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Norway’s national oil company profits double to $11.5bn amid war on Iran
Profits at Norway’s state oil company nearly doubled to $11.5bn (£8.6bn) in the three months to the end of June, as earnings were boosted by the jump in oil and gas prices caused by the US-Israel war on Iran. Equinor benefited from a decision to ramp up oil and gas production since the start of the conflict, filling a gap in the market after a slump in oil flows from the Gulf amid the throttling of shipping traffic through the strait of Hormuz. Equinor also profited from the jump in oil prices. Fears over a drop in global supplies left Brent crude prices swinging between $75 and more than $100 a barrel between April and June this year. That compares with roughly $60 to $70 during the same period last year. Oil prices, after falling following the signing of the memorandum of understanding between the US and Iran last month, have begun rising again amid the resumption and intensification of hostilities. Brent crude prices were up about 3.3% on Wednesday morning, London time, to roughly $94.30 per barrel. Equinor’s president and chief executive, Anders Opedal, said in a statement: “Strong production in the second quarter enabled us to capture value from higher prices, contributing to strong cashflow and financial results. “Reliable energy is important in a volatile world marked by heightened geopolitical tension. Our role is to deliver energy safely and efficiently every day,” he added. Increased production and higher energy prices pushed Equinor’s adjusted profits to $11.5bn for the April to June period, up from $6.5bn during the same period last year. The company also beat analysts’ expectations, having predicted profits of $11.37bn. The rising oil price on Wednesday came after the US military launched its 11th night of strikes on Iran, including on aircraft hangars and drone storage sites. The attacks have undermined hopes that diplomatic efforts can salvage an interim ceasefire deal. Yemen’s Iran-aligned Houthis, who control the coast at the mouth of the Red Sea, announced a naval blockade on Saudi Arabia, which has been relying on a pipeline to the Red Sea to get millions of barrels of oil out to market, given the Hormuz route remains restricted. The news had led to further spikes in energy prices. “Brent crude has raced upwards again to trade around $93 a barrel, the highest level in six weeks,” Susannah Streeter, chief investment strategist at the investment platform Wealth Club, said. “Risks to supplies are mounting again, with the effective blockage of the strait of Hormuz remaining a chokehold as tankers are stranded in and around the waterway, while risks to other crude routes are also intensifying.”
Rubio claims US still open to Iran negotiations, but strikes continue
U.S. Secretary of State Marco Rubio said Wednesday that the U.S. remains open to ending the Iran crisis through talks, but accused Tehran of stalling as the conflict threatens global energy routes. Rubio made his comments in a meeting of Southeast Asian foreign ministers a day after three oil tankers carrying Saudi crude to Asia reversed course in the Red Sea, apparently in response to threats from Yemen's Iran-aligned Houthis. The Houthis, who control the coast at the mouth of the Red Sea, announced a naval blockade on Saudi Arabia Monday, opening a potential new front in the war which has killed thousands of people across the Gulf since it began on Feb. 28 with U.S. and Israeli attacks on Iran. With Iran already threatening shipping through the Strait of Hormuz leading out of the Gulf, the Red Sea has served as the main alternate route out for millions of barrels of Saudi oil per day. A senior Iranian official said Monday that Tehran had received a proposal from mediators for a 10-day cease-fire in efforts to salvage the interim cease-fire agreement signed by the U.S. and Iran in June, which replaced an earlier April cease-fire. In another sign that diplomacy remains alive, Iran's Interior Minister Eskandar Momeni has visited mediator Pakistan and asked Islamabad to continue its efforts. Rubio said Washington was "always committed to diplomacy" but doubted whether Tehran was equally committed to negotiations. "The problem we're having right now is that they're not serious about talks. If they're serious, we're serious. If they're not, then we will do what's necessary to protect our interests, and also the interests of our allies," Rubio said in Manila. He stressed that Iran could not be allowed to control the Strait of Hormuz, arguing it would create a dangerous precedent for the world, including Southeast Asian countries, many of which have territorial disputes in the South China Sea with China. "If we create a precedent in the Middle East where a nation state can decide that they are going to control an international waterway, charge a toll, and if you don't pay them, blow up your ships, we have created a very dangerous precedent, which will repeat itself in other parts of the world, including in this region," Rubio said. With no diplomatic breakthrough in sight, the U.S. military bombed targets across Iran for an 11th straight night Tuesday. Tehran residents reported hearing explosions in the early hours of Wednesday as Iran activated its air defenses over the capital, Iran's semi-official Fars news agency said. Three locations in Iran's Bushehr Province, home to Iran's only nuclear power plant, were hit by U.S. attacks early Wednesday, an official told Iran's state news agency IRNA, including an electricity post close to the plant. Iran's army said it targeted U.S. military facilities in Kuwait, Jordan and Bahrain with drones early Wednesday. The army said it struck accommodation buildings and equipment storage facilities at al Azraq air base in Jordan and later targeted equipment warehouses and aircraft maintenance hangars at Sheikh Isa Air Base in Bahrain using Arash suicide drones. U.S. President Donald Trump confirmed that 18 U.S. service members had been killed so far in the war, including four in Iranian attacks on U.S. military bases in Jordan and Iraq over the last few days. Oil prices rose further in Asian trade Wednesday after climbing more than 2% Tuesday following the Houthi threats, with Brent crude hovering above $91 a barrel and U.S. gasoline back over $4 a gallon. In a letter to shippers, the Houthis on Tuesday threatened to attack any ships that load or discharge Saudi oil. Trump said the Houthis had not yet shut the Bab el-Mandeb, the "Gate of Tears" strait leading into the Red Sea and threatened to act against them if they did. "So far it hasn't happened," Trump said. "If something like that happens, we take care of it." Three oil tankers loaded with Saudi crude for China and India made U-turns in the Red Sea Tuesday, heading towards the Suez Canal rather than braving the Yemeni coast at the sea's mouth. Throughout the war, Saudi Arabia partially escaped the shipping disruption by piping oil to Yanbu on the Red Sea instead. But a full closure of that alternative route by the Houthis could reduce global oil supply as it would leave most Saudi oil exports trapped. On Tuesday, Trump renewed his threats to again attack Iran's nuclear facilities at Natanz "pretty soon," which he said in June 2025 had been "totally obliterated" after the U.S. military bombed the facility, buried in a mountain range, that month. Iran promised it would retaliate. At least 50 civilians have been killed and 500 wounded in the recent U.S. strikes on Iran, a Health Ministry official said.
Oil prices jump 4% as Rubio says Iran 'not serious' about peace talks
- Oil prices were 4% higher on Wednesday, as conflict in the Middle East continued to escalate. - U.S. forces carried out their 11th consecutive evening of strikes on Iran overnight. - The Strait of Hormuz, key to the shipping of oil, remains a sticking point in negotiations between the two sides. Oil prices were 4% higher on Wednesday morning following the 11th consecutive round of U.S. strikes against Iran overnight, as Secretary of State Marco Rubio said the Strait of Hormuz remains a sticking point between the two sides. Shortly after 4 a.m. ET, global benchmark Brent crude futures for July delivery were almost 4% higher at $94.23. Front-month U.S. West Texas Intermediate crude futures were up 3.8% to trade at $87.46. At the ASEAN Foreign Ministers' meeting in the Philippines on Wednesday, U.S. Secretary of State Marco Rubio said Washington remained committed to diplomacy, but accused Tehran of violating the two sides' agreement over the Strait of Hormuz. "The problem we're having right now is that they're not serious about talks," he said. "If they're serious, we're serious. If they're not, then we will do what is necessary to protect our interests and also the interests of our allies." Tuesday saw the U.S. Central Command carry out its eleventh consecutive night of strikes against Iran. Centcom forces targeted Iranian military operations centers, maritime capabilities, aircraft hangars, drone storage facilities, and military logistics infrastructure. The military unit said the strikes had been completed to "further degrade Iran's ability to threaten commercial shipping in the Strait of Hormuz." Rubio said Wednesday that the strait — a critical shipping route for oil and other vital commodities — remains a sticking point in bilateral talks, alleging that Iran "demands the right" to control the waterway. Allowing this to happen would set "a very dangerous precedent" for the world, he added. "With no breakthroughs regarding Iran, the market focus returned to inflation over the last 24 hours, as Brent crude closed above $90/bbl for the first time in over a month, reviving fears about a wider stagflationary shock. And this morning we've seen a further rise above $92/bbl, so there's little sign of oil prices easing as the U.S. confirmed overnight they'd completed an 11th consecutive evening of strikes against Iran," Deutsche Bank's Jim Reid said in a note on Wednesday morning. As energy prices continued to climb, investor bets on hawkish Federal Reserve policy measures mounted. "The probability of a July hike was back up to 26% by [Tuesday's] close, the highest since last week's downside surprise in the U.S. CPI print," Reid wrote on Wednesday. "It was at 45% the day before CPI and as low as 10% the day after." As of Wednesday morning, money markets were pricing in a 24.1% chance of a rate hike from the Fed this month, and a 69% chance of at least a quarter-point hike in September, according to the CME's FedWatch tool. Analysts at ING said in a note released on Wednesday morning that there were "mounting supply risks" in energy markets, as hopes for a temporary ceasefire between the U.S. and Iran faded. "The disruptions facing the market don't end in the Middle East. In the Black Sea, Russia's CPC terminal has stopped receiving oil from Kazakhstan, with loadings suspended following ongoing attacks on tankers," they noted. "The longer the suspension drags on, the greater the likelihood that Kazakhstan will be forced to curb upstream production. Volumes shipped from the CPC terminal are significant, with around 1.7m b/d loaded in June."
