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President Trump and Iran's Supreme Leader, Mojtaba Khamenei. (AI generated image)US President Donald Trump’s administration on Monday announced an expansion of secondary sanctions on entities and countries that maintain business ties with Iran around the world. Treasury Department said it has issued determinations against five sectors — digital assets, technology, gold, aviation and shipping– that the Iranian government is using to prop up its economy.
Major global developments
Meanwhile, a parliamentary committee in Iran has thrown its support behind legislation that would require vessels from countries authorised to transit the Strait of Hormuz to pay Tehran for services rendered along the route a move that lands amid sharpening rhetoric between Iran, the United States, and their allies.
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Mohsen Rezaei, Iran’s security chief, cautioned that any nation choosing to join Washington’s sanctions campaign against Tehran would be regarded as hostile, with Iran vowing to strike back at that country’s interests. Rezaei has also floated the possibility of forceful retaliation if the US takes further action, and has pushed for a rethink of Iran’s diplomatic posture, pointing to what he characterised as repeated American violations of prior commitments.
Trump stakes a claim to the Strait: Adding fuel to the standoff, US President Donald Trump shared a map on Truth Social labelling the Strait of Hormuz as newly claimed US territory following remarks a day earlier at a rally where he described the strait in similar terms.
Iran’s Foreign Minister Abbas Aragchi rejected the prospect of fresh American sanctions, telling supporters in a Telegram video that recycled threats signal Washington has run out of options after failed military efforts. He argued that the US must “speak to Iran respectfully to find a solution based on justice and honour.” This comes as US Treasury Secretary Scott Bessent has pledged sweeping new penalties against Iran, even as the country’s currency continues to slide and its economy strains under existing sanctions and war damage.
Key Points
- Iran’s National Security and Foreign Policy Commission has approved draft legislation charging ships transit fees for passing through the Strait of Hormuz.
- Security chief Mohsen Rezaei warned that nations joining US sanctions against Iran will be treated as adversaries and face retaliation against their interests.
- Trump publicly asserted a US claim over the Strait of Hormuz, calling it “American territory” in a rally speech and social media post.
- Pakistan Army Chief Field Marshal Asim Munir will travel to Tehran on Monday at the head of an official delegation, Iranian Foreign Ministry Spokesperson Esmail Baghaei said on Sunday.
- Oil falls 1% ahead of US announcement to impose further sanctions on Iran.
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Live Updates
Trump's 'economic onslaught' against Iran, issues 'final warning' to countries
On March 6, 2025, at the Economic Club of New York, I said that if I were an Iranian, I would get my money out of the rial. At the time, "official inflation" was 35%, the currency had depreciated by 60%, and the exchange rate was 887,500 rials to the U.S. dollar. pic.twitter.com/Ix5hv9ZbFY
— Treasury Secretary Scott Bessent (@SecScottBessent) August 24, 2026
pic.twitter.com/Ix5hv9ZbFY
— Treasury Secretary Scott Bessent (@SecScottBessent) August 24, 2026
Trump warns of 50% tariffs on all cars, trucks amid Canada trade row
— Rapid Response 47 (@RapidResponse47) August 24, 2026
European leaders mark Ukraine’s 35th Independence Day as Russian invasion pushes
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Pakistan army chief Munir spoke to Trump ahead of Iran visit: Report
Iran warns of Gulf oil disruption as US prepares sweeping economic sanctions
The standoff between the US and Iran is intensifying as Washington prepares to announce what it describes as a major new economic offensive against Tehran. US Treasury Secretary Scott Bessent said the administration aims to “sever every economic lifeline” that sustains Iran, signalling a potentially far-reaching sanctions campaign.
Iran has responded with a warning of its own. Security chief Mohsen Rezaei said Tehran could halt oil exports from the Gulf if the US continues its “economic war” against Iran. He also warned that countries choosing to support Washington’s sanctions could be treated as hostile and face consequences.
The escalating rhetoric comes as the Strait of Hormuz remains a key focus of regional tensions, with the waterway playing a crucial role in global energy supplies. At the same time, diplomatic efforts are continuing, with Pakistan seeking to mediate between Washington and Tehran and Oman involved in discussions over arrangements for the strait.
Iranian officials have rejected the effectiveness of previous US sanctions, while insisting that Tehran remains prepared to confront further economic or military pressure.
