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The US and Saudi Arabia have agreed on a civilian nuclear deal that could allow Riyadh to enrich uranium on its soil, a shift in longstanding US non-proliferation policy. Critics warn the deal could spark a regional arms race and compromise Israel's security, while the agreement drops a previous requirement for Saudi normalization with Israel.
South Korea's KOSPI closed up 4.4 percent on July 23 after Alphabet's stronger-than-expected second-quarter results lifted semiconductor shares. Foreign investors were net buyers for a fourth straight day, while the Korean won strengthened against the dollar.
Newly sworn-in UK Prime Minister Andy Burnham has reportedly approved continued use of British bases for US military strikes against Iran, a decision framed as defensive. The move comes amid US threats to target Iranian nuclear and civilian infrastructure, and a warning from an Iranian source that British interests in the region could become legitimate targets.
Persian Gulf monarchies are increasingly frustrated with the US-Iran conflict and may seek new security partnerships, while some states push for escalation and others for de-escalation, according to experts and reports cited by TASS.
As the US-Iran conflict continues, President Donald Trump is reportedly weighing multiple military options, including an expanded bombing campaign and increased troop deployments. Israeli officials warn that an intensified US campaign could prompt Tehran to retaliate directly against Israel, while the IDF maintains high readiness and close coordination with US forces.
Israeli military sources and officials say the IDF will remain in the southern Lebanon security zone to protect northern communities, while a US-led monitoring mechanism is being established under the pilot zones project. The plan aims to disarm Hezbollah, though final parameters are still being determined.
Yemen's Houthi rebels have declared a naval blockade on Saudi Arabia, threatening global energy supplies and trade routes through the Red Sea. The move escalates the US-Iran war and tests Saudi Arabia's strategic patience, with UN officials warning of further regional confrontation.
Market forecasts now place a nearly 30% chance of a Reserve Bank interest rate hike on 12 August, up from 16% two weeks ago, as the US-Iran conflict pushes oil prices and Australian fuel costs higher. Diesel prices have risen by up to 50 cents in July, with unleaded petrol prices approaching $2 a litre as the government phases down fuel tax relief.
Lebanese President Joseph Aoun met US President Donald Trump in Washington as Beirut seeks American support to end fighting with Hezbollah and secure an Israeli troop withdrawal from southern Lebanon. The visit follows talks with Secretary of State Marco Rubio and comes amid a US-backed framework agreement signed in June. Trump pledged to help Lebanon while both sides discussed implementation of the deal.
Iranian missiles struck the Muwaffaq Salti Airbase in Jordan, killing two US service members and injuring four others, according to Al Jazeera. TASS reported three separate strikes, with two deaths and one service member unaccounted for, citing US officials via The Wall Street Journal.
Iranian forces launched a barrage of missiles and drones targeting US Sheikh Isa Airbase in Bahrain, according to reports from Al Jazeera and TASS. The attack marks an escalation in the US-Iran conflict, following US strikes inside Iran and President Trump's declaration ending the ceasefire.
ASEAN foreign ministers gathered in Manila to address regional security issues, overshadowed by renewed fighting between the US and Iran. The conflict has disrupted energy supplies through the Strait of Hormuz, prompting the Philippines to declare a national energy emergency. The bloc called for a ceasefire and discussed Myanmar, South China Sea tensions, and energy security.
South Korea's industry ministry says the country's crude oil supply remains stable despite Middle East tensions, with reserves covering 110 percent of last year's levels for July and August and 90 percent for September. Separately, a South Korean oil tanker successfully transited the Red Sea, marking the 14th crude oil shipment to use the route.
Regional mediators have presented the US and Iran with a proposal for a 10-day ceasefire aimed at reopening the Strait of Hormuz and salvaging the collapsing memorandum of understanding. Both sides have responded, with Washington reportedly holding fire for two nights and demanding a longer truce, while some experts warn the ceasefire could be a US ploy to prepare a ground operation.
Amid escalating US-Iran conflict, Ben-Gurion Airport faces potential daily flight cancellations due to parked US refueling aircraft. Officials differ on the likelihood, with Israir CEO supporting the Transport Ministry's freeze and IAA Chairman denying imminent cancellations.
Recent diplomatic consultations in Cairo involving Egypt, Somalia, Eritrea, and the US signal a coordinated approach to security challenges in the Horn of Africa and the Red Sea. Meanwhile, a flurry of bilateral engagements, including a phone call between the Somali and Egyptian foreign ministers, underscores growing alliances. The region is emerging as a key theater of international politics, with powers like Turkey, Saudi Arabia, UAE, and Israel deepening their involvement through military, economic, and diplomatic means.
Seoul shares opened higher on Tuesday, then reversed losses and later rallied, as investors weighed a technology-led bargain hunt against renewed Middle East tensions. Yonhap reported the KOSPI moving from a 0.58% opening gain to a 0.59% decline, before recovering to a 2.29% rise, amid Trump's threat to Iran and Saudi Arabia's protective steps.
US President Donald Trump declared that Israeli Prime Minister Benjamin Netanyahu will not be arrested in the US, responding to New York City Mayor Zohran Mamdani's exploration of arresting Netanyahu during the upcoming UN General Assembly. The ICC has an arrest warrant for Netanyahu over alleged war crimes in Gaza.
The US and Iran have exchanged a new round of strikes, with Washington targeting Iranian military capabilities and Tehran hitting US assets in the Gulf. Iranian President Masoud Pezeshkian described the situation as a 'full-scale war,' while diplomatic messages reportedly continue through mediators.
The United States has launched another round of strikes against Iran, according to US Central Command, aiming to degrade Iranian capabilities used to attack shipping in the Strait of Hormuz. Explosions were reported in several Iranian cities, and air defense systems near a nuclear plant were activated.