Vice President Vance has characterized the conflict with Iran as less than a "war," while expressing skepticism regarding reports that a U.S. strike targeted a wedding party. Concurrently, U.S. officials state that no major military operations are currently underway, leaving various strategic options open as the administration navigates the ongoing tension.
US issues sanctions on Turkish bank that it calls a 'critical financial lifeline' for Iran
Summary
WASHINGTON (AP) — The U.S. Treasury announced Friday it has imposed sanctions on a Turkish financial institution as part of its latest effort to sever “critical financial lifelines” for the Iranian government. The actions against Golden Global Yatirim Bankasi Anonim Sirketi come nearly a week after Treasury Secretary Scott Bessent announced “Operation Economic Outcast, ” Washington’s new effort to get Tehran to capitulate to its demands after more than six months of war. The department accused the bank and its entities of being established to enable Iran's efforts to transfer oil revenues from China to Turkey, where they could then be converted to cash and gold. It also said the institution “knowingly offered” banking services to Iranian financial entities, including those already sanctioned by the U.S. government in 2022 for funneling Tehran's oil sales. In a press release, Bessent said that financial institutions with ties to Iran will “continue to find out the hard way that we are serious about Operation Economic Outcast.” “While we hope no more banks will need to be sanctioned, that ultimately depends on how quickly the international community comes to its senses and ceases support of the murderous Iranian regime,” he continued. “We know who you are, we know where you are, and we will continue to take action together with our allies and partners until we have buried the head of the Iranian snake.” But so far, the operation’s goal to isolate Iran from its remaining global trade partners has fallen flat, with promises of an “Economic D-Day” for a group of countries that could include China and India quickly turning into warnings and negotiations with Iran’s trading partners. The Trump administration’s reluctance to penalize major trading partners that do business with Iran was on display last week when the U.S. took steps to limit an Egyptian bank’s operations in the United Arab Emirates, but stopped short of imposing sanctions. Bessent had previously told reporters that he wanted countries to have an opportunity to shift away from Iran before it was too late in a bid to avoid upending the global financial system. The Trump administration has also resumed military strikes in recent days, prompting Iranian retaliation that renewed concerns about an all-out regional war. It’s unclear what the outcome of the two-pronged strategy will be for President Donald Trump, who has struggled for months to end a war with an intransigent Iranian government.
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- FARNOUSH AMIRI, Associated PressBy FARNOUSH AMIRI, Associated Press
WASHINGTON (AP) — The U.S. Treasury announced Friday it has imposed sanctions on a Turkish financial institution as part of its latest effort to sever “critical financial lifelines” for the Iranian government. The actions against Golden Global Yatirim Bankasi Anonim S…
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Japan’s Defense Ministry said Friday that Iran used its geographical advantage to “inflict unbearable costs at a relatively low military expense,” effectively closing the Strait of Hormuz by indicating that it had laid naval mines, Kyodo News reported.
The ministry said Japan would strengthen its defense capabilities based on lessons from the US-Iran war, including by using defense equipment also operated by allies and like-minded partners to help ensure rapid supplies from other countries. It also stressed the need to maintain sufficient missile stockpiles and be prepared to quickly increase defense equipment production in an emergency, according to its first report analyzing the Iran war since February.
The US-Israeli war against Iran began on Feb. 28, with attacks targeting military, nuclear and infrastructure sites across the country. Iran responded with missile and drone strikes against Israel and US military facilities across the region. READ: EU joins US-led campaign to isolate Iran financially: Treasury chief Bessent Washington and Tehran signed a memorandum of understanding on June 18 concerning freedom of navigation through the Strait of Hormuz, but its implementation has stalled amid disagreements over security arrangements in the strait.
The Japanese report also said the country should take its own geographical characteristics into account when developing combat strategies, including the fact that it is surrounded by sea. The report noted the US use of AI to accelerate decision-making and operations, citing attacks on around 1,000 targets within 24 hours, while also highlighting the risk of AI making incorrect judgments.
“It is important to establish a process that maximizes the benefits of AI while ensuring appropriate human involvement,” the ministry said. The report comes ahead of a planned revision of Japan’s key security documents by the end of this year.