Key Oil Chokepoints in Mideast Face Disruption as Threats Mount
Key Oil Chokepoints in Mideast Face Disruption as Threats Mount Shipping disruptions in key Middle East chokepoints intensified as the US-Iran war grinds on, with vessels in the Red Sea making unusual maneuvers, while visible traffic through the Strait of Hormuz sank. (Bloomberg) — Shipping disruptions in key Middle East chokepoints intensified as the US-Iran war grinds on, with vessels in the Red Sea making unusual maneuvers, while visible traffic through the Strait of Hormuz sank. In the Red Sea, at least one vessel u-turned to head north toward the Suez Canal, while others paused their journeys, maritime-tracking data showed. The voyage shifts follow threats from the Tehran-backed Houthi militant group in Yemen to fully blockade all ships calling at Saudi Arabia’s ports. tap here to see other videos from our team. Back to video In the Strait of Hormuz — which links the Persian Gulf to global markets — only three commodity vessels were observed transiting on Tuesday, Kpler tracking data showed. That’s the lowest daily count since early May. Early Wednesday, the waterway remained deserted, with no observable traffic. Global energy markets are on edge as the conflict between the US and Iran reignites, with both sides trading tit-for-tat strikes for more than a week. At the heart of concerns are signs that exports via the Red Sea — a crucial conduit for Saudi flows rerouted from the Persian Gulf — are now at risk given the Houthi threat. Brent futures have spiked more than quarter this month. The Houthi militant group in Yemen is ready to attack shipping from positions near the Bab el-Mandeb strait at the southern end of the Red Sea, according to a global monitoring body for naval security. “The Houthis have completed preparations to attack shipping, including the deployment of missiles and drones,” the Joint Maritime Information Center said in an alert late Tuesday, citing sources it did not identify. In the Red Sea, liquefied petroleum gas tanker Gas King switched to sailing out of the region via the Suez Canal, after picking up a cargo from the Saudi port of Yanbu. Initially, the very large gas carrier — which appears to be heading for Japan — had been sailing south, only to u-turn. It’s unusual for Asia-bound vessels within the Red Sea to head north given that route entails far higher costs because of the longer voyage around the African continent, plus additional fees to transit the Suez Canal. Separately, supertanker New Explorer, carrying Saudi oil and bound for Singapore, appears to be idling in the Red Sea after picking up a cargo from Yanbu, the data show. It’s unclear why the 2025-built vessel has come to a near-stop, with its current status showing “not under command”. In addition, an Aframax vessel, Lahore, also came to a halt after receiving a Saudi cargo. Earlier this week, a handful of oil tankers were seen pausing and u-turning from their planned routes, after several shipowners received an email from the Houthi rebels warning against calling at Saudi ports. Still, one of those vessels, Xin Long Yang, has since reverted to its original route, and is now sailing toward Bab el-Mandeb. News Taxes - Advertisement 1Story continues below FP Comment Innovation Financial Times In the Red Sea, loadings at the Saudi port of Yanbu — which receives crude flows from Persian Gulf fields via the kingdom’s East-West pipeline — appeared to continue Wednesday, with some tankers signaling that they’re berthed at the facility. On Tuesday, some Asian buyers of Saudi oil were still sending tankers into the Red Sea in the hopes of picking up their cargoes. In the days ahead of the Houthi threat, the kingdom had exported record volumes of crude from its terminals on the Red Sea, shipping out 5.9 million barrels a day from the two terminals at Yanbu in the week up to July 17, according to tanker tracking compiled by Bloomberg.
Iran war briefing: Trump threatens to strike Iranian nuclear site
Iran war briefing: Trump threatens to strike Iranian nuclear site - Donald Trump threatened to renew strikes on Iran's heavily fortified "Pickaxe Mountain" nuclear site, which experts believe is likely too deep for current US bunker-buster missiles. - The US Defence Secretary, Pete Hegseth, estimated the war's financial toll at $37.5bn and is seeking an additional $67bn from Congress, while at least 18 US troops have died and over 400 have been injured, according to US officials. - Iran claimed to have struck US military targets in Kuwait and Amazon’s central data infrastructure in Bahrain, in response to the US’s alleged attack on the "civilian facilities of Darkhovey". - US military concluded its eleventh consecutive night of strikes on Iranian military infrastructure, targeting operations centres, maritime capabilities, aircraft hangars, drone storage facilities and logistics infrastructure to degrade Iran's ability to threaten shipping in the Strait of Hormuz. - US Secretary of State Marco Rubio warned that Iran's demand to control and levy tolls on ships transiting the Strait of Hormuz would endanger the global economy.
Another Hormuz: How Iran's Houthi Card In Red Sea May Torch Oil Markets
The Iran-backed Houthis in Yemen announced on Monday that they would block maritime trade with Saudi Arabia, a move that could further strain global energy markets already affected by Iran's blockade of the Strait of Hormuz. It remains unclear whether the Houthis would resume attacks on shipping as part of their proposed naval embargo on Saudi Arabia. ALSO READ: Iran Targets Amazon Data Infrastructure In Bahrain, Attacks US Military Base In Jordan The Red Sea has emerged as a vital substitute route for Gulf oil and other goods, with Hormuz already hampered. A significant disruption would result in the simultaneous closure of both of the Middle East's main oil export routes. The majority of Gulf oil and other exports were halted by Iran's partial blockage of the Strait of Hormuz following an attack by Israel and the United States on February 28, which increased prices and caused a global energy shock. In response, Saudi Arabia shifted over 70% of its regular daily petroleum exports to Yanbu, a port on the Red Sea. Ships from Yanbu travel north via the Suez Canal on their way to Europe. Bab el-Mandeb is the southern route taken by those travelling to Asia. Shipments from Yanbu have surged from about 973,000 barrels per day a year ago to around 4 million bpd in recent weeks, according to Kpler and Signal Ocean. Kpler data also showed oil volumes passing through Bab el-Mandeb rose from 4.2 million bpd to 7.4 million bpd in June, helping keep global oil prices in check. According to a report from Reuters last week, Saudi Arabia is thinking about extending its pipeline for crude oil to the Red Sea shore. Gulf oil shipments remained unaffected even after the Houthis began attacking vessels in the Red Sea in November 2023. ARE THE HOUTHIS CLOSING RED SEA ENERGY ROUTES ON IRAN'S BEHALF? In the 1990s, the Houthis became a military, political, and religious force in northern Yemen, waging guerrilla warfare against the Sanaa government. They have been engaged in a civil war with the internationally recognised government supported by Saudi Arabia for almost ten years, and they have used drones and missiles to attack Gulf neighbours. But until last week, when Yemen's internationally recognised government claimed to have attacked Sanaa airport to prevent an Iranian plane from arriving, a 2022 truce between the nation's warring factions remained largely intact. Houthis blamed Saudi Arabia, who retaliated by firing missiles at Abha airport in the mountainous southwest of the kingdom. Then, in an appearance on Iran's Press TV website, Mohammad al-Farah, a prominent Houthi leader and member of the politburo, threatened to seal Bab el-Mandeb if the situation continued to worsen. Iran supports the Houthis as part of its "Axis of Resistance" in the region, which also includes Iraqi Shi'ite militias and Hezbollah in Lebanon; however, its connections to the Yemeni movement are less obvious than those of those other groups. ALSO READ: Ceasefire And Hormuz Reopening Or Wider Conflict? Trump Faces Crucial Decision On Iran War, Says Report Unlike Hezbollah and the Iraqi parties, the Houthis do not see Iran's supreme leader as their supreme religious authority. Despite the group's ideological alignment with Iran, their aims are mostly domestic. The United States claims that Iran, with assistance from Hezbollah, has provided the Houthis with weapons, money, and training. The Houthis claim to create their own weaponry and deny being an Iranian proxy. The extent to which the group is acting on Iran's behalf or in accordance with its own geopolitical interests regarding Bab el-Mandeb and the Red Sea is unclear. Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.
