Yemen's Iran-backed Houthi forces launched multiple waves of missile and drone attacks on the government-held port city of Mokha (al-Makha) on the Red Sea coast, killing at least 7-11 people and injuring 30-35 others. The Houthis also claimed attacks on Saudi Arabia's Jazan Aramco oil refinery, raising fears of renewed civil war and threats to strategic shipping routes.
Tehran has stated it will require concessions from the United States before agreeing to reopen the Strait of Hormuz, a critical global oil shipping chokepoint. The development suggests an ongoing closure or blockage of the strategic waterway.
Iran-backed Houthi rebels claimed responsibility for a drone attack on Saudi Aramco's oil refinery facility in Jazan, southwestern Saudi Arabia, on Sunday morning. The attack caused a fire that was subsequently extinguished with no reported injuries.
A UK-sanctioned tanker carrying nearly 1 million barrels of oil has become further submerged off Oman's coast after being grounded for several weeks, with the oil spill expanding to over 232 square miles and threatening the Hallaniyat Islands marine protected area and endangered wildlife.
Iran announced that negotiations with Oman on new shipping lanes in the Strait of Hormuz are in final stages, but insisted the waterway will not reopen until the U.S. provides compensation, lifts sanctions, and meets other demands. The announcement came as the UAE reported an Iranian missile strike on one of its ships in the strait.
The United Arab Emirates condemned what it called an Iranian missile attack on an Abu Dhabi National Oil Company vessel transiting the Strait of Hormuz, calling it an act of piracy. No casualties were reported in the incident.
Iran has revealed details of negotiations with Oman over reopening the Strait of Hormuz, stating any agreement would prohibit U.S. and Israeli vessels and require changes in U.S. behavior. The announcement comes amid escalating tensions, including reported attacks on UAE vessels and U.S. efforts to accelerate weapons production.
Britain announced a fresh package of sanctions on August 6, 2026, targeting six Russian banks, six shadow fleet tankers, and rare metals importers in an effort to disrupt oil revenues and financial networks funding Russia's war in Ukraine. The measures add 19 new entries to the UK's Russia sanctions list.
Iran's parliament is considering legislation that would prohibit vessels linked to the United States, Israel, and other "hostile countries" from transiting the Strait of Hormuz, while imposing fines of up to 20% of cargo value on violators. The Trump administration has rejected the proposed restrictions on the strategic waterway through which significant global oil traffic passes.
Iran and Oman have reached an understanding on coordinates for a new 'middle corridor' shipping route through the Strait of Hormuz, with officials from both countries and the US indicating a deal to reopen the strategic waterway could be announced within days. Iran says reopening depends on the US ending its naval blockade of Iranian ports.
Bitcoin and Ethereum prices rose in early August 2026, with BTC reaching $64,000, as traders shifted from altcoins to large-cap cryptocurrencies. Market sentiment improved on optimism surrounding potential US-Iran negotiations to reopen the Strait of Hormuz, while whale accumulation and increased Ethereum staking activity affected market dynamics.
Iran has threatened to strike Gulf energy infrastructure if the US launches new attacks on its territory, even as Washington prepares to announce a temporary agreement with Iran and Oman to reopen the Strait of Hormuz following Trump's ultimatum that Iran would be 'hit very hard' if the waterway remains closed.
Damascus has committed to significantly reducing imports of Russian crude oil as part of ongoing discussions with Washington over lifting Syria's State Sponsor of Terrorism designation. Russian oil shipments to Syria had jumped 75% to approximately 60,000 barrels per day this year before the agreement.
The alliance of oil-producing nations has reached an agreement in principle to increase production targets by approximately 188,000 barrels per day starting in September, followed by a suspension of further increases through the fourth quarter of 2026.
Iran and Oman are close to finalizing an agreement to restart commercial shipping through the Strait of Hormuz, potentially through a fee-based system that would cement Tehran's control over the strategic waterway. The emerging deal appears to exclude direct U.S. involvement despite Trump's claims of imminent negotiations.
President Donald Trump warned of additional strikes against Iran as the Strait of Hormuz remains effectively closed, with traffic at new lows. The threats follow a 'heavy wave' of U.S. strikes earlier this week, which Iran has vowed to retaliate against, and come as Kuwait reported intercepting missiles.
