Oil prices fell after the U.S. expanded economic sanctions on Iran, as Tehran vowed to retaliate and warned it had tools to respond, raising concerns over potential disruption to regional oil supplies.
Omani Foreign Minister Badr al-Busaidi said he hopes a temporary navigation corridor in the Strait of Hormuz can be announced soon following talks with Iranian Foreign Minister Abbas Araghchi in Tehran.
In a statement after what he described as a "constructive dialogue," al-Busaidi said discussions focused on maritime safety and efforts to restore secure passage through the strategically important waterway.
U.S. Secretary of State Marco Rubio has told several foreign ministers from allied countries that Washington is not expected to carry out new strikes against Iran "for the time being," according to an Axios report citing a U.S. official and another source familiar with the discussions.
The report said the United States intends to focus on other forms of pressure on Tehran, signalling a preference for non-military measures amid ongoing tensions between the two countries.
Iran has told negotiators that the United States must "correct its errors" and return to its commitments if it wants the Strait of Hormuz reopened, Deputy Foreign Minister Kazem Gharibabadi said in comments to Iranian state television.
The remarks come amid escalating tensions between Tehran and Washington over sanctions and maritime security, with Iran linking any easing of restrictions in the strategic waterway to changes in U.S. policy.
Britain supports U.S. efforts to achieve a diplomatic solution with Iran and welcomes recent measures to increase pressure on Tehran, Finance Minister John Healey said on Tuesday.
Healey said the UK backed Washington's approach, including the expanded sanctions announced against Iran on Monday, and called on Tehran to end what he described as destabilising activities across the region, including in the Strait of Hormuz.
Iranian Foreign Minister Abbas Araghchi held a phone call with Qatari Prime Minister and Foreign Minister Sheikh Mohammed bin Abdulrahman Al Thani to discuss the latest regional developments and efforts to prevent further escalation.
According to Iran’s Foreign Ministry, the two stressed the importance of using diplomatic channels and maintaining coordination to ease regional tensions.
The call comes as Qatar continues diplomatic efforts aimed at reviving negotiations between Iran and the U.S. and reducing tensions in the region. Qatar said on Tuesday that its officials remain in daily contact with the parties to explore ways to restart talks.
Syria has condemned Israeli Defence Minister Israel Katz’s visit to a buffer zone occupied by Israeli forces, calling his entry into Syrian territory a “clear provocation” and violation of the country’s sovereignty.
The Syrian Foreign Ministry said the visit violated international law, the UN Charter and the 1974 Disengagement Agreement, calling on the international community to pressure Israel to withdraw from occupied Syrian territory.
Katz’s visit comes two days after Syrian Foreign Minister Asaad al-Shaibani met Israeli intelligence chief Roman Gofman in Jordan for talks aimed at reducing tensions.
Israeli forces seized the buffer zone and other positions, including the Syrian side of Mount Hermon, following the fall of Bashar al-Assad’s government in late 2024.
Omani Foreign Minister Badr Albusaidi said he was hopeful that a temporary shipping corridor through the Strait of Hormuz and practical arrangements to restore safe navigation would be announced soon.
He said discussions on the future management of the strait and a permanent solution would follow under Article 5 of the Islamabad Memorandum.
Albusaidi added that talks with regional partners would continue in support of peace, stability, cooperation and freedom of navigation. Oman and Iran have proposed a phased framework that includes a joint temporary shipping lane and a project to clear mines from the waterway.
Iran’s Foreign Ministry has condemned Washington’s expanded sanctions campaign, saying the measures threaten international law and the principles of the UN Charter.
Tehran said no “honourable state” should accept what it described as the normalisation of U.S. “gross lawlessness and bullying”, arguing that Washington’s threat to punish countries continuing to trade with Iran violates their sovereignty.
The comments come after the U.S. expanded sanctions targeting Iran and threatened countries with restrictions on access to the dollar-based financial system if they continue providing Tehran with economic support.
Oman and Iran have agreed on a proposed framework to restore safe navigation through the Strait of Hormuz, including the establishment of a joint temporary shipping lane and a project to demine the strategic waterway.
The proposal was announced in a joint statement on Tuesday following talks in Tehran between the Omani and Iranian foreign ministers.
The two countries have been negotiating for weeks over arrangements for commercial shipping through Hormuz, after previously agreeing on the geographical coordinates of a proposed navigation corridor.
The announcement comes as shipping through the strait remains disrupted by the ongoing U.S.-Iran conflict and recent attacks on commercial vessels.
Bulgarian Defence Minister Dimitar Stoyanov said Iran had carried out a “very successful” hybrid operation with the involvement of Bulgarian politicians, without providing further details.
Stoyanov urged politicians to act responsibly when commenting on statements linked to Iran and warned that such operations could continue.
He declined to comment on intelligence regarding potential Iranian threats, but said U.S. aircraft had left Bulgaria’s Bezmer Air Base as planned and not due to security concerns.