Iran’s Rial hits record low of 2 million to the US dollar
Iran’s rial has fallen to a new record low, with the currency hitting 2 million rials to the US dollar in morning trading. The sharp decline comes as Tehran faces mounting economic pressure and the prospect of further US sanctions.
UK Prime Minister Burnham arrives in Kyiv with plans to share long-range missile blueprints
UK Prime Minister Andy Burnham has arrived in Kyiv on Ukraine’s Independence Day for his first foreign visit since taking office. During the visit, Burnham is expected to chair a meeting of the “coalition of the willing” and hand over British blueprints that would allow Ukraine to build its own long-range missiles.
The visit comes amid an escalation in long-range strikes between Russia and Ukraine. Kyiv has recently intensified attacks on targets inside Russia, including oil refineries and warehouses, while Moscow has continued strikes on Ukrainian infrastructure.
Russia had last week warned of “consequences” over Ukraine’s use of British-made drones. Russia's defence ministry also said it had targeted port infrastructure and vessels in Ukraine’s Odesa region.
Iraq proposes joint security council with Iran, Saudi Arabia
Iraq has proposed setting up a joint security coordination council with Iran and Saudi Arabia in an effort to ease tensions and rebuild trust between the two regional rivals. Iraqi National Security Adviser Qasim al-Araji told state TV the proposal is aimed at addressing what he described as a “crisis of confidence” between Tehran and Riyadh.
The initiative comes after Saudi Arabia accused Iran-aligned groups in Iraq of launching drones at its oil facilities on July 27. Baghdad ordered an investigation into the incident.
The proposal also comes as Iraq works to bring weapons held by armed factions under state control. Al-Araji said the planned September 30 withdrawal of the US-led coalition could mark the beginning of a gradual process to bring all weapons under government authority. There has been no immediate response from Saudi Arabia or Iran to Iraq’s security council proposal.
Floods and landslides hit China, Vietnam; thousands displaced
Typhoon Narra has triggered widespread flooding and landslides across southern China and northern Vietnam, damaging infrastructure and crops and forcing thousands of people from their homes.
In China, rising floodwaters have prompted authorities to relocate around 54,000 people, including more than 8,000 who were moved to emergency shelters. Floodwaters submerged roads and low-lying areas in parts of Chongzuo city, while 15 rivers rose above warning levels.
In northern Vietnam, days of heavy rain linked to Narra have killed at least one person and displaced more than 4,300 households. The mountainous provinces of Lang Son and Cao Bang recorded between 236 mm and 300 mm of rain in 24 hours, triggering floods and landslides.
The storm also affected Quang Ninh province, home to the UNESCO-listed Ha Long Bay, disrupting tourism, fishing and transport. Nearly 55,000 families lost power, while more than 10,000 hectares of rice and other crops were damaged.
Narra has lingered over the Beibu Gulf but is not expected to make landfall. However, authorities have warned of continued heavy rainfall across Guangxi, Guangdong, Hainan and Fujian through Wednesday.
Former US Vice President Mike Pence says Ukraine is ‘winning this war’
Former US Vice President Mike Pence has said Ukraine is gaining ground in its war against Russia, claiming Ukrainian forces have held Russian troops to a stalemate despite continued deadly attacks.
While speaking to CNN after meeting Ukrainian President Volodymyr Zelenskyy in Kyiv, Pence said, “Ukraine is winning this war.” He praised the determination of Ukrainian soldiers and civilians, saying the resolve of the country’s leadership and people was “palpable”.
Pence also highlighted Ukraine’s growing use of drones, saying Kyiv had reshaped modern drone warfare by carrying out strikes inside Russian territory and targeting vessels in the Black Sea.
His comments came after a Russian “double-tap” attack reportedly killed at least 16 people and injured more than 100 others. Pence warned that Russia could intensify attacks on Ukraine’s energy infrastructure as winter approaches.
He said Ukraine has been able to intercept drones but needs more sophisticated interceptor systems to defend against ballistic missiles. Pence also suggested South Korea could help address a global shortage of Patriot interceptors by making its advanced systems available to the US, Ukraine or European allies.
Pence was in Ukraine for a national prayer breakfast marking 35 years since the dissolution of the Soviet Union and Ukraine’s independence.
Thai prime minister meets security chiefs after coordinated attacks in 3 southern provinces
Thailand's Prime Minister Anutin Charnvirakul, already facing a flood crisis in the country's north, held an urgent meeting on Sunday with high-level security officials in response to coordinated violence overnight in three southern provinces where a small-scale Muslim insurgency is active.