What to know about Iran's Pickaxe Mountain, home to an underground nuclear site threatened by Trump
DUBAI, United Arab Emirates (AP) — U.S. President Donald Trump has repeatedly issued threats to bomb an under-construction Iranian nuclear site buried deep under a mountain as the two nations exchange blows over the Strait of Hormuz. The site, known as Kuh-e Kolang Gaz La, or “Pickaxe Mountain,” lies on the south side of Iran's Natanz nuclear enrichment site, which was bombed by the United States during Operation Midnight Hammer in 2025's 12-day war between Iran and Israel. But Pickaxe Mountain has remained untouched as Iran continues to dig at the site. It remains unclear just what has been placed at Pickaxe Mountain, as the United Nations' nuclear watchdog has never gained access to the site. But Trump on Tuesday talking with journalists in the Oval Office acknowledged the possibility Iran may have moved centrifuges there, potentially at a depth that would challenge even the most-powerful bombs in America's arsenal. “We’ll be hitting that area ... probably pretty soon. And there’s not a thing they can do about it,” Trump said. Here's what to know about Pickaxe Mountain and the status of Iran's nuclear program. Pickaxe Mountain site was built after earlier attacks on Iran The new project at Pickaxe Mountain is being constructed next to Natanz, about 225 kilometers (140 miles) south of Tehran, Iran's capital. Natanz, a mix of above- and underground facilities, has been a point of international concern since its existence became known two decades ago. Repeated sabotage attacks on Natanz, including one likely carried out by Israel that destroyed a manufacturing site for centrifuges, led Iranian officials to start work on the Pickaxe Mountain site. Protected by anti-aircraft batteries, fencing and Iran’s paramilitary Revolutionary Guard, the facility sprawls across 2.7 square kilometers (1 square mile) in the country’s arid Central Plateau. It has multiple entrances visible from satellite images. In 2023, an Associated Press story on Pickaxe Mountain included analysis from experts at the James Martin Center for Nonproliferation Studies that suggested Iran is likely building a facility at a depth of between 80 meters (260 feet) and 100 meters (328 feet). Digging has continued at the site in the time since, with some experts suggesting it could be even deeper underground. Experts say the size of the construction project indicates Iran will likely be able to use the underground facility to enrich uranium as well as to build centrifuges. Centrifuges, tube-shaped devices arranged in large cascades of dozens of machines, rapidly spin uranium gas to enrich it. Additional cascades spinning would allow Iran to quickly enrich uranium under the mountain’s protection. Such underground facilities led the U.S. to create the GBU-57 bomb, which can plow through at least 60 meters (200 feet) of earth before detonating, according to the American military. U.S. officials reportedly have discussed using two such bombs in succession to ensure a site is destroyed. It is not clear that such a one-two punch would damage a facility as deep as the one at Pickaxe Mountain. Trump threatens to bomb Pickaxe Mountain site Speaking alongside Lebanese President Joseph Aoun on Tuesday, Trump initially sought to downplay Pickaxe Mountain by bringing up Iran's stockpile of highly enriched uranium. Iran had enriched uranium up to nearly weapons-grade levels of 60% before the 2025 strikes. In the time since, Iran is not known to have restarted enrichment and its stockpile is believed to be at still at the bombed enrichment sites. “We follow the material, that’s where the action is,” Trump told journalists. Trump, however, said Pickaxe Mountain was a potential target for American bombers as back-and-forth attacks between Iran and the U.S. rage on. “Normally I wouldn’t say that,” the president added. "If I thought they could do something about it, I would never say that, but we’ll be hitting that area pretty soon. And very heavily.” Iran says that areas around its only nuclear power plant at Bushehr have already come under attack during the war, though no damage was done to its Russian-run reactor. Tehran also said the U.S. attacked the cleared area where it plans to build the Darkhovin nuclear plant, though the U.N.'s International Atomic Energy Agency says there was no atomic material there the last time they inspected the site. The only nuclear power plant in the United Arab Emirates, its four-reactor facility at Barakah, also has been targeted during the war. Iran has since warned that it would take unspecified “required actions” to respond to the Darkhovin attack. Iran's nuclear program has been a worry for the West for decades In 2025, the U.S. bombed Iran's nuclear sites at Fordo, Isfahan and Natanz. All three had conducted uranium enrichment. At the time of the 2025 war and the recent Iran war, both Israel and the U.S. said they aimed to stop Iran from ever be able to build a nuclear weapon. Iran has long insisted its program is peaceful, and it isn't believed by the IAEA or the West to have had an active military nuclear program since 2003. Israel long has been believed to be the Middle East's only nuclear-armed state. However, even before the recent wars Iranian officials have increasingly threatened to pursue an atomic bomb. The late Iranian Supreme Leader Ayatollah Ali Khamenei, killed Feb. 28 in the opening moments of the war, issued a verbal fatwa, or religious ruling, that nuclear weapons were un-Islamic. However, his son, Iran's new Supreme Leader Mojtaba Khamenei, has not issued any statement regarding his views on the atomic bomb. To build a usable weapon, Iran would first need to enrich uranium up to 90% purity. It would then need to build an actual bomb, and then likely also need to miniaturize it and mount it on a ballistic missile. That process would take months or years, and would face the risk of discovery by Israeli or U.S. intelligence in the meantime.
Marco Rubio says US open to Middle East ceasefire, Iran not serious | The Jerusalem Post
The United States is still willing to negotiate an end to the Iran crisis, but Tehran is not serious about talks, as the widening conflict disrupted two of the world's most critical energy chokepoints, US Secretary of State Marco Rubio said on Wednesday. Rubio made his comments in a meeting of Southeast Asian foreign ministers a day after three oil tankers carrying Saudi crude to Asia reversed course in the Red Sea, apparently in response to threats from Yemen's Iran-aligned Houthis. The Houthis, who control the coast at the mouth of the Red Sea, announced a naval blockade on Saudi Arabia on Monday, opening a potential new front in the war which has killed thousands of people across the Gulf since it began on February 28 with US and Israeli attacks on Iran. With Iran already threatening shipping through the Strait of Hormuz leading out of the Gulf, the Red Sea has served as the main alternate route out for millions of barrels of Saudi oil per day. A senior Iranian official told Reuters on Monday that Tehran had received a proposal from mediators for a 10-day ceasefire in efforts to salvage the interim ceasefire agreement signed by the US and Iran in June, which replaced an earlier April ceasefire. Rubio doubts Tehran's commitment to diplomacy In another sign that diplomacy remains alive, Iran's Interior Minister, Eskandar Momeni, has visited the mediating Pakistan and asked Islamabad to continue its efforts. Rubio said Washington was "always committed to diplomacy" but doubted whether Tehran was equally committed to negotiations. "The problem we're having right now is that they're not serious about talks. If they're serious, we're serious. If they're not, then we will do what's necessary to protect our interests, and also the interests of our allies," Rubio said in Manila. He stressed that Iran could not be allowed to control the Strait of Hormuz, arguing it would create a dangerous precedent for the world, including Southeast Asian countries, many of which have territorial disputes in the South China Sea with China. "If we create a precedent in the Middle East where a nation state can decide that they are going to control an international waterway, charge a toll, and if you don't pay them, blow up your ships, we have created a very dangerous precedent, which will repeat itself in other parts of the world, including in this region," Rubio said. With no diplomatic breakthrough in sight, the US military bombed targets across Iran for an 11th straight night on Tuesday. Tehran residents reported hearing explosions in the early hours of Wednesday as Iran activated its air defenses over the capital, Iran's semi-official Fars news agency said. Explosions were also reported in the southeastern coastal cities of Chabahar and Konarak, and two blasts were heard in Bushehr, home to Iran's only nuclear power plant, Iran's official IRNA news agency reported. Earlier, Iran targeted US military sites in Bahrain, Kuwait, and Jordan, and a tanker was hit in the Strait of Hormuz. Iran said it had struck infrastructure belonging to Amazon in Bahrain, where the US tech company operates a regional data center. Amazon did not comment, and Reuters could not verify the report. US service members killed in escalations with Iran US President Donald Trump confirmed that 18 US service members had been killed so far in the war, including four in Iranian attacks on US military bases in Jordan and Iraq over the last few days. Oil prices rose further in Asian trade on Wednesday after climbing more than 2% on Tuesday following the Houthi threats, with Brent crude hovering above $91 a barrel and US gasoline back over $4 a gallon. In a letter to shippers, the Houthis on Tuesday threatened to attack any ships that load or discharge Saudi oil. Trump said the Houthis had not yet shut the Bab el-Mandeb, the "Gate of Tears" strait leading into the Red Sea, and threatened to act against them if they did. "So far it hasn't happened," Trump said. "If something like that happens, we take care of it." Three oil tankers loaded with Saudi crude for China and India made U-turns in the Red Sea on Tuesday, heading towards the Suez Canal rather than braving the Yemeni coast at the sea's mouth. Throughout the war, Saudi Arabia partially escaped the shipping disruption by piping oil to Yanbu on the Red Sea instead. But a full closure of that alternative route by the Houthis could reduce global oil supply as it would leave most Saudi oil exports trapped. On Tuesday, Trump renewed his threats to again attack Iran's nuclear facilities at Natanz "pretty soon", which he said in June 2025 had been "totally obliterated" after the US military bombed the facility, buried in a mountain range, that month. Iran promised it would retaliate. Fifty civilians have been killed and 500 wounded in the recent US strikes on Iran, a health ministry official said.
