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Yemen's Houthi group said it targeted the Saudi oil tanker Amzan in the Red Sea, with the vessel's operator Bahri confirming a maritime incident and all crew safe. The attack, which Saudi officials have not commented on, comes amid heightened tensions in the region and follows a series of Houthi strikes on Saudi and commercial targets.
Treasury Secretary Scott Bessent unveiled an 'economic D-Day' campaign targeting Iran, vowing to sever its financial lifelines and threatening consequences for countries that continue dealings with Tehran. The announcement comes as the war sparked by US and Israeli bombings nearly six months ago has reached a stalemate, with oil traffic through the Strait of Hormuz severely disrupted.
The Trump administration unveiled 'Operation Economic Outcast,' a sweeping expansion of secondary sanctions targeting Iran's financial lifelines, as Treasury Secretary Scott Bessent described an 'economic D-Day.' President Trump declared Iran 'completely collapsing,' while Tehran dismissed the measures as a sign of American desperation.
US Treasury Secretary Scott Bessent has threatened Iran with the 'largest coordinated economic isolation campaign in world history', vowing to sever economic ties and isolate any nation partnering with Tehran. Iran dismissed the remarks, warning it could shut oil exports through the Strait of Hormuz, while markets showed limited reaction with oil prices edging lower.
Wheat supplies face a triple threat from conflict, extreme weather, and trade disputes, with major exporters like the US, Russia, and Australia all affected. Experts warn of rising food costs and heightened risks for import-dependent poor nations.
Gasoline prices in Minnesota and the Twin Cities have risen sharply over the past week, with the national average also climbing. Diesel prices are nearing an all-time record, driven by Ukrainian attacks on Russian refineries, analysts say.
US Treasury Secretary Scott Bessent announced an expansion of sanctions against Iran, calling it 'an economic D-Day' and warning countries to sever financial ties with Tehran or face retaliation. The announcement came as Iran's currency hit a record low, with food prices soaring and the IMF forecasting a sharp GDP contraction.
Iran's Persian Gulf Strait Authority has blacklisted 45 tankers for violating transit rules, warning of fines, detention, and cargo confiscation, and threatening action against vessels involved in ship-to-ship transfers with the listed ships. The move escalates tensions with the U.S., which has threatened new sanctions, amid a conflict that has sharply reduced traffic through the key waterway.
Asian shares mostly declined at the start of a week dominated by bond-market pressure, Iran sanctions, and the Jackson Hole symposium. US futures were lower, while oil slipped. Reports varied on index levels, but the 10-year Treasury yield eased from recent highs after the Treasury's surprise buyback increase.
DP World plans to invest an additional $5 billion in India over the next five to seven years, expanding beyond ports into coastal shipping, rail, and supply-chain infrastructure. Group CEO Yuvraj Narayan also called for longer-term ownership structures for existing port concessions, warning that expiring contracts could deter fresh investment.
Ampol has reported a sharp rise in first-half 2026 profit, with statutory net profit reaching A$1.36 billion against a year-earlier loss, as Middle East disruption boosted refining margins. The company more than quadrupled its interim dividend to A$1.85 per share and completed the EG Australia acquisition.
Iran's Supreme National Security Council Secretary Mohsen Rezaei warned that Tehran could halt all oil exports through the Strait of Hormuz and the Persian Gulf if the US continues its economic war. The threat comes amid heightened tensions over US plans for tougher sanctions, with Iranian officials responding defiantly.
Pakistan is positioning itself as a key Middle East diplomatic player, with Army Chief Asim Munir’s visit to Tehran and a trilateral defense pact with Saudi Arabia and Türkiye. The moves signal Islamabad’s ambition to mediate US-Iran tensions and expand its strategic partnerships.
US Central Command says it has redirected 70 commercial vessels, disabled three, and boarded two as of Aug. 23 to enforce the blockade against Iran. Iran's Ports and Maritime Organisation has warned violators of Strait of Hormuz protocols of fines, detention, or confiscation, and President Trump has renewed his claim over the waterway.
According to Bloomberg's Mark Gurman, early testers of Apple's first foldable iPhone, expected to be called the iPhone Ultra, are impressed by its pocket-friendly design, hinge durability, and iPad-like app layouts. However, the device reportedly lacks a telephoto camera and replaces Face ID with Touch ID, features that could be sticking points given its expected price above $2,000 and launch around September 9.
India has clarified that discussions on leaders' public appearances are standard protocol for VVIP visits, following US Ambassador Sergio Gor's claim that New Delhi requested no press questions before PM Modi's meeting with President Trump, which Trump then turned into a 45-minute press conference. The government also cited Trump's 'unpredictable behaviour' as a reason for its cautious approach.
Iran announced the discovery of a gas field containing over 7.5 trillion cubic feet of natural gas in Fars province, with about 5.7 trillion cubic feet recoverable. The announcement comes as Iran faces US sanctions and blockade, and as repairs continue at its South Pars field.
Prime Minister Lawrence Wong said Singapore will not allow itself to be used as a conduit for illegal trade practices, responding to US allegations that the city-state could be used by Chinese exporters to avoid tariffs. However, he acknowledged practical limits, noting Singapore cannot trace every product that passes through its shores. The remarks came during his National Day Rally speech on Aug 23.
Iranian President Masoud Pezeshkian acknowledged on Sunday that Iran is facing 'many problems' as the US prepares to announce new sanctions. Pezeshkian blamed US President Donald Trump for imposing 'crushing and terrifying sanctions' amid a 'full-scale economic, military and security war'. The US has vowed to bring about the 'collapse' of the Iranian regime.
Gold prices extended gains to hit a three-month high, with investors eyeing US inflation data and Federal Reserve Chair Kevin Warsh's speech for direction. Analysts expect bullion to retain upward momentum, though profit-booking may temper the rally. Silver also surged, supported by a softer dollar and geopolitical tensions.