Iran war news Highlights : Trump floats renaming Strait of Hormuz ‘Trump Strait’ amid Iran war

Oil prices steadied near five-week highs as renewed US-Iran fighting raised fresh concerns over Middle East energy supplies.

WTI settled above $90 a barrel, extending its winning streak to three sessions.

Brent closed above $95 for the first time since late July.

The US carried out another round of strikes on Iran, while President Donald Trump threatened further attacks if Tehran retaliated.

Iran subsequently launched attacks against Jordan, Bahrain and Kuwait, all of which host US forces.

Renewed fighting has placed shipping through the Strait of Hormuz at risk again, threatening global oil and gas flows.

Trump aides want to contain the Iran war until the November 3 midterm elections, amid concerns that the conflict could hurt Republican candidates.

White House officials may consider expanding military action after the elections, although a return to full-scale war is not certain.

For now, the administration plans to increase economic pressure and sanctions on Iran to force Tehran into future negotiations.

A White House official said: “We are keeping the pressure on Iran. But November is a priority.”

Republicans are defending narrow majorities in the Senate and House, making the political impact of the war a major concern. (Reuters)

US Treasury Secretary Scott Bessent told countries, banks and businesses supporting Tehran to “stay away” as Washington intensifies economic pressure.

Bessent warned that the US knows who is helping Iran and could “put you out of business” if necessary.

The Treasury is focusing on financial institutions and other entities helping Tehran evade US sanctions.

President Donald Trump said the renewed US military campaign against Iran would not continue for too long.

Trump made the remarks to reporters on Wednesday.

His comments came as US military operations against Iran have resumed.

The renewed US action comes amid heightened tensions and escalating military strikes between the two sides.

"We took out all of the new equipment that they tried to build along the Strait of Hormuz - some defensive, some offensive ... It was a very heavy attack last night, and we're prepared to do another one any time we want," Trump said.

Iran’s rial has plunged to a record low, falling below 2.2 million rials per US dollar.

The sharp decline comes amid renewed military strikes and escalating tensions.

The rial has lost around 10% of its value in just one week.

Over the past year, the currency has lost roughly half its value.

The collapse comes as US sanctions on Iran have tightened.

US and Israeli attacks that began in February have added further pressure on Iran’s economy and currency.

The latest fall highlights the deepening economic impact of the conflict and sanctions on Iran.

The USS Abraham Lincoln, which spent nearly nine months at sea supporting US military operations against Iran, arrived at a port in eastern Thailand, giving its roughly 5,000 sailors and Marines a long-awaited opportunity to go ashore.

The US Navy has downplayed concerns about conditions on the carrier, while President Donald Trump has defended the lengthy deployment, saying the Lincoln’s time at sea was “not nearly long enough.”

The Lincoln entered Laem Chabang port in Chonburi province on Wednesday morning. The USS Frank E. Petersen Jr., a destroyer in the carrier strike group, had also passed through the area, while the guided-missile cruiser USS Robert Smalls headed toward Map Ta Phut in neighboring Rayong province.

The crew later began spending free time in nearby Pattaya, a popular seaside resort that has long been frequented by US military personnel.

The US Embassy said the Lincoln has been deployed for a total of 286 days since November, including 264 consecutive days at sea before its arrival in Thailand.

Iran has expanded its blacklist of vessels considered non-compliant with its rules for navigating the Strait of Hormuz, warning that ships on the list could face fines, confiscation or detention if they attempt to pass through the strategic waterway.

The Persian Gulf Strait Authority (PGSA), an Iranian body established to manage the strait, added 11 more vessels to its restricted list, taking the total number of blacklisted ships to 56, according to an update on its website.

"Now that we have it under U.S.A. control, should we change the name Hormuz Strait to TRUMP STRAIT??? Like America itself, it would be 'hotter' than ever before!" US President Donald Trump said on his Truth Social network.

Iranian border guards seized a vessel carrying 382,000 litres of smuggled fuel in the northern Gulf.

Authorities arrested all 11 foreign crew members aboard the vessel.

IRIB reported the seizure on Wednesday but did not disclose the crew’s nationalities.

Iran has intensified efforts to curb widespread fuel smuggling by land and sea.

Smugglers reportedly move subsidised Iranian fuel to neighbouring countries and Gulf states.

Iran has some of the world’s lowest fuel prices because of heavy government subsidies.

A sharp decline in the value of Iran’s currency has also made fuel smuggling highly profitable.

The latest escalation by the US also prompted a warning from Iran’s Supreme National Security Council Secretary Mohsen Rezaei.

Writing on X, Rezaei said Iran would soon unveil a “new strategy” covering the battlefield, diplomacy and efforts to counter the economic blockade.

“You will soon see that Iran's new strategy on the battlefield, in diplomacy and in confronting the economic blockade will shatter your foundations,” he wrote.

His comments came after Iran launched a new wave of attacks against US positions across the Middle East.

Iran has strongly condemned a fresh wave of US military strikes across several provinces, accusing Washington of violating its sovereignty and targeting civilian infrastructure, while confirming that its armed forces launched what it described as “crushing defensive strikes” against US bases across the region.

In a statement issued Wednesday, Iran’s Foreign Ministry said US forces had targeted areas in Khuzestan, Sistan and Baluchestan, Hormozgan and Kerman provinces, including telecommunications infrastructure and civilian sites.

