Federal Reserve cuts US' benchmark interest rate to 1.50 pc - 1.75 pc

Speaking at a Women's History Month event at the White House, the US president said he had been fully briefed on the situation and described the incident as "terrible."

He highlighted India's role as a "first responder" for the Maldives, emphasising that India's support during critical periods has been fundamental to the stability and security of the island nation.

In a post by the White House, President Trump, while acknowledging that the United States is currently the world's leading oil producer and stands to benefit financially from higher crude prices, emphasised that his administration's overriding mission remains the permanent dismantling of Iran's nuclear program.

In his first address to the Iranian people. Ayatollah Mojtaba Khamenei called for the continued blockade of the Strait of Hormuz, a move that will raise tensions.

"The countries of the region must clarify their stance regarding the aggressors against our dear homeland and the killers of our people. I recommend that they shut down those bases as soon as possible; for they must surely have realized by now that America's claim of establishing security and peace has been nothing but a lie," he said.