The UN Security Council has failed to adopt a resolution aiming to boost security in the Strait of Hormuz as it was vetoed by permanent members China and Russia.
The draft resolution sought to strongly encourage States interested in the use of commercial maritime routes in the Strait of Hormuz - which lies between Iran, Oman and the United Arab Emirates - and to "coordinate efforts" defensively, to contribute to ensuring the safety and security of navigation there, including the use of escorts for merchant and commercial vessels.
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Political News
June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.