Iran's First Vice President, Mohammad Reza Aref
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US-Iran talks stall as Hormuz crisis deepens and oil prices spike
Tanker traffic through Hormuz has fallen sharply
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Strait of Hormuz
The Middle East war enters another tense day as efforts to resolve the US-Iran standoff show little sign of breaking through, while the crisis around the Strait of Hormuz continues to disrupt global energy markets and shipping. Iran’s foreign minister said there was no decision to resume negotiations with Washington, while tanker traffic through Hormuz has fallen sharply. Only five commodity vessels crossed the waterway on Saturday and none on Sunday, according to shipping data. The consequences are already being felt beyond the region. Oil prices rose on Monday, with Brent crude briefly reaching $89.40 a barrel, as traders assessed the risk of prolonged disruption. Diplomatic efforts are continuing elsewhere. US envoys held talks in Cairo with Egyptian, Qatari and Turkish mediators over a Gaza peace proposal, while Hamas representatives also took part. Israel has raised objections to parts of the plan. Meanwhile, violence continues in Lebanon, where Israeli strikes have intensified tensions with Hezbollah, while Washington maintains a substantial military presence across the region. Follow our live coverage for the latest verified developments from Iran, Israel, the Gulf and beyond.
Oil majors reap $93 billion as Iran war drives energy windfall
Eight of the world’s largest oil producers posted a combined $93 billion in profits in the second quarter of 2026, nearly double their earnings in the same period last year, as the Iran war and disruption to shipping through the Strait of Hormuz pushed oil prices higher. The figures, reported by OilPrice.com, cover Saudi Aramco, BP, Shell, Equinor, TotalEnergies, Eni, Chevron and ExxonMobil.
Their combined profits rose from just under $50 billion in the second quarter of 2025. The windfall came as the conflict that began in late February disrupted one of the world's most important energy corridors.
Iranian army chief offers $30,000 bounty for killing or capturing US soldiers, doubles reward for women
Iranian Army Chief Amir Hatami has announced a $30,000 bounty for anyone who kills or captures a US soldier, with the reward reportedly doubled when the act is carried out by a woman, amid ongoing friction between Tehran and Washington.
The decision comes after a "large number of requests" from individuals seeking to participate, state-run IRNA cited the military chief as saying. However, he did not specify the location or timeframe for any such potential attack or capture.
"Courageous Iranian women who carry out such an action will receive double the reward," he added.
Oil prices rise
Oil prices rose on Monday, with Brent crude futures gaining as much as 1 per cent to $89.40 per barrel and were last trading up 72 cents at $89.20 by 0229 GMT.
The US West Texas Intermediate crude futures rose 44 cents to $82.83 a barrel. Both contracts gained more than 5 per cent last week.
Iran's Vice President warns of escalating sanctions, market inflation
Iran's First Vice President, Mohammad Reza Aref, has warned that external adversaries, specifically the United States and Israel, are shifting their strategy to economic warfare following recent military standoffs, according to Iranian media.
Aref claimed the "enemy" is seeking to offset military setbacks by escalating economic pressure and exploiting domestic inflation to provoke social discontent.
According to Iran's ISNA news agency, Aref made the remarks at a meeting of the Market Regulation Headquarters, where he said Iran remained committed to international law but would not compromise on its rights.
Iran slams Canada for backing US
Iran has criticised Canada for supporting the US amid the ongoing conflict with Tehran, with Foreign Ministry spokesperson Esmail Baghaei using an ice hockey reference to accuse Ottawa of acting as Washington's "farm team".
In a post on X on Sunday, Baghaei referred to Canada as Washington's "farm team"- a term used in ice hockey for a minor-league affiliate that develops players for a national-league parent club. He said, " This is not hockey night in Canada; It is Washington's Farm Team."
Kushner to meet Netanyahu after talks with Hamas on Gaza plan
US envoy Jared Kushner is due to meet Israeli Prime Minister Benjamin Netanyahu on Monday after holding talks with Hamas leaders in Egypt aimed at reviving a US-backed Gaza peace plan that Israel has so far rejected.
The meeting comes two weeks after Hamas endorsed the latest stage of Trump's Gaza plan, which Netanyahu has refused to support, insisting any settlement must ensure the group is "genuinely disarmed".
Kushner -- Trump's son-in-law -- met Hamas's new leader Khalil al-Hayya in the Egyptian Meditarranean city of El-Alamein on Sunday, sources with knowledge of the talks told AFP.
Qatari Prime Minister, Syrian Foreign Minister discuss regional developments
Sheikh Mohammed bin Abdulrahman bin Jassim Al-Thani, Prime Minister and Minister of Foreign Affairs of the State of Qatar, and Asaad Al-Shaibani, Minister of Foreign Affairs and Expatriates of the Syrian Arab Republic, held a telephone conversation, where they reviewed bilateral relations and ways to support and strengthen them. According to Qatar News Agency (QNA), the two sides also discussed the latest regional developments, particularly the diplomatic efforts and joint coordination aimed at de-escalation and enhancing security and stability in the region.
Iranian General warns of ‘strategic surprises’ as 60-day MOU deadline arrives
As the Aug. 17 deadline for the 60-day US-Iran memorandum arrives, Islamic Revolutionary Guard Corps (IRGC) political deputy, Brig. General Yadollah Javani warned that Iran's military posture could shift from defensive to offensive, telling state broadcaster IRIB that Tehran's future actions could take on an “offensive” form.
Reports by London-based Iran International and Tehran-based Press TV, also quoted Javani, who warned the US and Israel that Iran's armed forces would adopt “transformative approaches”.
General Javani stated that under the new appointment decrees issued by Iran's Supreme Leader Mojtaba Khamenei, any military action taken by Iran — while maintaining a defensive character in principle — will now take on an "offensive form" to deliver proactive strategic surprises and ensure maximum deterrence against adversaries.
US‑Israel war on Iran: Recent developments
Day 160: Tehran reshuffles military
Day 159: Netanyahu rejects Gaza plan
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