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Iran threatens 'full-scale' offensive if US keeps bombing
Iran threatens 'full-scale' offensive if US keeps bombingPublished July 18, 2026last updated July 18, 2026 What you need to know - Iran will launch 'full-scale offensive operations' unless the US ends its strikes soon, says Iran's Major General Mohsen Rezaei - US military says they hit Iran's 'surveillance sites, military logistics infrastructure, underground weapons storage, and maritime capabilities' - Pentagon denies Iran's account of two oil tankers exploding near the Strait of Hormuz We will be bringing you the latest updates on the Iran war on the weekend of July 18-19 in this blog. Tired of missing our real-time updates? Click here to add us as a Preferred Source on Google. Then tap the "Star" or "Preferred" to keep DW News at the top of your feed. Iran says it attacked US-used air base in Bahrain Iran's military has said it targeted a US-used air base in Bahrain in retaliation for American strikes. Attack drones struck "aircraft shelters and parking areas, fuel storage tanks of the US military at Sheikh Isa Air Base, as well as several connecting bridges in Bahrain,” the Iranian army said on Saturday, according to state broadcaster reports. It added that the base was "one of the most important operational and logistical centres" for the US military in the region. Jordan says 10 Iranian missiles shot down An Iranian missile barrage was neutralized without causing any casualties or material damage, the Jordanian military said on Saturday morning. "Air defense systems... intercepted 10 Iranian missiles that had entered Jordanian airspace and were targeting the Kingdom's territory (which) were intercepted and shot down," the army said in a statement. Meanwhile, the Kuwaiti army wrote on X that it was facing a missile and drone attack due to Iran's aggression. They also warned that explosions may be heard due to "air defense systems intercepting hostile targets." Just hours earlier, the Iranian military claimed to have hit US military targets in the region, including ammunition depots in Kuwait and fuel tanks at the strategic Al-Azraq base in Jordan. Iran warns 'no political border will be safe' if US strikes continue Tehran will switch tactics unless the US stops its strikes soon, Major General Mohsen Rezaei, a senior military adviser to Ayatollah Mojtaba Khamenei, told Iranian media. "If US strikes continue for several more days, we will move into a phase of full-scale offensive operations," said Rezaei, who once served as the head of Iran's Revolutionary Guards. "Iran will no longer limit itself to retaliatory, like-for-like responses...and no political border will be safe," he was quoted as saying by Iran's news agency IRIB. His comments came just hours before Iran reportedly launched strikes on US military targets in Kuwaitand Jordan. US military says it ended seventh night of strikes on Iran The US military launched strikes against Tehran's "surveillance sites, military logistics infrastructure, underground weapons storage, and maritime capabilities" on the seventh day of renewed hostilities between the two sides. Pentagon said it was still fully enforcing a naval blockade against Iranian ports. "More than 50,000 American service members are operating across the Middle East and remain vigilant, lethal, and ready," CENTCOM wrote in a statement. CENTCOM also called an Iranian statement that two oil tankers were on fire after hitting mines in the Strait of Hormuz "false." Previously, Iran's Revolutionary Guards said two vessels exploded after trying to navigate "by deceptive American intelligence agencies." Welcome to our coverage You join us as the US wraps up its seventh day of strikes on targets inside Iran, claiming to be holding Iran "accountable" at the direction of President Donald Trump. The US also saidits naval blockade on Iranian ports remains in effect. Iran, in turn, has hit US military targets in the region and claimed two tankers exploded near the Strait of Hormuz due to them relying on "deceptive American intelligence agencies." Major General Mohsen Rezaei, a senior military advisor to Supreme Leader Mojtaba Khamenei, warned that Iran "would no longer limit itself to retaliatory, like-for-like responses" and instead go on the offensive if the US campaign against it drags on. Stay with us for the latest developments from Iran and the Middle East as fighting continues.
US troops injured in Iranian strikes – CBS
US troops injured in Iranian strikes – CBS (VIDEOS) Several US service members were injured when Iranian attacks struck military facilities in Jordan earlier this week, CBS News reported on Friday, just as Tehran launched another wave of retaliatory strikes. Attacks on at least two Jordanian bases used by US forces resulted in “several American service members being injured,” multiple US officials told the broadcaster on condition of anonymity. No American or Jordanian fatalities were reported, while the number of injured troops and the severity of their wounds remain unclear. The US Department of War has yet to publicly confirm the reported injuries or respond to the CBS account. It is also unclear exactly when the strikes occurred or which bases were hit. US warplanes routinely operate from Jordanian military installations, but Washington does not publicly disclose all the facilities used by its forces. Iran has been pounding American military facilities in Jordan, Kuwait, Bahrain, Qatar, Oman, Iraq and Syria with missiles and drones over the past week in retaliation for renewed US attacks on Iranian territory. Footage from another angle shows two ballistic missiles impacting Muwaffaq Salti Air Base in Jordan. The second impact caused a much larger explosion, suggesting it may have hit an important target. https://t.co/Twk7SQthzqpic.twitter.com/jtJwampn6g— OSINTWarfare (@OSINTWarfare) July 18, 2026 On Friday evening, US Central Command launched strikes against Iran for a seventh consecutive night, triggering another wave of Iranian retaliation. As seen from two different angles; 2 Iranian ballistic missiles bypass 6 Patriot air defense missiles and reach their target at the Muwaffaq airbase in Jordan. pic.twitter.com/rIkvvWgJv3— ZAMAN (@zamannx) July 18, 2026 The Iranian Army announced on Saturday morning that the 14th phase of Operation Lightning had targeted fuel tanks at Jordan’s Al-Azraq Air Base, an ammunition depot at Kuwait’s Al-Udeiri camp, and headquarters buildings, ammunition storage facilities and connecting bridges at Ali Al-Salem Air Base. The IRGC separately claimed that Iranian ballistic missiles had struck American fighter jets stationed at Jordan’s Muwaffaq Salti Air Base. Footage circulated by open-source intelligence accounts appears to show several MIM-104 Patriot interceptors being launched as missiles approached the base, followed by at least two apparent impacts. Neither Washington nor Amman has confirmed any damage or casualties from the latest attacks. Tehran has repeatedly claimed that its retaliatory attacks inflicted casualties among US personnel. On Friday, the IRGC said it had struck American fighter jets and aerial-refueling aircraft in Jordan, as well as US forces and a HIMARS launcher in Kuwait, causing “significant casualties and damage.” The force also claimed that “numerous” American special forces personnel had been killed in Kuwait. None of those claims were confirmed by the Pentagon. CENTCOM separately denied an Iranian claim that US troops had been killed in an attack on the Al-Tanf base in Syria, stating on Friday that no American personnel in the region had “recently been killed or captured.” Earlier this week, the IRGC directly appealed to the “noble people” of both Jordan and Kuwait to oppose the American military’s use of their countries as launchpads for attacks against Iran. It described Jordan as sacred land that had no place for foreign occupiers and urged Jordanians to “seize every opportunity to destroy American institutions and expel the occupying US army.”
$100 Billion & Climbing: Iran War Price Tag Believed Far Higher Than WH Estimates
$100 Billion & Climbing: Iran War Price Tag Believed Far Higher Than WH Estimates While the Pentagon publicly clings to a $30 billion price tag for its war against Iran, internal Defense Department assessments (unsurprisingly) paint a far more staggering picture: the true cost is rapidly closing in on the $80 billion to $100 billion range, according to NBC News. The Pentagon's Office of Management and Budget told Congress on June 30 that US military operations against Iran so far is $30 billion: "We’ve spent about $30 billion," OMB Director Russel Vought told the House Appropriations Committee. NBC's new assessment bluntly states the following, however: "The cost of the war with Iran could be more than triple the most recent estimate of roughly $30 billion, according to three U.S. officials and three people familiar with the internal cost estimates." The lower figure was reportedly initially floated based a classic Washington accounting trick which only evaluates the cost of expended missiles and munitions while conveniently ignoring the charred remnants of American hardware and damaged bases littering the Gulf states after Iranian retaliatory attacks, the report explains. The estimate featured in the NBC report accounts for actually rebuilding those installations previously attacked by Iran. Judging by how things are going this week - after five consecutive days of renewed fighting - the final bill from damage will only keep pushing up from here. It has been well documented that while American troops at Gulf bases across the Strait of Hormuz and Persian Gulf were by and large pulled back from near 'front lines' - large US military assets like refueling tankers were in some cases left behind, resulting in scenes like the following: The Telegraph: In a picture verified by AFP, the mangled airframe of the US air force jet stands on the runway of Prince Sultan air base in Saudi Arabia. "Five U.S. Air Force refueling planes were struck and damaged on the ground at Prince Sultan air base in Saudi Arabia, according to two U.S. officials," The Wall Street Journal reported in mid-March. Each one costs hundreds of millions. "The tankers were hit during an Iranian missile strike on the Saudi base in recent days, the officials said," WSJ detailed at the time. "U.S. Central Command declined to comment. The tankers were damaged but not fully destroyed and are being repaired, one of the officials said. No one was killed in the strikes." And in Bahrain, home of the US Navy's Fifth Fleet, damage to military facilities is already estimated at $1 billion. Heavily fortified installations in Kuwait have also taken a severe beating, with both these tiny Arab Gulf states being favored targets of IRGC projectiles of late. In the meantime, with a $1.5 trillion budget battle looming this autumn, the Pentagon is currently urging Congress to approve $68 billion supplemental funding package just to keep the lights on, but as the Iran war drags on with few clear objectives outlining an endgame, defense officials are hitting a wall of bipartisan skepticism among lawmakers. One D.C. watchdog group, Public Citizen, has stated this week: "The American people are fed up with spending more on bombs and less on basic needs. And they are furious with a pointless, deadly, illegal, unconstitutional and protracted war that is costing lives and driving up gas prices." Tyler Durden Fri, 07/17/2026 - 20:30
Escalation of US-Iran Hostilities Pushes Crude Oil Sharply Higher
