US-Iran War Highlights: Oil prices rose for the fourth consecutive day as US and Iran remain locked in a stalemate regarding the possible extension of their ceasefire even after six months of conflict.
Meanwhile, Iran has slammed the US President for claiming the Strait of Hormuz as “New US Territory”. "Just as Trump correctly wrote the name of the eternal Persian Gulf, soon his delusion regarding the Strait of Hormuz will either be corrected or we will correct the delusions of this deluded man," Iranian Deputy Foreign Minister Kazem Gharibabadi said in a post on X.
What are Tehran's demands?
Iranian Parliament Speaker Mohammad Bagher Ghalibaf said Tehran would not reopen the Strait of Hormuz until the US fulfils commitments under the 14-point memorandum of understanding, including lifting the blockade, releasing frozen Iranian assets and lifting oil sanctions.
Ballistic missiles launched towards UAE; Iran denies claims
Iran on Tuesday (local time) rejected the United Arab Emirates' claim that Tehran launched two missiles towards the country, with Iranian Foreign Ministry spokesperson Esmail Baghaei calling the allegations contrary to the principle of good neighbourliness and harmful to regional efforts to build trust.
However, United Arab Emirates Ministry of Defence on Tuesday said its air defence systems detected two ballistic missiles launched from Iran towards the country, adding that both missiles fell into the sea.
The UAE later halted all trade relations with Iran until further notice in response to the alleged attack.
US expands charges against Iranians in massive hacking scheme
US authorities expanded its prosecution of a sprawling Iranian hacking network Tuesday, bringing to 17 the number of indicted suspects for an alleged campaign against universities, companies, and government agencies.
The UAE's decision to suspended all trade and financial transactions with Iran following renewed missile fire represents a major escalation in economic pressure on Iran.
For Tehran, losing access to a key re-export and commercial hub comes as sanctions, disrupted shipping and restrictions around the Strait of Hormuz are already squeezing the economy.
For Abu Dhabi, the move reflects growing security concerns following repeated attacks but also creates a difficult balancing act: protecting the country from the regional conflict while preserving its position as a global business and financial hub.
With the UAE saying the suspension will remain in place “until further notice,” the future of one of Iran's most important regional trading relationships will depend heavily on whether tensions around the Strait of Hormuz and the wider US-Iran conflict can be brought under control.
Iranian Parliament Speaker Mohammad Bagher Ghalibaf began a three-day visit to Iraq, with strengthening regional cooperation at the centre of his agenda.
Ghalibaf said the trip aims to strengthen a “new order” in the region and boost cooperation among regional countries without foreign interference.
Iraq is facing growing pressure from Washington to disarm armed factions linked to Iran.
Iran’s armed forces warned Gulf states against assisting the US military, saying such support would make them participants in the US military operation.
The threat came hours after the UAE suspended all trade, commercial exchanges and financial transactions with Iran until further notice.
Abu Dhabi said Iran fired two ballistic missiles toward shipping off its coast. Iran has denied responsibility.
The Strait of Hormuz remains heavily disrupted, with attacks on commercial vessels continuing despite a recent lull in direct US-Iran hostilities.
The United Arab Emirates halted all trade and financial transactions with Iran “until further notice” after accusing Tehran of renewed missile fire.
Two ballistic missiles were fired toward the UAE on Tuesday night, triggering nationwide shelter warnings. Both missiles reportedly fell into the Persian Gulf.
Iranian Foreign Ministry spokesperson Esmail Baghaei denied that Iran had launched missiles toward the UAE.
The UAE Defense Ministry said its assessment indicated the missiles were aimed at maritime traffic, though it was unclear whether Emirati vessels or UAE territorial waters were the intended targets.
Oil prices remain near a three-week high amid uncertainty over shipping through the Strait of Hormuz and ongoing supply disruptions.
Brent crude rose 18 cents, or 0.2%, to $91.20 a barrel, while WTI gained 16 cents, or 0.19%, to $85.10.
Brent earlier reached its highest level since July 30, while WTI hit its strongest level since July 31.