The meeting, held shortly before Anutin flew north to inspect the badly flooded province of Nan, followed 51 incidents on Saturday night in the southernmost provinces of Narathiwat, Pattani and Yala.
Israeli police arrest two teenagers after video shows assault on elderly Palestinian amputee
Israeli police have arrested two teenagers over a video showing a young settler beating an elderly Palestinian amputee with a stick in the occupied West Bank's Masafer Yatta region. Footage of the incident, which took place in the village of Al-Rakeez south of Hebron, allegedly shows the main suspect, a 16-year-old resident of the nearby Israeli outpost of Avigail, approaching Sheikh Saeed al-Amour from behind and striking him as the 60-year-old struggled to gather his crutches. A 17-year-old from Jerusalem was also arrested, on suspicion of filming the assault, and an unlicensed vehicle used in the incident was seized. The main suspect remains in custody ahead of a court hearing, while the second suspect has been released to house arrest.
Another footage captures the moment an Israeli settler brutally beats elderly Palestinian Saeed Al-Omour with a club in Hebron, occupied West Bank.
— Quds News Network (@QudsNen) August 22, 2026
Al-Omour lost his leg after being shot by Israeli settlers more than a year ago and has continued to face settler attacks and… pic.twitter.com/bY6F0f7D8H
Amity University launches research hub in New York to deepen India-US innovation ties
Amity University has launched a research hub in New York aimed at fostering international research partnerships, and strengthening scientific collaboration and innovation between India and the US.
The Amity Global Research Hub (AGRH) was inaugurated at the Consulate General of India in New York on Friday, the consulate said in a post on X.
"AGRH will serve as a platform to foster international research partnerships and advance innovation through collaboration between India and the United States," the consulate added.
Friday's inauguration was themed "Shaping the Future through Emerging Technologies" and included the launch of the hub's website and research brochure, followed by panel discussions on multi-sector partnerships, research and innovation and India-US collaboration.
(With inputs from PTI)
Fewer than 20 ships transit key Strait of Hormuz over weekend, data shows
Fewer than 20 commodity vessels transited the Strait of Hormuz at the weekend, shipping data showed on Monday, as Iranian and US blockades restrict traffic through the vital chokepoint for energy shipments.
Four vessels crossed the strait on Sunday, initial data from shiptracker Kpler showed by 0124 GMT, with 13 on Saturday. The figures could change as some ships had switched off transponders on their way through.
Israeli military vehicles advance into southern Syrian village of Ma’ariya
Israeli forces have advanced with several military vehicles into the village of Ma’ariya in the western Deraa countryside, in southern Syria, according to Syrian state broadcaster Al Ikhberiya.
The incursion is the latest in a string of Israeli military movements into Ma’ariya and surrounding villages in the Yarmouk Basin area.
2 security personnel killed in terrorist attack in Pakistan's Khyber Pakhtunkhwa
2 security personnel killed in terrorist attack in Pakistan's Khyber Pakhtunkhwa. (PTI)
Police investigate after 5 bodies found in rural area outside Oregon
The bodies of five people were found on a rural property outside Portland in the US and authorities said Sunday it was being investigated as a quintuple homicide.
The Washington County Sheriff's Office said authorities initially responded early Saturday to reports of a vehicle fire at a property in Forest Grove, about 48 kilometres west of downtown Portland. Responders then found the remains of five people and "several domestic animals." Detectives do not believe it was a random act of violence, authorities said, without sharing much detail. No arrests have been made and no one was in custody.
Asim Munir heads to Tehran as Pakistan seeks to break US-Iran stalemate
Pakistan's Army chief, Field Marshal Asim Munir, will travel to Tehran on Monday for talks covering bilateral and regional matters, Iran's foreign ministry said on Sunday. The visit is part of Islamabad's continued push to revive its role as mediator in the stalled US-Iran talks, after an interim peace deal signed with Pakistan as guarantor collapsed last month when tensions flared again and both the US and Iran resumed military strikes.
Pakistan has yet to comment on the visit. Iranian foreign ministry spokesperson Esmaeil Baghaei said Munir will lead a delegation for high-level discussions with Iran's leadership, aimed at deepening cooperation between the two countries and building on Pakistan's efforts to support regional peace and security. Earlier this month, Pakistan's Interior Minister Mohsin Naqvi met Iranian President Masoud Pezeshkian and Foreign Minister Abbas Araghchi in Tehran.