Hormuz vessel crossings fall further as security concerns linger
A total of three commodity vessels crossed the strait on Tuesday, down from four the previous day, Kpler data showed. The general cargo ship the Kaiser exited the strait loaded with cargo, while the dry bulk carrier H7 Smb8 entered the strait in ballast, Kpler data showed, meaning it will take on a cargo in the Gulf. Also Read: After Hormuz, Gate of Tears may make the world cry. What about India? The Hsin Ocean entered the strait on Tuesday carrying refined palm olein, Kpler said. There were no visible very large crude carrier (VLCC) or liquefied natural gas (LNG) tankers passing through the strait on Tuesday. The U.S. military said late on Tuesday it carried out its latest strikes on Iran, marking the 11th consecutive night of American attacks. In the Red Sea, two oil tankers carrying Saudi crude to Asia reversed course while heading toward the Bab el-Mandeb strait on Tuesday after threats from Yemen's Iran-aligned Houthis, who have vowed to blockade Saudi Arabian oil shipments from moving through the strait. Also Read: Indian Oil Corp cancels Iraq oil lifting amid Hormuz attacks, sources say This indicates the U.S.-Iran conflict is widening and potentially disrupting shipping through two of the world's most critical energy chokepoints. The Houthi militia had also told shipping companies not to load or discharge cargo at Saudi Arabian ports or they may be targeted, according to an email the group sent to companies. (You can now subscribe to our Economic Times WhatsApp channel) (You can now subscribe to our Economic Times WhatsApp channel) Explore More Stories
Trump will attend the dignified transfer of 4 US service members killed in the Middle East
DOVER, Del. (AP) — President Donald Trump on Wednesday plans to attend the dignified transfer of four U.S. service members killed in the Middle East. Trump will be at Dover Air Force Base when the remains of the troops killed in action are returned to their families, the White House said. The ritual is one of the most somber duties of a commander-in-chief. It will be the third that Trump has attended since he launched the war in Iran in February. Two U.S. Army soldiers killed in Iranian missile and drone attacks in Jordan will be returned during the dignified transfer, according to an administration official who was not authorized to discuss it publicly and spoke on condition of anonymity. The remains of a third service member who is believed to be the soldier missing after the Jordan attacks will also be returned, the official said, as well as the remains of a soldier killed in Iraq during a detonation of an Iranian drone. “I'll be going to Dover for something that I feel is — it’s a great honor for me to do it,” Trump said in the Oval Office on Tuesday. The soldiers killed in Jordan were identified by the Defense Department as Tyler James Feehan, 25, of Ewa Beach, Hawaii, and Isabella Gonzales, 19, of Carrollton, Texas. The soldier who disappeared after the Jordan attacks and is now believed to be deceased is Angel S. Rampersad, 28, of Ozone Park, New York, the Defense Department said. The soldier killed in Iraq was identified as Michael Emmanuel Swinton, 30, who lived in Spring Lake, North Carolina. “We feel very badly, but you know, those great people, those great patriots were out there fighting so that Iran cannot have a nuclear weapon,” Trump told reporters on Sunday. He added that the U.S. was striking Iran “in honor” of the fallen troops. The U.S. has launched multiple retaliatory strikes against Iran as an interim agreement to end the war falls apart. Trump on Monday said that every time Iran kills an American soldier, “they will pay for that killing many times over!” Since the war began on Feb. 28, 18 U.S. service members have been killed. Trump on Tuesday said that while almost all the incoming fire in Jordan was stopped, some made it through. “They did slip something through in Jordan," he said. "If we had other operators, you know, it would have not happened, unfortunately.” He went on: “We’ve stopped almost everything, but when you let other people do your job with the United States — we let other people do the job — and sometimes it doesn’t work out so well.” Trump did not elaborate on his comments, and it was not immediately clear who Trump was saying was responsible for protecting U.S. forces in Jordan. Trump has attended two previous dignified transfers since the outset of the war, most recently in March. During his first term, he described the ritual as “the toughest thing I have to do” as president. During the ritual, transfer cases draped with the American flag and holding the remains of the fallen soldiers are carried from the military aircraft that transported them to an awaiting vehicle to take them to the mortuary facility at the base. There, the service members are prepared for their final resting place. Feehan, a first lieutenant who was killed Saturday, will be posthumously promoted to the rank of captain and awarded the Bronze Star, Purple Heart and Combat Action Badge. He was assigned out of Fort Bragg, North Carolina, to the 32nd Army Air and Missile Defense Command. Gonzales, who was killed Friday, was a private with the 10th Army Air and Missile Defense Command in Ansbach, Germany. She graduated last year from Hebron High School in Carrollton, near Dallas, school officials said. Rampersad, a sergeant who was believed to have been killed in Friday's attacks, was assigned to the 57th Air Defense Artillery Regiment, 52nd Air Defense Artillery Brigade, 10th Army Air and Missile Defense Command in Ansbach, Germany. Swinton, a sergeant who was killed Sunday, will receive a Bronze Star, Purple Heart and Combat Action Badge, and will be promoted to staff sergeant. He enlisted in the Army in 2017 and was assigned to the 55th Air Defense Artillery Regiment, 108th Air Defense Artillery Brigade, out of Fort Bragg, North Carolina.
Rubio says US still willing to negotiate over Iran crisis
US Secretary of State Marco Rubio has said the United States is still willing to negotiate an end to the Iran crisis but Tehran is not serious about talks, as the widening conflict disrupted two of the world's most critical energy chokepoints. Mr Rubio made his comments in a meeting of Southeast Asian foreign ministers a day after three oil tankers carrying Saudi crude to Asia reversed course in the Red Sea, apparently in response to threats from Yemen's Iran-aligned Houthis. The Houthis, who control the coast at the mouth of the Red Sea, announced a naval blockade on Saudi Arabia on Monday, opening a potential new front in the war which has killed thousands of people across the Gulf since it began on 28 February with US and Israeli attacks on Iran. With Iran already threatening shipping through the Strait of Hormuz leading out of the Gulf, the Red Sea has served as the main alternate route out for millions of barrels of Saudi oil per day. A senior Iranian official told Reuters on Monday that Tehran had received a proposal from mediators for a 10-day ceasefire in efforts to salvage the interim ceasefire agreement signed by the US and Iran in June, which replaced an earlier April ceasefire. In another sign that diplomacy remains alive, Iran's Interior Minister Eskandar Momeni has visited mediator Pakistan and asked Islamabad to continue its efforts. Mr Rubio said Washington was "always committed to diplomacy" but doubted whether Tehran was equally committed to negotiations. "The problem we're having right now is that they're not serious about talks. If they're serious, we're serious. If they're not, then we will do what's necessary to protect our interests, and also the interests of our allies," Mr Rubio said in Manila. He stressed that Iran could not be allowed to control the Strait of Hormuz, arguing it would create a dangerous precedent for the world including Southeast Asian countries, many of which have territorial disputes in the South China Sea with China. "If we create a precedent in the Middle East where a nation state can decide that they are going to control an international waterway, charge a toll, and if you don't pay them blow up your ships, we have created a very dangerous precedent, which will repeat itself in other parts of the world, including in this region," Mr Rubio said. With no diplomatic breakthrough in sight, the US military bombed targets across Iran for an 11th straight night. Tehran residents reported hearing explosions in the early hours of this morning as Iran activated its air defences over the capital, Iran's semi-official Fars news agency said. Explosions were also reported in the southeastern coastal cities of Chabahar and Konarak, and two blasts were heard in Bushehr, home to Iran's only nuclear power plant, Iran's official IRNA news agency reported. Earlier, Iran targeted U.S. military sites in Bahrain, Kuwait and Jordan and a tanker was hit in the Strait of Hormuz. Iran said it had struck infrastructure belonging to Amazon in Bahrain, where the US tech company operates a regional data centre. Amazon did not comment and Reuters could not verify the report. US President Donald Trump confirmed that 18 US servicemembers had been killed so far in the war, including four in Iranian attacks on US military bases in Jordan and Iraq over the last few days. Oil prices rose further in Asian trade today after climbing more than 2% on Tuesday following the Houthi threats, with Brent crude hovering above $91 a barrel. 'Gate of Tears' In a letter to shippers, the Houthis threatened to attack any ships that load or discharge Saudi oil. Mr Trump said the Houthis had not yet shut the Bab el-Mandeb, the "Gate of Tears" strait leading into the Red Sea, and threatened to act against them if they did. "So far it hasn't happened," Mr Trump said. "If something like that happens, we take care of it." Three oil tankers loaded with Saudi crude for China and India made U-turns in the Red Sea on Tuesday, heading towards the Suez Canal rather than braving the Yemeni coast at the sea's mouth. Throughout the war, Saudi Arabia partially escaped the shipping disruption by piping oil to Yanbu on the Red Sea instead. But a full closure of that alternative route by the Houthis could reduce global oil supply as it would leave most Saudi oil exports trapped. Yesterday, Trump renewed his threats to again attack Iran's nuclear facilities at Natanz "pretty soon", which he said in June 2025 had been "totally obliterated" after the US military bombed the facility, buried in a mountain range, that month. Iran promised it would retaliate. Fifty civilians have been killed and 500 wounded in the recent US strikes on Iran, a health ministry official said. Meanwhile, Defense Secretary Pete Hegseth has told US senators that the war has cost the United States $37.5 billion so far, up from a previous estimate of nearly $29bn in mid-May. Additional reporting by AFP
US ends 11th consecutive night of airstrikes on Iran
Here are quotes and details: * "CENTCOM assets targeted Iranian military operations centers, maritime capabilities, aircraft hangars, drone storage facilities, and military logistics infrastructure to further degrade Iran's ability to threaten commercial shipping in the Strait of Hormuz," the U.S. Central Command said in a statement. * The strikes lasted about 75 minutes late on Tuesday, according to the U.S. military. * Washington said Iran has attacked more than 30 commercial vessels transiting the Strait of Hormuz in the last three months. * The Iran war began when the U.S. and Israel attacked Iran on February 28 and Iran responded with its own strikes on Israel and Gulf states that host U.S. bases. * U.S.-Israeli strikes on Iran and Israeli attacks on Lebanon during the war have killed thousands and displaced millions. * Fifty civilians have been killed and 500 wounded in the recent U.S. strikes on Iran, an Iranian health ministry official said. * U.S. troop deaths in the war have risen to 18 in recent days. * On Monday, Trump vowed revenge against Iran after a deadly weekend for U.S. troops. * Last week, Trump threatened to expand the targets being struck in Iran to include energy plants and bridges. * The 1949 Geneva Conventions on humanitarian conduct in war prohibit attacks on sites considered essential for civilians. * After Trump's past threats to strike such targets, international law experts in the U.S. said in April such attacks may amount to war crimes. (You can now subscribe to our Economic Times WhatsApp channel) (You can now subscribe to our Economic Times WhatsApp channel)
