Attacks on tankers and other vessels in the Strait of Hormuz, the Red Sea and the Black Sea are disrupting shipping and tightening oil markets. Brent crude has topped $100 as traders weigh the risk of further escalation.
US President Donald Trump is initiating new tariff wars, imposing 25% tariffs on Brazil and 10-12.5% tariffs on 60 countries, including China, Japan, South Korea, India, and EU states, citing unfair trade and forced labor practices, amidst an unpopular military adventure in Iran and upcoming midterm elections.
Thousands of commercial vessels stranded for months in the Persian Gulf due to the US-Iran war and Strait of Hormuz closure risk a global marine bioinvasion 'super-spreader' event, as biofouling organisms on hulls could spread worldwide when trade resumes, according to a new study.
Recent developments in the Black Sea and Persian Gulf highlight the rapid unravelling of the international order. Western powers are discarding old rules without establishing stable replacements, leading to increased militarization in the Black Sea and renewed confrontation in the Strait of Hormuz, threatening global trade routes.
The ongoing US-Iran war has led to a five-month chokehold on the Strait of Hormuz, stranding over 1,500 vessels in the Persian Gulf. New research warns that prolonged biofouling on these ships' hulls could trigger a global marine invasive species super-spreader event when trade resumes, posing significant ecological and economic risks.
Russian Foreign Ministry Spokeswoman Maria Zakharova stated that escalating tensions in the Persian Gulf, marked by exchanges of strikes, pose a risk of shipping disruptions in the Strait of Hormuz and the Red Sea, complicating regional mediation efforts.
Washington's Persian Gulf allies are increasingly frustrated by the US-Iran conflict, which threatens their security and economies. They hold differing views on US strategy, with some advocating escalation and others immediate de-escalation, while the UAE seeks European involvement in maritime security.
Iran's Foreign Ministry spokesman stated that strikes on US military bases in the Persian Gulf are a legitimate act of self-defense, responding to UN concerns about escalation. He accused the US and Israel of aggression and violating international law, while Bahrain, Qatar, Kuwait, and UAE reported repelling Iranian aerial attacks.
Russia confirmed it is in contact with Turkey regarding the S-400 missile systems, following reports that Turkey sold them to a Persian Gulf country. The Kremlin called the issue 'extremely sensitive' and stated contacts with Ankara will continue.
Turkey has reportedly sold its Russian-purchased S-400 missile systems to a Persian Gulf country, with an official announcement expected soon. The UAE and Qatar are rumored to be the buyers. This comes after Turkey's exclusion from the US F-35 program following the S-400 acquisition.
Indian ship Lila Vadinar, carrying Kuwaiti crude, transited the Strait of Hormuz after being asked to turn back by Iran. Another Indian vessel also passed through. Seven India-bound ships, including fertilizer carriers, await evacuation amid escalating conflict restricting vessel movement.
US Navy aircraft, including KC-135R and KC-46A refuelers, spotted circling near Iran's Tehran FIR in Persian Gulf amid renewed tensions after US declared ceasefire over
Armenian PM Nikol Pashinyan stated that the Trump Route for International Peace and Prosperity (TRIPP) project will significantly expand trade opportunities for Armenia and Iran, opening railways from the Persian Gulf to the Black Sea. He addressed Iran's concerns about US presence, assuring no conspiracy and readiness to unblock regional transport links.
The US launched new air strikes on Iran early Thursday, targeting military sites and port facilities. Iran retaliated with fire targeting Bahrain, Kuwait, and Qatar, raising concerns about the fragile ceasefire in the Persian Gulf. President Trump warned of further escalation if Iran continues its attacks.
Saudi Arabia dramatically cut crude oil prices by $11 a barrel for August, the steepest drop in 26 years, signaling intense competition among producers. This move, following a previous $6 cut, brings oil prices to pre-Feb 28 levels and is expected to benefit India by reducing refiner losses and government subsidy bills.
Fifteen of 20 India-bound fertiliser ships have safely passed the Strait of Hormuz. Domestic urea production also exceeded targets from April to June, ensuring adequate fertiliser availability for farmers during the kharif season.
Saudi Arabia has significantly increased oil shipments via the Strait of Hormuz since the U.S.-Iran agreement to reopen the sea lane. Exports have more than doubled, indicating a revival of Gulf logistics and clearing of a backlog.
Russia's Acting UN Permanent Representative Anna Yevstigneyeva stated Moscow's readiness to facilitate a comprehensive, long-term agreement between the US and Iran and proposed an updated collective security concept for the Persian Gulf.
Russia believes that escalating tensions in the Middle East will not deter international partners from launching the North-South International Transport Corridor, according to Foreign Ministry spokeswoman Maria Zakharova. She emphasized the corridor's importance for connecting Eurasia with the Persian Gulf and Indian Ocean, and Russia's commitment to developing continental transport infrastructure.
Iran's Parliament Speaker warned of war if the US violates a memorandum of understanding (MoU), stating negotiations won't proceed until Washington fulfills commitments. Tehran views recent Persian Gulf events as a violation and will react. Technical talks in Doha focus on MoU implementation, not political negotiations.
Russian Foreign Minister Sergey Lavrov and Bahraini Foreign Minister Abdullatif Al Zayani discussed the Persian Gulf situation via phone. They emphasized the necessity for the US and Iran to strictly adhere to their memorandum of understanding on ending military conflict.
Russian Foreign Minister Sergey Lavrov and his Bahraini counterpart Abdullatif bin Rashid Al Zayani discussed the Persian Gulf situation and the need to comply with a US-Iran memorandum to end armed conflict. The call was initiated by Bahrain, and the ministers agreed to maintain cooperation within the UN Security Council and strengthen bilateral ties.
Approximately 14 million barrels of Iraqi oil have exited the Persian Gulf via the Strait of Hormuz in late June, reaching buyers in Asia, Europe, and the US. This follows a US-Iran ceasefire, easing a blockage caused by earlier US-Israel attacks on Iran that had nearly closed the vital shipping lane.
Iran's Consumer Price Index surged 88.6% year-on-year in June 2026, driven by structural issues, sanctions, and recent conflict. Discrepancies exist between official and central bank figures, but both indicate severe, entrenched inflation impacting essential goods and wages.
