Iran's parliament speaker said Tuesday that forces will keep the Strait of Hormuz, a narrow sea passage that much of the world's oil ships through, closed until the US meets terms from an earlier agreement.
The US Defense Secretary said the Navy's blockade around the Strait of Hormuz, a narrow sea passage next to Iran through which much of the world's oil passes, can go on indefinitely.
Iran's foreign minister, Abbas Araghchi, says talks with Oman to reopen the Strait of Hormuz are almost finished, but Iran now wants compensation for war damages and other unnamed conditions met first.
A cargo ship was hit by an unidentified projectile early Tuesday in the Strait of Hormuz, a narrow waterway off Oman through which much of the world's oil is shipped, Britain's maritime watchdog UKMTO said.
Iran launched a new round of missile attacks, and United States and Saudi Arabian forces struck Iran-backed militia groups in Iraq, according to news reports.
Two officials in the region told the Associated Press that mediators trying to stop the war in Iran are making real progress.
The floated 10-day ceasefire has not held: US strikes reach a 13th night, Trump threatens a 'bigger' offensive, and oil above $100 turns a regional war into a worldwide price shock.
The ECB left rates unchanged but kept a September hike on the table — and the deciding factor is now the oil price, not the domestic economy.
The IMF has lowered its 2026 global growth forecast to 3%, its second cut this year, blaming the war in Iran. With oil surging, US equities falling and trade threats multiplying, the economic cost of the conflict is no longer hypothetical.