Turkey and Iraq have signed a one-year agreement to maintain operations of the Iraq-Turkey crude oil pipeline to Ceyhan port, with capacity for 750,000 barrels per day. The deal provides Baghdad with a critical northern export route as ongoing tensions continue to disrupt shipping through the Strait of Hormuz.
QatarEnergy has bought 33 spot liquefied natural gas cargoes from the United States this year for delivery to South Korea, Taiwan, Bangladesh, India, and Japan after Qatari gas exports through the Strait of Hormuz were halted, according to trade and industry sources.
A QatarEnergy-controlled liquefied natural gas tanker exited the Strait of Hormuz overnight, marking the first such vessel to leave the strategic waterway since July 11, ending a nearly three-week period without recorded LNG tanker departures.
Ukrainian forces hit two of Russia's largest oil refineries in overnight long-range strikes on Wednesday, just hours after President Volodymyr Zelenskyy met with President Donald Trump in Washington. The attacks are part of Ukraine's sustained campaign targeting Russian energy infrastructure that has contributed to fuel shortages across Russia.
Saudi Arabia has publicly entered the U.S.-Iran conflict by conducting strikes against Tehran-backed proxies in Iraq, abandoning months of efforts to remain neutral despite Iranian drone attacks on its oil infrastructure. The move represents a significant escalation and shift in Saudi strategy as the kingdom struggles to balance its Vision 2030 economic development plans with regional security pressures.
The United States and Saudi Arabia carried out coordinated military strikes against Iran-aligned militia positions in Iraq, killing at least 8-10 members of the Popular Mobilisation Forces. The strikes followed Saudi interception of drones targeting oil facilities in eastern Saudi Arabia.
Iran has rejected an Omani proposal, backed by Gulf states, to establish joint regional management of the Strait of Hormuz with voluntary shipping fees modeled on the Strait of Malacca. The rejection jeopardizes diplomatic efforts between Tehran and Washington.
Cuban President Miguel Díaz-Canel denounced the United States for what he called 'genocidal' practices and accused Washington of seeking to seize control of the island, as Cuba endures severe economic hardship from a US oil embargo imposed in January 2026 and additional sanctions.
Oil prices have fluctuated dramatically amid ongoing tensions in the Strait of Hormuz, with crude briefly falling below $90 per barrel after a pause in US-Iran hostilities, though the crisis previously pushed prices above $100. Attacks on oil tankers continue to threaten the critical shipping lane that handles a significant portion of global oil trade.
For the first time since July 13, the Pentagon did not report conducting airstrikes against Iran, while Houthi rebels escalated attacks on Saudi oil facilities and claimed missile strikes on southern Saudi Arabia.
Brent crude oil climbed above $100 per barrel for the first time in 45 days after Houthi attacks on Saudi tankers in the Red Sea and President Trump's warning of infrastructure strikes against Iran for each attack in the Strait of Hormuz.
Iran has reportedly asked Yemen's Houthi movement to stand ready to close the Bab el-Mandeb Strait if the United States strikes Iranian power infrastructure, according to three sources cited by Reuters. The Houthis have reportedly deployed missiles and drones near the strategic waterway in preparation.
The US military launched airstrikes targeting Iranian defense and missile installations on Greater Tunb Island in the Strait of Hormuz, with President Trump pledging to intensify bombardment until Iran stops attacking ships and reopens the strategic waterway.
President Donald Trump abruptly abandoned his threat to impose a 20% 'reimbursement fee' on commercial ships transiting the Strait of Hormuz, replacing it with what he described as investment and trade deals with Gulf nations. The reversal comes as the U.S. continues military operations including a blockade of Iranian ports.
The United States launched air strikes against Iran for a third consecutive night while Iran retaliated with cruise missile attacks on tankers in the Gulf. President Trump reversed his decision to impose a 20% fee on maritime traffic through the Strait of Hormuz just one day after announcing the controversial measure.
The US announced it will enforce a maritime blockade on Iran effective July 14, 2026 at 2000 GMT, applying restrictions to all vessel traffic regardless of flag. The Joint Maritime Information Center (JMIC) indicated that force may be used against non-compliant vessels.
