Dubai: The British military's United Kingdom Maritime Trade Operations center says a bulk carrier near the Strait of Hormuz has reported being attacked by multiple small craft. Sunday's report says all crew are safe after the attack off Sirik, Iran. The report warns vessels to transit with caution. Iranian officials have asserted that they continue to control the strait and that ships not affiliated with the United States or Israel can pass if they pay a toll. Also Read: Iran juggles oil cuts and storage strain to resist US blockade President Donald Trump on Saturday said he was reviewing a new Iranian proposal but expressed doubt it would lead to a deal, adding on social media that "they have not yet paid a big enough price for what they have done to Humanity, and the World, over the last 47 years" since the Islamic Revolution there. Iran's 14-point proposal, a rebuttal to a U.S. nine-point plan, also calls for the U.S. lifting sanctions on Iran, ending the U.S. naval blockade of Iranian ports, withdrawing forces from the region and ceasing all hostilities, including Israel's operations in Lebanon, according to the semiofficial Nour News and Tasnim agencies, which have close ties to Iran's security organizations. There was no mention in those reports, however, of Iran's nuclear program and its enriched uranium, long the central issue in tensions with the U.S. and one that Tehran would rather address later. Iran sent its reply via Pakistan, which hosted face-to-face talks last month between Iran and the United States. Pakistan's prime minister, foreign minister and army chief continue to push negotiations and encourage the U.S. and Iran to speak directly, according to two officials in Pakistan who spoke on condition of anonymity because they were not authorized to speak to the media. The fragile three-week ceasefire appears to be holding, though Trump on Saturday told journalists that further strikes remained a possibility. Also on Sunday, Iranian Foreign Minister Abbas Araghchi spoke with Oman's Foreign Minister Badr al-Busaidi, who oversaw previous rounds of talks between the U.S. and Iran before the war. Iran stands firm on Strait of Hormuz Trump has offered a plan to reopen the Strait of Hormuz at the mouth of the Persian Gulf, where about a fifth of the world's trade in oil and natural gas typically passes, along with fertilizer badly needed by farmers around the world. Iran's grip on the strait, imposed after the U.S. and Israel launched the war on Feb. 28, has shaken global markets. Iran's deputy parliament speaker on Sunday said Tehran "will not back down from our position on the Strait of Hormuz, and it will not return to its prewar conditions." Ali Nikzad, who has no decision-making power in parliament, spoke while visiting port facilities on strategic Larak Island. Nikzad reiterated Iran's position that any ship not associated with the U.S. or Israel can pass after paying a toll. Tehran effectively closed the strait by attacking and threatening ships. Also Read: Iran standoff could leave Trump worse off than before he went to war The U.S. has warned shipping companies they could face sanctions for paying Iran in any form, including digital assets, to pass safely. Meanwhile, the U.S. naval blockade since April 13 is depriving Tehran of oil revenue it needs to shore up its ailing economy. "We think that they've gotten less than $1.3 million in tolls, which is a pittance on their previous daily oil revenues," U.S. Treasury Secretary Scott Bessent told Fox News on Sunday. He said Iran's oil storage is rapidly filling up and "they're going to have to start shutting in wells, which we think could happen in the next week." Iran's currency continues to tumble On Sunday, the second day of Iran's working week, the rial weakened further against the U.S. dollar. In Tehran's Ferdowsi Street, the capital's main currency exchange hub, the dollar was trading at 1,840,000 rials. Analysts say there is a strong possibility the currency will slip further. The rial was trading at 1.3 million to the dollar in December, a record low at the time, and triggered widespread protests over the worsening economy. Markets in Tehran remain unstable, with prices of some goods rising daily. According to reports in Iranian media, several factories have not renewed contracts for workers after the Iranian new year in March, and significant numbers have lost their jobs. Yousef Pezeshkian, the son and adviser of President Masoud Pezeshkian, wrote on Telegram that both the United States and Iran see themselves as the winner of the war and are unwilling to back down. Nobel committee urges treatment for Iranian laureate The Norwegian Nobel Committee on Saturday urged Iran to immediately transfer imprisoned Nobel Peace Prize laureate Narges Mohammadi for treatment by her medical team in Tehran after her health sharply deteriorated. The committee said it was in touch with Mohammadi's family and lawyer, and that the 2023 laureate's life remains at risk. The rights lawyer fainted twice in prison on Friday in the northwestern city of Zanjan, her foundation said, and was admitted to a local hospital. Her lawyers have said she is believed to have suffered a heart attack in late March. (You can now subscribe to our Economic Times WhatsApp channel) Sunday's report says all crew are safe after the attack off Sirik, Iran. The report warns vessels to transit with caution. Iranian officials