
US oil prices jumped nearly 3% in early trade on Wednesday (local time), extending the previous session's gains, after the US military launched a series of strikes against Iran, heightening concerns that a fragile truce was faltering.
The strikes were carried out in response to alleged Iranian attacks on three commercial vessels that were transiting the Strait of Hormuz, US Central Command said on Tuesday.
Iran slams US reinstating sanctions
Iran, on the other hand, has slammed the US reinstating sanctions on their oil sales, calling the move a "clear violation" of Article 10 of the Islamabad Memorandum of Understanding (MoU) signed on 18 June.
It further alleged that the US had committed repeated violations of various provisions of the memorandum, either directly or "through the actions of the Zionist regime against Lebanon."
Lawsuit alleges US shared information with Iran about asylum seekers
A lawsuit filed on Tuesday alleged that President Donald Trump's administration illegally shared confidential information about Iranian asylum seekers with Iran's government, allegations the Trump administration denied.
Lawyers with the left-leaning Public Citizen Litigation Group were representing the Iranian American Legal Defense Fund in the suit.
Iran launches attacks on Bahrain, Kuwait
After the US military attacked Iran early Wednesday claiming that it had struck three ships in the Strait of Hormuz, Iran retaliated with strikes targeting Bahrain and Kuwait.
Follow Livemint for live updates from West Asia as tensions re-escalate between Iran and USA.
Mediator Pakistan urged the United States and Iran on Wednesday to exercise restraint and uphold the memorandum of understanding to halt the Middle East war after renewed fighting broke out.
"Pakistan urges all sides to uphold their respective commitments under the Islamabad Memorandum of Understanding (MoU)," the foreign office said in a statement which also called on "all parties to exercise restraint."
I'm No. 1 on Iran's kill list, Trump said defending US strikes, cites assassination threat
The latest attacks launched by Iran did not result in any American casualties or cause major damage to facilities, a US military official said.
"All missiles and drones fired by Iran were intercepted or failed to cause major damage," the official told AFP on condition of anonymity.
On recent developments in West Asia, MEA says, "India is deeply concerned over the recent attacks and escalation of tensions in West Asia, which have followed fresh targeting of commercial shipping transiting international waterways in the region. These developments risk undermining regional peace, security and stability. India calls upon all parties to exercise restraint, de-escalate tensions, and ensure protection of civilians as well as the uninterrupted flow of energy supplies and commerce. We urge the parties to return to dialogue and diplomacy to achieve a peaceful and lasting solution to the conflict"
The German chancellor said it was clearly Iran that violated the ceasefire agreement. He said the U.S. military had struck back on Trump’s orders and “that is justified.”
But he added that “in the end, there must be an agreement with Iran that ends the nuclear program permanently and reopens the Strait of Hormuz permanently.”
The US military’s Central Command said American forces launched strikes “to impose heavy costs for targeting and attacking commercial shipping crewed by innocent civilians in an international waterway.”
It said it hit Iranian targets including air-defense systems, radars and over 60 small boats used by Iran’s paramilitary Revolutionary Guard.
Trump coins new nation at NATO meet while discussing Iran: ‘Islamic Republic Of Japan’
Trump has been harping on the renewal of war with Iran rhetoric as initially he declared that the ceasefire with Tehran was ‘over’. following it up with a ‘little’ warning that US might hit Iran tonight (8 July). Read more
Speaking at the NATO summit, Trump said the US would not allow Iran to acquire a nuclear weapon, adding that if Tehran fails to halt its nuclear programme, "we will do so ourselves." His remarks come just hours after he declared the ceasefire "over," raising fears of a renewed military confrontation in the region.
Gold prices fell on Wednesday as oil prices surged and inflation concerns intensified after US President Donald Trump said an interim agreement aimed at ending the conflict with Iran was "over."
Spot gold dropped 0.8% to $4,072.69 per ounce by 09:11 a.m. EDT (1310 GMT) after hitting its lowest level since July 2 earlier in the session.
US gold futures for August delivery slipped 1.8% to $4,083.20 per ounce.
Trump says US knocked out 28 boats of Iran last night. “Probably will knock out more boats tonight,” he said
Trump says US will “take out electricity, water plants” if they have to, but says he “doesn't want to”.
Trump says he's not sure if the ceasefire deal with Iran ‘will stick’
We may take over Kharg Island, says Trump
President Donald Trump said the US would probably launch further strikes on Iran, ratcheting up pressure on Tehran and raising the prospect of a return to all-out war.
“We hit them very hard last night,” Trump said Wednesday on the sidelines of the NATO summit in Ankara, Turkey. “Probably hit them hard again tonight.”
“I’ll give a little warning,” he added. “But we’ll see how it all works out. No, I’m not happy with them.”
French President Emmanuel Macron said on Wednesday that he believed Iranian strikes on US bases in the Gulf violated the interim accord and Iran had been mistaken to carry them out, but that he understood that meetings as part of the 60-day ceasefire between Iran and the United States would continue.
US President Donald Trump warned Iran that the United States will likely engage in additional strikes on Wednesday night after attacks the previous day.
"I'll give a little warning: We're going to hit them hard tonight," Trump told reporters at the NATO summit in Turkey before his meeting with Ukrainian President Volodymyr Zelenskiy.
Qatari LNG tanker was still stuck off Oman on Wednesday awaiting salvage operations, shipping data showed, a day after it was hit by a projectile, while the US military said two other tankers had been targeted by Iran in recent days.
The attacks on the tankers prompted Washington to revoke a licence allowing Iran to sell oil and US forces to strike Iranian targets overnight.
People in Bahrain and Kuwait awoke on Wednesday to the now familiar sound of warning sirens and explosions in the distance, as Iranian strikes again dashed hopes of a return to normalcy.
The latest round of strikes pushed US President Donald Trump to declare the ceasefire was "over", raising fears of renewed conflict in the Gulf, long seen as a safe haven.
As the two major powers fought, two small Gulf states paid the price.
"We want the situation to stabilise, we want our normal lives back. I run a business, and continued instability does me no good," Adel Mohammed, a Bahraini man in his sixties told AFP.
"The fact that Bahrain continues to be subjected to Iranian attacks makes me angry, it's completely unacceptable," he said.
Iran’s semi-official Fars news agency says an Indian oil tanker has been turned back from the Omani corridor in the Strait of Hormuz.
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