A major offensive by Yemen's Houthis to seize control of the gateway to the Red Sea has left more than 120 people dead, sources told AFP Friday, the country's deadliest clashes in years. Fighting erupted on Thursday, after the Iran-backed Houthis launched a ground assault along with rocket and drone attacks near coastal areas, vying for control of the narrow Bab al-Mandab strait at the Red Sea's southern entrance.
Yemen, embroiled in more than a decade of civil conflict, in July became the latest country to be drawn into the Middle East war as the Houthis upended a 2022 truce with the Saudi-backed government. Since then, the Houthis have imposed a maritime blockade of Saudi Arabia and repeatedly attacked its ships in the Red Sea -- a vital alternative route for oil exports after Iran all but halted Gulf shipments by blockading the Strait of Hormuz.
The rebels are now trying to tighten their hold over the Red Sea, one of the world's busiest shipping lanes, which they have disrupted with attacks on passing vessels since the Gaza war broke out in 2023. The Houthi offensive aims to cut off the government-held port city of Mokha, under fire for weeks, and advance towards areas bordering the Bab al-Mandab, military sources told AFP.
The rebels have seized elevated sites overlooking government positions near the Red Sea and the city of Taiz further inland, a military source and a Taiz official told AFP, requesting anonymity. The Houthis could target ships from these elevated positions, they said.
The toll rose to 129 on Friday, according to an AFP tally compiled from several sources, up from an earlier count of 81. A Yemeni military official speaking on condition of anonymity told AFP that 66 of his men had been killed, while medical and military sources close to the Houthis said at least 62 militants had died.
Another medical source said a civilian had also been killed. Although the Houthis do not control areas bordering Bab al-Mandab, they hold the key port city of Hodeida north of Mokha. "They are going for Bab al-Mandab," said Mohammed al-Basha, of the US-based risk advisory Basha Report.
The Houthis want to control the hills overlooking Bab al-Mandab and Mokha before attacking the coast, a Yemeni official in Aden, the government's base since it was ousted from the rebel-held capital, Sanaa, in 2014. The government has sent reinforcements to Taiz from Aden on Saudi orders, he said.
"The Houthis feel that if they capture Bab al-Mandab or Mokha port they will be in a better position of power to negotiate with the government and the Saudis," Basha added. With Iran's closure of Hormuz, the Bab al-Mandab chokepoint has gained increased importance as a transit route for oil from Saudi Arabia, the world's biggest exporter of crude.
The narrow waterway connects the Red Sea -- and, via the Suez Canal, the Mediterranean -- to the Indian Ocean. In July, a fragile truce between the Houthis and the government fell apart after the rebels welcomed an Iranian plane to Sanaa, setting off a spate of attacks.
They later announced a maritime blockade of Saudi Arabia and began hitting its ships and territory.
The US and its allies Britain, France and Germany are pushing other countries on the UN nuclear watchdog's board to pass a resolution next week reporting Iran to the UN Security Council for the first time in 20 years, diplomats said on Friday. If passed, the resolution would follow up on one adopted on June 12 of last year declaring Iran in breach of its non-proliferation obligations for not fully cooperating with an investigation into uranium traces found at undeclared sites.
The US launched an air war against Tehran on February 28 in which, together with Israel, it destroyed or badly damaged Iran's uranium-enrichment facilities. Iran has not let International Atomic Energy Agency (IAEA) inspectors return to the bombed sites since then or verify what remains of its stocks of enriched uranium, some of which was enriched to up to 60% purity, a short step from weapons grade.
Resolution would be culmination of standoff over IAEA's access to nuclear sites A resolution by the IAEA's 35-nation board reporting Iran to the Security Council would also be the culmination of a standoff over IAEA access to those sites, since the board has passed two resolutions in the past year demanding Iran declare its enriched uranium stocks and grant the IAEA full access to verify them.
A draft text for the resolution has yet to be formally submitted to the board and negotiations between countries over the exact wording are ongoing, diplomats said. A draft is usually formally submitted early in the week of a board meeting. As a party to the nuclear Non-Proliferation Treaty (NPT), Iran has the right to develop nuclear technology, including enrichment, for peaceful purposes.
Iran says it would never produce nuclear weapons. It is, however, the only country to enrich to 60% without making a bomb. The amount it has enriched to that level is "a matter of serious concern" to the IAEA. The IAEA believes well over 200 kg of that highly enriched uranium has survived the bombardments and is held in a tunnel complex at Isfahan and at the Natanz facility.