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strikeJul 17, 2026

Hopes for US-Iran diplomacy still alive as fighting intensifies over Strait of Hormuz - The Korea Times

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WASHINGTON — Fighting between the U.S. and Iran has intensified over control of the Strait of Hormuz, but hopes for a possible diplomatic solution have shown stubborn signs of life. Pakistan’s Foreign Ministry on Thursday rejected suggestions that Islamabad had abandoned efforts to bring Washington and Tehran back to the negotiating table after brokering an initial ceasefire agreement last month that has now collapsed. “Let me dispel the impression that Pakistan has done hands up, and this is not the case,” ministry spokesperson Tahir Andrabi said at a news conference, adding that the parties eventually "will have to come to the negotiating table to settle all outstanding issues.” Even the top negotiators for Iran and the U.S. signaled they have not walked away from talks. In a podcast interview with Joe Rogan that aired Wednesday, Vice President JD Vance said the Trump administration is “not going to bomb and bomb and bomb” and noted that “you’ve got to actually be willing to talk and to try to figure out the problem.” “We’re going try to use our military force as one of the many tools that we have to solve the problem,” Vance said, adding that “diplomacy is another tool.” Mediators from countries that include Pakistan, Qatar and Egypt have been working to resume talks, according to regional officials who spoke on condition of anonymity to discuss the sensitive diplomacy. They noted that neither side has notified Pakistan that it was officially withdrawing or terminating the initial ceasefire agreement . The backchannel efforts have been overshadowed by the escalating attacks, with the U.S. military on Thursday conducting strikes deeper into Iran and firing on a ship that the U.S. accused of trying to break its naval blockade of Iranian ports . Iran has retaliated by launching missiles and drones at U.S. allies in the region and warned that its attacks could grow to target “all the infrastructure in the region.” The U.S. and Iran are in a delicate and potentially pivotal moment that “leaves open the possibility of moving up the escalation ladder,” said Naysan Rafati, senior Iran analyst at the Washington-based International Crisis Group. Push is on for renewing negotiations Andrabi, the spokesman for Pakistan’s foreign ministry, acknowledged that mediation between Iran and the U.S. had become increasingly difficult. But he said peace efforts remained alive. “It can be put on the backburner, but it stays,” Andrabi said, adding that “whenever the parties exhaust the logic of escalation, the formula for peace is there.” The regional officials involved in mediation attempts said efforts to salvage the deal to end the war were continuing this week. They acknowledged that the 60-day negotiating process spelled out in the interim deal has halted. But they said mediators have been working to persuade both sides to return to the negotiating table. Officials say the key point of dispute is management of the Strait of Hormuz , the crucial energy shipping route that is Tehran’s greatest source of leverage . The language in the interim deal is vague. Iran claims it has the authority to arrange shipping transit through the strait, while the U.S. says the waterway is meant to be open to free passage and has tried to arrange an alternate shipping route along Oman’s coast. In his interview with Rogan, Vance acknowledged that diplomacy might ultimately be the only way forward. “I’m very frustrated by the Americans and frankly by people in other countries who are like, ‘You cannot negotiate with the Iranians,’” the vice president said. “Well, then what is your proposal to get people to stop shooting at ships in the Strait of Hormuz?” Trump increases threats and says Iran ‘better behave’ The fighting resumed over Iran’s unwillingness to allow oil tankers and other commercial vessels to navigate freely through the Strait of Hormuz, a vital Persian Gulf shipping route through which 20% of the world’s oil normally flows. Iran effectively choked off the usual stream of commerce by attacking commercial vessels that ignored its rules, disrupting world energy markets and driving up prices that could pose problems for Republicans in November’s midterm elections. Asked by reporters in recent days if he is still open to negotiations, Trump has repeated his previous threats that Iran returning to the table is the only thing that can avoid U.S. attacks on civilian infrastructure like bridges and power plants. But the Republican president said he would not put a timeline on it. “I don’t like giving deadlines, but they pretty much know, they know the story,” Trump said in Pennsylvania on Wednesday. “They better behave.” Moments before, Iran’s parliament speaker and lead negotiator said the country is not declaring last month’s interim deal void. But Mohammad Bagher Qalibaf said Iran’s commitment depends on continued implementation by the United States. If Washington fails to honor its obligations, Iran would have no reason to remain bound by it, he argued. The initial June 17 agreement called for a permanent end to hostilities and a reopening of the strait and started a 60-day negotiating clock to reach a final deal on the future of Iran’s nuclear program and other issues. Qalibaf also suggested that Iran is not seeking to keep the Strait of Hormuz closed indefinitely. He said Tehran’s objective is to preserve what he called “Iranian arrangements” governing navigation through the waterway, while allowing the maximum safe passage of commercial shipping under those rules. US tries naval blockade, more strikes to reopen Strait of Hormuz — again To stop Iran’s attacks on ships, Trump has stepped up military attacks and reinstituted an earlier Navy blockade of Iranian ports to inflict economic pain. But it would be unrealistic to expect the U.S. to eliminate Iran’s ability to launch missiles and drones into the strait anytime soon, said Bradley Bowman, a former Army helicopter pilot and now a scholar at the Foundation for Defense of Democracies, a hawkish Washington think tank. “Unfortunately, Iran only needs to hit a ship every now and then to create serious problems and dilemmas for insurers and ship captains and reduce the flow of traffic in the strait,” he said. “That reduced flow exerts significant economic and political pressure on Washington, especially as midterm elections approach. Iran understands the leverage it now has — and so does Trump.” At the same time, Bowman and other experts are not convinced that more strikes and economic pressure will get Iran to negotiate. “We’re doing things that have not affected Iranian behavior in the past,” said Mark Cancian, a retired Marine colonel and a senior defense adviser with the Center for Strategic and International Studies. “So why would it affect Iranian behavior now?”

