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Transcontinental geopolitical region
The Middle East is a geo-political region that is generally defined as encompassing all of Egypt and all of West Asia except for the Caucasus. It roughly corresponds with what was historically referred to in Western Europe as the Near East, which was juxtaposed with the Far East. Unlike West Asia's adherence to continental boundaries, the Middle East is demarcated by following political borders and consequently includes East Thrace in Southeast Europe because it is a part of Turkey.
More on Wikipedia ↗US and Iranian negotiators in New York are discussing a phased route out of the war that would see Tehran reopen the Strait of Hormuz and Washington lift its economic blockade of Iran, according to multiple reports.
Gold and silver firmed Friday as oil fell on U.S.-Iran truce hopes, but elevated Treasury yields and Fed rate-hike expectations kept bullion on track for a weekly loss.
Oil prices have dropped roughly 2%, influenced by signs of diplomatic advancement between the US and Iran concerning the Strait of Hormuz. As negotiations unfold, the US is contemplating a ban on diesel exports, impacting crude oil futures. Meanwhile, escalating assaults by Houthi fighters are hindering oil supply…