BEIRUT | JERUSALEM | QLAILIEH: Three Saudi-flagged supertankers carrying 6 million barrels of crude sailed through the Strait of Hormuz on Thursday, hours after US President Donald Trump signed a deal with Iran to end the war that has disrupted global energy supplies. But in Lebanon, where more than a million people are displaced by the fighting, Israeli forces launched fresh airstrikes on Thursday morning, raising doubt about how far Trump will go to force his wartime allies to halt an offensive he has now pledged to end. Later in the day, vice president JD Vance said Thursday that the US Navy has allowed more than a dozen ships through to Iranian ports, lifting a blockade as part of an agreement to end the war. Vance made the announcement at a White House press briefing, where he said more oil is now flowing through the Strait of Hormuz. The Republican VP said more than 12.5 million barrels went through the shipping channel on Wednesday night. "So, we're also honouring our end of the early part of the agreement on the military side," Vance said, citing it as an immediate benefit of the deal as he downplayed criticism that the agreement tilts in favor of Iran. Iran's Khamenei says he approved US MoU despite reservations; says future talks will be face-to-face And in an extraordinary rebuke, he warned US critics in Israel against "attacking the only powerful ally" it has left. He lashed out at members of the Israeli government, warning them that "Donald J Trump is the only head of state in the world who is sympathetic to the nation of Israel at this moment in time." Vance said he plans to travel to Switzerland for talks on the Iran deal but he doesn't know when that will happen. He had been expected to lead talks on implementing the agreement with Iran aimed at diluting its stockpile of highly enriched uranium and restarting oil traffic through the Strait of Hormuz. Benchmark Brent crude futures prices fell by another 2% to below $78 a barrel, lowest since the shooting began. What sanctions are there on Iran and will they be lifted? The US-Iranian MoU starts the clock on a 60-day negotiation period to reach a final settlement, which Trump launched in February alongside Israeli Prime Minister Benjamin Netanyahu. LEBANON a part of pact But Israel, which launched an invasion in March and has since seized a large swathe of southern Lebanon in its pursuit of Hezbollah militants who opened fire across the border, was excluded from the negotiations. Iran has said that any peace deal must also cover Lebanon. The MoU calls for the "permanent termination" of the war in Lebanon and for its "territorial integrity and sovereignty" to be ensured. (You can now subscribe to our Economic Times WhatsApp channel) But in Lebanon, where more than a million people are displaced by the fighting, Israeli forces launched fresh airstrikes on Thursday morning, raising doubt about how far Trump will go to force his wartime allies to halt an offensive he has now pledged to end. Later in the day, vice president JD Vance said Thursday that the US Navy has allowed more than a dozen ships through to Iranian ports, lifting a blockade as part of an agreement to end the war. Vance made the announcement at a White House press briefing, where he said more oil is now flowing through the Strait of Hormuz. The Republican VP said more than 12.5 million barrels went through the shipping channel on Wednesday night. "So, we're also honouring our end of the early part of the agreement on the military side," Vance said, citing it as an immediate benefit of the deal as he downplayed criticism that the agreement tilts in favor of Iran. Iran's Khamenei says he approved US MoU despite reservations; says future talks will be face-to-face And in an extraordinary rebuke, he warned US critics in Israel against "attacking the only powerful ally" it has left. He lashed out at members of the Israeli government, warning them that "Donald J Trump is the only head of state in the world who is sympathetic to the nation of Israel at this moment in time." Vance said he plans to travel to Switzerland for talks on the Iran deal but he doesn't know when that will happen. He had been expected to lead talks on implementing the agreement with Iran aimed at diluting its stockpile of highly enriched uranium and restarting oil traffic through the Strait of Hormuz. Benchmark Brent crude futures prices fell by another 2% to below $78 a barrel, lowest since the shooting began. What sanctions are there on Iran and will they be lifted? The US-Iranian MoU starts the clock on a 60-day negotiation period to reach a final settlement, which Trump launched in February alongside Israeli Prime Minister Benjamin Netanyahu. LEBANON a part of pact But Israel, which launched an invasion in March and has since seized a large swathe of southern Lebanon in its pursuit of Hezbollah militants who opened fire across the border, was excluded from the negotiations. Iran has said that any peace deal must also cover Lebanon. The MoU calls for the "permanent termination" of the war in Lebanon and for its "territorial integrity and sovereignty" to be ensured. (You can now subscribe to our Economic Times WhatsApp channel) (You can now subscribe to our Economic Times WhatsApp channel)
BEIRUT | JERUSALEM | QLAILIEH: Three Saudi-flagged supertankers carrying 6 million barrels of crude sailed through the Strait of Hormuz on Thursday, hours after US President Donald Trump signed a deal with Iran to end the war that has disrupted global energy supplies. But in Leba…
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A tanker identified as the Kaifan was struck by an unknown projectile northeast of Oman’s Limah in the Strait of Hormuz, according to a July 21 report from UK Maritime Trade Operations. No ships were observed transiting the strait that day. Attribution of the strike and links to prior incidents have not been confirmed by the vessel’s owner.
