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Investors found some relief after Trump prolonged a ceasefire with Iran, sending U.S. stocks higher and setting up a positive open across Asia.
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John Phelan is leaving the Pentagon after months of tension with Pete Hegseth and other Pentagon leaders. The tumult comes as the Navy has been engaged in war with Iran.
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Despite an extension of the ceasefire in Iran byTrump, Iran has seized ships in the Strait of Hormuz, raising questions if the truce is on shaky ground.
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President Trump's threats have given way (for the moment, at least) to a more conciliatory tone about Iran's actions in the Strait of Hormuz.
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The Middle East conflict is putting pressure on factory orders, costs and jobs in China's export-driven economy.
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;Resize=(620)) U.S. Navy Secretary John Phelan is leaving his job, the Pentagon abruptly announced Wednesday, the first head of a military service to depart during President Donald Trump's second term but just the latest top defence leader to step down or be ousted.
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U.S. Treasury yields were little changed on Wednesday after President Donald Trump announced an indefinite extension to the ceasefire with Iran.
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Three vessels came under fire in the Strait of Hormuz, after the U.S. and Iran failed to meet in Pakistan for talks to end the war and as President Trump extended the ceasefire but kept the blockade.
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Two ships came under attack in the Strait of Hormuz, hours after Trump extended the ceasefire with Iran. And, Virginia voters approved a measure allowing Democrats to redraw the congressional map.
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The attacks come shortly after President Donald Trump said the U.S. would extend the ceasefire with Iran to allow peace talks to continue.
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President Donald Trump announced "major combat operations" against Iran on Feb. 28, with massive joint U.S.-Israeli strikes.
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Prospects for further negotiations remain uncertain, with Tehran and Washington offering conflicting signals on the ceasefire's status.
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Renewed Iranian attacks on cargo vessels and U.S. seizures of ships linked to Iran threaten to scuttle diplomatic efforts even as President Trump extended a ceasefire.
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