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    WASHINGTON — Fighting between the U.S. and Iran has intensified over control of the Strait of Hormuz, but hopes for a possible diplomatic solution have shown stubborn signs of life. Pakistan’s Foreign Ministry on Thursday rejected suggestions that Islamabad had abandoned efforts

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strikeUnverifiedUSIranProxy
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The government has said the UK is “ready to defend itself” after Iran’s military warned that any bases being used by the US were “legitimate targets”. The UK has allowed the US to launch “defensive” operations from British bases hosting American planes since the start of its war on Iran but has refused to help in offensive operations.

That policy has not been altered by the new prime minister, Andy Burnham, who was notified last week that a decision had been made to extend the agreement with the US. Iran’s Islamic Revolutionary Guard Corps said on Thursday that “any base used for aggression against Iranian territory constitutes a legitimate target for our forces”.

In a statement published on the IRGC-linked Tasnim news agency, the group said American bombing missions had been launched from RAF Fairford in Gloucestershire two days earlier. The statement came after the US carried out a 12th consecutive night of strikes against targets in Iran.

The Ministry of Defence has not commented on whether Fairford was used by the US for operations against Iran this week. The IRGC also accused the “British monarchy regime” of causing being the “primary cause of hardships in our region with a black record of partitioning Islamic nations, widespread massacres, imposing despotic regimes, and organising the occupation of Palestine”.

It warned the government “not to weigh down its record any further”. A spokesperson for the British government said: “Our armed forces are ready to keep the United Kingdom safe from any kind of attacks, whether it’s on our soil or from abroad. The UK stands ready 24/7 to defend itself.

“This includes through operating a layered approach to air and missile defence, provided by Royal Navy, British Army and Royal Air Force assets equipped with a range of advanced capabilities, working closely with our Nato allies. “We are committed to defending our people, our interests and our allies, acting in accordance with international law and not getting drawn into the wider conflict.

” On 1 March a drone struck the RAF base at Akrotiri in Cyprus, hitting a hangar, and prompting a partial evacuation of the facility. On 19 March, Iran fired two ballistic missiles at the UK’s Diego Garcia base in the Chagos Islands. One reportedly failed mid-flight, while the other was shot down by a US airship.

Iran has launched strikes against countries in the Gulf that house US military bases, including Bahrain, the United Arab Emirates and Kuwait, killing American service personnel in some of the attacks. Donald Trump said Iran would “pay a big price” for killing US troops.

On Thursday afternoon, the US president said he was considering ordering a “massive attack” on Iran. “I am close to making a decision,” he told Axios. “We’re all set for it.” He said he believed Iran’s leaders “want to negotiate”, but aren’t yet ready to make a deal.

In another sign of the conflict potentially escalating, Yemen’s Iran-backed Houthi rebels said they attacked two Saudi oil tankers in the Red Sea on Thursday, as oil topped $100 a barrel.

strikeUnverifiedUSIranProxyRussia
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September WTI crude oil (CLU26) on Thursday closed up +5.36 (+6.17%), and September RBOB gasoline (RBU26) closed up +0.0793 (+2.44%). WTI crude oil prices (CLU26) rallied more than +6% on Thursday after the Iran-backed Houthis launched a missile and drone attack on two Saudi Arabian oil tankers in the Red Sea, expanding the oil disruptions beyond the Strait of Hormuz and threatening oil shipments in the Red Sea.

Sep Brent crude oil prices (CBU26) on Thursday rallied above $100 per barrel for the first time since May. President Trump said in an interview with Axios on Thursday that he is considering a “massive attack” that would be “bigger than ever before” and is “close to making a decision on it.

”Don’t Miss a Day: From crude oil to coffee, sign up free for Barchart’s best-in-class commodity analysis. The Houthis have vowed to blockade shipping linked to Saudi Arabia and warned shipowners against calling at the nation's ports. The move threatens Saudi oil exports from Yanbu, a Red Sea hub that the Saudi's are using to ship crude since the war brought shipping through the Strait of Hormuz to a near halt.

Meanwhile, the US and Iran exchanged attacks for the 12th straight day, and the US maintained its blockade of Iranian oil shipments in the Persian Gulf. Global crude oil supplies are tightening due to reduced flows through the Strait of Hormuz. The International Maritime Organization warned last Wednesday that it is too dangerous to cross the Strait of Hormuz at the moment, and visible transit through the strait has fallen sharply as Iran continues targeting tankers attempting to transit it.

