Iran questioned the seriousness of American diplomacy on Saturday in the wake of renewed naval clashes in the Gulf, while keeping Washington waiting for a response to its latest negotiating position. US President Donald Trump had said on Friday that he was expecting Iran's response to Washington's latest proposal on a deal to extend a fragile truce and launch peace talks -- "supposedly tonight". But, if Iran did send the talks' Pakistani mediators a response, there was no public sign of this, and Tehran's Foreign Minister Abbas Araghchi called into question the reliability of the US leadership, in a call with his Turkish counterpart. "The recent escalation of tensions by American forces in the Persian Gulf and their numerous actions in violating the ceasefire have added to suspicions about the motivation and seriousness of the American side in the path of diplomacy," he said, according to an Iranian account of the call published by the ISNA news agency. In an incident on Friday, a US fighter jet fired on and disabled two Iranian-flagged tankers that Washington accused of challenging its naval blockade of Iran's ports. The US action prompted Iranian retaliatory attacks. An Iranian military official told local media the country's navy had "responded to the violation of the ceasefire and to American terrorism with strikes" and "the clashes have now ceased". The latest incident came after a previous flare-up overnight Thursday to Friday in the Strait of Hormuz, a vital international sea lane that Iran is seeking to control to extract tolls from foreign vessels and to wield economic leverage over the US and its allies. US Secretary of State Marco Rubio reiterated on Friday that it was "unacceptable" for Tehran to control the key oil route. Washington has sent Iran, via Pakistani mediators, a proposal to extend the truce in the Gulf to allow for talks on a final settlement of the conflict launched 10 weeks ago with US-Israeli strikes on Iran. Iran's foreign ministry spokesman Esmaeil Baqaei said Friday that the proposal was still "under review", according to ISNA. Iran has attacked sites in Qatar during the war, pointing to the wealthy emirate's role as host of a major US air base. Meanwhile, satellite images have shown that an oil slick is spreading off the coast of Iran's Kharg Island, a key oil export terminal for the Islamic republic. It was not immediately clear what had caused the apparent spill, which was located off the island's west coast and appears to cover more than 20 square miles (52 square kilometres), according to global monitor Orbital EOS. Kharg Island is at the heart of Iran's oil export industry, a lynchpin of the country's battered economy, and lies in the Gulf, far to the north of the narrow Strait of Hormuz. Following the start of the war on February 28, Iran largely closed the strait, throwing global markets into turmoil and driving up oil prices. The US later imposed its own blockade of Iranian ports in response. On Sunday, Trump announced a US naval operation designed to reopen the strait to commercial shipping, only to abandon it on Tuesday in favour of a return to negotiations. Saudi sources told AFP the kingdom had refused permission for the US military to use its bases and airspace for the Hormuz operation, with one saying Riyadh "felt it would just escalate the situation and would not work". Iran-backed Hezbollah launched missiles and drones at military bases in Israel in retaliation for a recent attack on Beirut and ongoing strikes in the south, where Lebanese authorities reported 11 people killed on Friday. The strikes come as Lebanon and Israel, officially at war since 1948, are to hold direct negotiations, which Hezbollah vehemently opposes, in Washington next week. (You can now subscribe to our Economic Times WhatsApp channel) US President Donald Trump had said on Friday that he was expecting Iran's response to Washington's latest proposal on a deal to extend a fragile truce and launch peace talks -- "supposedly tonight". But, if Iran did send the talks' Pakistani mediators a response, there was no public sign of this, and Tehran's Foreign Minister Abbas Araghchi called into question the reliability of the US leadership, in a call with his Turkish counterpart. "The recent escalation of tensions by American forces in the Persian Gulf and their numerous actions in violating the ceasefire have added to suspicions about the motivation and seriousness of the American side in the path of diplomacy," he said, according to an Iranian account of the call published by the ISNA news agency. In an incident on Friday, a US fighter jet fired on and disabled two Iranian-flagged