Crude continues rally: Brent tops $92, WTI above $85 as Strait of Hormuz tensions threaten global supplies
Crude oil prices extended their rally on Wednesday, with Brent crude holding above the $90-a-barrel mark as escalating tensions in the Middle East kept investors focused on the risk of further disruptions to global energy supplies. Brent crude was trading at $92.40 a barrel, up 1.53% or $1.39, while US West Texas Intermediate (WTI) crude gained 1.38% or $1.16 to $85.50 a barrel. The gains came after both benchmarks ended Tuesday at their highest closing levels in around five weeks. Brent settled at $91.01 a barrel and WTI at $84.91, each rising about 2% during the session as geopolitical developments added to supply concerns. The momentum comes as the Middle East crisis involving the United States, Iran and the Iran-backed Houthis has intensified. Earlier this week, the Houthis announced a naval blockade on Saudi Arabia, expanding concerns over disruptions to energy supplies and trade routes. Shipping activity has already been affected. Two tankers carrying Saudi crude destined for China and India changed course in the Red Sea after the Houthi threats and headed back towards the Suez Canal, according to LSEG shipping data cited by Reuters. Despite this, Saudi Arabia's Red Sea export terminal at Yanbu was reported to be operating normally. Military action also continued overnight. US forces struck targets in southern and western Iran, while Iran targeted US sites in Bahrain, Kuwait and Jordan. At least one tanker was also hit in the Strait of Hormuz, a key global energy shipping route. Beyond the Middle East, another supply risk emerged after the Caspian Pipeline Consortium suspended receiving oil from Kazakhstan following attacks on oil tankers at its Black Sea terminal. Russia blamed Ukraine for the attacks, while Ukraine did not comment. Separately, data from the Joint Organizations Data Initiative showed Saudi Arabia's crude exports fell for the third consecutive month in May, reaching a record low. Markets are now looking ahead to US inventory data for fresh direction. Analysts expect crude stockpiles to have fallen by 0.5 million barrels in the week ended July 17. If confirmed, it would mark a second straight weekly decline. The comparable week last year recorded a draw of 3.2 million barrels, while the average decline over the past five years was 1.2 million barrels. The impact of the conflict is also being felt beyond energy markets. A United Nations report released on Tuesday projected that more than 500 million people could still face chronic hunger by 2030 despite recent improvements, with Africa expected to account for the largest share. International Fund for Agricultural Development (IFAD) President Alvaro Lario warned that prolonged disruptions to shipping and energy supplies could worsen food insecurity. According to AP, the expert had also warned that if uncertaility continues, including around the Strait of Hormuz, could leave an additional 9 million to 18 million people facing hunger. Meanwhile, the Middle East has continued to boil with US and Iran once again launching strikes. The crisis that began on February 28 had already pushed crude higher to $126 per barrel from the $70 per barrel price, though prices cooled after both sides signed the now breached interim peace deal.
US completes 11th night of strikes on Iran; Pentagon says war costs $37.5B, seeks $90B more
WORLD Iranian state media reported US air strikes across multiple provinces, hitting Kabudarahang County in Hamadan province in west-central Iran. The US military said it has completed its 11th consecutive night of air strikes on Iran, targeting military operations centres, maritime assets, aircraft hangars, drone storage, and logistics infrastructure. CENTCOM said the strikes aim to degrade Iran’s ability to threaten shipping in the Strait of Hormuz. CENTCOM said Iran has attacked more than 30 commercial vessels transiting the strait. "The unwarranted attacks have endangered hundreds of innocent mariners and undermined freedom of navigation," it said. Despite the attacks, CENTCOM stated the Strait “remains open” and that since early May, US forces have helped facilitate the transit of about 900 commercial vessels and 450 million barrels of crude oil. Trump had threatened to expand strikes to Iranian energy plants, bridges, and the underground "Pickaxe Mountain" nuclear site, and to send ground troops to seize Kharg Island oil hub. He said the US would target the mountain facility "pretty soon." Iranian state media reported US air strikes across multiple provinces, hitting Kabudarahang County in Hamadan province in west-central Iran. The deputy governor of Sistan and Baluchestan also confirmed attacks on the southeastern cities of Chabahar and Konarak, saying "the situation is under control." Other reports from Fars news agency said US forces struck a military site on the outskirts of Tabriz in northwestern Iran, and missile attacks targeted areas near Behbahan and Omidiyeh in southwestern Khuzestan province. The Revolutionary Guard said, "the operation to punish the aggressor continues." Further, US Secretary of War Pete Hegseth says the cost of the war on Iran has reached $37.5bn and tells Congress the Pentagon needs $90bn in additional funding. The $37.5 billion request covers costs of the Iran conflict through September 30, though it’s unclear how the Pentagon calculated the figure. A Reuters source said the first six days of the war alone cost at least $11.3 billion. Hegseth warned military training and maintenance would be cut without urgent funding, and urged passage of both a supplemental request and a $1.5 trillion budget for 2027. The funding is to operate in the Strait of Hormuz, bring down US energy prices, and deter Russia and China, he said while stressing the need for speed, scale, autonomy and AI in military operations. While testifying before the Senate Appropriations Committee, Hegseth said the US has reimposed an "effectively impenetrable" blockade on Iran. He said Iran is at its weakest military point in 47 years after US strikes degraded its missile capabilities and operations in the Strait of Hormuz.
Fresh US-Iran strikes overshadow Pakistan's bid to revive collapsed ceasefire
Islamabad: A 10th straight day of attacks between the United States and Iran across the Middle East on Tuesday overshadowed diplomatic efforts in Pakistan to salvage an interim ceasefire deal that has collapsed. Iranian Interior Minister Eskandar Momeni visited Pakistan, a key mediator in the conflict seeking to revamp diplomacy. But it was unclear what new arrangement might be reached to end the war, which lately has become a battle for control over the Strait of Hormuz, a waterway vital to world energy supplies. Also Read: Mediators propose 10-day ceasefire to revive Iran-U.S. interim deal: Senior Iranian official Speaking from the Oval Office, U.S. President Donald Trump gave a dim view on possible talks, saying the U.S. had "no interest in meeting." He signaled that U.S. forces could soon target an area of Iran close to one of its main sites for enriching uranium. With negotiations and shipping through the Strait of Hormuz largely stalled, both sides have sought to gain leverage by targeting civilian infrastructure in the region relied on by millions of people. A barrage of U.S. strikes hasn't loosened Iran's grip on the strait, through which about one-fifth of the world's crude oil and natural gas was shipped before the war. The U.S. continued its airstrikes on the Islamic Republic Tuesday, and Iran attacked a tanker in the strait, forcing the crew to abandon the ship. Iran also kept up attacks against U.S. allies in the region. Sirens in Bahrain and Kuwait warned residents of incoming projectiles. The escalation pushed energy prices higher. The international benchmark for crude oil traded Tuesday above $91 a barrel and regular gasoline in the U.S. climbed to an average of $4 a gallon. Also Read: Trump’s Iran ceasefire was built to fail With U.S. midterm elections approaching in the fall, polls have pointed to the unpopularity of the war among Americans, who have felt the pain of pricier gas and seen new casualties in a conflict that weeks ago seemed to be winding down. A news agency in Yemen that is run by the Houthis, SABA, said Tuesday that six ships in the Red Sea were forced to reroute after they received warnings from the rebel group. The Associated Press could not immediately confirm the claim. Three Houthi officials said the group warned international shipping companies on Monday to avoid transiting through the Bab el-Mandeb Strait, the gateway to the Red Sea on the opposite side of the Arabian Peninsula from the Strait of Hormuz. The officials spoke on condition of anonymity, saying they weren't authorized to speak to journalists. In a statement, Sharif expressed deep concern over the recent U.S.-Iran escalation, and urged all sides to exercise restraint and avoid actions that could further destabilize the region. Pakistan's political leadership and Munir, who serves as both the chief of army staff and defense forces, played a key role in brokering last month's interim agreement between the U.S. and Iran. Islamabad has been working to persuade both sides to return to the negotiating table. Trump told reporters that Iranian officials "want to desperately meet. And until they're ready to meet in a meaningful way, we have no interest in meeting." He said the U.S. would soon target the area near Pickaxe Mountain - a fortified underground site near one of Iran's primary nuclear enrichment facilities. Iran's military leaders said any attack on nuclear or "other sensitive facilities" would be considered a major escalation, according to a statement reported by Iranian state media. "We declare that if the invading and terrorist military of that country enters such a phase, we will regard it as an expansion of the war across the region, and all interests of the United States, its allies, and its supporters will become targets of powerful attacks by the Armed Forces of the Islamic Republic of Iran," said the statement from the armed forces' Khatam al-Anbiya Central Headquarters. A deep level of mistrust persists on both sides. Iran came under a surprise attack in June 2025 and again in February while it was engaging in nuclear negotiations with the U.S. The interim deal unraveled when Iran resumed attacks on ships in the Strait of Hormuz, which was supposed to be reopened under the agreement. "American forces remain postured and prepared to hold Iran accountable for unwarranted aggression toward civilian mariners seeking to freely and openly transit the strait," the command said. Iranian state media reported that explosions were heard in Fars, Hormozgan, Ilam, Kerman, and Sistan and Baluchistan provinces. The British military's United Kingdom Maritime Trade Operations center said a tanker came under attack early Tuesday in the strait off Oman, forcing the crew to abandon the vessel. Iran's paramilitary Revolutionary Guard claimed responsibility for the attack, as well as two other attacks on ships Monday in the