All articles tagged with #middle east war
Oil prices surged Monday after President Trump rejected Iran’s proposal to reopen the Strait of Hormuz within seven days in exchange for lifting sanctions and releasing frozen funds. Brent crude rose over 3% to near $108, while WTI climbed to $94.14. Trump indicated US strikes may resume after November’s midterms, causing Asian markets to fall.
President Donald Trump has rejected a latest Iranian proposal to reopen the Strait of Hormuz, calling the offer 'unacceptable' and suggesting Tehran is making the move because it is 'losing badly' in the ongoing conflict. While the US claims to have transported a record amount of oil through the strait recently, Iranian military leadership warns that the war is not over and that forces are prepared for renewed attacks. Analysts suggest the US may be miscalculating its leverage, with some warning that escalation could occur before the US midterms. Meanwhile, Iran’s President Masoud Pezeshkian has stated that the country no longer trusts talks with Washington, and a top general has vowed to 'consolidate victory' over the US and Israel.
The European Central Bank raised its key interest rate by 0.25 percentage point to 2.5% to curb inflation, driven in part by the ongoing war in the Middle East that has pushed energy prices higher (Brent above $100, European gas prices up). This is the second rate increase since the conflict began, as policymakers seek to cool price pressures across the euro area.
Iran-backed Houthis launched the largest attack on Saudi Arabia in years, striking energy sites and a military base across four cities, wounding dozens and pushing oil prices higher as Riyadh rebuilds anti-Houthi forces and braces for a protracted conflict that threatens regional energy exports and investment.
Saudi Aramco’s Jizan refinery and related energy infrastructure near Yemen’s border were struck in new attacks, the second such strike in weeks; damage is being assessed and officials say there has been no material impact on overall production. The Houthis have intensified attacks amid the Yemen conflict and threats to Red Sea shipping, pushing oil markets higher as Brent crude neared $97.40 a barrel.
The United States launched a new wave of strikes on Iranian Revolutionary Guard targets after Tehran’s attacks on American troops and commercial ships, signaling a renewed escalation six months into the war. Iran warned it would respond with heavy costs as tensions around the Strait of Hormuz intensify. Oil prices jumped, with Brent up about 4.4% to roughly $94.45 a barrel and WTI up about 5% to around $90.11, while US 10-year yields nudged higher near 4.79%, reflecting inflation concerns. The clash follows a collapsed June ceasefire framework and ongoing disputes over sanctions and maritime traffic, with Washington indicating it will not revive the interim deal as it seeks to pressure Tehran.)
Two oil tankers were struck in the Strait of Hormuz, with initial reports naming the vessels Senegal Prosperity and Sidr; the US says the strait remains open and ships are being guided through, while Brent crude rose toward $92 as markets fear disrupted Gulf exports. The incident follows renewed US-Iran clashes and highlights Hormuz as a contested chokepoint amid ongoing regional tensions.
A senior US diplomat, Tom Barrack, suggested Israel’s airstrike on a Syrian air base could be a calculated move to bait Turkey into a conflict ahead of Israel’s October elections, while noting there were no Turkish assets at the site; Israel’s defense minister disputed Barrack’s characterization, asserting intelligence supported taking action against potential Turkish operations, and Washington’s comments underscore fraught Turkey-Israel-Syria dynamics and the risk of broader escalation.
Iranian President Masoud Pezeshkian urged ending the war with the United States from a “position of strength,” defending the June interim agreement and saying Tehran has made no concessions while Washington bears obligations. The stance comes as US pressure intensifies and Iran faces rising living costs, stalled oil exports and dwindling foreign reserves, fueling internal debate over how much economic pain Tehran can endure before a final settlement is reached.
The United Arab Emirates suspended all trade, commercial exchanges, and financial transactions with Iran after accusing Tehran of firing two ballistic missiles toward the UAE; the missiles were said to have targeted maritime traffic, with one falling outside UAE waters and the other inside. Iran denies involvement. The move heightens regional tensions and risks to security and commerce.
The FT View argues that the Iran conflict is pushing a realignment of Middle East power blocs, with Gulf states re-evaluating U.S. security guarantees, and a Mecca-defence pact among Saudi Arabia, Turkey and Pakistan signaling regional hedging rather than direct confrontation with Iran. Israel’s actions are seen as destabilising, while the U.S. remains the main defense partner; the alliances emerging are fluid and unlikely to settle into a simple anti-Iran or pro-Israel axis, reshaping regional dynamics for years to come.
Itamar Ben-Gvir, Israel’s far-right national security minister, told a podcast that Israel should carry out 30–40 targeted killings in Gaza each night and should re-establish Jewish settlements there, including urging Palestinians to emigrate. The remarks echo his hardline stance amid the ongoing Gaza offensive and amid international debate over the conflict.
Oil fell about 4% to below $80 a barrel after Scott Bessent suggested a deal to reopen the Strait of Hormuz could come this week; two sources said Iran and Oman had agreed on a temporary shipping arrangement routing traffic through Iranian waters and an Oman‑run channel, awaiting final sign‑off by Iran’s leadership. If sealed, the US would lift its naval blockade and resume Iran’s oil sales, helping lift stocks as investors welcomed potential de‑escalation in the region.
President Donald Trump says he canceled a threatened strike on Iran after Gulf allies urged restraint, claiming the “perimeters of a deal” to reopen the Strait of Hormuz and end Iran’s nuclear threat had been agreed, while stressing the US remains “locked and loaded” and pursuing diplomacy.
Donald Trump said he would not proceed with a new attack on Iran after Middle Eastern allies urged restraint, stating the decision was made while aiming to rapidly reach a DEAL. He indicated the ‘perimeters of a deal’ include the immediate reopening of the Strait of Hormuz and an end to Iran’s nuclear threat, in the context of a six‑month crisis in which US–Israel strikes and Iranian responses have escalated tensions.