President Donald Trump declared the United States will become the "guardian" of the Strait of Hormuz and impose a 20% fee on all cargo passing through the strategic waterway, while simultaneously announcing the reimposition of a naval blockade on Iran. The announcement comes amid escalating tensions with Iran and includes U.S. military strikes.
Iraqi authorities have confiscated 375 kilograms of gold and 69 billion dinars in assets as part of a sweeping anti-corruption investigation targeting former deputy oil minister and other officials. The Kurdistan Regional Government cooperated by handing over 358 kilograms of confiscated gold to federal authorities.
The United States launched multiple waves of strikes on Iran following Tehran's attack on a container ship in the Strait of Hormuz that left one crew member missing. Iran's Revolutionary Guard declared the strait closed and retaliated by targeting U.S. military bases and Gulf states, escalating a dangerous standoff over the vital waterway.
Unclaimed airstrikes struck multiple sites in Iran after the United States concluded its attacks, raising questions about possible Gulf state involvement. Separately, the US is demanding Iran publicly declare the Strait of Hormuz open and commit to not attacking ships in the vital waterway.
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.
A Qatari liquefied natural gas tanker sustained significant damage after an attack in the Strait of Hormuz on Tuesday, sparking a fire in its engine room and raising explosion concerns. In response, Qatar has paused efforts to ramp up production at the world's largest LNG facility due to transit safety fears.
Iran's ambassador to China announced that Beijing will receive special considerations regarding the Strait of Hormuz, citing China as a friendly country. The announcement was made at the World Peace Forum in Beijing, though specific details of the concessions were not disclosed.
Iran's ambassador to China stated that Beijing and other friendly nations will receive special considerations on service fees for ships transiting the Strait of Hormuz, a critical global oil shipping chokepoint.
Iranian state media claimed a foreign ship ran aground in the Strait of Hormuz after ignoring Revolutionary Guard instructions, but maritime monitors report the vessel has been stranded since March and is connected to Iranian oil tycoon Shamkhani. The incident highlights Iran's efforts to control shipping through the strategic waterway.
Iran is leveraging its strategic position over the Strait of Hormuz to demand control of shipping routes and impose passage fees, disrupting decades of maritime practice. The move has become a major sticking point in negotiations with the Trump administration, which seeks lower gas prices and a nuclear agreement, while recent ship incidents highlight security concerns in the critical waterway.
Iran's joint military command has warned that all commercial vessels must use Tehran-approved routes through the Strait of Hormuz or face forceful action, even as indirect US-Iran negotiations in Doha show cautious progress. The threat comes as BBC journalists witnessed seized ships in the strategic waterway.
Secretary of State Marco Rubio met with Gulf Arab leaders to address their concerns about being excluded from U.S.-Iran negotiations, while setting red lines including rejecting any Iranian fees on Strait of Hormuz shipping. Rubio broke his silence after more than a week on the emerging Iran agreement.
A cargo ship was struck by a projectile in the Strait of Hormuz while using a UN-backed shipping lane near Oman, prompting a UN agency to pause the evacuation of vessels from the Persian Gulf. Iran rejected the evacuation plan and warned that ships transiting without Iranian permission were doing so illegally.
Iraq, OPEC's second-largest producer and founding member, has warned it may exit the oil cartel if its production quota is not increased, citing economic strain from regional conflicts and recent disruptions. The threat comes after the UAE's departure from the organization.
US President Donald Trump gave his first public comments on Andy Burnham, the frontrunner to replace Keir Starmer as UK Prime Minister, describing him as 'extremely liberal' and predicting he won't open the North Sea to more oil drilling. Trump also downplayed Burnham's political experience by referring to him as merely a 'mayor of a town.'
The Strait of Hormuz has reopened following a U.S.-Iran agreement, with at least 20 oil tankers carrying 35 million barrels exiting the Persian Gulf. Iran is positioning itself to collect an estimated $40 billion windfall by managing transit through the critical oil chokepoint it had previously severed during the war.
