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South Korea announced plans to lower fuel price ceilings and freeze electricity and gas rates for the second half of the year to combat inflation, citing easing geopolitical tensions and declining global crude oil prices. The government aims to keep inflation around 3 percent.
Iran's Islamic Revolutionary Guard Corps Quds force commander Esmail Qaani threatened Israel, demanding its withdrawal from Lebanon. Meanwhile, Iran's Deputy Foreign Minister Kazem Gharibabadi accused Italy and Romania of complicity in US attacks on Iran, while Italy denied the allegation, saying it authorized only technical and logistical flights.
US Secretary of State Marco Rubio said Gulf countries have 'zero support' for introducing a toll or fee system in the Strait of Hormuz, and that Washington categorically rejects any such payment scheme. A joint US–GCC statement also ruled out holding charges on transit through the strategic waterway, as the two sides stressed the need to reopen it for free navigation.
Israeli Defense Minister Israel Katz announced that IDF forces will remain indefinitely in security zones in Lebanon, Syria, and Gaza, citing border protection. This comes as US-Iran agreements on ceasefires and nuclear talks advance, while Iran warns of a decisive response to any Israeli attack on Beirut.
Oman and Iran are at odds over temporary shipping corridors in the Strait of Hormuz after Iran's Revolutionary Guards warned that only Tehran-designated routes are safe. The dispute, which threatens a fragile US-Iran ceasefire, centers on control of the strategic waterway and maritime fees.
The Trump administration has formally asked Congress for $87.6 billion in additional spending, with roughly $67 billion earmarked for Defense Department needs linked to the war with Iran. The request, sent by the Office of Management and Budget, also covers farm aid and Ebola response funding and arrives amid congressional resistance and a recent war-powers vote.
US Secretary of State Marco Rubio stated that Gulf nations oppose any toll on the Strait of Hormuz, calling it an international waterway where no country may charge fees. His remarks follow preliminary US-Iran talks and a reported 60-day safe-passage stipulation, with South Korea closely monitoring the situation due to trapped vessels.
Iran's Revolutionary Guard has warned ships to use only Tehran-approved routes through the Strait of Hormuz, days after a US-Iran memorandum of understanding reopened the waterway. Shipowners are caught between conflicting instructions from Iran, the US, and Western insurers, with concerns over potential future tolls.
Iran's parliament speaker Mohammad Bagher Ghalibaf has rejected US claims that Tehran's unfrozen assets will be used to buy American agricultural goods, while US officials insist the funds will be spent on US products. The dispute highlights differing interpretations of the recent US-Iran framework agreement.
The US Senate rejected a war powers resolution aimed at limiting President Donald Trump's authority over Iran, hours after Trump berated Republican senators. The measure failed 47-50-1, with key Republicans like Bill Cassidy and Rand Paul changing their votes, while Trump praised the outcome on Truth Social.
Oil prices have dropped to levels not seen since before the Iran war began in late February, as traffic through the Strait of Hormuz gradually resumes following a US-Iran interim deal. The resumption has allowed stranded tankers, including Iraqi crude cargoes, to exit the Gulf, though analysts caution that a sustained recovery hinges on a final peace pact.
US Secretary of State Marco Rubio concluded a Gulf tour with assurances that any deal with Iran would safeguard allies' security, as Gulf states fear the accord is too soft. He also denied reports that Israel is trying to undermine the agreement, while Iranian sources warn that US statements during the visit risk derailing the ceasefire.
Iran's Revolutionary Guards have warned that vessels crossing the Strait of Hormuz without authorization will be dealt with, as Tehran and Washington clash over fees and control of the waterway. Oman has announced an alternative route close to its shore, while Indonesia and Singapore vow to keep the Strait of Malacca accessible.
On day 118 of the Iran war, Iran's Revolutionary Guard warned against an alternative shipping route in the Strait of Hormuz, while US Secretary of State Marco Rubio arrived in Bahrain for Gulf Cooperation Council talks. Tehran called its interim deal with Washington a 'declaration of America's defeat,' and the US sought to reassure Gulf allies of its commitment to their interests.
South Korean-operated vessels continue to clear the Strait of Hormuz following the U.S.-Iran ceasefire, with the total number of exits reaching 11 as of late June. Officials report 13 South Korean-linked ships remain in the waterway, and the HMM Namu is expected to depart in late July after repairs.
Analysts say the interim US-Iran deal to end the February war has reversed Benjamin Netanyahu's narrative of being the Israeli leader who could bend Washington on Iran. He is now forced to accept US policy, boxed in between Washington and his domestic base, and his political brand—built on influencing US presidents—may be the biggest casualty of the conflict.
IAEA Director General Rafael Grossi says UN inspections of Iran's nuclear sites will occur, citing a memorandum with the US. Iran's deputy foreign minister counters that inspector access depends on a final agreement, while President Trump warns of halting talks if inspections are refused.
Israeli and Lebanese delegations resumed talks in Washington on Wednesday, with US Secretary of State Marco Rubio highlighting the Hezbollah threat as a central issue. The negotiations, which have extended beyond their planned duration, focus on establishing pilot zones in southern Lebanon where the Lebanese Armed Forces would deploy, contingent on Hezbollah's removal.
Analysts and former officials say the emerging US-Iran deal is a significant blow to Prime Minister Benjamin Netanyahu's political brand, undermining his image as the leader who could steer Washington's Iran policy. The war with Iran, once seen as an opportunity to reshape the Middle East, may now be remembered as the conflict that exposed Israel's dependence on US approval and deepened divisions between Washington and Jerusalem.
US Secretary of State Marco Rubio has rejected Iran's proposal to charge service fees for vessels transiting the Strait of Hormuz, calling it a path to 'total chaos'. The dispute is a key sticking point in ongoing US-Iran negotiations, with Gulf states also voicing concerns over Iran's regional role.