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Iran announced that a deal with Oman to reopen the Strait of Hormuz is in its final stages, but reiterated that the strait will only reopen once the US meets certain conditions. The agreement would define new shipping lanes, with reports suggesting Iran would control inbound traffic. Pakistan expressed hope the deal could lead to resumption of US-Iran talks.
Yemen's Houthis claimed responsibility for an attack on Saudi Aramco's Jazan refinery, which processes 400,000 barrels per day. The refinery was shut down on July 27 after damage to its gasification unit and tank farm, with operations expected to resume by August 15. The attack raised concerns about regional energy infrastructure security.
Iran has issued demands for reopening the Strait of Hormuz, including war damage compensation, while shipping traffic through the waterway fell sharply amid security risks and stalled US-Iran talks. A tanker was attacked off Yanbu, and the US threatened a major financial offensive against Tehran.
The UAE condemned an attack on an ADNOC tanker in the Strait of Hormuz, while ADNOC reported that 15 of its vessels have been struck since the conflict began. Iran's foreign minister said talks with Oman are nearing completion, but stressed that reopening the strait is not imminent.
A US official confirmed progress in negotiations over the Strait of Hormuz, expecting a deal soon that would restore commercial shipping and lead to lifting the US blockade of Iranian ports. Reports, citing Axios, indicate a 60-day interim agreement with Iran and Oman, but also the possibility of US large-scale strikes if no agreement is reached.
The United States has spent months seeking an international naval coalition to escort vessels through the Strait of Hormuz, but European allies, including the UK and France, are reluctant to commit. Analysts say the hesitation reflects deep caution about being drawn into a conflict they did not initiate, especially without clear Gulf support.
At a BRICS ministerial meeting in Jaipur, Russia proposed developing the Northern Sea Route as an alternative transit corridor and expanding cooperation in metallurgy, mining, critical minerals, and digitalization. Deputy Minister Alexey Gruzdev said the initiatives received positive responses from member states.
Turkey, Saudi Arabia, and Pakistan have signed a joint defence pact, the Mecca Joint Deterrence Agreement, in response to escalating regional tensions. The agreement stipulates that an armed attack on any one of the three countries will be regarded as an attack on all, deepening security cooperation.
The leaders of Pakistan, Saudi Arabia and Turkiye signed a joint defence agreement in Mecca, pledging to treat an attack on one as an attack on all. The agreement comes amid heightened regional tensions and follows a trilateral meeting between the three leaders.
Saudi Arabia, Turkey and Pakistan have signed a trilateral defence pact in Mecca, stipulating that an armed attack on any one of the three states will be regarded as an attack on all. The agreement was signed by Crown Prince Mohammed bin Salman, President Recep Tayyip Erdogan and Prime Minister Shehbaz Sharif, and is seen as a response to regional tensions and the ongoing US-Iran war.
President Trump has said oil companies are 'making too much money' from energy market disruption following the US-Israeli strikes on Iran, angering environmentalists who urge him to back a windfall profits tax. ExxonMobil, Chevron, and BP have reported substantial profit increases, while American families have paid billions more at the pump.
Shipping through the Strait of Hormuz will not be subject to fees until a final agreement is reached, according to US officials. Iran and Oman continue negotiations on passage fees for Western vessels, while Washington insists on free transit and views the current arrangement as temporary.
South Korean stocks declined for a second consecutive session on Friday as renewed tensions over the Strait of Hormuz weighed on investor sentiment, with foreign investors offloading a net 858 billion won. The KOSPI fell 0.6 percent to close at 6,258.77, while the won strengthened against the dollar.
An attack by Yemen's Iran-backed Houthis wounded 11 civilians in southern Saudi Arabia, according to a Saudi military official. The same day, reports indicated Saudi Arabia, Turkey, and Pakistan are due to sign a joint defense pact, while shipping through the Strait of Hormuz dropped to eight vessels, reflecting heightened regional tensions.
A senior Saudi official said the kingdom expects coordinated attacks from Iraqi militias and Yemen's Houthis under IRGC supervision, according to the Jerusalem Post. The BBC reports Saudi Arabia has been drawn into the conflict after joint strikes with the US, facing a dilemma between deterrence and de-escalation.
At least two US military tanker aircraft were seen over the Persian Gulf during a reported IRGC operation near the Strait of Hormuz, according to TASS. The aircraft, identified as Boeing KC-135R Stratotankers, were flying over international waters as regional tensions persist.
Iran and Oman are reportedly nearing an agreement to reopen the Strait of Hormuz that would place inbound shipping under Iranian control, with outbound traffic routed through Omani waters. The deal, which has drawn scrutiny over its feasibility, would mark a significant shift in regional power dynamics following months of conflict.
Iran and Oman are discussing transit fees for vessels using the Strait of Hormuz, with reports indicating proposed rates of 3–7% of cargo value. An Iranian Foreign Ministry source dismissed claims of a 7% versus 3% disagreement as false, saying fees would vary based on services provided. The United States and other Persian Gulf states oppose mandatory payments to Iran.
Pakistani Prime Minister Shehbaz Sharif arrived in Saudi Arabia for a three-day visit, accompanied by senior military and cabinet officials, to meet Crown Prince Mohammed bin Salman and discuss bilateral relations and regional developments. The visit occurs against a backdrop of heightened tensions in the Gulf, with Pakistan also involved in mediating between Iran and the US and supporting a Saudi-led Red Sea naval coalition.
Saudi Arabia has appointed Rear Admiral Abdullah bin Salem Al-Shehri to command a 14-nation maritime defence coalition aimed at protecting navigation through the Bab al-Mandeb Strait, the Red Sea, and the Gulf of Aden. The coalition, formed on July 30, will hold a planning meeting in August.