Trump says US-Iran talks underway, calls it Iran’s ‘last chance’ before ‘decapitation’
Cargo ship struck near Strait of Hormuz as UKMTO warns of fresh attack
President Donald Trump has called it Iran’s “last chance” to reach a deal with the US, claiming talks have resumed and that progress has been made on the Strait of Hormuz. Tehran denies any direct negotiations with Washington, saying it is instead working with Oman on a temporary safe shipping route through the vital waterway. As regional mediators continue diplomatic efforts, tensions remain high, with a cargo vessel reportedly struck off Oman and the US military continuing its blockade of Iranian ports. Follow this page for live updates as the situation develops.
Multiple US regulators announced fines Monday on an American affiliate of Swiss bank UBS for failure to uphold anti-money-laundering laws.
Characterizing UBS as a "recidivist financial institution" after falling short of its commitments under a 2018 settlement on the same issue, the US Treasury's Financial Crimes Enforcement Network (FinCEN) described Monday's $125 million civil penalty as the largest against a broker dealer for Bank Secrecy Act violations.
"Repeat violators of the Bank Secrecy Act jeopardize the integrity of our financial system, especially those that expose it to high-risk customers and activities without effective controls," said FinCEN Director Andrea Gacki.
The agency said UBS had failed to adequately monitor over 50,000 foreign currency wires with a value of more than $10 billion.
UBS also neglected to perform sufficient due diligence on high-risk customers with ties to Russia and Latin America. This meant the company "failed to timely report hundreds of suspicious transactions, thereby depriving law enforcement of critical information," FinCEN said.
A consent order requires UBS to work with a third party on a "lookback" audit addressing priority risk areas, such as "possible narcotics trafficking" connected to the US Southwest border, as well as Iran, Russia and Venezuela.
FinCEN's enforcement acted in parallel with the Commodity Futures Trading Commission, the US Securities and Exchange Commission and the Financial Industry Regulatory Authority.
The Swiss banking giant described the enforcement as bringing closure to a "legacy matter."
"UBS has cooperated fully with its regulators and has made significant investments to remediate and strengthen its AML (anti-money-laundering) program in line with leading industry practices," a company spokesman said.
A cargo vessel reported being struck by an unknown projectile about 20 nautical miles northeast of Al Khasab, Oman, near the entrance to the Strait of Hormuz, the United Kingdom Maritime Trade Operations (UKMTO) said late Monday.
UKMTO issued Warning 104-26, classifying the incident as an attack. The report, sourced to military authorities and dated August 3 with a report time of 2200 UTC (2am on Tuesday), stated that the vessel broadcast on VHF Channel 16 that it had been hit.
Authorities are investigating.
Vessels were advised to transit with caution and report any suspicious activity to UKMTO.
The warning provided no further details on the vessel’s identity, flag, the extent of any damage, whether there were casualties, or the type or origin of the projectile. No group immediately claimed responsibility.
The incident is the latest in a series of reported security events involving commercial vessels in waters near Oman’s Musandam Peninsula at the Strait of Hormuz, a critical chokepoint through which roughly one-fifth of global oil consumption typically passes.
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Iranian Supreme Leader Mojtaba Khamenei may be trying to reduce President Masoud Pezeshkian and other “pragmatist” officials’ ability to influence the regime’s approach toward the United States in the current conflict, according to the Institute for the Study of War (ISW).
Senior cleric Mohammad Bagher Kharrazi, who has familial ties to Supreme Leader Mojtaba Khamenei, claimed on August 3 that Mojtaba formally warned Pezeshkian that he would accept Pezeshkian’s resignation if Pezeshkian tried to resign again, ISW reported in a "Special Report" published late on Monday (August 3, 2026).
"Mojtaba may have made this warning to prevent Pezeshkian from using the threat of his resignation to influence regime policies," the report stated.
Kharrazi’s comments come as a contingent of “pragmatist” regime officials has directly and indirectly questioned how much effort the regime should exert to control the Strait of Hormuz.
Former Iranian Foreign Affairs Minister Mohammad Javad Zarif, who played a central role in the 2015 Joint Comprehensive Plan of Action (JCPOA) negotiations, warned on August 3 that a prolonged closure or “short-term exploitation” of the Strait of Hormuz could generate an international consensus against Iran, including from the People’s Republic of China (PRC).
Exxon Mobil and Chevron delivered a powerful snapshot of the strange economics of the Iran war: the same global energy shock that has squeezed American drivers has produced a spectacular windfall for major US oil companies. Exxon Mobil and Chevron together earned about $26.5 billion in net income in Q2 2026, as war-driven disruptions pushed up crude prices and, even more importantly, tightened supplies of refined gasoline and diesel. Chevron reported a record $12.2 billion profit, while Exxon earned $14.5 billion, roughly double its year-earlier result and its strongest quarterly profit since the oil-price surge that followed Russia's invasion of Ukraine.
President Donald Trump said the United States would not allow Iran to impose fees on ships using the Strait of Hormuz, insisting navigation through the strategic waterway must remain free. He said Washington retained "total control" and warned that any attempt by Tehran to charge vessels would not be accepted.
Trump also referred to what he described as a potential US blockade capability, dismissing the prospect of Iran collecting transit fees. "There won't be charging," he said. "We are not talking about charging at all."
US President Donald Trump said Monday that negotiations with Iran were happening "right now," describing it as a final opportunity for Tehran to make a deal.
Talks are "going on right now," Trump told journalists at the White House, adding: "This is a last chance for them to sign a good document."
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