Iran’s parliament is considering a proposed “Strait of Hormuz Security” bill that would place the strategic waterway under the management and oversight of the country’s Armed Forces General Staff, Iranian lawmaker Ebrahim Rezaei said on Wednesday.
Rezaei, a member of parliament’s national security and foreign policy committee, said the proposed legislation would give Iran greater control over the management, monitoring and inspection of vessels passing through the Strait of Hormuz.
Under the bill, Israeli vessels and ships suspected of espionage or other “hostile” activity would be barred from using the waterway. The Armed Forces General Staff would also have authority to determine tolls and service charges for vessels crossing the strait.
Lawmakers are considering a mechanism under which such payments could be made in Iranian rials, Rezaei said.
The proposed legislation would also give Iran powers to increase tariffs or seize assets belonging to a government deemed “hostile” if Iranian interests were harmed anywhere in the world, according to the lawmaker.
Iranian Parliament Speaker Mohammad Bagher Ghalibaf has claimed that the influence of foreign powers in relations between Middle Eastern countries is rapidly declining, which he said was a sign of a “new regional order”.
In a post on X on Wednesday, Ghalibaf said the US was seeking an “honorable exit” from the region. He also claimed that Israel’s “river to the sea” project had become a “pipe dream”.
Ghalibaf made the remarks in a message addressed to Qassem Soleimani, the former commander of Iran’s Islamic Revolutionary Guard Corps Quds Force, and Abu Mahdi al-Muhandis, the Iraqi militia leader. Both were killed in a US drone strike near Baghdad airport in January 2020.
A senior adviser to Iran’s Islamic Revolutionary Guard Corps (IRGC) has launched a sharp attack on US President Donald Trump, accusing him of acting without a clear strategy and taking a short-term approach to the conflict with Iran.
Mohammad Reza Naqdi claimed Washington had failed to achieve its alleged objectives in the conflict, including attempts to undermine Iran’s leadership and divide the country.
In an interview with APT news, Naqdi described Trump as “childish” and “extremely short-sighted”, arguing that the US president lacks a long-term vision. His comments come amid heightened tensions between Tehran and Washington and growing uncertainty over the future course of the conflict.
Iranian parliament speaker Mohammad-Bagher Ghalibaf visited the Baghdad airport site where IRGC commander Qassem Soleimani and Iraqi militia leader Abu Mahdi al-Muhandis were killed in a US strike in 2020.
During the visit, Ghalibaf called for a “new regional order” free from foreign interference. He addressed the two commanders directly, saying Iran and its allies would continue pursuing the ideals they had fought for.
Ghalibaf also said Iran and its allies were prepared to make major sacrifices for their cause. His remarks come amid heightened tensions in the region and renewed concerns over the role of foreign powers in Middle Eastern security and politics.
NATO has said it is prepared to respond to any threat and will take necessary steps to protect all of its allies, following reports that Iran had considered targeting US military assets in Europe.
A NATO official told Reuters that the alliance's deterrence and defence capabilities remain strong. The comments came after a Financial Times report said Iranian forces had assessed potential attacks on US military targets in Europe if US President Donald Trump escalated the war.
The official pointed to NATO's response earlier this year, when its air defence systems intercepted ballistic missiles launched from Iran towards Türkiye on four separate occasions.
Iranian parliament member Mohammad Saleh Jokar has warned that foreign infiltration caused significant damage to the country during its recent wars with the US and Israel.
Jokar, who represents Yazd, said Iran faced serious security breaches before and during the 12-day and 40-day wars. He claimed hostile forces had used various channels to gather sensitive information about Iran, allowing them to plan operations based on the intelligence collected.
The lawmaker made the comments as Iran's parliament considers a plan aimed at countering foreign infiltration. Jokar also alleged that the assassinations of several Iranian commanders and officials were linked to what he described as an organised infiltration operation.
Oil refiners in India and the US are benefiting from disruptions to global fuel supplies caused by the wars in Iran and Ukraine, as higher prices and tighter availability drive demand for alternative sources, according to Reuters.
With refineries in India and the US largely unaffected by attacks and shipping disruptions, they have increased fuel exports to countries that previously depended heavily on supplies from the Middle East and Russia. Analysts and traders expect refiners to continue benefiting as long as the conflicts keep disrupting traditional supply routes.