Iran and Oman announced plans to establish a joint working group to examine charging fees for maritime services in the Strait of Hormuz, while US Secretary of State Marco Rubio declared no country would be allowed to impose tolls on the strategic waterway.
The Trump administration and Iran have remotely signed a memorandum of understanding aimed at ending their conflict and opening the Strait of Hormuz, with the agreement now in effect. President Trump signed the deal, which was completed ahead of schedule.
The United States lifted its naval blockade of Iranian ports on Thursday, allowing oil tankers to move freely through the Strait of Hormuz after President Trump and Iranian President Masoud Pezeshkian signed an interim peace agreement. The deal, which starts a 60-day clock for final negotiations, drew sharp criticism from Israeli leaders, prompting Vice President JD Vance to tell Israel to "wake up and smell the reality" of its international isolation.
Prime Minister Keir Starmer committed the UK to playing its "full part" in reopening the Strait of Hormuz as soon as possible, following a significant agreement with Iran brokered by US President Donald Trump. The announcement came during G7 meetings where Starmer and Trump met face-to-face.
The United States and Iran have reached a ceasefire agreement ending months of military conflict that began in late February 2026. The deal reopens the Strait of Hormuz and ends the U.S. naval blockade on Iranian ports, though critical issues including Iran's nuclear program remain unresolved.
Iran has exported 40 million barrels of oil at a 20% premium following the end of U.S. sanctions enforcement, while its strategic control over the Strait of Hormuz appears to be diminishing as Gulf Arab oil reaches markets through alternative routes.
President Donald Trump threatened major military strikes on Iran and seizure of Kharg Island, the country's critical oil export terminal, following fresh attacks on U.S. bases in the region. Trump vowed to take control of Iran's oil and gas infrastructure as tensions push the Middle East closer to full-scale war.
The European Commission announced plans to ban current and former Russian soldiers from entering EU territory as part of its next sanctions package, which also targets Russian banks, cryptocurrency firms, and oil revenues. The proposal has sparked debate about why the measure is limited to military personnel rather than all Russian citizens.
The oil cartel OPEC+ has approved a modest increase to its collective oil production quotas, raising output by 188,000 barrels per day starting in July 2026, though concerns about the Strait of Hormuz may limit the practical impact of the increase.
French naval forces boarded and detained the Tagor, a Russian oil tanker circumventing international sanctions, in the Atlantic Ocean. President Macron announced the operation as part of enforcement efforts against sanction violations.
President Donald Trump insists negotiations with Iran over reopening the Strait of Hormuz and nuclear concerns are proceeding, calling them Tehran's 'last chance' for a deal, while Iran denies direct talks with the US and says it is only negotiating with Oman over temporary shipping routes.
Cuba's national electricity grid suffered multiple nationwide collapses in March 2026, leaving millions without power after the United States imposed an oil blockade on the island. President Donald Trump publicly mused about taking over Cuba as the crisis unfolded.
Iranian military forces seized a vessel reportedly operating as a 'floating armoury' near the UAE's Fujairah oil terminal and are taking it toward Iranian waters. The seizure occurred as President Trump and Chinese President Xi Jinping met to discuss keeping the Strait of Hormuz open, with the vessel reportedly owned by a Chinese security firm.
Iran has redefined the Strait of Hormuz as a vastly larger operational zone following the Iran war, according to an IRGC Navy officer, as maritime traffic through the critical waterway has plummeted to just 5% of normal levels under severe restrictions.
Saudi Aramco reported first-quarter net profit of $32.5 billion, a 25.5% increase, as the company benefits from soaring oil prices driven by the Strait of Hormuz crisis. CEO Amin Nasser stated the world lost approximately one billion barrels of oil supply over two months.
Iran's military seized the oil tanker Ocean Koi in the Sea of Oman, claiming the vessel was attempting to disrupt Iran's oil exports. China separately reported that an oil tanker with Chinese crew was attacked in the Strait of Hormuz.
The US Treasury has imposed sanctions on Iraq's Deputy Oil Minister Ali Maarij al-Bahadly and leaders of pro-Iran militias, accusing them of facilitating Iranian oil sales in violation of US sanctions. The move represents continued American pressure on Baghdad to distance itself from Tehran and crack down on Iran-backed armed groups.
