for bolstering collective security measures amid global instability.

He demanded immediate increases in production, tweeting “DRILL, BABY, DRILL!!!” to stabilize the markets.The call followed U.S. bombings of Iranian nuclear sites, which triggered volatility in energy markets. The White House warned Iran against closing the Strait of Hormuz, a critical route for global oil and gas shipments.

The move comes shortly after the bombings at its nuclear facilities and could sharply impact global oil markets. Analysts warn that oil prices may spike if transit routes are disrupted. Markets are already reacting to news of the Iranian measure.

National Security Council briefings are underway as tensions escalate. Israel has urged the U.S. to deploy “bunker buster” bombs against Iranian nuclear sites. Satellite images show damage to Iran’s Arak facility after Israeli strikes, though Tehran claims minimal impact. Over 1,500 American students were evacuated from Israel via cruise ship amid the crisis .

Communications have become unreliable and no public shelters are open to civilians.Residents now spend nights in metro stations due to fear of fresh bombardment. Businesses remain shuttered, and authorities are urging calm amid escalating tensions.

Palestinian authorities say Israeli forces opened fire during efforts to reach trucks delivering food, flour, and humanitarian supplies. The Israeli military said it was investigating the incident, stating troops were responding to an “identified gathering” near aid vehicles. International agencies warn the enclave is nearing famine and urge immediate, impartial investigation.