US vows economic isolation for Iran; UAE condemns ADNOC vessel attacks

US Energy Secretary Chris Wright said 8 million to 9 million barrels of oil are still moving through the Strait of Hormuz each day, disputing estimates that traffic has collapsed during the Iran conflict. He said many vessels are travelling under military escort with their tracking systems switched off, making commercial estimates incomplete.

Wright said about 14 million to 15 million barrels of oil a day are currently leaving the Arabian Gulf region, compared with around 20 million before the conflict, with another six million barrels diverted through pipelines. He said Iran’s ability to disrupt shipping is declining as US escorts expand, but acknowledged petrol prices remain high at about $4 a gallon.

US Treasury Secretary Scott Bessent threatened to subject Iran to economic isolation "like the world has never seen before," adding that new measures are expected next week.

"It will be a combination of economic isolation, like the world has never seen before," Bessent told conservative television network Newsmax, adding that "the continued blockade in the Strait of Hormuz... will keep anything from going in or out of the Iranian ports."

The Pakistan government has increased the prices of petrol and high-speed diesel (HSD), with the revised rates coming into effect from Friday, according to Pakistan-based daily DAWN.

Petrol prices have been raised by Rs 0.45 per litre to Rs 325.43 per litre, while HSD prices have gone up by Rs 1.16 per litre to Rs 383.95 per litre.

The government continues to levy Rs 114 per litre in taxes and duties on petrol and Rs 100 per litre on diesel, according to the Petroleum Division's notification cited by DAWN.

The latest revision comes amid continued fluctuations in international oil prices following renewed hostilities involving Iran and the United States.

HSD prices have declined significantly from their peak of Rs 520.35 per litre recorded on April 3. The price had risen from Rs 281 per litre after the US-Iran conflict broke out on February 28. Similarly, petrol prices had peaked at Rs 458.41 per litre on April 3, after beginning their upward trajectory from Rs 266 in the first week of March.

Earlier, Pakistan Petroleum Minister Ali Pervaiz Malik had announced that fuel prices would be determined on a daily basis in view of volatility in international markets.

The minister said the Cabinet and Prime Minister had decided to give the Oil and Gas Regulatory Authority (OGRA) the responsibility of determining fuel prices daily based on international market trends.

The decision to shift to daily pricing was opposed by the All Pakistan Dealers Association, which said it would consider a protest plan.

Representatives from 39 countries took part in the third planning meeting of the Saudi-led Multinational Maritime Defence Coalition (MMDC) in Jeddah on Thursday, as the group moves closer to becoming an operational maritime security force.

The meeting at the Western Fleet Command brought together countries involved in the coalition's formation. Fifteen have signed a joint statement, while 13 have completed their domestic procedures, signed the MMDC charter and formally joined the coalition, according to Saudi state news agency SPA.

The remaining participating countries are still completing national approval procedures. The development marks a shift from designing the coalition to building its operational command and integrating military personnel and capabilities, the agency reported.

Saudi Crown Prince and Prime Minister Mohammed bin Salman met with US Central Command (CENTCOM) Commander Admiral Brad Cooper, the official state news agency SPA reported early Thursday. They discussed Saudi-US defence cooperation, recent regional developments, and efforts to de-escalate tensions while enhancing security and stability in the region. SPA issued the statement confirming the meeting in Jeddah. The Saudi embassy in the US also relayed the SPA statement.

ADNOC confirmed that two of its vessels were attacked while transiting the Strait of Hormuz in the evening of Thursday, August 13, according to official news agency WAM.

The incident resulted in no injuries, and the situation has been brought under control. In a statement, ADNOC stressed the importance of protecting the safety and well-being of seafarers, while safeguarding freedom of navigation and maritime security.

The company urged the public to obtain information solely from official sources and to avoid circulating rumors or unverified information.

The US Navy is preparing to send the aircraft carrier USS George Washington to the Middle East to relieve the USS Abraham Lincoln, whose deployment has stretched to more than eight months as the Iran war continues. The rotation, reported by the Wall Street Journal, was planned before the latest concerns about conditions aboard the Lincoln, but its timing has put a spotlight on the extraordinary strain of keeping a carrier and its crew at sea for so long.

The Lincoln has gone roughly 200 days without a port call, far longer than the typical 30-to-45-day interval often expected between port visits. The USS George Washington has been operating in the Western Pacific and was recently in Vietnam. It has since moved west through the Strait of Malacca toward the Indian Ocean and Middle East, according to US Navy tracking and reporting.

President Donald Trump announced on Thursday tariffs of up to 100 percent on imports of unmanned drones and their components to reduce US reliance on imports in an industry dominated by China.

The US president justified the decision on national security grounds, according to a White House statement, detailing a 100 percent duty rate on the import of certain unmanned aircraft systems, including those with a take-off weight of more than 25 kilograms and with national security capabilities such as thermal imagers and docking stations.

Smaller drones face a 25 percent tariff.

On Aug. 13, US Central Command (CENTCOM) announced efforts to establish the first-ever multi-domain, multinational attack drone task force.

The unit, called Task Force Falcon Strike, will employ one-way attack drones consisting of unmanned systems from above, on, and below the sea operated by military support staff from the United States and regional partners.

Falcon Strike’s launch occurs nine months after CENTCOM established Task Force Scorpion Strike, the US military's first dedicated one-way attack drone squadron in the Middle East.

Day 163: 2 ADNOC vessels attacked in Hormuz; no injuries

Day 162: Trump says US has ‘total control’ of Strait of Hormuz

Day 161: Tehran: Hormuz stays shut as US-Iran diplomacy push continues

Day 160: Tehran reshuffles military

Day 159: Netanyahu rejects Gaza plan

Day 158: Trump says Iran can’t ‘go on much longer’

Day 157: Iran says Oman deal alone won’t reopen Hormuz