US Energy Secretary Chris Wright told CNBC in an interview on Wednesday that over 17 million barrels of oil were transported by ship through the Strait of Hormuz on Monday, marking the highest daily volume since the Iran war began in late February.

The death toll from US strikes on southern Iran overnight has climbed to 19, according to Iranian media reports.

The reported casualties include four people killed in Kouhestak, seven in Khuzestan province, four Islamic Revolutionary Guard Corps (IRGC) members in Kermanshah, three Basij members on Lavan Island, and one person in Jahrom in Fars province.

Chinese President Xi Jinping has called on outside powers to abandon double standards in the Middle East and reject “external interference” in the region, as per Al Jazeera.

China’s state-run Xinhua news agency said Xi made the remarks during a meeting with Egyptian President Abdel Fattah el-Sisi in Cairo.

"Due to tensions in the Middle East, the security environment remains complex with the potential for unforeseen escalation,” the US embassy in Saudi Arabia wrote on X.

“Americans currently in the Middle East should exercise heightened vigilance and be aware of potential flight cancellations, airspace closures, and travel disruptions," it added.

The Foreign Ministry said a Saudi oil tanker came under attack by Iran while sailing through the Strait of Hormuz, resulting in deaths among its crew, as per Al Jazeera.

Saudi Arabia’s national shipping company Bahri had earlier said that two Filipino crew members were killed aboard the oil tanker SIDR in the strait two days earlier. The company said it continues to remain in contact with the damaged vessel.

US diesel advanced to the highest price since hitting a peak in April during the initial phase of the US-Iran war, highlighting the inflationary pressures menacing the global economy as the conflict drags on.

The nationwide average retail price reached $5.688 a gallon on Tuesday, according to the American Automobile Association. That’s just a fraction below the April high, which was the costliest since mid-2022.

Diesel is the lifeblood of the global economy, powering trucks, agriculture and construction, and spikes at the retail level affect industries as well as consumers. The fuel has been boosted this year by the conflict in the Middle East, as well as the Russia-Ukraine war. Moscow — typically a major supplier — has curbed exports following waves of attacks on its refineries.

Earlier this week, President Donald Trump pressed US oil refiners to boost domestic production of diesel and gasoline during a closed-door meeting, as he contends with mounting cost-of-living concerns before November’s midterm elections. Trump made clear he wants lower prices at the pump for Americans, and asked executives how to increase capacity, according to a White House official who provided details on condition of anonymity.

— Bloomberg

Iran and its Arab neighbours were plunged back into war on Wednesday by the biggest exchange of fire between Tehran and Washington since July, with U.S. forces striking Iran's southern coast and Iran firing at American bases across the region.

The United States threatened more devastating strikes. Iran accused Washington of hitting a wedding party, killing five people and wounding dozens.

Asian and European stocks fell after the renewed U.S. airstrikes, which pushed oil prices back up to levels unseen since July, compounding the economic impact of a global sell-off in bonds as disrupted energy supplies fuel inflation worldwide.

The U.S. military's Central Command said it struck Islamic Revolutionary Guard Corps air defences, radar systems, maritime assets, mine-laying capabilities and communications sites on Tuesday. Iranian media reported hits on multiple targets near the Strait of Hormuz — the narrow waterway where Tehran has threatened tankers attempting to pass without its permission.

Iran responded by striking what it said were U.S. assets in Bahrain, Jordan, Kuwait and Iraq, and said its aim was now to drive U.S. forces out of the vast network of military bases they have maintained for decades across the Middle East.

"American evil in the region will be met with heavier, more widespread, and devastating responses, and any country that cooperates with the aggressive American army must accept its dangerous consequences," Iran's military command said.

Jordan's military said it dealt with 13 missiles, 10 of which were intercepted and three which fell in remote areas. The IRGC said it killed a large number of U.S. forces in Jordan, but U.S. officials told Reuters there had not been any casualties, according to initial assessments.

In Kuwait, Iran said it had carried out a missile and drone attack on the vast U.S. Ali Al Salem Air Base and targeted the accommodation of a U.S. commander. Kuwait’s fire service said crews put out a blaze at a residential complex early on Wednesday that was struck by an Iranian drone causing damage but no casualties.

Qatar, home of the largest U.S. airbase in the Gulf, said it "holds the Islamic Republic of Iran fully legally responsible for these attacks and their repercussions and consequences." Bahrain, which houses the regional headquarters of the U.S. Navy, said Iranian drones were intercepted and destroyed.

— Reuters

Bahri, a shipping company in Saudi Arabia, has said that two crew members on board the SIDR vessel were killed in an incident transiting the Strait of Hormuz on Monday. The company said the two crew members were from the Philippines.

According to Gulf News flight operations from and to UAE have been disrupted due to the renewed tensions in the region.
This include:

Etihad Airways

Delayed: EY239 Bengaluru–Abu Dhabi

Diverted: EY446 Abu Dhabi–Manila.

Delayed: EY083 Abu Dhabi–Rome.

Operating: EY641 and EY645 Abu Dhabi–Bahrain; EY653 Abu Dhabi–Kuwait

Emirates

Delayed: EK087 Dubai–Zurich.

Delayed: EK029 Dubai–London Heathrow

Air Arabia

The airline has listed cancellations including:

G9068 Sharjah-Kuwait

G9124 Sharjah-Kuwait

G9107 Sharjah-Bahrain

3L020 Abu Dhabi-Kuwait