India has emerged as an important swing supplier for Asian markets, with export-focused refineries such as Reliance and Nayara maintaining high utilisation rates and responding to tighter regional fuel supplies.
US refiners are also exporting fuel at elevated levels. Government data showed US distillate exports, including diesel and heating oil, reached a record 1.9 million barrels per day in the week ended August 7. Jet fuel exports stood at 443,000 barrels per day, just below the record 455,000 bpd recorded in May.
The disruptions come as global refining activity remains under pressure. Global refinery throughput fell to around 89 million barrels per day in July, about 5 million bpd below last year's level, according to the International Energy Agency. At the same time, global oil demand remains above 100 million bpd, intensifying competition for available fuel supplies.
Iran and Oman are expected to announce a new passage through the Strait of Hormuz, separate from the existing southern route, Iranian lawmaker Abbas Moghtadaei said on Wednesday.
Moghtadaei, deputy chair of Iran’s parliament committee on national security and foreign policy, said the two countries would soon issue a joint statement outlining the proposed passage.
The Iranian lawmaker did not provide further details about the route or explain how it would operate. The announcement comes as the Strait of Hormuz remains a key focus amid heightened regional tensions and efforts to maintain the movement of vessels through the strategic waterway.
The US aircraft carrier USS George Washington has transited the Singapore and Malacca straits as part of operations by the US 7th Fleet, as the carrier moves closer to the Middle East.
The carrier’s movement comes amid plans for a US naval deployment to the region. The Wall Street Journal, citing US officials, previously reported that the George Washington was preparing to deploy to the Middle East as part of a planned rotation that would see it replace the USS Abraham Lincoln.
The US Department of Justice has charged 17 members of Iran-based Mabna Institute over an alleged cyber campaign targeting universities, businesses and government agencies in the US and other countries.
According to US prosecutors, the group allegedly stole more than 31 terabytes of academic research, data and intellectual property after breaching 144 US universities, 178 universities overseas, dozens of companies and several US government agencies.
The Justice Department alleged that many of the cyber intrusions were conducted on behalf of Iran’s Islamic Revolutionary Guard Corps (IRGC), as well as other Iranian government bodies and universities.
Nine of the defendants had already been charged in 2018, while a new indictment names eight additional individuals. The latest charges expand the US case against the group and highlight Washington’s allegations of state-linked Iranian cyber activity targeting academic and government networks.
Israel Prime Minister Benjamin Netanyahu’s Likud party has slipped behind the Yashar party led by former military chief of staff Gadi Eisenkot, according to a new poll by Israel’s Kan broadcaster.
The survey projects Yashar winning 24 seats in parliament, one more than Likud’s 23. The result comes just over two months before Israel is scheduled to hold parliamentary elections.
Iranian lawmaker Mohammad Saleh Jokar has warned that foreign infiltration caused significant damage to the country during its recent conflicts with the US and Israel, including the 12-day and 40-day wars.
Jokar, who represents Yazd in Iran’s parliament, said the country suffered heavily from intelligence leaks and information gathering by its adversaries. He claimed that foreign powers used multiple channels to collect sensitive information that could help them plan operations against Iran.
Speaking about a parliamentary plan aimed at countering foreign infiltration, Jokar also linked the deaths of several Iranian commanders and officials to what he described as an organised infiltration operation.
His comments highlight growing concerns within Iran’s leadership over intelligence breaches and the security of sensitive information following its confrontations with the US and Israel.
Iran has considered striking US military assets in Europe if President Donald Trump escalates the war, according to people close to the regime.
Two Iranian regime insiders told the Financial Times that Tehran has assessed potential attacks on US assets in southeastern Europe, including Bulgaria. The country last month approved the use of its Bezmer air base by US refuelling aircraft.
“Some say: ‘First, we will teach America a lesson here, then we will go to the heart of America and fight it there.’ But what reality is this based on?” Mohammad Khatami asked.
“My feelings were also wounded when they killed our commander, and one’s eyes could almost weep blood. But governing a society cannot be based on raw emotion,” he added.