tankers that Washington accused of challenging its naval blockade of Iran's ports. The US action prompted Iranian retaliatory attacks. An Iranian military official told local media the country's navy had "responded to the violation of the ceasefire and to American terrorism with strikes" and "the clashes have now ceased". The latest incident came after a previous flare-up overnight Thursday to Friday in the Strait of Hormuz, a vital international sea lane that Iran is seeking to control to extract tolls from foreign vessels and to wield economic leverage over the US and its allies. US Secretary of State Marco Rubio reiterated on Friday that it was "unacceptable" for Tehran to control the key oil route. Washington has sent Iran, via Pakistani mediators, a proposal to extend the truce in the Gulf to allow for talks on a final settlement of the conflict launched 10 weeks ago with US-Israeli strikes on Iran. Iran's foreign ministry spokesman Esmaeil Baqaei said Friday that the proposal was still "under review", according to ISNA. - Oil slick -Qatar's prime minister, Sheikh Mohammed bin Abdulrahman Al Thani, met with US Vice President JD Vance in Washington on Friday and discussed the Pakistani-led efforts to broker a permanent peace. Iran has attacked sites in Qatar during the war, pointing to the wealthy emirate's role as host of a major US air base. Meanwhile, satellite images have shown that an oil slick is spreading off the coast of Iran's Kharg Island, a key oil export terminal for the Islamic republic. It was not immediately clear what had caused the apparent spill, which was located off the island's west coast and appears to cover more than 20 square miles (52 square kilometres), according to global monitor Orbital EOS. Kharg Island is at the heart of Iran's oil export industry, a lynchpin of the country's battered economy, and lies in the Gulf, far to the north of the narrow Strait of Hormuz. Following the start of the war on February 28, Iran largely closed the strait, throwing global markets into turmoil and driving up oil prices. The US later imposed its own blockade of Iranian ports in response. On Sunday, Trump announced a US naval operation designed to reopen the strait to commercial shipping, only to abandon it on Tuesday in favour of a return to negotiations. Saudi sources told AFP the kingdom had refused permission for the US military to use its bases and airspace for the Hormuz operation, with one saying Riyadh "felt it would just escalate the situation and would not work". - Lebanon front -A parallel ceasefire in Lebanon is also under strain. Iran-backed Hezbollah launched missiles and drones at military bases in Israel in retaliation for a recent attack on Beirut and ongoing strikes in the south, where Lebanese authorities reported 11 people killed on Friday. The strikes come as Lebanon and Israel, officially at war since 1948, are to hold direct negotiations, which Hezbollah vehemently opposes, in Washington next week. (You can now subscribe to our Economic Times WhatsApp channel) (You can now subscribe to our Economic Times WhatsApp channel) Prime ExclusivesInvestment IdeasStock Report PlusePaperWealth Edition
TEHRAN - Iran questioned the seriousness of American diplomacy on Saturday in the wake of renewed naval clashes in the Gulf, while keeping Washington waiting for a response to its latest negotiating position. US President Donald Trump had said on Friday that he was expecting Iran…
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The Houthis in Yemen have announced a blockade of Saudi Arabian shipping through Red Sea ports, including at the Bab el-Mandeb strait. The group, described as Iran-backed, stated the measure would target the top oil exporter following recent exchanges of fire.
Reports indicate this could add to existing maritime disruptions in the Strait of Hormuz linked to US-Iran confrontations.
A Reuters poll of economists conducted July 7-16 shows that most Gulf Cooperation Council economies are now projected to contract more sharply in the current year than estimated three months earlier, with median forecasts indicating declines of 8.1% for Kuwait and Qatar, 5.
1% for Bahrain, and 0.5% for the UAE. Saudi Arabia and Oman remain the only GCC economies expected to expand. The poll links the revisions to reduced export volumes through the Strait of Hormuz, higher freight costs, and weaker investor sentiment, even as oil prices have risen.
Initial reports indicate that a limited number of vessels transited the waterway during the first full day after the United States implemented a naval blockade of Iran. These observations have not been independently verified.