Bulgarian Prime Minister Rumen Radev said the U.S. tanker aircraft stationed at the base only conducted flights to NATO member states for training exercises.
The remarks came after reports that Iran was assessing possible strike options against U.S. assets in southeastern Europe, including Bulgaria.
The U.S. is preparing to return diplomats to several Middle East embassies that were partially evacuated during its conflict with Iran, The New York Times reported.
The move suggests Washington does not expect an immediate return to large-scale hostilities, despite stalled talks and renewed threats of sanctions against Tehran.
Embassies in Israel, Lebanon, Saudi Arabia, Qatar, Jordan, Oman, Iraq and Kuwait are expected to gradually increase staffing levels.
The State Department said the changes are based on security assessments and aim to maintain diplomatic operations while protecting personnel.
Officials cautioned that the redeployment does not rule out future military action, as restrictions on family members and some security measures remain in place.
Pakistan’s Interior Minister Mohsin Naqvi met with U.S. Acting Ambassador Natalie Baker in Islamabad after returning from Tehran, where he and army chief Field Marshal Asim Munir held talks with Iranian officials on ending the conflict with Washington.
The meeting focused on the regional situation, peace and stability, with Baker praising Munir’s diplomatic role in the region.
During their Tehran visit, Naqvi and Munir met with Iranian President Masoud Pezeshkian and other senior officials to discuss de-escalation and a possible negotiated settlement.
Naqvi said “significant progress” was made during the talks, while Iran described Munir’s visit as productive and said the results of the discussions would become clear soon.
Iran and the U.S. had signed a 14-point memorandum of understanding in June aimed at ending the conflict, but the agreement later collapsed.
Iranian Foreign Minister Abbas Araghchi held talks with his Omani counterpart Badr Albusaidi in Tehran on bilateral and regional issues.
Albusaidi’s visit is part of ongoing political consultations between Iran and Oman, with discussions focusing on strengthening cooperation and regional stability.
Iran’s Foreign Ministry said the talks also covered issues related to the Strait of Hormuz, where Tehran and Muscat have been holding consultations.
The strategic waterway is a key route for global oil and gas exports.
U.S. President Donald Trump said Iran is failing to pay parts of its military and is facing what he described as a major humanitarian crisis.
In a statement on Truth Social, Trump accused Tehran of killing protesters and said the situation “must be stopped.”
His remarks came amidst continued tensions between Washington and Tehran following the collapse of a June framework agreement aimed at ending hostilities and restoring shipping through the Strait of Hormuz.
The agreement later fell apart due to disagreements over its implementation and the future of navigation through the strategic waterway.
The conflict began in late February after a U.S.-Israeli attack on Iran, followed by Iranian strikes on targets in Israel and U.S. military bases in the region.
The U.S. has offered rewards of up to $10 million for information leading to the identification or location of five senior commanders of Iran’s Islamic Revolutionary Guard Corps (IRGC).
The State Department’s Rewards for Justice program named IRGC Commander Ahmad Vahidi, along with four other senior officials linked to the force’s military, cyber and intelligence branches.
Washington accused the individuals of commanding units involved in activities it says support terrorism and threaten U.S. interests.
The offer comes amidst ongoing tensions between the U.S. and Iran and follows previous efforts to gather information on senior Iranian officials.
The IRGC has been designated by the U.S. as a Foreign Terrorist Organization since 2019.
Iran said Pakistani army chief Field Marshal Asim Munir’s visit to Tehran was “highly productive” and resulted in significant diplomatic achievements. Munir met senior Iranian officials, including President Masoud Pezeshkian and chief negotiator Mohammad Bagher Ghalibaf.
Talks focused on preventing further escalation, reopening the Strait of Hormuz and ending the Iran-U.S. conflict. The two sides also discussed efforts to revive the Islamabad memorandum and reach a negotiated settlement.
Pakistani Interior Minister Mohsin Naqvi said “significant progress” had been made, without giving details. Iran and the U.S. signed a 14-point memorandum in June, but the interim agreement quickly collapsed.
China has urged the U.S. not to disrupt its economic cooperation with Iran after Washington announced a sweeping new sanctions campaign.
Beijing said “economic wars and maximum pressure are not the solution” and called for dialogue to prevent further escalation.
UN peacekeeping force UNIFIL says it has documented widespread destruction across southern Lebanon, from Kafr Kila to Khiam and Naqoura.
UNIFIL spokesperson Kandice Ardiel said homes, businesses, schools, hospitals, roads and water and electricity networks have been damaged or destroyed. She said some areas had seen entire neighbourhoods wiped out, with some destruction appearing “systematic rather than selective”.
The UN says the damage risks long-term displacement, loss of livelihoods and making it harder for communities to return and rebuild.
The warnings come after renewed fighting between Israel and Hezbollah ended a ceasefire that had been in place since November 2024.