waterway. The route close to Oman's shores has been the one the U.S. military has encouraged ships to travel to avoid Iran's control. To enforce the blockade in the strait, as of Tuesday U.S. forces have redirected eight commercial vessels and disabled one, CENTCOM said on X. Jordan's military said Iran targeted it with five drones and three missiles, all of which were shot down. Bahrain sounded its missile alert sirens on Tuesday afternoon as another Iranian barrage targeted the island kingdom, which is home to the U.S. Navy's 5th Fleet. In Iraq, flights were temporarily suspended at Irbil International Airport after a wave of attacks targeted the capital of the semiautonomous northern Kurdish region, according to Iraq's state-run news agency. No group claimed responsibility for the attacks, but in the past both Iran and Iran-backed Iraqi militias have launched attacks in the Kurdish region, where U.S. troops are present. The Kuwaiti government said Iran struck desalination and power plants for a fourth straight day on Monday night. Authorities said the attacks sparked fires and caused damage. Some 90% of Kuwait's drinking water comes from desalination, making the attacks a matter of life and death for the tiny nation. U.S. strikes have been hitting electrical equipment in Iran as well, and Iranian officials also have said Americans targeted water facilities. U.N. Secretary-General Antonio Guterres called the attacks on civilian infrastructure "unacceptable" and a violation of international law. (You can now subscribe to our Economic Times WhatsApp channel) Iranian Interior Minister Eskandar Momeni visited Pakistan, a key mediator in the conflict seeking to revamp diplomacy. But it was unclear what new arrangement might be reached to end the war, which lately has become a battle for control over the Strait of Hormuz, a waterway vital to world energy supplies. Also Read: Mediators propose 10-day ceasefire to revive Iran-U.S. interim deal: Senior Iranian official Speaking from the Oval Office, U.S. President Donald Trump gave a dim view on possible talks, saying the U.S. had "no interest in meeting." He signaled that U.S. forces could soon target an area of Iran close to one of its main sites for enriching uranium. With negotiations and shipping through the Strait of Hormuz largely stalled, both sides have sought to gain leverage by targeting civilian infrastructure in the region relied on by millions of people. A barrage of U.S. strikes hasn't loosened Iran's grip on the strait, through which about one-fifth of the world's crude oil and natural gas was shipped before the war. The U.S. continued its airstrikes on the Islamic Republic Tuesday, and Iran attacked a tanker in the strait, forcing the crew to abandon the ship. Iran also kept up attacks against U.S. allies in the region. Sirens in Bahrain and Kuwait warned residents of incoming projectiles. The escalation pushed energy prices higher. The international benchmark for crude oil traded Tuesday above $91 a barrel and regular gasoline in the U.S. climbed to an average of $4 a gallon. Also Read: Trump’s Iran ceasefire was built to fail With U.S. midterm elections approaching in the fall, polls have pointed to the unpopularity of the war among Americans, who have felt the pain of pricier gas and seen new casualties in a conflict that weeks ago seemed to be winding down. Iran-backed rebels in Yemen open a new front in the Red SeaIn the Red Sea, Iran-backed Yemen's Houthi rebels have opened a new front against Saudi Arabia by declaring a naval blockade of the kingdom, threatening the flow of global oil supplies and trade. With the Strait of Hormuz blocked up, Saudi Arabia has been relying on a pipeline to the Red Sea to get millions of barrels of oil out to market. A news agency in Yemen that is run by the Houthis, SABA, said Tuesday that six ships in the Red Sea were forced to reroute after they received warnings from the rebel group. The Associated Press could not immediately confirm the claim. Three Houthi officials said the group warned international shipping companies on Monday to avoid transiting through the Bab el-Mandeb Strait, the gateway to the Red Sea on the opposite side of the Arabian Peninsula from the Strait of Hormuz. The officials spoke on condition of anonymity, saying they weren't authorized to speak to journalists. Trump says US has 'no interest' in Iran talksMomeni, Iran's interior minister, met Pakistan's army chief Field Marshal Asim Munir, according to two officials who spoke on condition of anonymity to discuss the closed-door negotiations. Momeni later met Pakistan's Prime Minister Shehbaz Sharif. In a statement, Sharif expressed deep concern over the recent U.S.-Iran escalation, and urged all sides to exercise restraint and avoid actions that could further destabilize the region. Pakistan's political leadership and Munir, who serves as both the chief of army staff and defense forces, played a key role in brokering last month's interim agreement between the U.S. and Iran. Islamabad has been working to persuade both sides to return to the negotiating table. Trump told reporters that Iranian officials "want to desperately meet. And until they're ready to meet in a meaningful way, we have no interest in meeting." He said the U.S. would soon target the area near Pickaxe Mountain - a fortified underground site near one of Iran's primary nuclear enrichment facilities. Iran's military leaders said any attack on nuclear or "other sensitive facilities" would be considered a major escalation, according to a statement reported by Iranian state media. "We declare that if the invading and terrorist military of that country enters such a phase, we will regard it as an expansion of the war across the region, and all interests of the United States, its allies, and its supporters will become targets of powerful attacks by the Armed Forces of the Islamic Republic of Iran," said the statement from the armed forces' Khatam al-Anbiya Central Headquarters. A deep level of mistrust persists on both sides. Iran came under a surprise attack in June 2025 and again in February while it was engaging in nuclear negotiations with the U.S. The interim deal unraveled when Iran resumed attacks on ships in the Strait of Hormuz, which was supposed to be reopened under the agreement. US strikes come as ships are attackedThe U.S. military's Central Command said Tuesday it targeted "Iranian military command centers, maritime capabilities, missile and drone launch sites and air defense systems." It released more footage of bombings that targeted sites in Iran. "American forces remain postured and prepared to hold Iran accountable for unwarranted aggression toward civilian mariners seeking to freely and openly transit the strait," the command said. Iranian state media reported that explosions were heard in Fars, Hormozgan, Ilam, Kerman, and Sistan and Baluchistan provinces. The British military's United Kingdom Maritime Trade Operations center said a tanker came under attack early Tuesday in the strait off Oman, forcing the crew to abandon the vessel. Iran's paramilitary Revolutionary Guard claimed responsibility for the attack, as well as two other attacks on ships Monday in the waterway. The route close to Oman's shores has been the one the U.S. military has encouraged ships to travel to avoid Iran's control. To enforce the blockade in the strait, as of Tuesday U.S. forces have redirected eight commercial vessels and disabled one, CENTCOM said on X. Iran strikes US allies around the regionTehran also hit U.S.-allied countries throughout the Mideast on Tuesday. Jordan's military said Iran targeted it with five drones and three missiles, all of which were shot down. Bahrain sounded its missile alert sirens on Tuesday afternoon as another Iranian barrage targeted the island kingdom, which is home to the U.S. Navy's 5th Fleet. In Iraq, flights were temporarily suspended at Irbil International Airport after a wave of attacks targeted the capital of the semiautonomous northern Kurdish region, according to Iraq's state-run news agency. No group claimed responsibility for the attacks, but in the past both Iran and Iran-backed Iraqi militias have launched attacks in the Kurdish region, where U.S. troops are present. The Kuwaiti government said Iran struck desalination and power plants for a fourth straight day on Monday night. Authorities said the attacks sparked fires and caused damage. Some 90% of Kuwait's drinking water comes from desalination, making the attacks a matter of life and death for the tiny nation. U.S. strikes have been hitting electrical equipment in Iran as well, and Iranian officials also have said Americans targeted water facilities. U.N. Secretary-General Antonio Guterres called the attacks on civilian infrastructure "unacceptable" and a violation of international law. 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Hegseth says Iran war has cost $37.5 billion so far
Hegseth says Iran war has cost $37.5 billion so farPublished July 22, 2026last updated July 22, 2026 What you need to know - Pentagon chief Pete Hegseth requests fresh funding for Iran War in remarks to senators - Republicans unveil $95 billion military funding plan - Hegseth's testimony was interrrupted by protesters against the Iran war - US strikes Iran for 11th consecutive night, CENTCOM says - Trump allows direct US flights to Lebanon in historic decision Follow below for the latest developments on the US war with Iran and the wider Middle East: US launches 11th consecutive night of strikes on Iran The US military says it has begun an 11th consecutive night of strikes against targets in Iran. US Central Command, or CENTCOM, said the operation started at 7 p.m. Eastern Time (11 p.m. UTC/GMT) and is aimed at further reducing Iran's ability to threaten commercial shipping in the Strait of Hormuz. The latest attacks are part of an ongoing US campaign targeting Iranian military capabilities linked to maritime operations and regional security. Iranian media reported fresh explosions around Sirik in southern Iran. Pentagon seeks billions more for Iran war US Pentagon chief Pete Hegseth faced tough questioning from lawmakers on Tuesday as he defended the growing cost of the US military campaign against Iran. Speaking before the Senate Appropriations Committee, Hegseth said the conflict has so far cost $37.5 billion (€32.89 billion), a figure significantly higher than earlier estimates. He argued that additional funding is urgently needed, warning that the military faces critical shortfalls without it. The hearing was repeatedly interrupted by protesters and came days after the Pentagon confirmed that three more US service members had died in the conflict, bringing the American death toll to 17. Democratic senators challenged both the cost and direction of the war. Senator Patty Murray warned of "another forever war," while other lawmakers questioned why the Pentagon was seeking more funding when some previously approved military spending has yet to be used. The debate comes as Republicans push a $95 billion budget package that includes tens of billions for the military and national security, as well as funding for agriculture and election-related measures. Meanwhile, opinion polls suggest many Americans remain critical of US President Donald Trump's handling of the conflict as fighting with Iran continues. Welcome to our coverage Welcome to our coverage of the US war with Iran. US Pentagon chief Pete Hegseth spoke before the Senate Appropriations Committee and asked for urgent additional funds for the Iran war. The conflict so far has cost the US an estimated $37.5 billion (€32.89 billion). It comes as the US military says it is striking Iran for the 11th consecutive night. Stay tuned as we bring you the latest on the US conflict with Iran and other developments from the Middle East.
