Israel-Gaza Peace Plan Faces New Pressure | Horizons Middle East & Africa 8/4/2026
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Global markets are watching renewed diplomatic efforts after President Trump called the current negotiations Iran's "last chance" while insisting he will not allow Tehran to charge for passage through the Strait of Hormuz. Iran says talks with Oman over Hormuz are making progress, although Tehran continues to deny negotiating directly with the US. Optimism over easing tensions helped the S&P 500 finish near a record high, while oil prices remained supported by ongoing risks in the Middle East. In Gaza, Israeli strikes are adding pressure to efforts to revive a peace plan that would replace Hamas with a vetted Palestinian government, although Israel has yet to approve the proposal. Energy markets continue to monitor disruptions in both the Strait of Hormuz and the Red Sea as Saudi Aramco prepares to report second-quarter earnings. Asian markets weakened as technology shares extended their decline. The KOSPI fell on chip losses while the KOSDAQ advanced, Japan's stocks slipped on disappo
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