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- Iran’s top negotiator accused U.S. president Donald Trump of “theater diplomacy.”
- Tehran also announced a draft plan for the Strait of Hormuz, which restricts U.S. and Israeli ships, among others.
- Oil prices climb on the development.
- Meta is under fire in Mexico and India as it faces fines and a parliamentary panel in both countries respectively.
Iranians drive past a billboard featuring US President Donald Trump and the Strait of Hormuz, erected on Valiasr Square in Tehran May 28, 2026. – | Afp | Getty Images
Hello, this is Hui Jie writing to you from Singapore, filling in for Leonie Kidd. Welcome to another edition of CNBC’s Daily Open.
Iran accused Trump of “theater diplomacy,” while also releasing a draft plan that would bar U.S. and Israeli ships from the Strait of Hormuz.
Crude prices rose on the development, and Asia markets traded mixed as investors weighed the latest twist in one of the world’s most important oil chokepoints.
Elsewhere, Meta is under pressure on two fronts: a $567 million remedy in New Mexico and a fight in India that could threaten its safe harbor protections.
What you need to know today
“All the world’s a stage,” wrote Shakespeare.
Iran has given these words a diplomatic twist, accusing U.S. President Donald Trump of “theater diplomacy.”
Mohammad Bagher Ghalibaf, Iran’s parliament speaker and top negotiator, wrote in a post on X, in an apparent jibe at Trump. ″’Massive attack coming … wait, never mind, they want to negotiate.’ That’s theater diplomacy on loop.”
This comes after Iran had reportedly revealed a draft plan to manage the Strait of Hormuz. According to state media Fars, U.S. and Israeli ships would be barred from the Strait of Hormuz under the draft plan in which Iran and Oman would manage the waterway.
Restrictions will also extend to countries that have “caused damage” to Iran, until compensation is paid.
While this makes for dramatic flair, the key players are understandably worried.
Oil prices have also risen on the development, with international benchmark Brent up 1.49% to $83.7 a barrel. U.S. West Texas Intermediate futures advanced 1.24% at $78.25 per barrel.
Markets in Asia were trading mixed, with most major markets down, except Hong Kong and mainland China.
Elsewhere, Meta is also caught in the spotlight after being ordered to pay $567 million into an abatement fund in New Mexico as part of a public nuisance case.
The fund comes on top of the $375 million in civil penalties that Meta was forced to pay earlier this year when it was found to have violated New Mexico’s Unfair Practices Act.
The company is also under fire in India, after it briefly restricted a Facebook post by Prime Minister Narendra Modi addressing students during the Gen Z protests in July, just days after regulators summoned the company over concerns about child-abuse content.
A parliamentary panel on Wednesday demanded an apology from CEO Mark Zuckerberg within three days for the restriction on Modi’s post — and recommended revoking the social media giant’s safe harbor immunity in the country if there was no apology.
Revoking safe harbor immunity would not only make Meta liable for user-generated content on its platform, but would make it almost impossible for Meta to operate in the country, legal experts told CNBC.
Joel Kaplan, Meta’s chief global affairs officer, who was in a meeting with India’s Information Technology Minister Ashwini Vaishnaw on Wednesday, said he “apologized” to the minister “for the error restricting PM Modi’s post,” the company said in a press statement.
But local media reports the same day, quoting government sources, said that it was Meta’s founder and CEO Zuckerberg who made the apology for the presence of child abuse content, deepfake material and errors in operating the platform.
Meta did not comment on the authenticity of these claims in the official statement shared with CNBC.
— Lim Hui Jie
And finally…
From birth to brokerage: Why South Korea is seeing a surge in infant investment accounts
South Korean parents are ramping up efforts to give their children a head start in building long-term wealth by opening investment accounts even before they learn to crawl out of their cribs.
Brokerage accounts of kids under the age of one have nearly tripled from a year ago to about 15,000 in June at Mirae Asset Securities, the country’s largest brokerage by market cap.
New accounts openings for those under 9 have soared nearly 60% to around 185,000, the brokerage said, excluding duplicate accounts.
— Justina Lee, Lisa Kim
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