Iran has created a government agency to control and tax vessels passing through the Strait of Hormuz, according to Lloyd's List Intelligence, as the country simultaneously reviews a peace proposal from the United States and calls for dialogue and diplomacy.
A US F/A-18 Super Hornet fired on and disabled the Iranian-flagged oil tanker M/T Hasna after it attempted to break through a US naval blockade at the Strait of Hormuz. President Trump confirmed the strike and gave Iran a one-week deadline to reach a peace deal.
Iran has introduced a new regulatory mechanism called the 'Persian Gulf Strait Authority' to manage and guide maritime traffic through the strategic Strait of Hormuz, with vessels required to receive guidance from an official email address, according to Iranian state media.
Iran launched missile and drone attacks on the United Arab Emirates, striking civilian sites including oil facilities in Fujairah. Multiple countries including France, Canada, UK, Qatar, and Germany condemned the attacks. The strikes occurred amid ongoing tensions over the Strait of Hormuz blockade.
The United States and Gulf Arab nations are drafting a UN Security Council resolution to condemn Iran for blocking the Strait of Hormuz, which Iran reportedly did in response to a US-Israeli bombing campaign against the Islamic Republic.
Iran's Islamic Revolutionary Guard Corps navy issued a new map on Monday delineating areas of the Strait of Hormuz under its control, according to state media, as shipping through the critical waterway remains at a standstill.
Iranian drone attacks hit UAE's Fujairah oil hub and a tanker, causing Brent crude to spike past $114 per barrel and triggering sharp moves across energy and financial markets, though the U.S. denied reports of a warship being hit.
Brent crude jumped more than 6% to $118 per barrel; its highest since June 2022, after Trump told Axios the blockade would remain until Iran agreed to a nuclear deal, with Citi warning prices could reach $150 if the Hormuz disruption continues through June. The World Bank separately warned the war has triggered the largest oil supply shock on record, projecting a 24% surge in energy prices in 2026.
The UAE announced its withdrawal from OPEC and OPEC+ effective May 1, dealing a significant blow to the oil cartel's unity. The move comes as the organization struggles with production quotas and amid the ongoing Iran conflict affecting global energy markets.
The Trump administration imposed economic sanctions on a major China-based oil refinery and approximately 40 shipping companies and tankers involved in transporting Iranian oil, as the global energy trade remains in turmoil from the Persian Gulf conflict.
EU member states gave preliminary approval to unlock a €90 billion loan for Ukraine after Kyiv repaired the damaged Druzhba oil pipeline, resolving a dispute with Hungary that had blocked the funding. Formal procedures expected to conclude Thursday.
Crude oil prices jumped nearly 8% to over $103-104 per barrel following Trump's announcement of the Iranian port blockade and the failure of peace talks. Physical oil prices in some markets approached $150 as buyers paid record premiums for immediate delivery amid supply disruption fears.
President Trump declared the US Navy will immediately blockade ships entering or leaving the Strait of Hormuz, one of the world's most critical oil transit chokepoints, following the collapse of peace negotiations with Iran.
Iran launched drone and missile attacks on civilian energy infrastructure in Kuwait, UAE, and Bahrain, causing fires at power plants, water facilities, and oil installations. Kuwait's oil infrastructure was damaged, while the UAE and Bahrain reported attacks on aluminum and energy facilities.
President Trump threatened to destroy Iran's Kharg Island oil export hub and other critical infrastructure unless Tehran quickly accepts a peace deal, while simultaneously claiming the US could end military operations within 2-3 weeks. The mixed messaging comes as the war enters its second month with no clear resolution.
US President Donald Trump told the Financial Times he wants to 'take the oil' in Iran and could seize Kharg Island 'easily,' raising the prospect of US forces capturing Iran's main oil export hub. The comments came as 2,500 US Marines arrived in the region and oil prices surged above $115 per barrel.
Treasury Secretary Scott Bessent announced the US will temporarily allow the sale of Iranian oil shipments already in transit, estimated to add 140 million barrels to the market. The move comes as oil prices hit their highest settlement since July 2022 amid Iran's closure of the Strait of Hormuz during the ongoing US-Israeli conflict with Iran.