August WTI crude oil (CLQ26) on Friday closed up +3.54 (+4.48%), and August RBOB gasoline (RBQ26) closed up +0.1080 (+3.29%). Crude oil and gasoline prices rallied sharply on Friday, with crude posting a 5-week high and gasoline posting a 2-month high. Crude prices surged on Friday amid heightened concerns that the escalation of hostilities between the US and Iran could lead to a full-blown war that threatens crude supplies through the Strait of Hormuz. Crude prices raced to their highs Friday afternoon after Axios reported that the Trump administration notified Israel it is sending more refueling planes to the country, a possible sign that US military operations could expand in the coming days.Don’t Miss a Day: From crude oil to coffee, sign up free for Barchart’s best-in-class commodity analysis. The US launched fresh strikes against Iran for the sixth consecutive day on Friday, hitting coastal surveillance and air defense sites, military logistics infrastructure, and maritime assets. Iran responded by attacking US bases in Kuwait, Jordan, and Bahrain, with Kuwait saying a desalination and electricity plant were hit, with many power-generation units sustaining damage. The Kuwaiti armed forces said it intercepted 32 Iranian drones targeting "vital" institutions. President Trump pledged to intensify the bombardment until Iran stops attacking ships in the Strait of Hormuz and agrees to open the waterway. The Wall Street Journal reported Thursday that President Trump is leaning toward expanding military operations and discussed the seizure of Kharg Island, Iran’s main oil export terminal. The Wall Street Journal reported Friday that US forces struck multiple bridges to cut supply routes to an Iranian port city and naval base used to support attacks on ships in the Strait of Hormuz. Global crude oil supplies are tightening due to reduced flows through the Strait of Hormuz. The International Maritime Organization warned on Wednesday that it's too dangerous to cross the Strait of Hormuz at the moment, and visible transit through the strait has fallen sharply in recent days. According to Bloomberg calculations based on vessel-tracking data and information from Kpler and Vortexa, the seven-day moving average of oil flows through the Strait of Hormuz, including Iranian supplies, has slumped to about 5.5 million bpd through Wednesday from 9.4 million bpd before the collapse of the US-Iran ceasefire. Crude oil and products also have support from strength in the crude crack spread. The crack spread rose to a record high on Friday, potentially persuading refiners to boost their crude oil purchases and refine it into gasoline and distillates. Crude prices also have support as Ukraine intensifies drone attacks on Russian oil infrastructure. Russian crude production fell to 8.928 million bpd in June, the lowest in 2.5 years, according to monthly OPEC data. According to EA Analytics, Russian crude-processing rates averaged 3.91 million bpd in the first 10 days of July, the lowest in 21 years, amid damage to Russian energy infrastructure caused by drone and missile attacks from Ukraine. According to Bloomberg, Ukrainian forces have attacked Russian fuel-producing facilities more than 50 times this year, hitting at least 24 of Russia’s 34 largest refineries. As of the end of June, around 90% of Russian regions have imposed some form of fuel rationing or reported supply issues, as refining capacity has plunged following damage to facilities. The strikes have deepened a nationwide gasoline shortage, with several major refineries shut down and the government banning almost all gasoline, jet fuel and diesel exports. Russia is the world’s number two diesel exporter, after the US, according to Vortexa. Stronger Russian crude exports are also adding to global oil supplies, which is bearish for prices. Data compiled by Bloomberg show the four-week average of Russian crude exports rose to 4.13 million bpd through June 28, the highest since Russia invaded Ukraine in 2022. Russia may be boosting its crude exports as the country’s refining capacity has plunged due to damage at its refining facilities from Ukraine drone and missile attacks. Signs of mounting global supplies are negative for crude prices, after the International Energy Agency said in a monthly report last Friday that the United Arab Emirates boosted crude oil production to an all-time high of 4.1 million bpd in June. The International Energy Agency (IEA) warned on June 17 that the Iran war’s impact on global oil demand will be much deeper than previously anticipated, saying world oil consumption will decline by -1.1 million bpd this year, a larger drop than a previous estimate of -420,000 bpd. The outlook for higher US crude output is negative for oil prices. The Department of Energy (DOE) last Tuesday raised its US 2026 crude production estimate to 13.78 million bpd from a June estimate of 13.72 million bpd. As a bearish factor for crude, OPEC delegates said on May 14 that the cartel aims to continue a series of oil quota increases over the next few months, completing the return of halted oil production by the end of September. The group already formally agreed to restore about two-thirds of the 1.65 million bpd supply cutback it made back in 2023 and said it plans to raise output targets further and to revive the final portion in three more monthly stages. On Sunday, OPEC+ said it will boost its crude output by 188,000 bpd in August, though that increase might prove difficult, as Middle East producers are still restarting output curtailed by the war in the region. OPEC’s June crude production rose by +2.34 million bpd to 18.75 million bpd. Vortexa reported on Monday that crude oil stored on tankers that have been stationary for at least 7 days fell -32% w/w to 82.85 million bbl in the week ended July 10. Wednesday’s EIA report showed that (1) US crude oil inventories as of July 10 were -6.2% below the seasonal 5-year average, (2) gasoline inventories were -8.4% below the seasonal 5-year average, and (3) distillate inventories were -11.1% below the 5-year seasonal average. US crude oil production in the week ending July 10 was unchanged w/w to 13.861 million bpd, just below the record high of 13.862 million bpd posted in the week of November 7. Baker Hughes reported Friday that the number of active US oil rigs in the week ended July 17 rose by +7 to a 13-month high of 452 rigs, up from the 4.25-year low of 406 rigs posted in December 2025. However, the number of US oil rigs remains sharply below the 5.5-year high of 627 reported in December 2022. On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here. The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
US to send more refuelling aircraft as Trump weighs wider Iran war: Report
The US plans to deploy “dozens” of additional aerial refuelling aircraft as President Donald Trump considers expanding military operations against Iran, Axios reported Friday, Anadolu reports. Citing three US and Israeli officials, the US news outlet said Trump was presented with several new military options during a Situation Room meeting Tuesday but had not made a final decision. The proposals reportedly include strikes on Iranian power plants and other infrastructure, and additional attacks on suspected nuclear facilities, including an operation targeting the underground Pickaxe Mountain site. US and Israeli officials said Trump could order an escalation within days, aiming to pressure Tehran to reopen the Strait of Hormuz and accept Washington’s nuclear demands. The US currently has about 30 refuelling aircraft stationed at Ben Gurion International Airport near Tel Aviv and a similar number at Ramon Airport in southern Israel, according to the report. Israeli officials said Washington wants to deploy several dozen more aircraft, restoring the fleet to roughly the level maintained at the beginning of the conflict. US Central Command (CENTCOM) was not immediately available for comment. The US military reportedly prefers Ben Gurion Airport because other regional bases are considered more exposed to attacks by Iran, which has repeatedly struck US facilities across the Gulf region over the past several months. Regional tensions have escalated since February, when the US and Israel launched a joint offensive against Iran and Tehran responded with missile and drone strikes targeting Gulf countries hosting US military assets. Iran and the United States signed a Pakistan-mediated memorandum of understanding last month aimed at ending the conflict and reaching a lasting peace agreement, but tensions have escalated again in recent days over the Strait of Hormuz.
US Dispatching More Refueling Planes To Israel As Iran War Drums Beat Louder: Report
The United States is sending dozens of additional aerial refuelling aircraft to Israel as it prepares for the possibility of a broader military escalation with Iran, Axios reported on Friday. The publication, citing US and Israeli officials, said President Donald Trump recently reviewed new military options during a Situation Room meeting, including plans for expanded strikes on Iranian infrastructure, nuclear facilities and the underground Pickaxe Mountain site. According to the report, Trump has not made a final decision as of now, but US and Israeli officials believe he is inclined to escalate military operations. ALSO READ: Trump's Aides See China Cheating On Trade, But Shun Reprisal A US official told Axios that at least seven bridges near the southern Iranian city of Bandar Abbas were targeted in recent US strikes. The city is considered a key logistical hub for the Islamic Revolutionary Guard Corps (IRGC), with military supplies, ammunition and reinforcements passing through the area to other parts of the strategic waterway. Iran, meanwhile, stepped up attacks on US military installations in Jordan, Qatar, Bahrain, Iraq and Kuwait, and the IRGC also claimed responsibility for an attack on a US base in Syria, although US troops had reportedly withdrawn from the facility a few months earlier. The US currently has around 30 aerial refuelling aircraft stationed at Ben Gurion International Airport near Tel Aviv and another 30 at Ramon Airport in southern Israel, the report said. Israeli officials told the publication that Washington is seeking to place several dozen more aircraft over the coming days, restoring the fleet to levels seen at the start of the conflict. The report also added that the US military prefers operating the refuelling aircraft from Ben Gurion Airport, considering it safer than other regional air bases that are more vulnerable to potential Iranian attacks. ALSO READ: 30 Civilians, Seven Iranian Soldiers Killed In US Air Strikes Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.
Scoop: U.S. sending dozens of refueling planes to Israel as Iran escalation looms
The Trump administration notified Israel it is sending dozens more refueling planes to the country ahead of a potential expansion of military operations against Iran, three U.S. and Israeli officials said. Why it matters: After he was presented with several new military plans in a Situation Room meeting Tuesday, President Trump is considering a massive offensive in Iran that would be wider in scope than the current strikes around the Strait of Hormuz. The big picture: Among the options being considered are bombing Iranian infrastructure facilities like power plants, conducting more attacks on Iran's nuclear facilities in order to bury Iran's enriched uranium even deeper, and bombing the Pickaxe Mountain underground site that is suspected to be a facility in the making. Trump hasn't made a final decision yet, but he appears willing to escalate the war to cause enough damage that the Iranian regime will open the Strait of Hormuz and accept Trump's nuclear demands. Trump could order an escalation in the coming days, U.S. and Israeli officials say. Driving the news: On Thursday, the U.S. military conducted strikes against Iranian targets in the Strait of Hormuz and the southern coast of Iran for the fifth day in a row. The U.S. military bombed at least seven bridges around the city of Bandar Abbas, which is considered a hub for the Iranian Revolutionary Guard Corps (IRGC) operations in the Strait of Hormuz, a U.S. official said. Ammunition, supplies and reinforcements go through Bandar Abbas to other parts of the strait, the official said. Iran also escalated attacks targeting U.S. bases in Jordan, Qatar, Bahrain, Iraq and Kuwait. The IRGC also claimed it attacked an American base in Syria, although U.S. troops withdrew from the base several months ago. State of play: The U.S. currently has about 30 military refueling planes at Ben Gurion International Airport near Tel Aviv and around the same number in Ramon Airport in southern Israel. Israeli officials say the U.S. wants to send several dozen more refueling planes in the coming days, bringing the number of planes to the same level it had at the beginning of the war. Israeli officials say the U.S. military prefers operating the refueling planes from Ben Gurion Airport, because other air bases in the region are more exposed to Iranian attacks and less safe for U.S. planes. At the moment, the Iranians are still deterred from launching attacks on Israel, because it will likely trigger a massive retaliation. "I can tell you only one thing, and I will say this to the leaders of Iran: Do not count on it being quiet if you attack us," Israeli Prime Minister Benjamin Netanyahu said in a Tuesday speech. "Do not count on a rerun. Because it will not be a rerun, and that was already powerful enough. This will be a different event, much more powerful." Between the lines: The presence of the U.S. military refueling planes has become a political hot potato in Israel. The dozens of refueling planes parked at Ben Gurion for months clogged the airport almost completely. It wasn't a problem at the height of the war when Israel's airspace was mostly closed and many airlines stopped operating flights to Tel Aviv. But with the airspace now open and Israelis going on summer vacations, additional U.S. refueling planes operating from the airport could lead to mass flight cancellations. Three months before an election, this could be highly damaging for Netanyahu's coalition. Israel's minister of transportation, Miri Regev, a close Netanyahu ally, pressed for moving the U.S. refueling planes out of Ben Gurion International Airport or at least limiting their number. The Defense Ministry and IDF pushed back against it. What to watch: The Trump administration has asked the Israeli government to accommodate the additional refueling planes. Netanyahu will have the final say on the issue.
