On August 8, Iran's SNSC secretary set public conditions for reopening Hormuz, including ending the war, lifting the blockade, compensation, sanctions relief, and frozen assets.
A 14-point memorandum signed around the G7 summit ends military operations on paper, lifts the US blockade on a 30-day clock, reopens Hormuz traffic, and starts a 60-day final-deal window.
At an informal EU summit in Cyprus, Ukraine's president rejected partial membership. The EU approved a 90 billion euro loan and the 20th sanctions package against Russia. Hungary continues to block accession negotiations. Belgium and Luxembourg caution against shortcuts.
Spanish PM Pedro Sanchez will formally propose ending the EU-Israel Association Agreement at Tuesday's foreign ministers meeting in Luxembourg. Three EU states accuse Israel of violating human rights. Germany is expected to block the move.
Iran has completely suspended petrochemical exports after Israeli airstrikes damaged key production facilities and the US naval blockade prevented shipments from leaving Iranian ports. Annual export revenue of $13-15 billion is now effectively frozen.
A massive Russian drone wave, new UK military aid, Patriot ammo rationing, and fresh sanctions marked April 15 in the Ukraine-Russia war.
Four years into Russia's full-scale invasion, Ukraine fights on while global attention shifts to the Middle East. The numbers are staggering.
Small independent refineries in Shandong province — known as teapots — have given China a flexible buffer against the Iran war oil disruption, processing discounted Iranian and Russian crude outside mainstream channels.
Khuzestan Steel Company and Mobarakeh Steel Company — Iran's biggest steel producers — have ceased operations following multiple rounds of air strikes, with officials warning restart could take up to one year.
Proposal covers sanctions relief, nuclear rollback, missile limits, and reopening of Strait of Hormuz
Iran broadens the conflict by formally declaring US and Israeli economic and banking interests as legitimate military targets, raising fears of attacks on financial infrastructure
Economy struggles under Western restrictions while regional powers compete for influence
Domestic production increases in key sectors as parallel import schemes and Asian partnerships offset Western sanctions
Currency falls below 100 per dollar mark as sanctions impact deepens and war costs mount