Page 3 - Latest Updates on West Asia Conflict

US plans to sanction another bank over Iran transactions, says Bessent

The Trump administration plans to impose sanctions on another bank this week in an effort to clamp down on Iran transactions, Treasury Secretary Scott Bessent said Sunday. Bessent spoke with The Associated Press ahead of Group of 20 meetings in Asheville, North Carolina, where he will meet individually with his counterparts from the world's major and developing economies to encourage participation in the economic isolation of Iran. "This is going to be financial violence if we have to," Bessent said in the interview. "We are showing people that we know who you are, you know who you are, and this has got to stop." Bessent had recently announced a new campaign to push countries that still do business with the already heavily sanctioned Islamic Republic to sever their financial ties or face retaliation from the United States. Treasury's first official action in this campaign was a proposed rulemaking on Friday, which would, if finalized, sever the Emirati branches of Banque Misr, Egyp

Iran launches missiles on two US bases in Jordan after attack in Larak

US Central Command said that the blockade remains in place against Iran and, as of Sunday, they have redirected 83 commercial vessels, disabled 3 and boarded 2 to ensure compliance with the blockade

US strikes Iranian rocket launchers in first military action in weeks

US forces struck Iranian rocket launchers on the Strait of Hormuz in their first military action in a month on Sunday, breaking a lull in fighting during an intermittent war that has lasted more than six months. Iran swiftly vowed to retaliate for what it called a deadly attack. Forces with the Revolutionary Guard Corps were observed preparing to launch rockets with sea mines into the strait, according to Tim Hawkins, a spokesperson for the US Central Command. The US military last week completed clearing sea mines from the strait's international shipping routes. Semiofficial news outlets in Iran reported sounds of explosions near Larak island on the strait. The Guard in a statement carried by Iran's state broadcaster noted "the martyrdom and injury of several of our fighters and compatriots." A return to open conflict would be dangerous for the region, where Iran has targeted US military bases and infrastructure in Gulf countries since the war began on February 28. The last time th

Hormuz crisis adds $22 bn to India's fossil fuel import costs: CREA

In terms of economic impact, India's net additional cost across all fossil fuels was estimated at $14.4 billion, equivalent to 0.38 per cent of its GDP, or about 1.4 days of national income

India, China can help resolve West Asia conflict, says Hillary Clinton

India and China could be among key players who could contribute to resolving the West Asia conflict if US President Donald Trump wants to use "diplomacy instead of bluster", said former Secretary of State Hillary Clinton. Talking about the conflict, Clinton, in an interview with C-SPAN, said: "The misconceptions on a strategic level have led us to where we are." The conflict began on February 28 when the US and Israel launched a joint attack on Iran, triggering retaliatory strikes. It also led to the choking of the vital Strait of Hormuz. In June, the US and Iran signed an interim peace agreement, but it collapsed last month with fresh strikes from both sides. "If you want to figure out how Trump could get out of this. I think the key to it is probably China and India, because if you look at who buys the most oil and gas from Iran, it's China and India," said Clinton on Monday. Pakistan, Oman and Qatar are among countries trying to mediate between the US and Iran to end the conflic

Indian rice exporters see Iranian demand defying US sanctions risk

Rice dominates trade between the two countries, accounting for nearly two-thirds of India's $1.25 billion in exports to Iran in the fiscal year-ended March

4 India-based companies in US sanctions dragnet over Iran oil imports

The US has sanctioned four India-based companies for importing petroleum and petrochemical products from Iran, according to a press release by the US State Department. US Treasury Secretary Scott Bessent on Monday announced 'Operation Economic Outcast', which essentially involved new sanctions that aim to block all potential sources of revenue for Iran. The US has also told countries to cut economic ties with Tehran or face retaliation. Bessent described it as an unprecedented campaign to sever Iran's financial lifelines. It broadens the risk of secondary sanctions for entities - which can be countries, businesses or organisations - continuing to do business with Tehran. Among the four "India-based companies" facing action is a customs broker identified as Portease Partners LLP and its partners Indrismiya Ashrafmiya Sheikh and Harish Ramachandra Rangi. They facilitated the import of multiple shipments of Iranian petrochemical products, the State Department said in the release on ...