Iran targets water desalination plant in Kuwait as U.S. strikes Iran's bridges
Iran targets water desalination plant in Kuwait as U.S. strikes Iran’s bridges - - Click here to listen to this article - Share via - U.S. forces escalate strikes on Iranian bridges, energy facilities and a key port tower, aiming to loosen Tehran’s grip on the Strait of Hormuz after a fragile ceasefire collapses. - Iran answers with missile barrages on U.S.-aligned nations, damaging Kuwait’s vital power and desalination plant and rattling Qatar, Bahrain, Jordan and Iraq’s Kurdish region amid widening regional fallout. - With tanker attacks, a naval blockade and shipping through the strait plunging, oil prices climb above $86 a barrel as Trump faces growing pressure to end another protracted Middle East war. DUBAI, United Arab Emirates — The United States expanded its airstrike campaign against Iran early Friday by hitting more bridges, energy sites and collapsing a tower at a key Iranian port, backing up President Trump’s threats to start striking infrastructure to pressure Tehran to ease its chokehold on the Strait of Hormuz. Iran launched missile attacks against U.S.-allied nations in the Middle East, including Qatar, a mediator in the war, and Kuwait, where a power and water desalination plant — vital infrastructure in the desert nation — was damaged. The interim ceasefire agreed to last month has collapsed, and the region has endured days of back-and-forth attacks by the U.S. and Iran as they battle for control of the strait. Iranian officials say recent U.S. strikes have killed dozens of people and wounded hundreds of others, with new casualties reported in Friday’s strikes. When the U.S. and Israel launched the war on Iran on Feb. 28, Tehran effectively closed the strait to shipping traffic, a move that sent the price of oil soaring and gave Iran major leverage in negotiations. As crossings through the strait hit a three-week low, according to an international shipping tracker, the price of oil rose above $86 a barrel, close to its highest level in a month. Speaking in a primetime address to the American public on Thursday, Trump insisted the war was going well. “We are likewise winning big in Iran, and you will see the fruits of that labor very, very shortly,” Trump said. Before the war began, the U.S. had been in talks with Iran over its nuclear program. Trump now faces political pressure to bring the war to a close and avoid the kind of prolonged Middle East conflict he had campaigned against. Bridges and ‘electrical infrastructure’ hit in Iran The U.S. airstrikes hit bridges overnight into Friday in Iran’s southern Hormozgan province, killing at least seven people, Iranian state television reported. The attacks hit Bandar Khamir, a city on Iran’s coast on the Strait of Hormuz. The highway and railway bridge strikes appeared aimed at cutting off Bandar Abbas, Iran’s main port, from roads leading into the Islamic Republic’s central region onward to Tehran, the capital. While other routes still are open, the U.S. strikes could expand further, potentially disrupting both the movement of military materiel and goods needed for Iran’s 90 million people. Iran also acknowledged “attacks on power infrastructure” during the U.S. airstrike campaign for the first time Friday when its Energy Ministry issued a call for people to use less power in southern provinces. It said those areas “are currently experiencing extreme heat and attacks on power infrastructure.” The ministry did not elaborate on whether it was power plants, transmission lines or other equipment that had been attacked. Such strikes on power infrastructure had been suspected for days. Tower at key port collapses in US strike The U.S. military’s Central Command said it hit dozens of targets in its latest airstrikes, which concluded at dawn Friday, the sixth night in a row of American attacks. The strikes also collapsed a tower at Iran’s Chabahar port on the Gulf of Oman, a key trade route for landlocked, neighboring Afghanistan, the state-run IRNA news agency reported. Chabahar port, which Iran had been running with support from India, has been a repeated target of American airstrikes. Iran described the tower as overseeing commercial traffic into the port. However, Iran’s paramilitary Revolutionary Guard also operates at ports across the country. As of 6 a.m. Friday, the U.S. strikes had killed at least 38 people and wounded more than 400 in Iran, Health Ministry spokesperson Hossein Kermanpour said. Iran retaliates by targeting Qatar, a mediator in the war On Friday, Qatar twice warned the public to take shelter as a barrage of Iranian missiles targeted the nation. People heard explosions overhead as air defenses fired to intercept the missiles. Qatar’s Interior Ministry said falling debris wounded a child. Qatar, along with Pakistan, is a key mediator in trying to reach an end to the Iran war. But talks have broken down over Iran’s chokehold on the Strait of Hormuz. Iran also targeted Bahrain and Kuwait early Friday. In Kuwait, authorities said Iran attacked a power and water desalination plant, causing widespread damage to the station. About 90% of the country’s drinking water comes from desalination. Kuwait said it extinguished the blaze and was working to assess the damage and get the station working again. Jordan’s military said it intercepted three incoming missiles Friday morning launched by Iran. Explosions also could be heard Friday morning in Irbil and Sulaymaniyah in northern Iraq’s semiautonomous Kurdish region as air defenses targeted incoming fire. The attack apparently targeted the Iranian Kurdish dissident group Komala, killing at least nine people and wounding others, said an official who spoke on condition of anonymity for security reasons. Iran did not immediately claim the attack but has targeted Komala in the past. Also on Friday, a tanker came under attack traveling through the Strait of Hormuz taking the route closest to Oman, the British military said. The report from the United Kingdom Maritime Trade Operations center said the ship sustained minor damage without any of its crew being injured. Iran did not immediately acknowledge any attack. In recent days, it has openly targeted ships using the route, which is overseen by the U.S. military and intended to be outside of Tehran’s control. Strikes come as Iran and US vie for Strait of Hormuz Iran has said the strait must be under its sole control and that vessels should pay fees to Tehran — even though the world for decades has considered it an international waterway. Trump has returned in recent days to his threats to target Iranian power stations and bridges to try to compel Iran to loosen its hold on the strait, through which about a fifth of all oil and natural gas traded once passed in peacetime. The U.S. also reimposed a naval blockade on Iranian ports to halt its shipments of crude oil. Crossings through the strait fell to a three-week low of just eight vessels on Thursday, according to MarineTraffic.com. It said seven of the vessels used a route operated by Iran and none used the route closest to Oman. Given the risks, some oil shippers are transiting the strait with their location devices turned off, but many are just staying put, Lloyd’s List Intelligence said Thursday. A growing amount of the region’s energy is being shipped through pipelines, but not nearly enough to offset the decline in shipping through the strait. Gambrell writes for the Associated Press. AP writers Amir Vahdat in Tehran, Iran, Annika Wolters in Rayong, Thailand, and Stella Martany in Irbil, Iraq, contributed to this report.
IRGC says it hit US special operations unit in Syria as bombs fall on Iran for sixth night
IRGC says it hit US special operations unit in Syria as bombs fall on Iran for sixth night Iran's Islamic Revolutionary Guard Corps (IRGC) said it launched an attack on a US special operations command centre at al-Tanf in Syria on Friday, as the US bombed Iran for a sixth consecutive night. According to a statement carried by the Tasnim news agency, the IRGC said the attack was in retaliation for the killing of Iranian soldiers in Iranshahr. Middle East Eye could not independently verify the claim. A Syrian military source told Reuters that Iran carried out an attack near al-Tanf, but it had not hit the base itself. There were no casualties or material damage, the source added. The episode is the first reported attack on Syria since the US-Israeli war on Iran began in late February. New MEE newsletter: Jerusalem Dispatch Sign up to get the latest insights and analysis on Israel-Palestine, alongside Turkey Unpacked and other MEE newsletters In the same month, the US military said it had withdrawn from al-Tanf, which is near to Syria's borders with Jordan and Iraq. Syria has sought to avoid being dragged into the war, with President Ahmed al-Sharaa stating in March that his country would stay out of any conflict unless it came under attack. Following the attack on Iranshahr which killed seven soldiers a few days ago, US forces attacked the area again on Friday, this time targeting Iranshahr airport. The fresh strike wounded at least one civilian and caused damage to facilities, Iranian state TV reported. Electrical facilities and a fuel tank were damaged, causing a power outage. Also on Friday, Iranian state media reported that US attacks on bridges in the south of the country had killed at least seven civilians. At least five bridges were damaged in the latest strikes, including the Gariveh bridge in Hormozgan province's Khamir County. Meanwhile, fresh explosions were heard in the port city of Chabahar, in the southeast of Iran. Local media reported that another US strike hit a neighbourhood in Bandar Abbas, southern Iran, killing one and injuring eight others, even as the US signalled willingness for diplomacy. White House press secretary Karoline Leavitt said late on Thursday that President Donald Trump was “open to diplomacy” and that the US was still talking with Iran amid the escalating tensions. Iran's health ministry said at least 38 people were killed and more than 400 wounded in the country since the US resumed attacks on 22 June. The ministry's spokesman, Hossein Kermanpourm, said that among those killed were one child and three women, while nine children and 22 women were wounded. Iranian attacks across region Drone and missile attacks were reported in a number of countries in the region where US assets are based. Kuwaiti air defences were responding to "hostile missile and drone attacks" from Iran, the Gulf country's army said. Bahrain's interior ministry said that sirens had been sounded across the country, urging citizens and residents to "remain calm and head to the nearest safe place". The announcement came after Iran said it targeted US helicopters and a reconnaissance aircraft at Bahrain’s Sakhir Air Base, according to the Tasnim news agency. Several explosions were heard in Qatar's capital, Doha, early on Friday, as the Gulf state announced that it had intercepted a missile attack. One child was wounded as a result of falling shrapnel from "interception operations", according to Qatar’s interior ministry. The IRGC said it also targeted a US maritime surveillance radar in Oman. Elsewhere, Jordan said that three Iranian missiles targeting the country were intercepted and no casualties or damage were reported. In Iraq, the US-led coalition shot down several drones on Friday over Erbil, in the northern Kurdistan region, Kurdish counterterrorism forces said. Meanwhile, the Israeli army started setting up a new line of permanent military posts in southern Lebanon as a way of strengthening its hold in the area, according to Israeli daily Maariv. Middle East Eye delivers independent and unrivalled coverage and analysis of the Middle East, North Africa and beyond. To learn more about republishing this content and the associated fees, please fill out this form. More about MEE can be found here.
Futures Tumble As Latest Chinese "DeepSeek Moment" Sparks Chip Meltdown
Futures Tumble As Latest Chinese "DeepSeek Moment" Sparks Chip Meltdown A surprise breakthrough from Chinese AI startup Moonshot (which is now at the top of the Frontend code benchmark on Arena) rumbled through global markets, sending chip stocks reeling, as queasiness returned about the industry’s unprecedented spending spree (something we have been warning about for the past year). Moonshot claims its new Kimi K3 model rivals top offerings from OpenAI and Anthropic in a release reminiscent of last year’s “DeepSeek moment.” It came as President Xi Jinping appeared at China’s premier AI summit, underscoring how rapidly the nation’s AI developers are closing the gap with US rivals (discussed here a month ago). Meanwhile, delays by Alphabet to the launch of the latest Gemini model has also dented tech sentiment. As a result as of 8:00am ET, S&P futures are 0.8% lower with Nasdaq futs tumbling 1.7%; pre-market, Mag 7 are all lower with NVDA (-2.8%), AMZN (-2.1%), and META (-1.8%) among the most notable decliners. AI and Semis concerns continued to dominate the market narrative overnight ahead of Mag 7 earnings next week. What is different from the past few weeks of momentum selloff is that both Mag 7 and Semis were being sold overnight and yesterday, pointing to "concerns over hyperscalers’ AI CapEx and the sustainability of the AI rally" according to JPM. Moonshot’s AI model release also led to further concerns in China AI model competition and questions on AI CapEx (“DeepSeek 2.0” concerns): overnight, Asia AI baskets and China AI baskets (which include Moonshot’s competitors Z.AI and MiniMax) fell 5-8%. Bond yields are lower across the curve: 2y and 10y are 2.1bp and 2.8bp lower, respectively. Oil added another 1.8%; WTI now at $80.47 this morning after Kuwait said power and water plants were attacked by Iran as hostilities in the Gulf escalate with every passing day. Both base and precious metals are higher this morning. US economic data calendar includes June import/export price index, and June housing starts (8:30am), June industrial production (9:15am) and July preliminary University of Michigan sentiment (10am). In premarket trading, Mag 7 stocks are all lower (Nvidia -2.4%, Amazon -1.4%, Microsoft -1.9%, Tesla -1.7%, Alphabet -1.5%, Meta Platforms -1.5%, Apple -0.1%). Chipmakers and other AI-related firms are set to extend their selloff amid a broad unwind of the tech trade. Marvell Technology (MRVL) -2%, Qualcomm -2%. Autoliv (ALV) falls 5% after the airbag and seatbelt maker reported second-quarter adjusted earnings per share that narrowly missed consensus estimates. Intuitive Surgical (ISRG) tumbles 10% after the robotic-surgery company maintained its forecast for Worldwide da Vinci robotic procedure growth for the full year, even as its second-quarter results came in ahead of the average analyst estimates. Netflix (NFLX) falls 10% after the streaming giant forecast a second consecutive quarter of slowing sales growth. Analysts note that the tepid current quarter forecast is overshadowing an otherwise in-line quarter. Staar Surgical (STAA) drops 8% after the maker of implantable lenses posted preliminary second quarter results where sales in Europe, theMiddle East and Africa declined by a low single-digit