The head of the UN’s nuclear agency yesterday signaled that Iranian nuclear enrichment sites would be visited by his inspectors, a key component in the interim deal between the US and Iran to reach an end to their war. The comment by International Atomic Energy Agency (IAEA) Director-General Rafael Grossi was the firmest yet from the agency, which is viewed as key in determining the status of Iran’s nuclear stockpile.
Since Israel launched a 12-day war on Iran last year, the IAEA has been blocked by Tehran from visiting enrichment sites where the Islamic republic is believed to store enough highly enriched uranium to potentially build as many as 10 nuclear weapons.
Photo: AP Iran has said that its program is peaceful, although it would be the only country in the world to have uranium enriched up to 60 percent purity without a weapons program. The US and Iran offered contradictory remarks on Tuesday about whether those sites would be inspected.
“I can understand political statements, they are part of the reality, but the fundamental thing I would like to remind you and draw your attention to is that there has been a memorandum of understanding, signed by both presidents,” Grossi told journalists at a news conference at the Fukushima Dai-ichi nuclear power plant.
The accord “explicitly states that the nuclear activities that are going to be carried out with the regards of the nuclear material facilities will be supervised by the IAEA — in all letters,” he said. “Obviously, to do that, we have to inspect,” Grossi added.
BOOST: By operating the same advanced systems as the US military, Taiwan would be better positioned to share and integrate intelligence with partners, an expert said The first batch of MQ-9B SkyGuardian drones has arrived in Taiwan, and is being assembled and tested by drone manufacturer General Atomics and the military ahead of flight trials as part of the air force’s acquisition to bolster its aerial surveillance capabilities, a source said yesterday.
The air force allocated a budget of NT$21.7 billion (US$687 million) from 2022 to 2029 to procure four MQ-9B uncrewed aerial vehicles (UAVs) manufactured by General Atomics along with associated equipment such as ground control stations. The US has agreed to deliver the four MQ-9Bs to Taiwan in two batches this year and next ‘BRAZEN’: The holiday did not stop China from activities that infringe on Taiwan’s maritime jurisdiction, but the CGA is ready to defend the nation, Kuan Bi-ling said Beijing is intensifying maritime pressure on Taiwan, but the nation will never yield, Ocean Affairs Council Deputy Minister Sung Chen-en (宋承恩) said.
The Coast Guard Administration (CGA) has adopted a “shadowing and monitoring” approach to avoid falling into a Chinese trap to escalate tensions and deepen the conflict, Sung said in an interview published yesterday in the Chinese-language Liberty Times (the Taipei Times’ sister newspaper).
China Coast Guard formations patrolling waters east of Taiwan, as well as official Chinese vessels entering areas around Itu Aba Island (Taiping Island, 太平島) and Pratas Islands (Dongsha Islands, 東沙群島) show Beijing’s attempts to significantly step up Taiwanese firms’ China investments have dwindled to less than 1 percent of their total foreign investments, putting China-based investments on track for a record low this year, Ministry of Economic Affairs data showed.
Taiwan’s investments abroad in the first five months of this year reached US$35.92 billion, Department of Investment Review data showed. Investments outside China totaled US$35.61 billion, up 133.94 percent year-on-year, while investments in China totaled US$310.
3 million, down 32.3 percent and about 0.86 percent of the total, data showed. Major overseas projects included Taiwan Semiconductor Manufacturing Co’s (TSMC, 台積電) US$30 billion capital injection into an overseas subsidiary, VARYING OPINIONS: People with different political affiliations have different views on how bilateral ties with the US, Japan and China would affect Taiwan’s security Two-thirds of Taiwanese view closer US and Japan ties as beneficial to security, a survey by Taiwan’s top military think tank showed.
To gauge the Taiwanese public’s perceptions of how different external relationships affect security, the Institute for National Defense and Security Research commissioned a survey by National Chengchi University’s Election Study Center asking respondents whether closer relations with the US, Japan and China would strengthen or weaken Taiwan’s national security.