Speaking at a White House briefing, Vance said the U.S. Navy had allowed more than a dozen ships to access Iranian ports, lifting a blockade as part of an agreement aimed at ending the conflict. He said the increase in oil flows showed that Washington was honouring its commitments under the initial phase of the deal. Vance said the 60-day period begins on Thursday, with final negotiations expected to determine the terms that will apply after the implementation window ends. Also Read: Pakistan PM's visit to Switzerland postponed due to electronic signing of US-Iran deal: Spokesman He added that Iran did not fire on any ships overnight, a sign of stability for maritime traffic through the Strait of Hormuz, a key global oil transit route. Outlining U.S. expectations for a final agreement, Vance said Iran would retain the right to self-defence but would not be allowed to possess missiles capable of "broadly threatening the entire world." On sanctions relief, Vance said Washington would be able to monitor how Iran sends and receives money, suggesting that any easing of restrictions would be accompanied by oversight mechanisms. Vance also said Iran would require significant financial resources to rebuild any nuclear weapons programme and reiterated that the administration plans to brief Congress on the agreement soon. Addressing the regional dimension of the accord, Vance said Israel must respect the peace process and described attacks on civilians in Beirut as unacceptable. He said the U.S. expects both sides to honour the Lebanon-related components of the agreement and ultimately wants the Lebanese government to police southern Lebanon. Also Read: 'Did not trade dignity for any threat': Pezeshkian calls US-Iran MOU a 'historical document' from a 'powerful Iran' The vice president said future flare-ups would need to be managed through diplomacy, adding that the agreement provides a framework for reducing tensions while broader negotiations continue. (You can now subscribe to our Economic Times WhatsApp channel) (You can now subscribe to our Economic Times WhatsApp channel) Explore More Stories
Speaking at a White House briefing, Vance said the U.S. Navy had allowed more than a dozen ships to access Iranian ports, lifting a blockade as part of an agreement aimed at ending the conflict. He said the increase in oil flows showed that Washington was honouring its commitment…
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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.