percentage, reflecting ongoing turmoil in the Middle East. In other corporate news SpaceX aborted Thursday’s Starship rocket mission when some of its engines didn’t fire up, it's stock tumbled another 3% to $125, the lowest since its IPO less than two months ago. US regulators traced a parasite outbreak that’s sickened thousands in Michigan and nearby states to shredded iceberg lettuce served at Taco Bell restaurants, identifying a single supplier as the apparent source. Tech is once again dragging futures lower in early trading as questions over momentum, semiconductor capex and hyperscaler debt persist, masking a powerful rotation beneath the surface. Traders rushed to exit positions in stocks that had fueled this year’s rally, sending the Nasdaq tumbling. The S&P 500 Equal Weight Index posted an all-time high in Thursday’s cash session and the VIX remains below the key psychological level of 20, but the S&P 500 is down on the week and set to deepen those losses on Friday. Stock investors are taking profits on crowded positions in chip-related stocks, with a key gauge of industry giants still up 68% this year. For Francisco Simon, European head of strategy at Santander Asset Management, the selloff still looks moderate in comparison to the preceding rally. “We would distinguish between fundamentals and positioning,” he said. “From a fundamental perspective, the picture remains solid: earnings momentum has been exceptional this year, and results are still coming in strongly.” Beata Manthey, head of European and global equity strategy at Citigroup, says sharp stock rotations are necessary for the equity rally to broaden beyond the tech sector. “The market has started to hope for some long-awaited broadening,” Manthey told Bloomberg Television. “For that to happen, you need to have some rotations, and rotations tend to happen in quite a violent way sometimes — and this is what we’re seeing right now.” Also in tech, the marquee listing of CXMT ignited a rush among retail investors as China’s homegrown memory giant opened books for an IPO to raise $9.8 billion, the second-largest in the nation’s history. The retail portion of the IPO was 212 times oversubscribed. President Xi hailed China’s progress in developing low-cost AI in his debut at the World AI Conference in Shanghai on Friday. The rise of China’s AI models shaping the technology’s global rules is stirring security alarms in Washington and Beijing alike.Elsewhere, Japanese memory chipmaker Kioxia’s market capitalization has now halved in just a month since becoming the nation’s most valuable company. “When there’s panic, no one wants to be the last one in a selloff, so the selling pressure increases,” said Guillermo Hernández Sampere, head of trading at MPPM. “With the start of reporting, the suspicion of overvaluation has been confirmed and will continue for a bit.” In short, chipmakers and other AI-related firms are set to extend their selloff amid a broad unwind of the tech trade. Meanwhile Netflix, already more than 40% lower in the past year, is also weighing on tech sentiment. The streaming giant fell 10% in premarket trade Friday after forecasting a second consecutive quarter of slowing sales growth, fanning fears for its future. Cash would offer good protection in the near term, Simon at Santander Asset Management said. Bonds are a less attractive option as higher oil prices could undermine the defensive characteristics of sovereign debt. “The key reassurance would probably come from the earnings season,” he said. “If companies continue to deliver solid results, and valuations become more attractive after the correction, that could help bring longer-term buyers back.” Another day of attacks and counterstrikes in the Middle East also weighed on sentiment. Concerns are growing that the US and Iran will intensify hostilities, making oil tanker operators wary of transiting the Strait of Hormuz. In geopolitics, Trump accused China of interfering with US elections in 2020, claiming the Chinese government stole voter files, including names, addresses and other sensitive data. The US administration said it would shorten the duration of visas for foreign journalists - raising concern about a new round of tit-for-tat restrictions with China. Meanwhile, the Fed’s Vice Chair Philip Jefferson suggested the central bank should consider raising interest rates if inflation doesn’t cool soon. Selling by US corporate insiders raised another red flag about investor caution. Executives sold $77.6 billion of stock during the first half, according to EPFR Global Market Intelligence, the second-highest amount in more than 20 years a classic red flag to some investors because it suggests people with the most corporate knowledge are wary about markets. European equities edged lower on Friday. with technology and mining shares leading declines, while utilities and telecommunications stocks outperform. Tech subindex of the Stoxx 600 down to the lowest since May. Here are the biggest movers on Friday: Tomra gains as much as 16% after the recycling equipment firm’s 2Q report beat expectations and the firm announced a contract to supply 1,200 recycling machines with a large UK retailer EQT rises as much as 13% after the investment firm’s first-half earnings beat estimates, providing some relief to a stock that had fallen more than 20% year-to-date through Thursday Getinge shares jump as much as 10% after the Swedish health-care equipment firm reported second-quarter sales and earnings which JPMorgan says were better than expected Assa Abloy gains as much as 6.2%, the most in a year, after the Swedish lock and entrance systems maker reported its latest earnings European semiconductor stocks decline across the board on Friday. AI trades that were popular in the first half lose ground amid concerns over the sustainability of AI spending Lagercrantz shares plunge as much as 16%, its biggest drop since 2022. The industrial conglomerate posted quarterly margins and earnings that missed expectations, according to DNB Carnegie AAK sinks as much as 12% after the Swedish maker of vegetable oils and fats saw a softer second quarter, impacted by lower volumes, price pressure in Food Ingredients and production-related challenges at its Karlshamn site DKSH shares fall as much as 8.3%, the most since September, after the Swiss conglomerate reported operating profit for the first half-year that missed the average analyst estimate Burberry shares fall as much as 7.3% after the UK luxury brand posted first-quarter results that were weaker than expected in Europe and Asia Valterra Platinum slipped as much as 2.4% after the miner reported 2Q earnings and 1H guidance. Analysts note that 2Q own mined volumes missed, while PGM refined production was in line Asian stocks slipped the most in three weeks despite robust earnings from Taiwan Semiconductor Manufacturing Co., highlighting how elevated expectations have become for AI-related companies. The MSCI Asia Pacific Index dropped 2.8% and is headed for a second straight weekly decline. TSMC fell more than 7%, triggering a correction in Taiwan’s Taiex. The Nikkei 225 slid 4% as Japanese chip-related stocks such as Kioxia Holdings Corp. and Tokyo Electron Ltd. came under pressure. Hong Kong and mainland China also declined, while South Korea’s markets were mercifully closed for a holiday, even though the KORU 3x levered korea ETF plunged. TSMC reported a faster-than-anticipated 77% jump in quarterly net income and raised both its revenue and spending projections. The main chipmaker for Nvidia Corp. now expects sales to grow more than 40% this year and plans to spend as much as $64 billion in 2026, reflecting confidence that AI-driven demand for chips and data centers will remain strong. Some markets with lower exposure to AI such as Indonesia, the Philippines and India rose. Malaysia’s benchmark stock index gained 0.5% as the country reported a surprise surge in economic growth in the second quarter. Investors will focus on earnings for companies including CATL and Shin-Etsu Chemical in the week ahead. Other key events include Indonesia’s monetary policy. The Jakarta stock index has climbed for seven straight sessions, the longest streak in about a year. In FX, the Bloomberg Dollar Spot Index is up 0.1%, with the Swiss franc outperforming among major currencies while the Aussie dollar and sterling lag. Traders continued to dial down expectations for Federal Reserve interest-rate hikes this year. In rates, treasuries hold modest gains despite the rise in oil prices, sending 10-year yields four basis points lower to 4.52% with US stock index futures under pressure from chipmaker shares after surprise breakthrough from Chinese AI startup Moonshot and Alphabet’s delayed launch of latest Gemini model. Limiting gains, oil futures are up more than 2% after Kuwait said power and water plants were attacked by Iran. Treasury yields are 2bp-4bp lower led by 5- to 10-year sectors, flattening 2s10s curve by about 1bp; 10-year near 4.51% outperforms bunds and gilts in the sector by 2bp and 1bp respectively. In commodities, WTI crude oil futures are up 2.6% near session highs, heading for biggest weekly gain since April as the escalating conflict between the US and Iran disrupts Middle East supply. IG dollar issuance slate empty so far, though Bank of America, Citigroup and Wells Fargo are expected to tap the market as soon as Friday; weekly volume is near $47 billion. Gold moving higher but short of $4,000/oz. US economic data calendar includes June import/export price index, and June housing starts (8:30am), June industrial production (9:15am) and July preliminary University of Michigan sentiment (10am). Fed calendar is blank; external communications blackout period commences Saturday ahead of the July 29 policy decision Market Snapshot Top Overnight News US President Trump announced the immediate declassification of intelligence on elections during his primetime address and noted that China engaged in election-related activities in 2020 and did not want him to win the election, while he claimed that China attempted to manufacture ballots for Biden and worked to influence businesses against him. China's Foreign Ministry denied these accusations. China’s Moonshot AI has launched an artificial-intelligence model, Kimi K3, it says outperforms some cutting-edge U.S. systems, the latest sign that Chinese labs can rival American counterparts like OpenAI and Anthropic in critical technology frontiers. WSJ The U.S. struck multiple bridges in Iran on Thursday to cut off supply routes to a port city and naval base in the Strait of Hormuz that Iran uses to attack ships and project power, according to a senior U.S. official. Several attacks on bridges were reported in and around the port city of Bandar Abbas overnight Thursday, and highways connecting Bandar Abbas to nearby provinces were declared closed, according to Iran’s state broadcaster IRIB. WSJ Two US-sanctioned tankers carrying cooking fuel are U-turning and navigating in the Gulf of Oman and Arabian Sea as the US steps up enforcement of its blockade on Iranian shipping. A third sanctioned LPG vessel is indicating China as its destination. BBG Japanese PM Sanae Takaichi called for households and the GPIF to increase investment in domestic financial assets, fueling expectations of possible allocation changes at the fund. Finance Minister Satsuki Katayama reiterated her willingness to take “decisive action” in currency markets. BBG Xi Jinping called for inclusive cooperation on AI development and urged the world to avoid technological rivalries at China’s top tech summit. BBG The ECB will probably pause to assess inflation next week before delivering a final rate hike in September. BBG New York City air quality remains at “unhealthy” levels today as the EPA warned people to spend more time indoors, with wildfire smoke blanketing much of the East Coast. Several communities across northern Ontario have initiated evacuation to avoid the blaze. BBG BP and ConocoPhillips are set to announce billions of dollars of new investments in Iraq on Friday as Washington seeks to bolster the country’s energy sector and reduce the region’s reliance on routes vulnerable to Iranian disruption, according to people familiar with the plans. CNBC A top executive at Amazon’s cloud division plans to join Meta Platforms in the coming weeks, a sign of the social-media giant’s growing ambitions in developing data centers and computing resources. Dave Brown, one of the most senior executives at Amazon Web Services, will bring his nearly two decades of experience to Meta, where he will report to the company’s head of infrastructure and focus on the firm’s data center build-out. WSJ US President Trump called on Congress to pass the Save America Act in light of recent revelations. A more detailed look at global markets courtesy of Newsquawk APAC stocks were pressured as the tech selling rolled over from Wall St and with sentiment weighed on by US-Iran escalation, in which the US conducted a sixth consecutive night of strikes on Iran and targeted infrastructure, including an airport, railway station and several bridges. ASX 200 was dragged lower by weakness in mining, materials, resources and tech, while telecoms, energy and defensives were at the other end of the spectrum, helping cushion the downside. Nikkei 225 underperformed and took the brunt of the semiconductor sell-off in the absence of its South Korean counterpart due to Constitution Day, while Kioxia was heavily pressured and has shed 50% of its market cap from last month's peak. Hang Seng and Shanghai Comp conformed to the downbeat mood amid the tech-related woes, and with sentiment also not helped by US President Trump's primetime address, in which he accused China of meddling in the 2024 US Election and called for Congress to pass the SAVE America Act. Top Asian News Japanese PM Takaichi said the government will pursue steps that encourage investment in Japanese financial assets, including by households and pension funds like the GPIF. Chinese President Xi said that the world has entered an unprecedented period of AI innovation, adding they should seize rare historic opportunities to encourage open source AI. China FX regulator said foreign investments into China saw net inflows in H1 and outbound investments continue to grow steadily. European bourses (STOXX 600 -0.7%) are broadly lower, following on from the weakness in Asia (Nikkei -4%, Hang Seng -2.1%), with clear underperformance seen in the AEX (-1.0%) and FTSE MIB (-0.8%). Tech (ASML -4.2%, STMicroelectronics -6.9%) is the clear underperformer following the sharp selloff overnight in APAC names, as worries of stretched valuations persist. Despite the selloff, this week has been broadly positive in the tech space, with both TSMC and ASML reporting strong Q2 figures that beat estimates. Today's weakness just shows that, despite positive news, concerns over the AI capex and its current momentum persist. In terms of the broader sector space, the bias is mixed. Utilities (+1.5%) top the sector pile, followed by Food, Beverages & Tobacco (+0.9%) and Telecoms (+1.1%). Outside of Tech (-2.9%), Basic Resources (-2.1%) and Banks (-1.2%) are the sector laggards. US equity futures are lower across the board, with underperformance