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US President Donald Trump has criticized oil giants including Chevron for high petrol prices, while Chevron reported record quarterly profits. The conflict with Iran has kept oil prices elevated, drawing criticism and warnings from economists.
US President Donald Trump said talks with Iran are underway and could lead to the reopening of the Strait of Hormuz 'literally by tomorrow,' but he accused Tehran of being 'duplicitous' for denying negotiations. Trump described the strait as 'already completely controlled by the United States Navy' and said nothing reaches Iran without US approval unless a deal or 'total surrender' is achieved.
US President Donald Trump said the Strait of Hormuz could be fully reopened for shipping as early as Tuesday, following what he described as 'good discussions' with Iran. Trump also warned of severe consequences if talks collapse, while accusing Tehran of publicly denying the negotiations.
Iran has denied that negotiations with the United States are underway, contradicting President Donald Trump’s announcement of a new round of talks. Tehran says it is in discussions with Oman over a temporary safe route through the Strait of Hormuz, while oil prices fell on hopes of a deal.
US President Donald Trump accused Iran's leadership of being 'duplicitous' after Tehran announced talks with Oman on a temporary shipping corridor in the Strait of Hormuz. Trump insisted the US Navy controls the strait and warned that nothing would reach Iran without a deal or surrender. Iran's Foreign Ministry said the Omani initiative would not suffice to reopen the strait if US 'aggression' continues.
European Commission President Ursula von der Leyen has called for stronger EU borders and 'swift returns' after tens of thousands of migrants entered the Spanish enclave of Ceuta, prompting emergency talks among EU interior ministers. The crisis has exposed divisions within the bloc, with Italy and Denmark accusing Spain of failing to secure the EU's only land border with Africa.
Analysts warn that the threat to oil tankers in the Middle East is at its worst since the Iran war began, as attacks in the Red Sea compound the ongoing closure of the Strait of Hormuz. Iraq's main port of Umm Qasr has come to a standstill, and shipping traffic through the strait has dropped dramatically.
The US Department of Defense has signed multiyear agreements with Lockheed Martin and Northrop Grumman to sharply increase production of Patriot and THAAD interceptor missiles, responding to depleted stockpiles amid conflicts with Iran and support to Ukraine. The deals, valued at over $58 billion for Lockheed and $3 billion for Northrop, aim to triple Patriot and quadruple THAAD output, though production increases are expected by 2027-2028.
The US Defense Department has signed framework agreements worth over $3 billion with Lockheed Martin and Northrop Grumman to expand production capacity for Patriot and THAAD missile interceptor components, aiming to triple and quadruple output respectively. The deals come amid concerns about strained stockpiles due to conflicts in Iran and Ukraine.
Iran's foreign minister says negotiations with Oman over a new shipping route through the Strait of Hormuz are in their final stages, while Tehran insists the waterway will not revert to its pre-war status. A proposed Omani-Iranian joint company could manage maritime services under one plan. The US has not been part of these talks, which are seen as a precondition to broader agreements under the June ceasefire memorandum.
US Central Command has asked military analysts for creative and unconventional ways to pressure Iran, according to CNN. Meanwhile, Admiral Brad Cooper has warned troops that cellphone videos and online posts can aid Iranian targeting of American bases, as President Trump considers expanding the air campaign, limited strikes, or renewed diplomacy.
Pakistan's KSE-100 index gained over 2,100 points to close above 178,000 on Monday, driven by easing US-Iran tensions and softer oil prices. The rally, however, contrasts with a weak July where the index fell 2.3% month-on-month.
The South Korean won weakened against the U.S. dollar on Monday and Tuesday, as foreign investors remained net sellers of local stocks. The won closed at 1,429.8 won per dollar on Monday and 1,432.5 won on Tuesday, while the KOSPI fell 5.12% on Monday before rebounding 1.62% on Tuesday.
Seoul stocks plunged more than 5 percent on Monday as investors locked in profits from a record surge in semiconductor shares. The KOSPI fell 338 points to 6,257.45, with foreign and institutional investors leading the sell-off.
US President Donald Trump announced that new negotiations with Iran will begin on Monday after he cancelled a planned large-scale military attack. Iran has denied holding direct talks with the US, saying it is only speaking to Oman about control of the Strait of Hormuz, where the two countries have agreed on shipping route coordinates.
Acting US Attorney General Todd Blanche issued a formal order Sunday terminating the $1.8bn 'anti-weaponization fund,' a move that follows weeks of negotiations with Republican senators and paves the way for his confirmation. The order also limits the scope of a related tax audit immunity agreement.
US President Donald Trump said he postponed military strikes against Iran at the request of Gulf allies including Saudi Arabia, Qatar, and the UAE, citing an emerging deal. Talks are set for August 3, but Iranian officials have disputed the claims.
The US and Japan have confirmed a rare coordinated intervention to halt the yen's slide after it fell to a 40-year low against the dollar. The move, the first since 2011, briefly lifted the yen to a three-month high. Officials from both countries signalled willingness to intervene again if needed.
Oil prices fell more than $4 a barrel on Monday after US President Donald Trump held off on a fresh attack on Iran, seeking a quick deal to reopen the Strait of Hormuz. Brent crude slid to around $83.50, while US West Texas Intermediate dropped to near $79.50. The move followed weekend signals of de-escalation, with tanker traffic resuming and OPEC+ approving a production increase.
US President Donald Trump announced that negotiations with Iran will begin on Monday afternoon, after he called off planned military strikes. Trump said Saudi Arabia, the UAE, Qatar, and Iran had asked him to hold off, citing a potential deal involving the Strait of Hormuz and Iran's nuclear program. Iran has not officially responded, and oil prices fell following the announcement.