Crude prices also have support as Ukraine intensifies drone attacks on Russian oil infrastructure. Russian crude production fell to 8.928 million bpd in June, the lowest in 2.5 years, according to monthly OPEC data. According to EA Analytics, Russian crude-processing rates will average 3.

51 million bpd in July, the lowest in 24 years, amid damage to Russian energy infrastructure caused by drone and missile attacks from Ukraine. According to Bloomberg, Ukrainian forces have attacked Russian fuel-producing facilities more than 50 times this year, hitting at least 24 of Russia’s 34 largest refineries.

As of the end of June, around 90% of Russian regions have imposed some form of fuel rationing or reported supply issues, as refining capacity has plunged following damage to facilities. The strikes have deepened a nationwide gasoline shortage, with several major refineries shut down and the government banning almost all gasoline, jet fuel and diesel exports.

Russia is the world’s number two diesel exporter, after the US, according to Vortexa. Stronger Russian crude exports are also adding to global oil supplies, which is bearish for prices. Data compiled by Bloomberg show the four-week average of Russian crude exports rose to 4.

13 million bpd through June 28, the highest since Russia invaded Ukraine in 2022. Russia may be boosting its crude exports as the country’s refining capacity has plunged due to damage at its refining facilities from Ukraine drone and missile attacks.

The outlook for higher US crude output is negative for oil prices. The Department of Energy (DOE) on July 7 raised its US 2026 crude production estimate to 13.78 million bpd from a June estimate of 13.72 million bpd. As a bearish factor for crude, OPEC delegates said on May 14 that the cartel aims to continue a series of oil quota increases over the next few months, completing the return of halted oil production by the end of September.

The group already formally agreed to restore about two-thirds of the 1.65 million bpd supply cutback it made back in 2023 and said it plans to raise output targets further and to revive the final portion in three more monthly stages. On July 5, OPEC+ said it will boost its crude output by 188,000 bpd in August, though that increase might prove difficult due to revived US-Iran military attacks in the region.

OPEC’s June crude production rose by +2.34 million bpd to 18.75 million bpd. Vortexa reported on Monday that crude oil stored on tankers that have been stationary for at least 7 days rose +31% w/w to 90.03 million bbl in the week ended July 17. Wednesday’s weekly EIA report was mostly negative for crude oil and products.

EIA crude inventories unexpectedly rose +2.01 million bbl versus expectations of a -1.95 million bbl decline. Also, EIA gasoline supplies rose by +765,000 bbl versus expectations of a -1.9 million bbl decline. In addition, EIA distillate stockpiles rose by +1.

4 million bbl, a larger build than expectations of +825,000 bbl. On the positive side, crude supplies at Cushing, the delivery point for WTI futures, fell -624,000 bbl. Wednesday’s EIA report showed that (1) US crude oil inventories as of July 17 were -5.

3% below the seasonal 5-year average, (2) gasoline inventories were -7.1% below the seasonal 5-year average, and (3) distillate inventories were -9.6% below the 5-year seasonal average. US crude oil production in the week ending July 17 fell -0.5% w/w to 13.

798 million bpd, just below the record high of 13.862 million bpd posted in the week of November 7. Baker Hughes reported last Friday that the number of active US oil rigs in the week ended July 17 rose by +7 to a 13-month high of 452 rigs, up from the 4.

25-year low of 406 rigs posted in December 2025. However, the number of US oil rigs remains sharply below the 5.5-year high of 627 reported in December 2022. On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article.

All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here. The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

strikeUnverifiedUSIsraelIran
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TEL AVIV, July 23. /TASS/. The Israel Defense Forces (IDF) will deal "a crushing blow" to Iran, if it attacks the Jewish state, Defense Minister Israel Katz warned, according to the Ynet portal. "We are ready for any development of events. If Iran attacks Israel, we will deal a crushing blow," he said.

Earlier on Thursday, US President Donald Trump said that he was considering carrying out a massive attack on Iran, and the strikes would be harder than before. According to the American leader, Israel will "join the attack in two minutes" if requested by the United States.

However, he added that Washington "does not need anyone" to launch a new military operation. Trump did not specify a deadline for making a decision. The United States and Israel started a war with Iran on February 28. In June, Washington and Tehran signed a memorandum of understanding providing for an immediate cessation of hostilities on all fronts, including in Lebanon.

However, on the night of July 8, the United States resumed large-scale strikes against Iran, accusing it of violating the terms of the agreements regarding the Strait of Hormuz.

strikeUnverifiedUSIsraelIran
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The British government stated that it stands ready to defend itself following Iranian comments designating UK bases hosting US forces as legitimate targets in response to US military strikes on Iran. Iranian officials described the UK as an accomplice to US operations, while UK policy has allowed US use of bases such as RAF Fairford and Diego Garcia for what the UK has termed defensive purposes.

Permissions for this arrangement, first granted in March, were extended under the current UK government.

Location: Iran