Only four commodity vessels crossed the Strait of Hormuz on Sunday, following 13 transits a day earlier, as disruptions continue to restrict traffic through the key energy chokepoint.
An oil tanker was struck by an unidentified projectile northeast of Oman's Ash Shishah on Tuesday, leaving the vessel disabled, according to the United Kingdom Maritime Trade Operations (UKMTO).
UKMTO said the strike occurred about 9 nautical miles off the Omani coast and damaged the tanker's engine room. The crew were reported safe, while the environmental impact of the incident was not immediately known.
The circumstances of the attack remain unclear, and no group has claimed responsibility.
U.S. Defence Secretary Pete Hegseth said Washington is not ruling out the use of military force against Iran, including in the Strait of Hormuz.
Speaking on the issue of Iran, Hegseth said the United States was prepared to consider military action "in the Strait of Hormuz or anywhere else," underscoring that all options remain on the table amid escalating tensions with Tehran.
The United States on Monday imposed sanctions on nearly 60 Iran-linked entities, targeting networks accused of supporting Tehran's nuclear and missile programmes, cyber activities and oil shipments.
The Treasury Department said the measures include action against companies in Hong Kong and China allegedly involved in procuring sensitive equipment and providing logistical and financial support to sanctioned Iranian firms.
Washington said the move is part of its broader economic pressure campaign and warned foreign companies against doing business with Iran in sectors including shipping, technology and aviation.
The United States has cancelled a joint amphibious landing drill with South Korea scheduled for next month, Seoul's Marine Corps said on Monday.
Washington cited constraints on U.S. troop availability linked to the war in Iran.
The cancellation follows President Donald Trump's decision to scale back another major annual U.S.-South Korea military exercise, citing costs and South Korea's refusal to join the Iran war.
Despite the changes, Washington and Seoul remain in close consultation on their military alliance, the South Korean Marine Corps said.
U.S. State Department: Rubio discusses Strait of Hormuz navigation with German foreign minister.
The United States on Monday launched Operation Economic Outcast, a sweeping sanctions campaign aimed at cutting Iran off from the global financial system, Treasury Secretary Scott Bessent said.
“Our objective is to sever every economic lifeline that sustains this tyrannical regime until Tehran stands alone,” Bessent told reporters.
The sanctions target Iran’s aviation, shipping, gold, technology and digital assets sectors.
Bessent warned that entities facilitating money laundering for Tehran would be cut off from the U.S. dollar system.
He also said a major financial institution could be sanctioned by the end of the week, without providing details.
Bessent called the campaign an “economic D-Day”, as the Trump administration claims Iran’s military and nuclear infrastructure has been dismantled.
Saudi Arabia’s national shipping company Bahri said on Monday that one of its vessels, the Amzan, had been attacked in the Red Sea.
The company confirmed the incident in a statement but did not provide further details about the attack.
The Red Sea has faced repeated attacks on commercial shipping in recent years, disrupting a key global trade route.
Planned new U.S. sanctions on Iran and the UAE’s suspension of trade with Tehran could disrupt Indian exports of rice, tea and pharmaceuticals to Iran, exporters said. India’s trade with Iran has already declined sharply due to sanctions, banking restrictions and shipping challenges.
Exporters warned that disruptions to UAE-based payment and trade channels could increase costs and force companies to seek alternative routes such as Türkiye. Indian businesses are hoping food and pharmaceutical exports will receive exemptions but expect higher freight, insurance and payment costs.
The U.S. Treasury is expected to broaden the scope of secondary sanctions it can impose on entities and countries that maintain business ties with Iran as the Trump administration seeks on Monday to increase economic pressure on Tehran, a source familiar with the plans told Reuters.
The action is aimed at giving a final warning to countries to sever their business ties with Iran in an effort to force an end to the nearly six-month conflict that has bottled up the Strait of Hormuz and Gulf energy exports, said the source, who spoke on condition of anonymity due to not being authorised to speak publicly about the matter.