have asserted that they continue to control the strait and that ships not affiliated with the United States or Israel can pass if they pay a toll. Also Read: Iran juggles oil cuts and storage strain to resist US blockade President Donald Trump on Saturday said he was reviewing a new Iranian proposal but expressed doubt it would lead to a deal, adding on social media that "they have not yet paid a big enough price for what they have done to Humanity, and the World, over the last 47 years" since the Islamic Revolution there. Iran's 14-point proposal, a rebuttal to a U.S. nine-point plan, also calls for the U.S. lifting sanctions on Iran, ending the U.S. naval blockade of Iranian ports, withdrawing forces from the region and ceasing all hostilities, including Israel's operations in Lebanon, according to the semiofficial Nour News and Tasnim agencies, which have close ties to Iran's security organizations. There was no mention in those reports, however, of Iran's nuclear program and its enriched uranium, long the central issue in tensions with the U.S. and one that Tehran would rather address later. Iran sent its reply via Pakistan, which hosted face-to-face talks last month between Iran and the United States. Pakistan's prime minister, foreign minister and army chief continue to push negotiations and encourage the U.S. and Iran to speak directly, according to two officials in Pakistan who spoke on condition of anonymity because they were not authorized to speak to the media. The fragile three-week ceasefire appears to be holding, though Trump on Saturday told journalists that further strikes remained a possibility. Also on Sunday, Iranian Foreign Minister Abbas Araghchi spoke with Oman's Foreign Minister Badr al-Busaidi, who oversaw previous rounds of talks between the U.S. and Iran before the war. Iran stands firm on Strait of Hormuz Trump has offered a plan to reopen the Strait of Hormuz at the mouth of the Persian Gulf, where about a fifth of the world's trade in oil and natural gas typically passes, along with fertilizer badly needed by farmers around the world. Iran's grip on the strait, imposed after the U.S. and Israel launched the war on Feb. 28, has shaken global markets. Iran's deputy parliament speaker on Sunday said Tehran "will not back down from our position on the Strait of Hormuz, and it will not return to its prewar conditions." Ali Nikzad, who has no decision-making power in parliament, spoke while visiting port facilities on strategic Larak Island. Nikzad reiterated Iran's position that any ship not associated with the U.S. or Israel can pass after paying a toll. Tehran effectively closed the strait by attacking and threatening ships. Also Read: Iran standoff could leave Trump worse off than before he went to war The U.S. has warned shipping companies they could face sanctions for paying Iran in any form, including digital assets, to pass safely. Meanwhile, the U.S. naval blockade since April 13 is depriving Tehran of oil revenue it needs to shore up its ailing economy. "We think that they've gotten less than $1.3 million in tolls, which is a pittance on their previous daily oil revenues," U.S. Treasury Secretary Scott Bessent told Fox News on Sunday. He said Iran's oil storage is rapidly filling up and "they're going to have to start shutting in wells, which we think could happen in the next week." Iran's currency continues to tumble On Sunday, the second day of Iran's working week, the rial weakened further against the U.S. dollar. In Tehran's Ferdowsi Street, the capital's main currency exchange hub, the dollar was trading at 1,840,000 rials. Analysts say there is a strong possibility the currency will slip further. The rial was trading at 1.3 million to the dollar in December, a record low at the time, and triggered widespread protests over the worsening economy. Markets in Tehran remain unstable, with prices of some goods rising daily. According to reports in Iranian media, several factories have not renewed contracts for workers after the Iranian new year in March, and significant numbers have lost their jobs. Yousef Pezeshkian, the son and adviser of President Masoud Pezeshkian, wrote on Telegram that both the United States and Iran see themselves as the winner of the war and are unwilling to back down. Nobel committee urges treatment for Iranian laureate The Norwegian Nobel Committee on Saturday urged Iran to immediately transfer imprisoned Nobel Peace Prize laureate Narges Mohammadi for treatment by her medical team in Tehran after her health sharply deteriorated. The committee said it was in touch with Mohammadi's family and lawyer, and that the 2023 laureate's life remains at risk. The rights lawyer fainted twice in prison on Friday in the northwestern city of Zanjan, her foundation said, and was admitted to a local hospital. Her lawyers have said she is believed to have suffered a heart attack in late March. (You can now subscribe to our Economic Times WhatsApp channel) (You can now subscribe to our Economic Times WhatsApp channel)
Dubai: The British military's United Kingdom Maritime Trade Operations center says a bulk carrier near the Strait of Hormuz has reported being attacked by multiple small craft. Sunday's report says all crew are safe after the attack off Sirik, Iran. The report warns vessels to tr…
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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.