The Iran war has stalled the world's economic momentum this year, likely pushing growth lower compared to 2025, the International Monetary Fund warned Tuesday.

The IMF downgraded its forecast for global growth to 3.1% in 2026 from the 3.3% it had forecast back in January. The expected growth would mark a deceleration from a 3.4% expansion in 2025.

Wall Street was on track to extend its rally and oil prices fell Tuesday as expectations rose over a possible second round of talks between the U.S. and Iran to end their war.

Futures for the S&P 500 rose 0.3% before the opening bell, while futures for the Dow Jones Industrial Average ticked up 0.1%. Nasdaq futures climbed 0.5%.

French President Emmanuel Macron and British Prime Minister Keir Starmer will co-chair a conference Friday in Paris, bringing together non-belligerent nations willing to participate in a mission in the Strait of Hormuz “when security conditions allow.”

Other participants will take part via videoconference, Macron’s office said. European and other partners are ready to contribute to a “purely defensive mission aimed at restoring freedom of navigation in the Strait of Hormuz,” the statement said.

The leaders of China and Spain on Tuesday pledged to strengthen their relations and work to safeguard multilateralism at a time when the world is being impacted by various conflicts, including the recent war in Iran, during a meeting in Beijing on Tuesday.

"We should strengthen communication, consolidate mutual trust, cooperate closely, oppose the world's retrogression to the law of the jungle, and jointly safeguard genuine multilateralism," said Chinese President Xi Jinping during a reception for Spanish Prime Minister Pedro Sánchez at the Great Hall of the People.

Two ships have passed through the Strait of Hormuz since Iran agreed to reopen the waterway as part of a ceasefire deal, maritime monitor Marine Traffic said Wednesday.

"The Greek-owned bulk carrier NJ Earth crossed the Strait at 08:44 UTC, while the Liberia-flagged Daytona Beach transited earlier at 06:59 UTC, shortly after departing Bandar Abbas at 05:28 UTC", MarineTraffic said on X.

Here are the latest economic events in the Middle East war:

Oil prices extended gains on Thursday in the wake of U.S. President Donald Trump threatening further heavy strikes on Iran, dampening hopes of de-escalation.

The main U.S. oil contract, West Texas Intermediate, jumped 10.3 percent to $110.47 per barrel.

Almost three dozen countries will meet Thursday in an effort to exert diplomatic and political pressure to reopen the Strait of Hormuz, a vital shipping route that has been choked off by the U.S.-Israeli war against Iran.

British Prime Minister Keir Starmer said the virtual meeting chaired by Foreign Secretary Yvette Cooper "will assess all viable diplomatic and political measures we can take to restore freedom of navigation, guarantee the safety of trapped ships and seafarers and to resume the movement of vital commodities."

World shares were higher and oil fell briefly below $100 per barrel on Wednesday after U.S. stocks soared to their best day in almost a year on renewed hopes that the Iran war could soon end.

The renewed optimism over a possible de-escalation of the Iran war, which is in its fifth week, came after U.S. President Donald Trump said on Tuesday the United States will be done attacking Iran probably in two to three weeks, and that the U.S. "will not have anything to do with" what happens next in the Strait of Hormuz.

The Russian vessel Anatoly Kolodkin docked Tuesday at the Cuban port of Matanzas laden with 730,000 barrels of oil, marking the first time in three months that an oil tanker reached the island.

The administration of U.S. President Donald Trump had allowed the shipment to proceed despite its ongoing energy blockade.