2 tankers carrying Saudi oil reverse course in Red Sea after Houthi threat
2 tankers carrying Saudi oil reverse course in Red Sea after Houthi threat, amid widening U.S.-Iran war Trump says U.S. ready to act if Houthis shut down strait leading to Indian Ocean Two oil tankers carrying Saudi crude to Asia reversed course in the Red Sea on Tuesday after threats from Yemen's Iran-aligned Houthis, as a widening Middle East conflict disrupted shipping through two of the world's most critical energy chokepoints. U.S. forces bombed targets in the south and west of Iran overnight, while Iran targeted U.S. sites in Bahrain, Kuwait and Jordan, and a tanker was hit in the Strait of Hormuz. Iran said it had struck infrastructure belonging to Amazon in Bahrain, where the U.S. tech company operates a regional data centre. Amazon did not immediately comment and Reuters could not verify the report. The Houthis, who control northern and western Yemen including the coast at the mouth of the Red Sea, announced a naval blockade on Saudi Arabia on Monday. This opened a potential new front in the war, which has killed thousands of people across the Gulf region since it began on Feb. 28, when the U.S. and Israel attacked Iran. In a letter to shippers, the Houthis threatened to attack any ships that load or discharge Saudi oil. U.S. President Donald Trump said the Houthis had not yet shut the Bab el-Mandeb strait, the "Gate of Tears" that connects the southern end of the Red Sea with the Gulf of Aden, and threatened to act against them if they did. "If something like that happens, we take care of it," Trump said. 18 U.S. service members now killed in war The president also confirmed that 18 U.S. service members have been killed so far, including four in Iranian attacks on U.S. military bases in Jordan and Iraq over the last few days, in a war that is unpopular among Americans and others affected by surging global energy costs. The Houthi announcement already appeared to be having an impact. Two tankers that had just loaded Saudi crude bound for China and India at Saudi Arabia's Red Sea port of Yanbu made U-turns on Tuesday, heading toward the Suez Canal rather than out through the Bab el-Mandeb and toward the Indian Ocean. "The developments represent the first confirmed changes to commercial tanker routing following the [Houthi] embargo and are likely to increase disruption to Saudi crude exports and regional shipping patterns," British maritime risk management group Vanguard said on Tuesday. With the war shutting the Strait of Hormuz leading out of the Persian Gulf, the Red Sea has served as the main alternative route out for millions of barrels of Saudi oil per day, diverted by pipeline through Yanbu. Oil prices rose more than two per cent on Tuesday, with Brent crude hovering above $91 US a barrel and U.S. gasoline back over $4 US a gallon. Trump renews threat to strike nuclear sites U.S. Central Command said it had hit Iranian military command centers, maritime capabilities, missile and drone launch sites, and air defence systems in its latest round of strikes, which have carried on nightly for more than a week and a half. Explosions were heard around the city of Shiraz in southern Iran, state media said. Konarak and Chabahar on the southern coast and a civilian site outside the city of Abdanan in the west came under attack, media reports said. On Tuesday, Trump renewed his threats to attack Iran's nuclear facilities at Natanz "pretty soon." In June 2025 he said the facility, which is buried in a mountain range, had been "totally obliterated" after the U.S. military bombed it that month. Iran promised it would retaliate. Fifty civilians have been killed and 500 wounded in the recent U.S. strikes on Iran, a health ministry official said. U.S. Secretary of War Pete Hegseth told senators during a hearing that the conflict, which Congress has not authorized, had cost $37.5 billion US so far, and he asked them to approve another $70 billion US in "supplemental" funds, in part to replenish depleted missile supplies. Testing limits of escalation The U.S. and Iran have been testing the limits of escalation since the collapse this month of a weeks-old interim ceasefire agreement. Iran launched renewed attacks on Tuesday across the Persian Gulf, where recent strikes on desalination facilities have raised concerns about water shortages in desert countries that depend almost entirely on removing salt from sea water for potable supplies. Kuwait said it was responding to a drone and missile attack on Tuesday. Kuwait has reported attacks that have damaged power generation in recent days at plants that also produce fresh water. Iranian state media reported that Iranian forces also launched attacks on U.S. military facilities in Bahrain, Kuwait and Jordan. The maritime security agency UKMTO said on Tuesday a tanker in the Strait of Hormuz reported being struck by a projectile, forcing its crew to abandon the vessel and board a lifeboat. Iran's Revolutionary Guards also said two oil tankers caught fire after explosions while attempting to transit the southern shipping lane of the strait. The U.S. has encouraged ships to use the southern lane. Iran demands they use an alternative northern route near its coast instead, where it eventually aims to charge fees for transit. Just four commodity vessels crossed Hormuz on Monday, mostly using the northern shipping lane near Iran's coast, down from seven the previous day, data from trade intelligence company Kpler showed. Saudi Arabia has partially escaped the war's shipping disruption by piping oil to the Red Sea instead. But a full closure of that alternative route by the Houthis could further reduce global oil supply as it would leave most Saudi oil exports trapped.
