Iran has retaliated by targeting a US air base during the early hours of Thursday after the United States struck military sites near Bandar Abbas airport. The attack comes amid escalating tensions between Washington and Tehran, with Donald Trump's military launching new strikes targeting a facility believed to have posed a threat to American forces and commercial traffic in the Strait of Hormuz, a US official told Reuters.
Revolutionary Guard Warns of 'More Decisive' Response
Iran's Revolutionary Guards warned that any repeat of what they called aggression would draw a 'more decisive' response and said responsibility for the consequences lay with the 'aggressor'. The attack follows Trump's statement that he was not yet satisfied with a deal with Iran. 'Iran is very much intent, they want very much to make a deal,' he said at a White House cabinet meeting on Wednesday. 'So far they haven't gotten there ... we're not satisfied with it, but we will be. We will be either that or we'll have to just finish the job'.
Kuwait Intercepts Hostile Threats
Kuwait's army said on Thursday that its air defences were intercepting hostile missile and drone threats, but did not specify where they were coming from. Any sounds of explosions heard in the country were the result of air-defence systems intercepting the attacks, the army said.
Oil Prices Surge After Renewed US Attack
Oil prices jumped about 2 per cent in early trading after the US military launched additional strikes overnight on an Iranian military site, escalating tensions even as Washington and Tehran negotiate to end their three-month conflict. Brent crude futures rose $1.90, or 2.02 per cent, to $96.19 a barrel, while the more active August contract gained $1.64 or 1.78 per cent, to $93.89. The July contract is set to expire on Friday.
US Imposes Sanctions on Iranian Agency Controlling Hormuz Shipping
The Trump administration has placed additional sanctions on Iran as part of a sprawling economic pressure campaign during the war, this time targeting the country's newly created agency that is trying to control shipping through the Strait of Hormuz. The sanctions were announced last night after US forces carried out strikes on an Iranian military facility after downing Iranian attack drones. 'The Iranian military's latest attempt to extort global maritime trade is proof that Economic Fury has left the regime desperate for cash,' Treasury Secretary Scott Bessent said in a statement.
US Shoots Down Iranian Drones Near Strait of Hormuz
US forces have shot down four Iranian drones around the Strait of Hormuz after Donald Trump's military launched a fresh wave of strikes this morning. The US military has also struck a ground control station in Bandar Abbas that was about to launch a fifth drone, Reuters reported. 'These actions were measured, purely defensive and intended to maintain the ceasefire,' an unnamed US official said.
What Are Iran's Assets Frozen by the US?
Iran has long been burdened by Western sanctions, limiting its ability to earn revenue from its lucrative oil and gas. There are primary sanctions, by which a sanctioning country or bloc, like the EU, bans its companies and citizens from doing work with Iran. Secondary sanctions, or extraterritorial sanctions, bar entities in third countries from doing business with Tehran. Washington's secondary sanctions have resulted in companies suspending payments to Tehran, as international banking restrictions have made transfers illegal under rules set out by the US Treasury Department. For example, Iran has sought the release of $6bn now held in Qatar. Those funds stem from Iranian oil sales to South Korea that were blocked in South Korean banks after Trump reimposed sanctions on Iran in 2018 and scrapped a deal over its nuclear programme. The figure had been due for release in 2023, under Joe Biden, as part of a US-Iranian prisoner swap before being effectively frozen again after the October 7 attacks on Israel by Iran's ally, Hamas. While no comprehensive public ledger is available, trackers estimate there are around $100bn (£74.4bn) worth of frozen assets around the world, representing between a third and a quarter of Iran's GDP. These are mostly held between China, India, Japan, Qatar and Iraq, with smaller amounts tied up in Europe and the United States.
Trump's Iran War Costs More Than $29bn in Three Months
As the war grinds on, conservative estimates put the cost of munitions to the US in the multi-billions, with some analysts suggesting the figure could already be as high as $1 trillion.