Goldman Sachs has projected Brent crude averaging $80 per barrel in the fourth quarter and $75 in the following year, conditional on reduced Middle East tensions, while noting upside risks from potential shipping disruptions in the Strait of Hormuz or Red Sea.
Brent prices rose above $91 per barrel amid recent U.S.-Iran exchanges and Houthi threats to Saudi shipments before edging lower on Tuesday. A senior Iranian official told Reuters that mediators had proposed a 10-day ceasefire to preserve an interim agreement.
Opening summary: Iran claims attacks on strait of Hormuz ships amid fresh US strikes Welcome to our live coverage of the latest developments in the Middle East crisis. Iran attacked a tanker in the strait of Hormuz early on Tuesday, forcing its crew to abandon the ship, as Yemen’s Iran-backed Houthis announced they were imposing an immediate maritime blockade of Saudi Arabia in the Red Sea after the two sides traded fire last week for the first time in years.
A Houthi official said the Bab al-Mandeb strait – at the southern end of the Red Sea, through which about 12% of the world’s trade usually passes – would be closed to the Saudis in response to the kingdom’s “unjust blockade on Yemenis for over 10 years”.
Saudi Arabia said it would take “all necessary measures to protect its vessels in accordance with international law”. A 10 consecutive night of US airstrikes has not compelled Tehran to loosen its grip on the strait of Hormuz, a vital route for global energy supplies.
But even as Iran’s president said the country had returned “full-scale war”, the Iranian interior minister travelled to Pakistan – a key mediator in the conflict – for talks. In key developments: The latest US strikes came hours after Donald Trump said Iran would pay “many times over” for killing US soldiers after multiple service members were killed in action over the weekend.
A tanker came under attack early Tuesday in the Hormuz strait off Oman, forcing the crew to abandon the vessel, the British military’s United Kingdom Maritime Trade Operations centre said. Iran’s Revolutionary Guards claimed the attack as well as two other attacks on ships in the waterway on Monday.
The US military’s Central Command said its latest airstrikes were to “degrade” Iran’s ability to attack commercial shipping in the strait and included hitting military command centres and missile and drone launch sites. Iranian media reported strikes in parts of the country including Bandar Abbas, Tabriz and Bushehr, home to the country’s only operational civilian nuclear power.
Iran’s launched attacks in response against Bahrain, Kuwait and Jordan, which all host US forces. Oil prices softened after hitting their highest levels in more than a month in the previous session. Brent crude futures eased 0.4% to $88.87 a barrel by 0052 GMT on Tuesday while US West Texas Intermediate crude for September delivery was steady at $82.
47 a barrel. Democrats have seized on the deaths of three US troops killed in Iranian strikes to urge Trump to urgently reverse his resumption of the war with Iran amid widespread anxiety over climbing casualties. The Lebanese army began taking charge of security in three southern villages, the US said, as a deal to secure an Israeli withdrawal from southern Lebanon and the disarmament of Hezbollah faced its first test on the ground.
US forces struck the tanker Settebello in the Gulf of Oman on June 10, killing three Indian crew members when munitions hit the engine room and adjacent areas. Maritime tracking data indicate the vessel had transported Iranian oil under US sanctions for several years and conducted offshore transfers prior to the strike.
The US military described the action as a precision operation, while reports note the ship was stationary at the time.