Two Tankers Full of Saudi Oil Just Turned Around in the Red Sea — and the Houthis Didn't Have to Fire a Single Shot
The Houthi Crisis? Two tankers loaded with Saudi crude reversed course in the Red Sea on Tuesday. Neither had been fired on. The Xin Long Yang, a very large crude carrier hauling two million barrels toward China, turned north for Suez instead of heading south through Bab el-Mandeb. The Rodos, a smaller tanker carrying Saudi crude for India, made the same turn. The Houthis had warned a day earlier that ships loading at Saudi ports could be targeted anywhere within their reach, and that was enough. Nobody had to shoot at either ship for the threat to already be working. That’s the part the coverage keeps missing. The debate over whether the Houthis can actually seal the strait is the wrong debate. A blockade doesn’t need to physically stop a tanker to change what the tanker does. It just needs to make the direct route look like a bad bet to the people who insure it, crew it, and own it. Riyadh’s Escape Route Leads to Another Chokepoint When the Strait of Hormuz turned into a war zone, Saudi Arabia did the obvious thing and pushed crude west, to the export terminal at Yanbu on the Red Sea coast. The kingdom has shipped more than 4.5 million barrels a day out of Yanbu since April, something like 70 percent of it bound for Asia. For a while this looked like real redundancy, a second route standing in for the one Iran had effectively closed. Under the normal route, those Asia-bound barrels clear Bab el-Mandeb and continue on to their destination directly. The alternative, the one the Xin Long Yang and the Rodos had begun taking, is to sail north through Suez, across the Mediterranean, and then around the whole of Africa to get to Asia anyway. Fully laden VLCCs can’t make that trip through the canal without first discharging part of their cargo into the SUMED pipeline, which has a fixed capacity of its own. Riyadh spent considerable money building a way around one chokepoint threatened by Iran. It just watched two tankers carrying its crude demonstrate how expensive the fallback really is. A Month Is a Lot of Tanker More than 3 million barrels a day of that Yanbu-to-Asia crude could get forced onto the long route around Africa, and some Asian refiners could face roughly another month’s wait for cargo that would otherwise have gone straight through. The arithmetic is rough but worth doing anyway. A VLCC typically carries about two million barrels. Diverting 3 million barrels a day for an extra month works out to something like the equivalent of forty-five fully laden VLCC cargoes tied up in additional transit at any given time, before anyone counts the empty return legs, the refueling stops, or the owners who simply decide Saudi business isn’t worth the exposure anymore. This isn’t a new pattern. The United Nations trade body UNCTAD found that Red Sea rerouting after the Houthis’ first campaign pushed global ton-miles, meaning the distance each ton of cargo actually travels, up nearly 6 percent in 2024, close to three times the growth in cargo volume itself. Ships didn’t stop moving goods. They just started spending a lot more time doing it, which quietly ate into how much capacity was left over for everything else. Apply that same pressure to several million barrels a day of Saudi exports specifically, and spare tanker capacity doesn’t erode gradually. It can go fast. None of this requires the Houthis to touch a single barrel of oil. Make the short route expensive and risky enough, and the fleet does the rest of the damage on its own, one long detour at a time. Warships Cannot Restore a Shipping Schedule Washington’s instinct will be to hand this to the Navy, and American ships can intercept missiles and escort convoys well enough. What they can’t do is compel an owner to accept a charter whose insurance costs and crew risk have become commercially unacceptable, and they can’t conjure a replacement supertanker out of nowhere when the existing ones are weeks out of position on the wrong side of Africa. The earlier Red Sea campaign is the reason to stay skeptical here rather than optimistic. The Trump administration’s 2025 bombing campaign against the Houthis, aimed at restoring free passage through the strait, cost well over a billion dollars. By early 2025, two commercial vessels had already been sunk in the fighting since 2023, and further vessels were sunk later that year even after a ceasefire had briefly taken hold. The Houthis repeatedly demonstrated that they retained the ability to resume missile and drone attacks on shipping. Much of the industry kept avoiding the route anyway. None of that makes naval power irrelevant. It just means a strike package that destroys launchers but leaves tanker schedules in disarray has accomplished less than the battle-damage assessment suggests. What This Actually Tests The real test isn’t whether the blockade survives contact with the Fifth Fleet. It’s whether the global tanker fleet can absorb a second chokepoint fight stacked on top of Hormuz without the slow, unglamorous loss of shipping capacity turning into a shortage that has nothing to do with how much oil sits in the ground. Brent initially moved less than 1 percent on the blockade announcement, trading near $89, before climbing above $91 as the regional fighting intensified. Freight rates, canceled fixtures, and how many owners still call at Yanbu next month will say more than a single day of trading ever could. Saudi Arabia’s pipelines can keep oil moving west. They cannot create the additional ships required when the normal voyage to Asia suddenly becomes several weeks longer. That capacity problem will still be there after the blockade announcement has left the headlines, and Washington has not yet shown that it understands how to solve it. About the Author: Dr. Andrew Latham Andrew Latham is a professor of international relations and political theory at Macalester College in Saint Paul, MN. You can follow him on X: @aakatham.
A new threat by Yemen's Houthis could widen the Iran war and put another trade chokepoint at risk
Yemen's Houthi rebels have declared a blockade on Saudi Arabia, potentially widening the Iran war and further disrupting global trade. They claim to have closed the Bab el-Mandeb Strait to Saudi-linked shipping in retaliation for a Saudi blockade on Yemen and a recent attack on the airport in Yemen's rebel-held capital. The strait is a vital shipping chokepoint, with around 12% of global trade passing through. Houthi attacks on shipping would risk reigniting the war with Saudi Arabia, which has diverted millions of barrels of oil exports to the Red Sea as the Iran war has largely closed the Strait of Hormuz.
Pope Leo calls to "reject war" as Trump doubles down on Iran
Pope Leo XIV issued a renewed appeal for peace and nuclear disarmament as President Donald Trump signaled Tuesday that the United States would escalate military operations against Iran. Speaking at the White House, Trump said Iran "desperately" wants to negotiate a ceasefire after more than a week of U.S. and Iranian exchanges but insisted that the conflict is far from over and that any site connected to Tehran's nuclear ambitions could become a target. "We're not finished," Trump told reporters. "We're not leaving." The president also reiterated that Iran would never be allowed to obtain a nuclear weapon, warning that the U.S. would strike "any site where they're even thinking about nuclear." "We'll be hitting that area very, probably pretty soon and very heavily," Trump said when asked about Pickaxe Mountain, a heavily fortified underground complex believed to be associated with Iran's nuclear program. Trump added that the U.S. had inflicted damage that would take Iran "20, 25 years to recover from." His comments came as Pope Leo made one of his strongest public appeals yet for an end to the fighting. "I am asking all people of goodwill to search always for peace and not violence, to reject war," the pontiff said. "Especially an unjust war, which is continuing to escalate. Let's remember the innocent people who have already become or will become victims of this continued warfare." The pope's remarks underscored growing concern within the Vatican over the humanitarian consequences of the expanding conflict, which began on February 28 and has raised fears of broader regional instability and further civilian casualties. Pope Calls for Peace Built on Truth The Vatican's message was reinforced in a new book by Pope Leo, in which he argues that genuine peace cannot be achieved through military force or political rhetoric alone. "Peace is built with truth," the pope writes. "Even those who make war claim to act 'in the name' of peace. No one has the audacity to declare that they want war for the sake of war: even the powerful of the Earth know that every person aspires to justice and wishes to live in peace." The comments stand in sharp contrast to the increasingly forceful tone adopted by the Trump administration, which has argued that sustained military pressure is necessary to eliminate Iran's nuclear capabilities and compel Tehran to negotiate. Trump Signals More Military Action Trump said U.S. forces would maintain pressure on Iran despite his assertion that Iranian officials are seeking talks. "They cannot have a nuclear weapon and they won't have…no chance of having a nuclear weapon," he said. The president also appeared to shift blame for the deaths of three U.S. service members killed in the Middle East over the weekend as he confirmed that he would travel to Dover Air Force Base for the dignified transfer of their remains. "They did slip something through in Jordan," Trump told reporters, apparently referring to the deadly Iranian ballistic missile and drone attack. "If we had other operators, you know, it would have not happened, unfortunately. "We've stopped almost everything, but when you let other people do your job with the United States—we let other people do the job—and sometimes it doesn't work out so well." Trump did not elaborate on who he believed was responsible for protecting U.S. forces in Jordan, and it was not immediately clear whom he was referring to in his comments. The White House did not immediately provide additional clarification He also described the U.S. military blockade of Iranian ports as a "steel wall," saying "nobody gets through." Defense Secretary Pete Hegseth echoed the administration's position, saying Iran had been given repeated opportunities to negotiate but that U.S. forces would continue striking military targets if Tehran failed to change course. "If they want to talk, they can talk," he said. "Otherwise they can deal with the War Department. And we're prepared." Growing Divide Although Pope Leo has not mentioned Trump by name, his repeated calls for peace and rejection of war have increasingly contrasted with Trump's escalating rhetoric on Iran. In April, Trump responded to the perceived rebuke of the administration's military approach, calling Pope Leo “WEAK on crime,” and “terrible for Foreign Policy." "I don’t think he’s doing a very good job. He likes crime, I guess,” Trump added. “I am not a fan of Pope Leo.” The pope responded that he had "no fear of the Trump administration," although he said he did not want to "get into a debate with [Trump]. "I don’t think that the message of the Gospel is meant to be abused in the way that some people are doing." The pope's latest appeal highlights the widening divide between religious leaders calling for an immediate end to hostilities and world powers arguing that military force remains necessary to prevent nuclear proliferation. Senators Split on Trump's Strategy Republican Senator Rick Scott of Florida defended Trump's rationale for the military campaign, saying the president has made clear why he believes military action is necessary. "I think he's explained that we don't want to be killed by nuclear weapons, and Iran was in the process of building them, and they can't have them," Scott told Newsweek, when asked whether the administration had sufficiently explained the conflict. Asked about the three U.S. service members who recently died and whose dignified transfer Trump is expected to attend, Scott said they "died to protect American lives." "Iran's been killing Americans for 47 years, and our military's trying to stop them," he added. Democratic Senator Cory Booker of New Jersey offered a sharply different assessment, accusing Trump of bypassing Congress and failing to meet his stated military objectives. "This is a president who's now been at war for months since February, and has obviously violated the Constitution because he's not come to Congress at all for the authorization to use this military force," Booker told Newsweek. "He has really betrayed the American people as their costs continue to grow, as we're losing soldiers, as we're spending tens of billions of dollars, and there's not adequate accountability." Booker said the deaths of the three U.S. service members were "tragic," adding: "We in Congress owe it to them to do our jobs and hold this president accountable for this war." Senator Richard Blumenthal, a Connecticut Democrat, also criticized the administration's handling of the conflict, arguing that it has failed to justify the military campaign or provide adequate information to Congress and the public. "The Trump administration has failed utterly and totally to provide factual justification for this war in Iran," Blumenthal told Newsweek. "It was a war of choice, really a war of impulse and whim." He added that the administration has not disclosed key information "about the costs in dollars and cents, about injuries to our servicemen and women, about damage to our facilities, and weapons platforms." Asked what the three Americans who died had sacrificed their lives for, Blumenthal responded: "That really is the key question. What are all the costs for? What is it for? What are the deaths for? Real tragedies, unspeakable betrayal of trust by this administration." Contact Newsweek editors on this story: Samantha Beech and Dave Siminoff.