U.S. Treasury Secretary Scott Bessent is expected to announce more details of the Iran actions on Monday at a 1 p.m. EDT (17:00 GMT) press conference. The source said that Bessent also intended to provide a broader overview of an economic pressure campaign against Iran that he and President Donald Trump have described as an "economic D-Day", and would make it clear to countries that they must side with the U.S. or risk having key companies and entities cut off from the dollar-based financial system.
China and Jordan on Monday said the ceasefire between the U.S. and Iran should be maintained, and that the normal passage through the Strait of Hormuz should be restored, the two countries said in a jointed statement, according to China's Xinhua news agency.
China and Jordan said "a comprehensive solution capable of eliminating the root causes" of regional tensions should be reached through dialogue and negotiations. The two also expressed "deep concern over Israel's dangerous escalatory actions in the West Bank and East Jerusalem."
Chinese President Xi Jinping met with Jordan's King Abdullah in Beijing on Monday.
Pakistan’s army chief Field Marshal Asim Munir is discussing new proposals with Iranian officials aimed at reviving stalled talks between Tehran and Washington, Pakistani government sources told Anadolu.
The proposals reportedly focus on reopening the Strait of Hormuz and restarting direct negotiations between the two sides. Munir’s visit to Tehran comes after renewed diplomatic efforts and the expiration of a 60-day deadline under the Islamabad memorandum of understanding.
Pakistan, along with Qatar and other regional partners, is seeking to help break the deadlock between Iran and the United States.
Two Lebanese teenagers were killed in an Israeli drone strike in southern Lebanon, according to the country’s state media. The Israeli army also carried out artillery shelling, demolished homes and set fire to agricultural fields in several areas, including Mansouri, Houla and Khiam.
The attacks came despite a U.S.-sponsored framework agreement between Lebanon and Israel aimed at easing tensions and facilitating an Israeli withdrawal. Lebanese authorities said the ongoing Israeli assault has killed thousands and displaced more than 1 million people since March.
The Iran war could cost Italy nearly €12 billion ($13.9 billion) in additional energy expenses, according to an estimate by the Italian Confederation of Craft Trades and Small- and Medium-Sized Enterprises (CNA).
The group said households and businesses could face around €11.6 billion in extra costs for fuel, electricity and gas between March and August compared with pre-war levels. More than half of the increase is linked to transport, with gasoline and diesel costs estimated at €5.8 billion.
Electricity expenses are also expected to rise by nearly €3.7–3.8 billion, as Italy’s power demand reached a record high for July.
The Netherlands will not take part in the Eurovision Song Contest 2027, Dutch broadcaster AVROTROS announced, citing concerns over the contest’s neutrality amidst the Gaza conflict.
The broadcaster said recent changes by the European Broadcasting Union were not enough to ensure the event remained independent and neutral. AVROTROS also pointed to humanitarian suffering in Gaza and restrictions on press freedom as factors contributing to growing divisions around Eurovision.
It said international conflicts have increasingly affected the contest, turning it from a platform for unity into one marked by political disputes.
U.S. Treasury Secretary Scott Bessent is set to hold a news conference on Monday to outline additional sanctions targeting Iran. The announcement comes as Washington prepares what it describes as a major financial offensive against Tehran and its economic partners.
European shares were nearly flat on Monday, with gains in gold-related stocks offset by caution over impending U.S. sanctions on Iran. The STOXX 600 was up just 0.03%, while travel and leisure stocks gained 1% as oil prices eased.
Energy shares fell 0.6% as Brent crude traded around $93 a barrel, while escalating U.S.-Iran tensions continued to weigh on investor sentiment.
Markets are also pricing in a more hawkish European Central Bank amid persistent inflation risks. Investors are now looking ahead to Fed Chair Kevin Warsh’s Jackson Hole speech on Friday and Nvidia’s earnings on Wednesday.
Iran's currency has dropped to a record low of more than 2,000,000 rials per U.S. dollar, two websites tracking the free market rate showed on Monday.