in the NQ (-1.9%), given the tech weakness overnight. After-hours, Netflix (-9% pre-market) reported Q2 earnings that came broadly in-line with expectations, but investors were left disappointed by its earnings forecast, with Q3 EPS and Revenue guidance missing estimates. For SpaceX (-3.5% pre-market) , shares fell below its IPO price of USD 135 for the first time on Thursday after the launch of Flight 13 was aborted. Top European News EU Inflation Rate YoY Final (Jun) Y/Y 2.8% vs. Exp. 2.8% (Prev. 3.2%, Low. 2.8%, High. 2.9%). EU Inflation Rate MoM Final (Jun) M/M -0.1% vs. Exp. -0.1% (Prev. 0.1%, Low. -0.1%, High. -0.1%). EU Core Inflation Rate YoY Final (Jun) Y/Y 2.4% vs. Exp. 2.4% (Prev. 2.6%). FX G10s are mixed against Buck with recent outperformers AUD and GBP underperforming against the Greenback, while Thursday’s CHF underperformance reverses. USD is modestly firmer today as it gains some haven demand as stocks (NQ -1.9%) slip as tech weakness remains a theme. A couple of factors are driving today, but to summarise, Nikkei 225 was the target for selling amid the KOSPI closure overnight (due to domestic holiday), which saw stocks take a stronger negative lead from APAC and help the Buck. Aside from this, macro newsflow is light with crude a touch firmer as US and Iran continue to exchange strikes for the sixth day. GBP, which is set for a fourth week of gains, pulls back a touch from the 1.35 level as participants await the coronation of incoming PM Burnham. EUR/GBP also saw Sterling outperform for its fourth week, but like Cable, off recent lows as it reclaims 0.85. There remains a level of uncertainty around the incoming PM, with none of his cabinet officials confirmed as of yet, and many policies still unknown. ING expects a return to 0.870 in EUR/GBP by late summer. JPY is flat against the Buck despite c. 30pips of downside seen this morning. Japanese PM Takaichi said the govt. would pursue steps that encourage investment in Japanese financial assets, including by households and pension funds like the GPIF. To remind, last week FinMin Katayama said she would pursue steps to promote investment in Japanese assets by GPIF and others. There was some scepticism around this remark as it would be a textbook tactic to encourage domestic investment and passively limit outflows - Katayama is not in a position to direct changes, it would be under the jurisdiction of the Labour Ministry. We await further updates with a timeline around any potential GPIF changes, for now, JPY flat against the Buck near 162.50 despite earlier gains. Fixed Income Fixed income benchmarks are firmer across the board, despite a clear driver; however, debt could be finding some haven flows as equities print deep selloffs globally. Gilts (+26 ticks) outperform, with Andy Burnham to begin his Labour premiership on Monday. Focus will be on who Burnham chooses as Chancellor (widely expected to be Home Secretary Mahmood) and what his plans are for the government. Reporting by Bloomberg stated that he has asked the civil service to prepare plans for new North Sea oil and gas drilling and public control of Thames Water. Regarding the Chancellor position, Mahmood is likely to be named Chancellor, but this has already drawn some backlash. Rachel Maskell told the Times that appointing Mahmood would be a mistake and that Miliband “shines well above Shabana.” Despite this, gilts trade at the top end of its 87.15-87.59 range. JGBs (+36 ticks) have steadily bid higher in early European trade, after Japanese PM Takaichi said the government will pursue steps that encourage investment in Japanese financial assets, including by households and pension funds. She even specifically named GPIF. Focus on pension fund investments in domestic assets started after FinMin Katayama said she wanted to encourage the GPIF to invest more. Takaichi's more recent comments would likely strengthen the view that the government is keen to have the GPIF consider altering its asset allocations. USTs (+8 ticks) trend higher despite a lack of events on the calendar. Fed's Jefferson gave remarks overnight, stating that it would be appropriate to reconsider the stance in the scenario in which inflation does not start cooling. Commodities The US continued to strike Iran for a sixth consecutive night. Following this, Iran claimed power facilities, bridges and civilian infrastructure were struck. And in response, Iran launched its own strikes on Gulf neighbours. More pertinently was a severe warning from the Iranian Army Spokesman. He stated that if the US strike the infrastructure of Iran, all infrastructure in the region will be a legitimate target; He added that “either all countries in the region can export oil or no one can”. Other news in the region, the UKMTO received 2 reports. More recently, there was a report 65NM south of Al Mukalia, in which unauthorised personnel boarded the vessel. Sources say armed assailants boarded a chemical products tanker Asana in the Gulf of Aden, which is potentially related. Crude benchmarks spent the overnight session in the green, amidst the aforementioned developments. Brent Sep’26 (+1.7%) holds towards the top end of a USD 83.71-85.88/bbl range. Spot gold (+0.5%) is incrementally firmer this morning, though still remains just shy of the USD 4k/oz mark, after dipping below that mark in the prior session. Recent pressure has been driven by the ongoing inflationary woes surrounding the latest US-Iran escalation. Nonetheless, some analysts remain confident in the structural drivers for the yellow metal, namely, continued central bank purchases. Elsewhere, base metals are broadly in the red this morning – hampered by the risk tone. 3M LME Copper trades within a USD 13,429-13,563/t range. BP (BP/LN) and ConocoPhillips (COP) reportedly set to announce billions of dollars of new investments in Iraq on Friday, CNBC reports; sources said the figure may be in the tens of billions. Chinese LNG importers are exploring ways to reduce reliance on Qatar, Bloomberg reported. China State Planner NDRC to cut retail fuel prices in the current bi-monthly cycle, effective July 18th. To cut gasoline prices by CNY 300/t, and diesel by CNY 290/t. TotalEnergies (TTE FP) cut output at Port Arthur refinery as the reformer is undergoing repairs. Central Banks Fed's Jefferson (voter) said the current policy stance should support the job market and allow inflation to resume its decline towards 2% as tariff effects and energy prices pass through. Jefferson said in a scenario where inflation does not start cooling, it could be appropriate to reconsider the stance and ensure they deliver price stability, while he added that current policy is well-positioned to respond based on incoming data, the evolving outlook and balance of risks, and he is firmly committed to returning inflation to the 2% target, consistent with the dual mandate. BoJ reportedly sees little need for consecutive rate rises, may reconsider its assessment of economic risks, according to Bloomberg citing sources. It is also likely to raise its growth forecast for this year from its current 0.5%. Officials may revise their downside-risk assessment as AI-related demand supports exports, profits and incomes, while faster cost pass-through keeps underlying inflation risks elevated above the 2% target. Geopolitics US President Trump said they will see the fruits of labour in Iran shortly. US CENTCOM said forces conducted a new wave of strikes against Iran for the sixth consecutive night to further degrade Iranian military capabilities. The US launched a missile attack on Iranshahr airport, targeted a railway station in Bandar Abbas and struck five bridges in southern Iran. It was also reported that explosions were heard in Ahvaz, Chabahar and Bushehr, with missiles hitting air and naval bases in Bushehr. US CENTCOM announced Marines conducted an inspection aboard M/T Wen Yao in the Gulf of Oman on July 16th, while it was separately reported that only three ships crossed the Strait of Hormuz in the last 24 hours, according to marine traffic data cited by Al Jazeera. Iran targeted US radars in Kuwait with a drone strike, and explosions were reported at the US Navy's Fifth Fleet Naval Base in Bahrain, while blasts were heard at a US airbase in Qatar and in Erbil, Iraq. IRGC claimed to have launched an attack on a US command centre in Syria's Al-Tanf, while it warned no oil or gas will be exported through the Strait of Hormuz as long as US attacks continue. Iran has informed allies, including Hezbollah, that the waiting phase is about to end and ordered them to prepare for military scenarios, according to Kann news citing Lebanese press. Kuwait’s Defence Ministry said Iranian 'aggression' on Thursday targeted a number of vital facilities, resulting in material damage. Iranian armed forces senior spokesperson said they will never allow the US to interfere in the Strait of Hormuz, while he stated that the route Iran has determined in the Strait of Hormuz is safe, and any route outside it will be unsafe and ships will be damaged. The spokesperson also warned that if the US strike the infrastructure of Iran, all infrastructure in the region will be a legitimate target and stated that "Either all countries in the region can export oil or no one can". UKMTO has received a report of an incident 19 nautical miles east of Khasab, Oman. Additionally, the UKMTO received another report of an incident 65NM south of Al Mukalia, Yemen, with the vessel boarded by unauthorised personnel. Following this, maritime sources said armed assailants boarded a chemical products tanker Asana in the Gulf of Aden, off the coast of southern Yemen. Lebanese sources said the US-Israeli-Lebanon meeting would likely be postponed to finalise technical arrangements, Sky News Arabia reported. Islamic Resistance of Iraq put a USD 10mln bounty on US President Trump. Naftogaz said a Russian drone attack suspended operations at a gas production facility in Ukraine’s Kharkiv region. US Event Calendar 8:30 am: Jun Import Price Index MoM, est. -0.65%, prior 1.9% 8:30 am: Jun Housing Starts, est. 1310k, prior 1177k 8:30 am: Jun P Building Permits, est. 1403k, prior 1410k 9:15 am: Jun Industrial Production MoM, est. 0.2%, prior 0.1% 9:15 am: Jun Capacity Utilization, est. 76.2%, prior 76.2% 10:00 am: Jul P U. of Mich. Sentiment, est. 51, prior 49.5 DB's Jim Reid concludes the overnight wrap As we go to press this morning, global equities are continuing to slump, as fresh doubts about the AI trade have driven a pronounced selloff in tech stocks. Indeed, the S&P 500 fell -0.51% yesterday, and this morning futures are down another -0.78%. Moreover, there’s no sign of any letup this morning in Asia, with very sharp declines for the Nikkei (-4.81%), the CSI 300 (-2.45%), the Hang Seng (-1.98%) and the Shanghai Comp (-1.64%), whilst the KOSPI is closed for a public holiday. Indeed, that slide indicates the Nikkei is currently likely on course for its worst day since March, and also leaves the index on track for technical correction territory, having now shed over 12% since its peak less than a month ago. There wasn’t a single catalyst behind the selloff, but we had TSMC’s earnings shortly after we went to press yesterday, and their share price is down -5.26% this morning after they said that capital expenditure would be higher than previously forecast. Meanwhile, Netflix’s earnings disappointed after the close last night, pushing their shares almost -9% lower in after-hours trading. And in the background, fears about rate hikes and more persistent inflation are still there, with Brent crude oil up another +1.06% this morning to $85.12/bbl. That would be its first close above $85/bbl in over a month, and that combination of concerns around tech and inflation has really put a dent in the more buoyant narrative after the soft US CPI report earlier this week. Before the slump accelerated overnight, US equities had already seen a rough session yesterday thanks to the fresh slide in chip stocks. In fact, the Philly semiconductor index (-4.29%) hit an 8-week low, having now shed -18.91% from its peak less than a month ago. So that now leaves it close to the -20% mark that would mark a technical start of a bear market, which is a big turnaround from Q2, when it posted its best quarterly performance since the index began in the early 1990s. The AI-related tech pullback wasn’t limited to chipmakers either, with a decline for the Mag-7 (-1.27%) led by a slide in Alphabet’s shares (-4.44%) after Bloomberg reported a months-long delay for its new Gemini 3.5 Pro AI model. So that tech decline dragged on the S&P 500 (-0.51%), which fell even as nearly three-quarters of its constituents advanced on the day. That positive breadth in the US stock market was supported by the latest batch of US data, which suggested that the economy was still in decent shape. Most notably, the weekly initial jobless claims were down to 208k in the week ending July 11 (vs. 217k expected), which was their lowest in two months. So that reassured investors that the labour market was holding up into Q3. Meanwhile, retail sales grew by +0.2% in June as expected, and there was an upward revision of a tenth to the May figures. So collectively, that added to the picture of ongoing data resilience, and we also saw the Atlanta Fed’s GDPNow estimate for Q2 move up as well, now showing an annualised rate of +1.7% (vs. +1.3% before). In terms of the latest in the Middle East, oil prices oscillated back and forth through the day, as strikes between the US and Iran continued. But this morning they’re currently slightly higher at $85.12/bbl, which would be their first close above $85/bbl in over a month if sustained. In terms of the latest, the US military said overnight that they’ve completed another wave of strikes on Iran, whilst Iran’s Press TV said they targeted US military sites in Kuwait. Otherwise, there was also a Reuters report yesterday that Iran had asked its Houthi allies in Yemen to be ready to close the Red Sea oil route if the US struck Iran’s power network, which raised fears about further supply-chain disruption. This backdrop saw the probability of a Fed hike by September inch up from 55% to 57%, whilst the number of hikes priced by December was up +1.1bps on the day to 27bps. In turn, Treasury yields edged higher as well, with the 2yr yield (+0.6bps) up to 4.14%, whilst the 10yr yield (+0.5bps) stood at 4.55%. Those moves came as Fed speakers highlighted the potential for rate hikes. For instance, Dallas Fed President Logan (voter) said that “modestly higher interest rates would better balance the outlook and risks” as the path towards a disinflation scenario was for now “more a hope than a likelihood”. Meanwhile, Kansas City Fed President Schmid (non-voter) cautioned that even though the June inflation data was better than expected, inflation “is too hot and has been above target for too long”. Earlier on, European markets had mixed performance before the slump gathered pace later in the US session. On the bright side, the STOXX 600 (+0.16%) posted a third consecutive advance. But there was an uneven picture across the continent, with gains for the UK’s FTSE 100 (+0.54%) and Spain’s IBEX 35 (+0.15%), alongside losses for the German DAX (-0.34%) and France’s CAC 40 (-0.05%). For sovereign bonds, there were more consistent losses, with 10yr bund yields (+1.3bps) up to 3.13%, whilst 10yr OAT yields (+1.7bps) hit a post-2009 high of 3.93%. European bonds weren’t helped by a continued rise in European natural gas prices, with futures up another +0.79% to a 3-month high of €54.79/MWh. Here in the UK, data showed GDP grew by a monthly +0.1% in May (vs. unch expected). So gilts underperformed following the data, with the 10yr yield (+2.8bps) rising as investors dialled up the chance of Bank of England rate hikes this year. Meanwhile, Andy Burnham is set to become leader of the governing Labour Party today, having been the only candidate nominated in the contest. He’s then set to become Prime Minister on Monday, after incumbent PM Keir Starmer formally resigns. Finally, yesterday saw a notable milestone for gold (-2.07%), which fell back below $4,000 to close at its lowest level of 2026 so far at $3,976/oz. That’s a far cry from how it began the year, as January saw gold’s best monthly performance since 1999. But it’s now down over -7% since the year began, and over -25% from its late-January peak. Looking at the day ahead, US data releases include industrial production, capacity utilization, housing starts and building permits for June, along with the University of Michigan’s preliminary consumer sentiment index for July. In the Euro Area, there’s also the final CPI print for June. Otherwise, central bank speakers include Fed Vice Chair Jefferson and the ECB’s Cipollone. Tyler Durden Fri, 07/17/2026 - 08:35
