Global oil prices climb above $110 per barrel following reports that President Donald Trump has rejected a proposal from Iran to end the conflict.

Ship transits through the Strait of Hormuz drop to 35 last week, down from 78, as regional blockades and attacks persist. Markets currently estimate a 49% probability of traffic normalizing before July.

Ship transits through the Strait of Hormuz fell to 35 last week, down from 78, amid ongoing regional blockades and attacks. Market analysts estimate a 49% probability that traffic levels will normalize before July.

European Parliament backs larger EU long-term budget, calls for new taxes to fund future spending.

The European Parliament has endorsed a larger, more ambitious EU long-term budget and is calling for new taxes to increase future spending.

The Bank of Japan keeps interest rates unchanged in a split vote. Governor Kazuo Ueda cites concerns over the economic outlook as the yen remains weak.

The Bank of Japan maintained its current interest rate following a split vote, while Governor Kazuo Ueda expressed uncertainty regarding the economic outlook.

FedEx prepares to return MD-11 cargo jets to service next month, cutting back on leased planes after regulators grounded all MD-11s in November.

FedEx is preparing to return its MD-11 cargo jets to service next month, enabling it to reduce leased planes it enlisted after regulators grounded all MD-11s following another carrier’s fatal crash in November.