Iran reportedly invited to join Makkah Defence Pact amid Saudi-Houthi tensions
A defence alliance formed by Saudi Arabia, Pakistan and Turkey could soon gain a fourth member. Iran has reportedly been invited to join the Mecca Defence Pact, a development that would be notable given Tehran's long-standing rivalry with Riyadh and its links to Yemen's Houthi movement. The claim comes from Al Mayadeen, which cited Mehdi Rahimi, head of the Iranian parliament's Khaneh Mellat news agency, on Saturday.
Neither Iran's Foreign Ministry nor Saudi Arabia, Pakistan or Turkey have confirmed the invitation. Rahimi said Iran had received an invite to join the pact and that the matter was under review, adding that regional countries were moving toward a shared security framework something he called "a victory for Iran, because it has been calling for this for a long time."
Treasury secretary says US aims to ‘sever every economic lifeline’ that sustains Iran
In an opinion piece for the Financial Times, US Treasury Secretary Scott Bessent says the US war on Iran is entering an “endgame”, with an “economic D-Day” coming for Tehran.
In reference to Trump’s announcement last week that the US would target Iran with economic sanctions, Bessent said Washington will wage “the single greatest financial offensive ever marshalled against an adversary”.
Bessent has previously warned that this new economic warfare could include more secondary sanctions on other nations and companies that conduct business with Iran.
“The president has created the conditions to leverage every agency, every authority and action many assumed we would never summon. Any remaining tie to Tehran will hasten the economic ostracism of countries and entities, whether that tie be purposefully constructed or wilfully ignored,” he said.
“The world should understand that our objective is to sever every economic lifeline that sustains the tyrannical regime until Tehran stands alone.”
US vows 'economic D-Day' as Iran threatens to halt all oil exports
The US threatened Iran with what it called "the greatest financial offensive ever marshalled" as it prepared to roll out economic sanctions on Monday that target Iran's trade partners.
Iran in turn vowed to shut down all oil exports from the Gulf "if the economic war continues."
US Treasury Secretary Scott Bessent will hold a press conference at 2 p.m. EDT (1800 GMT) on Monday amid promises to reveal even more severe measures on a country that has endured near-continuous economic sanctions since the Islamic Revolution of 1979.
"At dawn begins an economic D-Day — the single greatest financial offensive ever marshalled against an adversary," Bessent wrote in an opinion piece published in the Financial Times on Sunday.
The warring nations have not conducted military strikes against each other for weeks, but they also have not engaged in meaningful talks to end the six-month-old conflict.
Thousands of people have died, most of them in Iran and Lebanon, since the US and Israel began strikes on February 28, degrading much of Iran's conventional military capacity and inflicting economic pain while killing Iranian Supreme Leader Ayatollah Ali Khamenei.
Syria, Israel hold US-mediated talks to ease tensions
Syria and Israel held high-level, US-mediated talks in Jordan on Sunday aimed at easing tensions following recent Israeli strikes on Syrian territory, Syria's state news agency SANA reported, citing a diplomatic source at the foreign ministry.
The talks focused on practical mechanisms to halt Israeli strikes, arrests and targeted operations, and on reviving negotiations towards a security agreement that could lay the groundwork for a broader future accord, SANA said. The two sides also discussed efforts to ease tensions between Israel and Turkey and to prevent their rivalry from spilling onto Syrian territory.
Syria's Foreign Minister Asaad al-Shaibani told Reuters on Saturday that Damascus expected security negotiations with Israel to resume soon, although he added that there was a lack of trust between them. Talks had been suspended since the start of the Iran war, while Syria cut off contact entirely after Israeli strikes on Syria's Abu al-Duhur airbase last week, according to Shaibani.
Oil falls 1% ahead of US announcement to impose further sanctions on Iran
Oil prices slipped 1% on Monday as investors took profit ahead of an expected announcement from Washington to impose more sanctions on Iran.
Brent crude futures fell 94 cents, or 1%, to $93.45 by 2308 GMT, while US West Texas Intermediate crude was at $86.14 a barrel, down 92 cents, or 1.06%.
US Treasury Secretary Scott Bessent, set to hold a press conference at 2 p.m. EDT (1800 GMT) on Monday, has threatened to impose "the toughest sanctions in history" on Iran.
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