The Red Sea Risk Just Changed: A Real-Time Guide For Exposed Companies
The active risk theater in the Middle East just expanded from the Persian Gulf to the Red Sea. On Thursday, three sources told Reuters that Iran has asked Yemen's Houthis to get ready to close the Red Sea oil route through the Bab el-Mandeb Strait if the United States strikes Iranian power infrastructure. On Friday, the U.S. began those strikes. Reuters reported that the group has already positioned missiles and drones in the highlands overlooking Hodeidah and the Gulf of Aden and is simply waiting on the order, with Iranian Revolutionary Guard Corps personnel already in Yemen controlling the decision on when to move. Read that twice. The Strait of Hormuz has already been effectively closed off and on since the war between the U.S., Israel and Iran began in late February, with a U.S. naval blockade of Iranian ports currently in force and strikes continuing into this week. If Bab el-Mandeb closes too, the Middle East loses both of its major oil export corridors simultaneously, something that has not happened in the modern era of global shipping. The Red Sea: Iran’s Card to Play Most companies still think of the Red Sea corridor as a Houthi problem -- discrete, contained, priced into freight rates months ago. What this week’s reporting makes clear is that Iran now views the Red Sea as a card it can play in a wider war. That changes the risk calculus for anyone with cargo, insurance exposure, or supply chain dependency running through that corridor, immediately. Start with what was already priced in before this week. Houthi attacks on commercial shipping since late 2023 forced between 40 and 60 percent of normal Suez Canal container traffic around the Cape of Good Hope by February 2024, adding roughly 3,500 nautical miles and 10 to 14 days to a typical Asia-Europe voyage. That disruption has not fully resolved. Before the current escalation, Asia-Europe freight rates remained 25 to 40 percent above pre-crisis levels, and 5 to 7 percent of global container capacity stayed absorbed by longer routings. Last summer's spike showed how fast that number can move: War risk insurance on a $100 million vessel jumped from roughly $300,000 to $1 million per voyage in the space of a single week after two Greek-owned ships were attacked. Given what has been reported this week, those numbers may are already moving again, and companies should be checking current Joint War Committee listings and spot rates rather than relying on anything published before this month. Sudan’s Gold-Powered Civil War Sudan’s war was never contained to Sudan. The Rapid Support Forces (RSF), the paramilitary group fighting Sudan’s army for control of the country, depend on Sudan’s gold economy – Sudan produced about 70 tonnes of gold in 2025 -- for funding and arms, and multiple investigations report that a substantial share of that gold, along with financial assistance and advanced weaponry flowing the other direction. Why does a gold-for-weapons pipeline in Darfur matter to a shipping desk in Rotterdam or a procurement team in Ohio, especially now? Because the fight isn't just about gold. It's about who controls Sudan's 500 miles of Red Sea coastline, sitting on the same corridor Iran and the Houthis are now threatening to shut from the Yemeni side. Three Crises Converge Put the three crises side by side and the picture sharpens further. A Houthi closure order is now a discrete, trackable event that could happen on any given day now that the U.S. has begun a round of strikes on Iran’s power grid. A slow-motion proxy contest for Sudan's ports is a structural risk layered onto the same corridor, one that doesn't show up on a war-risk map until a port changes hands or a canceled deal gets revived under different terms. Together, they mean the Red Sea corridor now carries compounding risk from three directions at once: Iranian escalation policy, Houthi execution capacity and an unresolved contest for Sudan's coastline that most risk reports still treat as a separate story. What Corporate Leaders Can Do What would it actually take to see all of this coming, rather than reading about it after the fact? It’s: 1. A monitoring layer built around the specific signals that move first: real-time tracking of U.S. news on Iranian power infrastructure strikes. 2. Commodity-corridor telemetry on Sudanese gold flows through Dubai, since shifts there are a leading indicator of who’s funding what inside Sudan. 3. Vessel routing and port-call data near Port Sudan, the same AIS-based tracking shipping analysts already use to watch Cape of Good Hope diversions. 4. Insurance rate movement tied to Joint War Committee high-risk-area listings, an immediate signal worth tracking alongside Suez Canal Authority transit counts and the Asia-Europe spot-rate index. 5. Monitoring regional social media in local languages for early-warning signals. None of that is exotic. It is gettable, and it is packageable into something closer to a weekly composite index than a static memo that ages the moment it's printed, which is precisely what a war that can escalate on a single presidential statement demands. Companies with exposure to this corridor do not have the luxury of a quarterly risk report right now. They need to know what changed this morning, not what was true last spring.
Iran Orders Power Conservation After US Hits Energy Infrastructure - IRGC Claims 'Powerful' Strike On Qatar Base
Iran Orders Power Conservation After US Hits Energy Infrastructure - IRGC Claims 'Powerful' Strike On Qatar Base Iran has on Friday warned of a "more crushing" retaliation following the conclusion of last night's sixth consecutive day of US attacks, targeting military targets and logistics infrastructure, but also civilian sites connected to the power grid. By all accounts this current wave goes beyond the prior strikes in size and scope compared to the past several days. Iranian state media has reported that eight people were killed from the overnight attacks, and that several bridges had been attacked overnight. Illustrative wartime image from earlier in the conflict. The country is feeling the strain under what is now nearly a week of constant US heavy attacks. This is being seen in that Iran's energy ministry has urgently called on citizens to reduce electricity use after the power grid came under strain following US strikes on energy infrastructure in the south. In a statement on Friday, the ministry said those areas in the south "are currently experiencing extreme heat and attacks on power infrastructure." But as Al Jazeera notes, "The ministry however did not elaborate on whether it was power plants, transmission lines or other equipment that had been attacked." According to more details: Iran's Energy Ministry urged citizens to reduce electricity consumption to help stabilize power supply in the country’s southern provinces following US strikes on energy facilities, citing extreme heat and infrastructure damage, the semi-official ISNA news agency reported Friday. The ministry asked subscribers to turn off air conditioners for one hour during peak consumption periods to help ensure a more stable electricity supply to the affected provinces, ISNA said. Friday was the first time that Iran's government acknowledged American "attacks on power infrastructure" during the campaign, which comes after Trump's prior warning to go after key civilian infrastructure. And on the bridges: "Iranian media reported that five bridges were hit in the latest round of US strikes, as well as the train station in coastal Bandar Khamir and Iranshahr Airport in southeastern Iran," Reuters reports. An airport has also reportedly been attacked. Iran has warned of an "infrastructure for infrastructure" tit-for-tat: Kuwait says that one of the country's power and water desalinations plans suffered "severe damage" after an Iranian attack. — Javier Blas (@JavierBlas) July 17, 2026 There are signs of renewed attacks on rail as well, per NBC: A railway junction station just west of Bandar Abbas was also hit, the state-owned IRIB news agency said. The highway and railway bridge strikes appeared aimed at cutting off Bandar Abbas, Iran’s main port, from roads leading toward Tehran, the capital. While other routes still are open, the U.S. strikes could expand further, potentially disrupting both the movement of military materiel and goods needed for Iran’s 90 million people. Regional Arab states which host American bases say they were busy overnight intercepting missiles and drones sent from Iran, including Kuwait, Bahrain, Qatar, Oman, and with reports of projectiles inbound even in Syria. The IRGC announced Friday that it carried out an attack on the US Al Udeid Air Base in Qatar, asserting that it destroyed a long-range radar system and several US aerial refueling aircraft. Iran's Chabahar port control tower COLLAPSES after more than a week of US strikes — Pete Hegseth boasts of destruction in X photo Iranian FM Araghchi calls the attacks one of many US 'war crimes' committed over the past week pic.twitter.com/lDBz6ufJ5j — RT (@RT_com) July 17, 2026 Its Aerospace Force described that carried out a "surprise and powerful" attack on Al Udeid Air Base, claiming to have taken out a long-range radar system along with the refueling aircraft parked there. Per IRIB news agency, the elite Iranian force stated, "The American enemy and the hosts of its bases in the region should know that crossing red lines and attacking people and civilian infrastructure will have a very severe and miserable price. If the enemy continues this trend, more crushing responses are on the way; responses that will remain in the history of battles." Iran's bridges have come under fresh strikes, via social media/X. The IRGC further warned that American forces will "pay a heavy price" for what it called crossing "red lines" and targeting civilians and civilian infrastructure. Tehran has not backed off its assertion of 'control' over the Strait of Hormuz - also calling this its red line. The day or evening prior saw US Marines having conducted "a verification boarding" of a tanker in the Gulf of Oman - which the Pentagon characterized as part of operations enforcing the new naval blockade of Iranian ports. Tyler Durden Fri, 07/17/2026 - 08:05
Iran-linked tankers U-turn, zig-zag as US enforces blockade
Three US-sanctioned fuel tankers U-turned, diverted or zig-zagged in the Gulf of Oman and Arabian Sea on Thursday, ship tracking shows. A fourth vessel, an oil supertanker, turned back when it was sailing toward the waterway from the Arabian Sea. At the same time, one non-Iranian oil carrier may have attempted in-bound transit through the strait. Also Read | US airstrikes on Iran appear to have damaged Chabahar port The US restored a blockade against Iranian shipping on Tuesday, a step all but halted Tehran’s crude exports when it was imposed previously. At the same time, Iran has increasingly been targeting oil supertankers as they pass through a stretch of Hormuz through where US forces have been coordinating transits. Combined, the moves are adding to the risks of getting oil out of the Persian Gulf, or empty ships in to collect new cargoes. Since imposing the latest blockade, US forces have redirected three merchant ships, boarded a vessel for verification purposes, and disabled a tanker that failed to comply with instructions, US Central Command said in a social-media post late on Thursday. Also Read | Iran war and monsoons key risk for Indian economy, says RBI Governor Sanjay Malhotra The amount of observable movements — in which ships keep their digital location beacons turned on — has collapsed as ships do everything possible to stay safe. One oil supertanker appeared to be moving north toward Hormuz late on Thursday and has since turned off its signal, suggesting it may have attempted overnight transit. The locations of the disabled tanker, which was hit by US missiles deep in the Persian Gulf near Iran’s oil export terminal of Kharg Island, and the ship that was boarded, in the Gulf of Oman, point to a wider area of operations for the new blockade compared with the previous one. The very large crude carrier Vivian, also known as Titan, turned back on Wednesday when it had been sailing toward the Persian Gulf, and continued sailing away on Friday. The ship is under US sanctions for its role in helping Iran. The liquefied petroleum gas carrier Glendale was sailing in the Gulf of Oman at a steady pace into the Arabian Sea late Thursday when it abruptly made a U-turn, and came to a stop off the coast of Oman on Friday, according to ship-tracking data. Danuta I was sailing toward Sri Lanka, but had barely made it into the Arabian Sea on Thursday when it began moving in an unusual zig-zag fashion. It’s now traveling at a slow speed that’s not in the direction of Sri Lanka. A third US-sanctioned LPG vessel, the very large gas carrier Celeste, was observed sailing into the Arabian Sea, and indicating China as its destination. Some 91 Iran-linked oil, LPG and petrochemical tankers — including empty ones — have been spotted in satellite images in the Persian Gulf and the Gulf of Oman over the past seven days, according to figures from nonprofit organization United Against Nuclear Iran. The energy and shipping markets are keenly following the movements of the flotilla to understand how tightly the US military is running its blockade. Elsewhere, Iran-linked ships that had left the Persian Gulf earlier appeared to also make abrupt changes to planned journeys. This week, two that had signaled Karachi as their destination later reversed course back toward the Gulf of Oman as the blockade came into effect. A third tanker was sailing westward past Sri Lanka before making a U-turn on Thursday, and is now anchored off the country’s coast. Observable shipping activity through the Strait of Hormuz remained subdued early on Friday. Only four Iran-linked vessels crossed in either direction with their transponders turned on the previous day, although one small oil tanker that had made an eastbound transit to leave the Persian Gulf then turned around again to return to the inland sea. Glendale’s owner is listed as Ecoseas Maritime Ltd., which shares an India-based address with its manager, Bluveera Shipping OPC Pvt Ltd., on the Equasis database. A call made to Ecoseas’s Bulgarian telephone number didn’t get through, while Bluveera has no email or contact number listed. Similarly, no emails or phone numbers were listed for Danuta I’s owner and manager, Panama-based Ithaki Maritime and Trading SA. Celeste’s owner, Aerilyn Shipping Inc., also based in Panama, didn’t list any email or phone number. An email to the commercial manager of the Vivian wasn’t immediately answered. (You can now subscribe to our Economic Times WhatsApp channel) (You can now subscribe to our Economic Times WhatsApp channel) Explore More Stories
