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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.
President Donald Trump has denied reports that the US is running low on key munitions in its war with Iran, threatening jail for leakers. The reports, from The Washington Post and CNN, claim shortages have constrained strategy and led to a clash with Pentagon chief Pete Hegseth.
As the US-Iran war enters a critical phase, uncertainty over the Strait of Hormuz's closure and escalating attacks on energy infrastructure raise questions about the conflict's duration. Both sides appear entrenched, with Iran leveraging its control over the strait and the US maintaining a naval blockade, while diplomatic efforts via Oman struggle to find a breakthrough.
Iran and Oman are reportedly on the verge of an agreement to reopen the Strait of Hormuz, a move that could restore the US-Iran ceasefire and ease global energy market disruptions. Al Jazeera reports that while the US insists on unrestricted navigation without tolls, Iran has signalled it may introduce a fee system for ships.
Russian Deputy Prime Minister Marat Khusnullin has proposed creating a railway route to the Indian Ocean, citing risks to shipping through the Bosphorus and Strait of Hormuz. The proposal, first reported by TASS, includes possible routes through Turkmenistan, Iran, Afghanistan, and Pakistan. Analysts note the rail link could offer Moscow an alternative trade corridor to India and the Global South amid sanctions.
South Korean stocks fell sharply on Thursday, with the KOSPI closing down 4.58% as tech shares, led by Samsung Electronics and SK hynix, suffered heavy losses. The decline was attributed to lingering concerns over AI profitability and losses in U.S. chip stocks, while the local currency rose and the Dow hit a record high.
Oil prices slipped on Thursday as investors assessed progress in Iran-Oman talks over the Strait of Hormuz, which could pave the way for a U.S.-Iran peace deal. U.S. President Donald Trump said a deal could be announced this week, while Iran reported that negotiations are in their final stages.
Iran announced it is in the 'final stage' of drafting an agreement with Oman over the Strait of Hormuz, while US President Donald Trump said a deal could come this week. The potential reopening of the critical waterway could ease global economic pressure and pave the way for renewed US-Iran nuclear negotiations.
Yemen's Houthis have attacked two Saudi oil tankers as part of a maritime blockade, threatening Saudi oil exports via the Bab al-Mandeb strait. The escalation, which includes a surge in Saudi crude shipments through the waterway, raises concerns for global oil markets and India's imports.
Iran announced an agreement with Oman on shipping routes through the Strait of Hormuz, with final arrangements still being drafted. The deal, reported by Iranian state media and international outlets, comes amid a US naval blockade and heightened tensions.
Iran and Oman have agreed on the geographic coordinates for a shipping route through the Strait of Hormuz, with a joint announcement in final stages. The proposed deal would give Tehran control over vessels entering the Gulf, a significant concession amid the ongoing war with the US and Israel.
Pakistan and Iran have agreed to expand bilateral trade by keeping border crossings open 24/7, improving logistics, and harmonizing customs procedures. The move aims to reach a $10 billion trade target and comes amid regional economic strains from the US-Iran conflict.
Iran and Oman have agreed on geographical coordinates for a new route through the Strait of Hormuz, according to Iran's Foreign Ministry. Negotiations continue on the temporary route, which could operate for two to four months. The agreement does not automatically mean the strait will reopen to maritime traffic.
Iraq's public employees face delayed July salaries as the country's oil exports plummet due to the closure of the Strait of Hormuz. With oil accounting for 90% of government revenue, Baghdad struggles to fund its $6.5 billion monthly wage bill, while officials warn of continued payment disruptions.
Pakistan's ambassador to Russia, Faisal Niaz Tirmizi, says any new escalation between the US and Iran would have global consequences, citing oil and fertilizer markets. He emphasized Pakistan's role as a mediator and its belief in diplomacy.
Seoul shares jumped more than 3.5 percent Wednesday, buoyed by easing concerns over AI investments and hopes for a US-Iran interim agreement on the Strait of Hormuz. The KOSPI closed up 3.76 percent, with foreigners net buyers, while US markets also advanced overnight.
US President Donald Trump says a deal to reopen the Strait of Hormuz could come as soon as Wednesday or Thursday, while warning Iran it would be 'hit very hard' if talks fail. Treasury Secretary Scott Bessent also expressed hope for a deal in the coming days, and oil prices eased on the news.
The Hong Kong Shipowners Association estimates that 70 to 80 of its member ships with around 1,400 to 1,600 seafarers remain stranded in or near the Strait of Hormuz due to the US-Israel conflict with Iran. Crews have sufficient supplies and access to video counselling, though their mental and physical well-being is a concern. No Hongkongers are reported among the crew, who are mostly mainland Chinese, Filipinos, Indians, and Eastern Europeans.
Foreign Minister Cho Hyun outlined plans to enhance South Korea's defense and nuclear capabilities, including securing conditions for nuclear-powered submarines and uranium enrichment, in a policy briefing to President Lee Jae Myung. He also emphasized strengthening the U.S. alliance and diplomatic outreach to G7, NATO, and ASEAN.
US stock markets surged to record highs on Monday and Tuesday, driven by strong corporate earnings and hopes for a deal to reopen the Strait of Hormuz. Oil prices fell sharply, while US and Iranian officials offered conflicting signals on the status of negotiations.