Dozens of Chinese, Hong Kong firms hit by Trump admin's Iran sanctions

US Treasury Dept unveiled a package targeting dozens of individuals and entities as part of what Treasury Secy Scott Bessent described as Operation Economic Outcast

US attempt to strangle Iran's economy depends on China's cooperation

The US has spent 20 years promising 'crippling sanctions' on Iran. But the latest effort comes with a reverse twist, after military action failed to accomplish President Trump's goals

Iran vows retaliation as US expands sanctions, threatens economic lifeline

US Treasury Secy Scott Bessent unveiled measures but stopped short of the most punishing sanctions, saying countries that continued trading with Iran risked being forced out of dollar system

Bessent's economic D-Day threat to Iran hinges on willingness to hit China

But that's only if Bessent actually follows through on a threat the Trump administration has made before

US unveils 'economic D-Day' against Iran, warns trade partners of sanctions

The statement marked the latest bid to force capitulation from Iran, which has refused to bow to US demands despite months of US bombing that began in February as well as decades of economic sanctions

US startup Powerus builds low-cost drone interceptors amid Iran war

For Florida-based Powerus, becoming a global supplier of counterdrone technology has meant involving the Trumps, a golf course and a new way of doing business

Vessels violating Hormuz protocols shall face fines, detention: Iran

The authority also warned that vessels cooperating with ships already listed as non-compliant would themselves be added to the list

Not a single drop of oil will be exported if US economic war persists: Iran

Iran's Supreme National Security Council Secretary Mohsen Rezaei warned that Iran would consider any country supporting or participating in US economic campaign against Tehran to be an 'act of war'

Entering endgame: US Treasury secy announces economic D-Day against Iran

US Treasury Secy Scott Bessent said Washington was entering 'endgame' against Iran with major economic offensive, as Tehran warned it could halt oil exports through Hormuz

Iran says Pakistan's Army Chief Asim Munir to visit Tehran on Monday

Pakistan has taken on a mediator role in negotiations between Iran ‌and the US aimed at ​ending the war which ​began with US and Israeli strikes on Iran in February

US memorandum is best path out of stalled war, says Iranian President

Iran's president defended a memorandum of understanding with the United States as the best way out of a stalled war. Meanwhile, the new head of the Islamic Republic's top security body warned, in a more forceful tone, of retaliation if neighbouring countries support US threats to further sanction Tehran. A Palestinian man said he was beaten by an Israeli settler outside his home, and Israel's military said they were pursuing a stabbing suspect in a separate attack, the latest violence in the occupied West Bank. Here's a look at the latest developments in the Iran war and the wider Middle East on Sunday. Iran's president says his country needs to get past current stall ------------------------------------------------------------------- Iranian President Masoud Pezeshkian defended a recent memorandum of understanding as the best way for the country to move beyond what he described as a situation of "neither war nor peace." In a speech published by state-run IRNA early on Sunday, h

Iran's decades-long war planning helped it withstand US-Israel strikes

Iran had prepared for a potential war with the US for four decades, including contingencies such as the loss of its top leadership, making it difficult for its adversaries to decimate the country, an Indian military expert has said. Speaking at an interactive session in Washington organised by Observer Research Foundation (ORF) America on Friday, retired Indian Army officer Lt General KJS Dhillon said Iran had retained the capability for "attritional warfare" despite suffering heavy losses in the conflict with the US and Israel. Dhillon, who previously served as the head of India's defence intelligence agency, said one of the key lessons from the war was the need for a clearly defined national aim and a well-planned exit strategy. "Before you initiate a war, knowing a few things beforehand are a must. Your declared national aim should be clear to yourself, your military and the people in the government. There should also be clarity on the end stage where one can declare victory," he

Iran security chief warns neighbours against joining US economic pressure

The new leader of Iran's top security body is threatening neighbours against joining new US efforts to squeeze Tehran's economy. Egypt is trying to revive Iran-US negotiations. And Iraq and Iran say Tehran has helped some ships carrying Iraqi oil to transit the Strait of Hormuz. France and Saudi Arabia are expected to discuss plans to bypass the waterway. Meanwhile, Israel has carried out strikes in Syria and in Gaza. Here's a look at the latest developments in the Iran war and the wider Middle East on Saturday. Full coverage can be found here. Iran's new top security adviser issues threats ---------------------------------------------- The hard-line new leader of Iran's Supreme National Security Council threatened Tehran's neighbours against joining the new US effort to hurt Iran's economy, and accused the United States of increasing global nuclear insecurity with months of war. "If (Trump) wants to do something, we will retaliate in a seismic manner," he said in an interview w