Sonoma's vintners try to dodge fertilizer costs through composting, natural alternatives
As supply chain disruptions of fuel and fertilizer driven by the Iran war continue to put financial pressure on winegrowers, the cost of compost and other alternatives to chemical fertilizers are also on the rise as harvest season approaches. Demand for fertilizer typically returns after the harvest, and agricultural producers are already preparing in case ongoing supply issues affect availability and drive up costs. Growers across different sectors have for months warned of the impacts of the U.S. war with Iran impacting fuel costs, global shipping and the supply of natural gas, which is essential for producing fertilizer. Historically, up to 30% of globally traded chemical fertilizer passes through the Strait of Hormuz from the Persian Gulf, according to the International Food Policy Research Institute. RELATED: Earliest grape harvest in 40 years kicks off in Sonoma County As of mid-July, disruptions do not appear to have abated, with crude oil prices up 18% in July and 36% since Jan. 1 after the U.S. reimposed its blockade of Iranian ports and Iran threatening to attack ships passing through Strait of Hormuz. Although the Trump administration has signaled it wants to boost domestic fertilizer production and lifted duties on phosphate fertilizers from Morocco, local growers are already looking ahead. Dayna Ghirardelli, executive director at Sonoma County Farm Bureau, said local winegrowers have for years dodged fertilizer costs and supply issues by turning to such alternatives as winery pumice, dairy manure, green waste and other organic materials. “This has been a common management style here in Sonoma County which speaks to the sustainability of local agriculture in Sonoma County,” Ghirardelli said. “However, the cost to obtain these local resources has increased due to increased fuel prices and overall inflation.” She pointed to global shortages impacting not only diesel fuel, but also irrigation components, replacement parts and packaging materials, “So the cumulative increase in operating expenses still affects profitability.” Vintners typically place fertilizer during the early spring months between April to June, and again in the fall after harvest, according to Sonoma County Agricultural Commissioner Andrew Smith. Some growers have already turned to alternative methods which experts say could have wider benefits such as reducing greenhouse gas emissions. Harvest season is near or already underway for multiple locally-grown products in Sonoma County, particularly among winegrowers. Robyn Sebastiani, executive director at Sonoma Valley Vintners and Growers Alliance, told The Press Democrat that winegrowing harvests are at least a week early this year and have begun or may start in less than two weeks. An April report on nitrogen use in vineyard agriculture showed 70% of the North Bay winegrowers surveyed already use compost, followed by synthetic fertilizers, Smith said. Smith said that in Sonoma “Winegrape producers don’t use a ton of fertilizers the same way that, say, a vegetable production company with a complex seasonal crop rotation might down in the (Central) Valley.” However, he added “Post harvest, people might be looking to get some juice into the vines ahead of dormancy to build the crop for next year.” Christopher Chen, an agronomist with the University of California Cooperative Extension who advises winegrowers in Sonoma, Mendocino and Lake Counties, said many growers will soon apply post-harvest fertilizers composed of macronutrients. He said compost use on vineyards is rare in fall due to rainfall and other environmental changes, and it’s typically even more expensive than synthetic fertilizers, especially with shipping and delivery. “So a change in price of the macronutrients, which are needed in higher volumes than micronutrients, is a financial burden to many farmers including grape growers,” Chen told The Press Democrat in an interview. Therefore, while he said the potential impacts are “speculative” at the moment, the cost of fertilizer is worsening the cost squeeze vintners are already facing, “and may even put them in the red in some cases.” “They budget for this years ahead of time, they expect inflation and they expect the price of fertilizer to go up, but not suddenly,” Chen said. “That is the hit they’re taking right now.” For this reason, Chen said he expects growers to pull back on phosphorus applications during the fall to cut costs. The effects of the fertilizer prices may impact the industry for multiple years, combined with other increased costs winegrowers have been facing. Chen said he is concerned about if suppliers may soon run out of materials and fertilizer, unless they can find other sources which are more affordable. If supplies run out, “We’ll see it, down the line, get worse, and the effects will be delayed, most likely,” he said. Armon Azevedo, pest control adviser viticulturist at Wilbur-Ellis, a leading regional supplier, agreed that compost is also affected by the same cost increases as fertilizer due to transportation issues. It tends to be high in nitrogen, “one of the least used components for premium wine grape production.” Azevedo predicted that “Growers will invest incremental revenue into fertilizers which may be compost, organic and synthetic. The growers are suffering from lack of demand for wine grapes and are laser focused on implementing the most sustainable approaches possible to survive.” Karissa Kruse of Sonoma County Winegrowers agreed that while local vineyards require relatively little nitrogen compared to many crops. “Every additional dollar spent matters in today’s marketplace, and fuel is another pressure point for growers already facing a challenging economic environment.” “It’s part of a much bigger story about rising costs, tighter margins, and continued economic uncertainty across agriculture,” Kruse said. Staff Writer Natalie Hanson reports on business and agriculture for The Press Democrat. She can be reached at [email protected] or at 619-665-5887.
Oil Headed For Sharp Weekly Gain As Middle East Conflict Escalates
(RTTNews) - Oil prices traded higher on Friday and headed for a sharp weekly gain amid escalating Middle East tensions as both the U.S. and Iran intensified military confrontation over control of the Strait of Hormuz. Brent crude futures were up 1.2 percent at $85.24 a barrel and headed for a weekly gain of more than 10 percent as shipping traffic slumped through the Strait of Hormuz. WTI crude futures surged 1.6 percent to $80.17. Tehran launched strikes against several countries across the Gulf and wider region after the U.S. launched a wave of strikes against Iran for the sixth night in a row. State media reported that the U.S. had hit civilian infrastructure, including bridges, a train station and an airport. An oil tanker near the country's main export terminal was hit for the first time since reimposing a blockade on Iranian ports. Iran's Revolutionary Guards (IRGC) reportedly hit targets in Oman, Kuwait and Bahrain amid an expanding regional confrontation. They also claimed to have attacked a U.S. special operations command center in Syria. Tehran has reportedly asked Yemen's Houthi rebels to be ready to close the Bab el-Mandeb Strait, a critical route for Saudi Arabia's oil exports through the Red Sea, if the United States attacks Iranian power infrastructure. The weapons have been positioned in Yemen's highlands overlooking Hodeidah and the Gulf of Aden, and the Houthis is waiting for orders to begin operations, it was said. The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
Splash Wrap: Chokepoints under siege - Splash247
Splash Wrap: Chokepoints under siege Over the past five days, the Hormuz crisis has worsened sharply. A 7,000 teu Global Feeder Shipping containership was attacked and caught fire, forcing the crew to abandon ship and prompting fresh US and Iranian strikes. Traffic fell to a five-week low as Tehran declared the strait closed, while Washington insisted it remained open. Donald Trump then dropped a proposed 20% transit levy but reinstated the blockade of Iranian ports. The UAE is exploring a Fujairah gateway outside Hormuz. Meanwhile, Iran reportedly told the Houthis to prepare to disrupt Bab el-Mandeb, threatening Saudi Red Sea oil exports and Suez traffic. Ukraine’s drone campaign has transformed the Sea of Azov into a major maritime battleground. Splash reported that Russia suspended shipping through the Azov-Don canal after repeated strikes on tankers, ferries, tugs and cargo ships, while traffic through the Kerch Strait also stopped. By July 15, Kyiv claimed 116 Russian vessels had been hit in nine days, including five tankers, five cargo ships and a tug overnight. Ukraine also expanded attacks into the Black Sea, claiming 20 more vessel strikes. Russia retaliated around Odesa, where attacks on four ships killed eight seafarers and injured ten, further escalating risks to regional trade. Hyundai Motor and Kia’s mobile robot platform MobED successfully completed the world’s first onboard autonomous driving demonstration aboard a working vessel, a step its backers expect to accelerate the era of smart ships, in which robots are deployed in cargo areas for safety inspections and material transport. Classification society Korean Register, together with Hyundai Motor and Kia, South Korean liner HMM, its shipmanagement arm HMM Ocean Service and Goseong Engineering, ran the trial aboard the multipurpose vessel Hyundai Dubai, berthed at CJ Logistics’ dedicated steel pier in Changwon, South Gyeongsang province. The demonstration set out to verify whether an autonomous robot developed primarily for use on land could cope with the constantly rocking environment of a ship. China’s Sea Legend Shipping said it is preparing to turn the Northern Sea Route into a seasonal liner product, scheduling eight weekly container sailings between China and northern Europe from mid-August through late October. It would be the first regular weekly box service on the Russian-controlled Arctic corridor, moving beyond the demonstration voyages seen to date. South Korea opened an antitrust investigation into four of the world’s largest container manufacturers, expanding regulatory pressure on companies already facing criminal and civil proceedings in the United States over alleged price-fixing during the pandemic. Punit Oza penned this week’s standout Contribution, arguing that the Hormuz crisis is driven by rigid dualities: competing US and Iranian world views, rival power blocs, two toll collectors, two transit routes, two blockades and divisions within Washington and Tehran. These opposing systems have produced paralysis rather than balance, leaving shipowners, insurers and charterers facing legal, operational and security uncertainty. There’s just over two months until the inaugural Splash Singapore conference, an event shaping up to be Asia’s top shipping summit with an unrivalled speaker lineup. This week we started speaking with some of the top names who will take to the stage. Their thoughts make up this week’s Splash Wrap podcast.
Shipping through Strait of Hormuz slows as US-Iran conflict intensifies
World News Shipping through Strait of Hormuz slows as US-Iran conflict intensifies Traffic through the Strait of Hormuz has dropped to its lowest level in months as escalating hostilities between the United States and Iran continue to disrupt one of the world’s most critical energy corridors. According to shipping data reviewed by Reuters, only three commodity vessels transited the strategic waterway on Thursday, marking the lowest daily movement since May. The sharp decline follows renewed Iranian attacks on commercial vessels and the reimposition of a US blockade targeting Iran-linked shipping, prompting many ships to delay voyages or reverse course. The Strait of Hormuz, through which a significant share of the world’s oil and liquefied natural gas exports passes, has witnessed a dramatic reduction in maritime activity, adding fresh pressure to global energy markets. Data from Kpler showed that Miraan, a sanctioned fuel oil tanker, and Norita, a liquefied petroleum gas carrier, exited the strait via Iranian waters before stopping in the Gulf of Oman, where the US naval blockade remains in effect. Meanwhile, Arolia, a bunkering tanker transporting Iraqi fuel oil for refuelling ships at sea, reportedly turned back into the Gulf only hours after leaving the strait, according to LSEG shipping data. The slowdown has been stark. On Wednesday, just 11 vessels crossed the waterway, far below the pre-conflict daily average of around 125 ships. For a second consecutive day, no Very Large Crude Carriers (VLCCs) or liquefied natural gas (LNG) tankers were recorded passing through the strait. However, two VLCCs carrying approximately two million barrels of crude oil each later reappeared on vessel tracking systems outside the strait. Shipping data indicates that Colombia Prosperity, loaded with Saudi crude, is bound for Okinawa, Japan, while Costa Rica Prosperity, carrying Iraqi Basra Medium crude, is headed for Turkey. Conflicting shipping records showed slight discrepancies over the timing of their transit, with Kpler indicating the vessels crossed on July 13, while S&P Global Energy assessed that they exited the strait on July 14. Elsewhere, Iraq briefly halted oil loading operations at its Basra export terminal after a drone strike hit an oil tanker, according to Iraqi oil and security officials. Export activities later resumed. Adding to concerns, Iran’s Islamic Revolutionary Guard Corps declared that no oil or gas shipments would pass through the Strait of Hormuz for as long as US military strikes continue, according to Iran’s Tasnim News Agency. Tehran has also reportedly warned that it could encourage Yemen’s Houthi rebels to target the Bab el-Mandeb Strait at the southern entrance to the Red Sea if Washington expands its attacks on Iranian infrastructure. Such a move would threaten another major global shipping route and further disrupt international energy supplies.
