Iran called on the US to accept defeat while President Donald Trump blasted Tehran as “very evil” and told Americans to brace for continued high fuel prices as a result of the war. Progress toward peace talks and oil tanker traffic through the strategic Strait of Hormuz waterway remained halted, with no sign the warring parties were moving toward ending the conflict that the US and Israel launched on 28 February. “This strait will be opened and closed only under Iran’s command, and so long as you do not accept the reality of defeat and stop indulging in fantasies, Iran will continue to enforce the blockade,” Iran’s Deputy Foreign Minister Kazem Gharibabadi posted on X early on Saturday. Foreign Minister Abbas Araqchi said Iran had not decided to resume talks with the US. He told Iranian news outlet Shahrara News in an interview that Washington must meet conditions on the strait in order for shipping to resume in the waterway that handled one-fifth of the world’s oil before the war. Mr Trump urged Americans to accept slightly higher gasoline prices while the conflict with Iran continues. He told a political rally in Garden City, New York, yesterday that paying “a tiny little bit more for your gasoline” is worth the cost of ensuring “a very evil country” could not have a nuclear weapon, one of the US President’s stated rationales for the war. In a trend that has sparked inflation and disappointed voters, the average US price of a gallon of gasoline was about $4.08 yesterday, up 29% from a year earlier, according to the American Automobile Association. Mr Trump, a Republican, campaigned for reelection on a promise to lower energy costs, and Democrats are seeking to make the war’s fallout an issue in November congressional elections. “The Strait of Hormuz cannot be seized by a tweet or an aircraft carrier, by issuing an order or by delivering an election speech,” Mr Gharibabadi said. Despite Iran’s defiant tone, though, there were signs of an economic toll there too. President Masoud Pezeshkian, in remarks on state television, blamed high inflation on a US blockade of Iranian ports and sanctions on Iran’s oil exports.

Qatar Investment Authority has expanded its Active Asset Management Initiative through an investment in the Lesha Qatar Equity Fund, strengthening its support for locally managed investment firms and the development of Qatar’s capital markets.

The investment makes Lesha Bank the first locally managed fund to join the initiative and the fourth asset management partner overall. The programme, launched by QIA in 2024, aims to build partnerships with leading global and local asset managers with expertise in Qatar and the wider Gulf region.

Under the initiative, QIA provides seed capital to funds managed by its partners by reallocating shares in companies listed on the Qatar Stock Exchange. The programme is intended to encourage greater participation in local markets, improve liquidity and support the development of a more diversified financial sector.

The Lesha Qatar Equity Fund focuses on long-term capital growth and income through a diversified portfolio of Sharia-compliant equities. Its investments include companies listed in the QE Al Rayan Islamic Index and constituents of the QE All Share Index, subject to Islamic investment principles.

Mohammed Saif Al-Sowaidi, chief executive of QIA, said the investment marked an expansion of the initiative and highlighted the sovereign wealth fund’s commitment to strengthening Qatar’s financial sector.

“We are pleased to expand our Active Asset Management Initiative through this investment in Lesha Bank, the first locally managed fund under the initiative,” Al-Sowaidi said.

He added that the partnership would broaden opportunities for local asset managers while supporting the continued development of Qatar’s capital markets.

Lesha Bank Group CEO Mohammed Ismail Al Emadi said the investment represented strong recognition of the bank’s investment strategy and capabilities.

He said the partnership between the two Qatari institutions would help support long-term development and liquidity in the domestic stock market.

Lesha Bank, founded in 2008, is a Qatar-based Sharia-compliant investment bank. The bank manages approximately QAR 19.2 billion in assets and provides services covering asset management, alternative investments, private wealth and investment banking advisory.

Its investment activities include aviation, global infrastructure, private equity and real estate, with a geographic focus spanning Qatar, the Middle East and North Africa, Europe and the United States.

Before the Lesha partnership, QIA had established relationships under the Active Asset Management Initiative with international investment firms Franklin Templeton, Ashmore and Fiera Capital.

The latest investment reflects Qatar’s broader efforts to strengthen its domestic financial industry and diversify its capital markets. By supporting local asset managers, QIA aims to create additional investment opportunities, deepen the local market and encourage long-term economic growth.

QIA, established in 2005, manages Qatar’s state reserve funds and invests across multiple asset classes and regions. Its portfolio includes investments made directly and through partnerships with major financial institutions around the world.