US-Iran ceasefire at breaking point after fresh attacks in the UAE and Strait of Hormuz

The Globalist episode from May 5, 2026, opens with escalating tensions between the US and Iran, as fresh drone attacks on the UAE and clashes in the Strait of Hormuz threaten to unravel a fragile four-week ceasefire. Emma Nelson, host, explores the crisis with Nina Dos Santos, who details how President Donald Trump’s 'Project Freedom'—a military effort to escort neutral oil tankers through the Strait—has provoked a strong Iranian response, including claims of missile strikes and drone attacks on Fujairah. Despite conflicting reports, the episode highlights the geopolitical stakes: Iran’s leverage over 20% of global oil supply, rising oil prices (up to $114.44 a barrel), and the economic ripple effects on inflation, food costs, and global shipping. The discussion shifts to broader European dynamics, including Slovakia’s apparent pivot from its pro-Russia stance under Viktor Orban’s departure, with Prime Minister Robert Fico now engaging constructively with Ukraine’s Zelensky. Meanwhile, Canadian Prime Minister Mark Carney’s speech at the European Political Community Summit in Armenia marks a strategic shift toward Europe, positioning Canada as a 'most European non-European country' amid growing US-Europe tensions. The episode also covers the resilience of global tourism despite flight cancellations and fuel price spikes, the architectural transformation of Bruges with the new BRUSC art hall, and a profile of Taiwan-based radio manufacturer Sanjin, which proudly combines design in Taiwan with high-quality manufacturing in China. Throughout, the show underscores global fragility, shifting alliances, and the enduring power of craftsmanship in a volatile world.