Why the collapse of Iran's Chabahar port tower could signal a major shift in Trump's war strategy
Why the collapse of Iran's Chabahar port tower could signal a major shift in Trump's war strategy DUBAI, UNITED ARAB EMIRATES: A tower at one of Iran's most important ports appeared to collapse after a fresh round of US airstrikes on July 17, marking another escalation in the growing conflict between Washington and Tehran. The development came as President Donald Trump declared that the US was "winning big in Iran" and suggested Americans would soon see the results of the ongoing military campaign. The strikes were part of a wider overnight operation that also targeted bridges and other infrastructure linked to Iran's control over the Strait of Hormuz. 🇺🇲🇮🇷🔸As a result of US airstrikes on targets in Iran, the naval control tower at the port of Chabahar was completely destroyed and collapsed.— Argonaut (@FapeFop90614) July 17, 2026 It had been hit twice previously within a week. pic.twitter.com/gA8s3JDkvx US airstrikes hit Iran's strategic Chabahar port Among the most significant targets hit overnight was Iran's Chabahar port on the Gulf of Oman. Images shared online appeared to show a surveillance tower at the facility collapsing following the strikes. US Defense Secretary Pete Hegseth later shared an image that appeared to show the tower collapsing. https://t.co/jZlSVRePRC pic.twitter.com/Nj5o0oiphH— Pete Hegseth (@PeteHegseth) July 17, 2026 The structure had reportedly been used to oversee commercial traffic entering the port. Iranian state media acknowledged that Chabahar had been struck for a third time but did not immediately address reports of the tower's collapse. The port is a major trade gateway for neighboring Afghanistan and has long held strategic importance because of its location outside the Strait of Hormuz. Iran's Revolutionary Guard is also known to operate at ports across the country. Trump claims US is winning in Iran The latest attacks came as Trump sought to project confidence in the campaign against Iran during a primetime address. "We are likewise winning big in Iran, and you will see the fruits of that labor very, very shortly," Trump said. The US military's Central Command said dozens of targets were hit during overnight operations that concluded at dawn on Friday. It marked the sixth consecutive night of American strikes. Iranian officials said attacks in Hormozgan province killed at least seven people, with additional casualties reported elsewhere. Iran fires missiles at US-allied nations Tehran responded by launching missile attacks at US-allied nations across the region. Qatar, which has played a key role in efforts to mediate the conflict, twice warned residents to take shelter as missiles approached. 🚨🇶🇦 BREAKING: Reports of a MASSIVE explosion in Qatar, home to America's largest Middle East base, as air defenses light up the sky.— Mario Nawfal (@MarioNawfal) July 17, 2026 -Unconfirmed reports describe a massive explosion in Qatar around 3:30 a.m. local time, with footage circulating of air defense activity -Qatar… pic.twitter.com/NEqeuQDglg Explosions were heard as air defenses attempted interceptions, while Qatari officials said falling debris injured a child. Iran also targeted Bahrain and Kuwait following the latest round of American strikes. The exchange underscored how quickly hopes for a ceasefire had faded after last month's temporary truce collapsed. Strait of Hormuz remains conflict's key battleground The conflict continues to revolve around the Strait of Hormuz, one of the world's most important shipping routes. Since the war began, Iran has tightened its grip on the waterway, disrupting commercial traffic and helping drive up oil prices. In response, Trump has repeatedly threatened strikes on bridges, power facilities, and other infrastructure to pressure Tehran into loosening its control. Shipping through the strait has already fallen sharply, with some vessels remaining stationary and others traveling with their tracking systems turned off. The US military said it had redirected multiple commercial vessels and boarded another to ensure compliance with its naval blockade measures.
6 Iran bridges hit, war expands to Syria and Iraq: Latest updates in US-Iran war
The United States on Friday widened its attack against Iran by hitting more bridges and infrastructure to pressure Tehran to ease its chokehold on the Strait of Hormuz. Iran launched new missile attacks against US-allied nations in the Middle East, including Qatar. The Revolutionary Guards expanded their attack to the Kurdish region of northern Iraq and a US special operations command centre in Syria. Iranian officials have said that the US strikes in the country have killed dozens of people and wounded hundreds of others. The Friday strikes was the sixth straight day of exchange of fire between the warring groups. 01 What is the status of the US-Iran peace deal? Following days of exchange of fire between the US and Iran, the interim ceasefire agreed last month has collapsed. The US allies in West Asia continues to face assaults from incoming Iranian drones and missiles. The US has also pounded Iran with airstrikes and imposed a naval blockade of the Strait of Hormuz. 02 What now for Trump and the US? President Donald Trump, in a primetime address to the nation on Thursday, claimed that the US was "winning big" in Iran and that the Americans would see the "fruits" of the ongoing military effort "very, very shortly". Trump's remarks come days after he held a key meeting in the White House to deliberate on expanding attack on Iran. 03 What are the new targets of US strike? The US airstrikes hit bridges overnight into Friday in Iran’s southern Hormozgan province, killing at least seven people, Iranian state media reported. The attacks targeted six bridges, including Gariveh bridge linking Bandar Abbas to Khmeir. The US' Central Command said it hit dozens of targets in its latest airstrikes, which concluded early Friday. The strikes also collapsed a tower at Iran’s Chabahar port on the Gulf of Oman, neighboring Afghanistan, the state-run IRNA news agency reported. 04 Is Strait of Hormuz open? The Strait of Hormuz remained shut even as the US and Iran exchanged airstrikes over the week. While the US has imposed a blockade of the Hormuz, Iran's IRGC said no oil or gas will be exported as long as the US strikes continue. 05 Where do oil prices stand? The oil prices continue to climb after US and Iran continue to exchange airstrikes. Brent crude rose by 1 per cent to $85.09 a barrel, while US crude advanced 1.2 per cent to $79.90 per barrel. 06 What to know of Iranian retaliation? Iran’s IRGC carried out fresh strikes, targeting a US air control radar in Oman’s Ghanem region and a maritime control radar on rocks in the Strait of Hormuz. The Iranian military also launched attacks on US military sites in Kuwait, Bahrain and Syria. The Express Global Desk at indianexpress.com which delivers authoritative, verified, and context-driven coverage of key international developments shaping global politics, policy, and migration trends. The desk focuses on stories with direct relevance for Indian and global audiences, combining breaking news with in-depth explainers and analysis. A major focus area of the desk is US immigration and visa policy, including developments related to student visas, work permits, permanent residency pathways, executive actions, and court rulings. The Global Desk also closely tracks Canada’s immigration, visa, and study policies, covering changes to study permits, post-study work options, permanent residence programmes, and regulatory updates affecting migrants and international students. All reporting from the Global Desk adheres to The Indian Express’ editorial standards, relying on official data, government notifications, court documents, and on-record sources. The desk prioritises clarity, accuracy, and accountability, ensuring readers can navigate complex global systems with confidence. Core Team The Express Global Desk is led by a team of experienced journalists and editors with deep expertise in international affairs and migration policy: Aniruddha Dhar – Senior Assistant Editor with extensive experience in global affairs, international politics, and editorial leadership. Nischai Vats – Deputy Copy Editor specialising in US politics, US visa and immigration policy, and policy-driven international coverage. Mashkoora Khan – Sub-editor focusing on global developments, with a strong emphasis on Canada visa, immigration, and study-related policy coverage. ... Read More
Iran-US war latest: US marines board tanker in Strait of Hormuz as Trumpâs latest strikes kill seven
Iran-US war latest: US marines board tanker in Strait of Hormuz as Trump’s latest strikes kill seven Tehran warns it could close a second key oil route as it retaliates against American allies Seven people were killed after the US conducted a fresh wave of airstrikes on Iran, targeting military as well as civilian infrastructure. American marines, meanwhile, boarded an Iran-bound ship “to ensure full compliance" with the US blockade in the Strait of Hormuz. The marines also redirected three other vessels trying to run the blockade, Centcom said. The latest strikes, launched overnight into Friday, damaged bridges and other civilian infrastructure in Bandar Khamir, a coastal city on the Strait of Hormuz, as well as around Tehran and in Semnan province. In an address to the nation, US president Donald Trump said Washington was “winning big in Iran" and would "see the fruits of that labour very, very shortly". Iran retaliated with missile and drone attacks on US allies in the region, including Bahrain, Jordan and Kuwait. Iran's military chief warned that Tehran could launch widespread attacks on "all the infrastructure in the region" if Trump continued to hit bridges in his country. US military board vessel in Strait of Hormuz The US military said it has boarded a vessel in the Strait of Hormuz “to ensure full compliance with the ongoing U.S. naval blockade against Iran”. In a post on X, Centcom wrote forces had also “redirected” three commercial vessels trying to run the blockade, and “disabled” one that didn’t comply. US airstrikes on bridges kill at least 7 people: report US airstrikes on bridges have killed at least 7 people, according to a new report. The strikes were launched overnight into Friday in Iran’s southern Hormozgan province, the Associated Press reported, citing Iranian state media. The Thursday attacks reportedly hit Bandar Khamir, a coastal city on the Strait of Hormuz, as well as around Tehran and in Semnan province. The Semnan province holds Iran’s ballistic missile production and space program. The Independent has reached out to US Central Command for comment. Three killed and several injured in US strikes, Iran says Three people were killed and several others injured in Washington's latest wave of attacks against Tehran, Iranian state media said today. The airstrikes hit multiple locations in Iran's Hormozgan province, marking the sixth consecutive night of attacks against Tehran, according to the Islamic Republic of Iran Broadcasting (IRIB). "With great regret, one of our compatriots has also achieved the highest degree of martyrdom in this attack," Hormozgan University of Medical Sciences said in a statement. Two people were killed and four others injured in strikes on bridges in Iran's Khamir County, according to state media. Oil prices surge as Iran steps up attack on Gulf countries Oil prices have risen higher today as the US and Iran stepped up attacks, with Tehran's attacks on Gulf countries limiting supply coming out of the Strait of Hormuz. Iran has also asked the Houthis to remain on standby to shut the Red Sea export route. The price of Brent Crude rose by about 1.25 per cent today, reaching near $85.28 a barrel, while the US WTI Crude also climbed by about the same rate to around $79.98 a barrel. "Oil security is still a critical issue...We should be worried, and I am worried, if the situation does not improve in the next few weeks," International Energy Agency executive director Fatih Birol said. Fruits of Iran war will be seen 'very shortly', Trump says In his address to the nation on Thursday night, US president Donald Trump said Washington was “winning big in Iran" as the country expanded its airstrike campaign against Tehran today. The airstrikes targeted bridges in Iran as part of a broader strategy to attack the nation’s infrastructure and pressure Tehran to ease its chokehold on the Strait of Hormuz. "You will see the fruits of that labour very, very shortly," Trump said. Iranian military warns Trump of attacks on 'all infrastructure' An Iranian military chief has warned Iran could launch widespread attacks on "all the infrastructure in the region" if the US acted on President Donald Trump 's repeated warnings that America could hit Iranian bridges and power plants. "Under no circumstances and in no way will we allow America, as a foreign and extraregional country, to interfere in the Strait of Hormuz," said Col Ebrahim Zolfaghari, a spokesperson for the Iranian military's Khatam al-Anbiya Central Headquarters. "This is Iran's invincible red line." Why it's so difficult for US to fully reopen Strait of Hormuz Why it's so difficult for the US to fully reopen the Strait of Hormuz US ends latest round of strikes against Iran US Central Command has announced that it ended its latest round of airstrikes against Iran. “U.S. forces, including fighter jets, aerial drones, and warships, launched precision munitions that hit dozens of Iranian military targets such as coastal surveillance and air defense sites, military logistics infrastructure, and maritime capabilities”, CENTCOM wrote on X. The sixth consecutive night of strikes ended at 9:40 p.m. ET/1:40 a.m. GMT. “At the Commander in Chief's direction, CENTCOM is further degrading Iranian military capabilities and holding Iran accountable for recent attacks on commercial shipping”, the US military said. “More than 50,000 U.S. service members are operating across the Middle East and remain vigilant, lethal, and ready”. Syria 'foils attempt to smuggle weapons to Hezbollah from Iraq' Syrian authorities foiled an attempt to smuggle a shipment of advanced weapons and missiles over the border from Iraq, the state news agency SANA says. An Interior Ministry source told Reuters that preliminary investigations showed the shipment was intended for Lebanon's Hezbollah. Hezbollah, the Lebanese militants aligned with the Iranian regime, are currently engaged in conflict with neighbouring Israel. After two days of US-mediated talks in Rome, Lebanon and Israel have taken steps toward implementing “pilot zones” in southern Lebanon where Israeli forces would withdraw and turn over control to the Lebanese army, the US State Department said Wednesday. Trump says US is 'winning big in Iran' US President Donald Trump has said the US is “winning big in Iran”. During a national address Thursday night, Washington time, Trump said, “You will see the fruits of that labor very, very shortly”. 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