UNIFIL says UN Security Council Resolution 1701 remains the framework for restoring stability in southern Lebanon.
Bangladesh has expressed interest in joining the Mecca Joint Defence Agreement between Saudi Arabia, Pakistan and Türkiye, State Minister for Foreign Affairs Humayun Kabir said on Monday.
The pact was signed on 7 August to strengthen collective security and defence cooperation.
Israeli forces carried out airstrikes and artillery shelling in southern Lebanon early Tuesday, while reportedly building new earth barriers near residential areas, Lebanon’s state-run NNA reported.
The developments come amid continued tensions despite a U.S.-mediated framework agreement.
IRGC spokesperson Sardar Mohebbi says Iran has maintained its missile capability despite the conflict, according to the Tasnim news agency.
He rejected claims that Iran’s missile stockpile would be exhausted as the war continued.
“This idea did not come true, because Iran’s missile capability and its production continue,” Mohebbi said.
He also claimed the conflict has put pressure on U.S. strategic weapons reserves and raised doubts about Washington’s ability to manage several fronts at once.
Rising prices and falling purchasing power are making daily life increasingly difficult, as the U.S. threatens further economic pressure on Tehran. Residents say years of sanctions have pushed up the cost of essential goods and squeezed household incomes.
European natural gas prices rose nearly 4 per cent to their highest level since January 2023, as new U.S. sanctions on Iran heightened concerns over disruptions to Middle Eastern energy supplies and delayed Qatari LNG shipments to Europe.
Pakistan and Iran are discussing the restoration of the Islamabad MoU as part of efforts to help settle the Iran-U.S. conflict, Pakistan’s Interior Minister Mohsin Naqvi said in a post on X.
He described talks with Iran’s president as “very positive and productive” and said significant progress had been made.
Pakistan army chief Asim Munir held talks with Iranian leaders focused on preventing further escalation, while Interior Minister Mohsin Naqvi said significant progress had been made in discussions with Tehran.
Only one commodity vessel crossed the Strait of Hormuz on Monday, the lowest number since 7 May, according to preliminary Kpler shipping data, highlighting continued disruption to traffic through the key oil route.
Oil prices extended losses on Tuesday after falling more than 2 per cent in the previous session, as the U.S. “economic D-Day” sanctions on Iran fell short of expectations.
Brent crude slipped 0.1 per cent to $92.08 a barrel, while U.S. crude edged 0.1 per cent higher to $85.09.
Investors are weighing the risk of further supply disruption against hopes that tougher economic pressure could help ease the conflict.
Iran has vowed to retaliate against expanded U.S. economic sanctions, warning Washington that it has “its own tools” to respond as tensions remain high nearly six months into the war.
Trump’s administration has warned countries to cut business ties with Iran or face secondary sanctions, calling it an “economic D-Day”. The U.S. has sanctioned 60 targets but has so far stopped short of hitting Chinese banks.
Treasury Secretary Scott Bessent said further action could come “very quickly”.
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Maritime trackers received new reports of an attack on a ship in the Strait of Hormuz on Sunday, according to the UK Maritime Trade Operations (UKMTO), adding to concerns about energy supplies after Saudi Arabia shut down a vital oil pipeline on Saturday.
A Kyiv-Warsaw train was struck near the Polish border, Ukraine's state railway firm said on Sunday. No passengers were injured. Ukrainian Railways said that the country's railways were facing systematic attacks for a second day and warned of widespread delays.
Saudi Arabia has temporarily shut down its 1,200-kilometre East-West oil pipeline after it was hit by a drone attack, with Riyadh and Baghdad saying the strike originated from Iraq.
Swedes vote in an election on Sunday (13 September) that could see the far-right enter government for the first time if the country's right-wing parties can form a majority.
Russia's Defence Ministry said its forces struck two cargo vessels overnight in the Ukrainian Black Sea port of Chornomorsk, the Interfax news agency reported on Saturday.
U.S. Central Command said 101 commercial vessels have been redirected in the Strait of Hormuz, while oil prices rose more than three per cent amid fresh regional attacks and supply concerns.
Maritime trackers received new reports of an attack on a ship in the Strait of Hormuz on Sunday, according to the UK Maritime Trade Operations (UKMTO), adding to concerns about energy supplies after Saudi Arabia shut down a vital oil pipeline on Saturday.
Saudi Arabia is now facing pressure from both ends of the Arabian Peninsula. While the crisis around the Strait of Hormuz is disrupting Gulf shipping and energy flows, fighting has intensified in western Yemen, bringing the Houthis back into direct confrontation with the kingdom.
Iran has warned it will retaliate against any future U.S. attacks, saying American energy interests and infrastructure across the Gulf could become targets in a further escalation of the conflict.
Iranian Parliament Speaker Mohammad Bagher Ghalibaf said on Sunday that the United States must recognise that the “rules of the game” in its war against Iran had changed “before it is too late”, a day after Washington struck several Iranian tankers in the Gulf.
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