Indian oil refiners are increasingly purchasing crude from West African sources, including Nigerian grades, while some seek to avoid Gulf routes through the Strait of Hormuz and Red Sea amid ongoing regional tensions. Mangalore Refinery bought 1 million barrels of Oman crude while Hindustan Petroleum purchased 2 million barrels of Nigerian crude for its Rajasthan refinery.
Dubai Duty Free has launched Crypto.com Pay across its retail network at Dubai International Airport, Al Maktoum International Airport, and its online store, making it the first airport retailer in the Middle East to offer regulated cryptocurrency payment options. The rollout implements a strategic partnership established through a July 2025 memorandum of understanding between Dubai Duty Free and Crypto.com.
President Donald Trump announced he is halting new military strikes against Iran, stating that Middle East allies have agreed to the parameters of a deal to end the five-month conflict and reopen the Strait of Hormuz, contingent on a rapid agreement being finalized.
The U.S. military completed a two-hour wave of strikes hitting dozens of targets in Iran on Wednesday, describing the operation as a response to Iranian missiles launched at U.S. forces in the Middle East the previous day.
The top U.S. commander for the Middle East has warned that cellphone videos shared online by troops can help Iran target American bases, with sources indicating some deployed personnel may soon be ordered to surrender their phones as a security measure.
The United States and Iran engaged in their most extensive military exchange since signing an interim deal last month, with attacks targeting commercial vessels and US military installations across the Middle East. President Trump indicated Iran has requested continued negotiations while revealing he has left instructions in case of his assassination.
The United States and Iran engaged in intensifying military exchanges across the Middle East over multiple days in early July 2026, with U.S. airstrikes against Iran and Iranian retaliatory attacks targeting U.S.-allied countries including Bahrain, Kuwait, and Qatar. The escalation threatens to collapse an interim ceasefire deal signed just weeks earlier, with President Trump declaring the truce "over."