Iran’s Foreign Ministry spokesperson Esmaeil Baghaei said Tehran will use all available bilateral mechanisms to counter U.S. economic sanctions.
Iran’s Foreign Ministry spokesperson Esmaeil Baghaei said Oman’s foreign minister’s visit to Tehran is not connected to the visit of Pakistan’s army chief. He stressed that the two visits are separate and should not be linked.
Iran has issued a warning that vessels violating its transit rules for transiting the Strait of Hormuz could face restrictions including fines, detention or confiscation, the Persian Gulf Strait Authority wrote in a post on X.
The PGSA, a new body Iran has established with the aim of managing the strait, has said cargo owners should refer to an updated list of vessels deemed non-compliant for voyages relating to the Persian Gulf.
Oman's Foreign Minister Sayyid Badr Albusaidi will visit Tehran on Tuesday to continue talks between Iran and Oman on the Strait of Hormuz, Iran's Foreign Ministry Spokesperson Esmaeil Baghaei said on Monday.
On Sunday, Baghaei said the army chief of Pakistan, which has mediated between the United States and Iran, will visit Tehran on Monday.
Iraq has proposed creating a joint security council between Iran and Saudi Arabia, a senior Iraqi official said Sunday, citing a “crisis of trust” between the two regional powers.
Qasim al-Araji, national security adviser to the Iraqi Prime Minister, said Baghdad had presented the proposal to both Tehran and Riyadh.
“The problem between the two countries is a crisis of trust,” al-Araji told state broadcaster Iraqiya TV.
Oil prices fell Monday as investors awaited details on a new U.S. sanctions package targeting Iran, which Washington has described as its toughest-ever economic campaign against Tehran.
West Texas Intermediate futures fell about 1.3 per cent to $85.93 a barrel, while Brent crude declined 1.24 per cent to $93.22.
U.S. Treasury Secretary Scott Bessent is due to announce the measures later Monday.
"At dawn begins an economic D-Day - the single greatest financial offensive ever marshaled against an adversary," Bessent said on X.
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Overnight Iranian strikes on an air base in Jordan damaged multiple U.S. aircraft and left one without a wing, American media reported. Meanwhile, explosions were heard across parts of southern Iran according to local media reports.
Iranian President Masoud Pezeshkian arrived in New Delhi on Friday to attend the weekend BRICS summit, amid the ongoing U.S.-Iran conflict, joining a host of foreign dignitaries.
Ukrainian forces struck a Russian oil refinery in Siberia and a seaport in Dagestan in the past 24 hours, President Volodymyr Zelenskyy said. He will meet Canadian Prime Minister Mark Carney on Thursday to discuss air defences for Ukraine over winter.
Mexico and the U.S. are racing to secure a trade deal before the U.S. midterm elections in less than eight weeks, according to six sources familiar with the talks, with failed negotiations between Washington and Canada adding urgency.
A Russian strike on a gas station in Kyiv has killed two people, the city's Mayor Vitali Klitschko said in a statement on Telegram. In Russia, online marketplace Ozon has suspended operations in Saratov, southwestern Russia, following a drone strike on a warehouse in the region.
Uzbekistan plans to introduce a new Heritage Impact Assessment system to shield historic cities and cultural heritage sites from the potential impact of construction and infrastructure development. Digital tools will also be used to manage tourist numbers and limit visitors where necessary.
Prime Minister Shehbaz Sharif has reaffirmed Pakistan’s commitment to deepening its partnership with the Gates Foundation, with talks spanning polio eradication, health, financial inclusion and digital development.
Iranian President Masoud Pezeshkian arrived in New Delhi on Friday to attend the weekend BRICS summit, amid the ongoing U.S.-Iran conflict, joining a host of foreign dignitaries.
Georgia’s top security official has held face-to-face talks with his Azerbaijani counterpart in China, with both sides pledging to deepen intelligence cooperation amid growing global security challenges.
More than 46,000 people have been displaced in Yemen since fighting escalated last week, the International Organization for Migration (IOM) said on Friday, warning that the number is rising “by the hour”.
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