Iran War Highlights: August 4
- Shipping Minister Sarbananda Sonowal said the MSV Faize Noore Oliya sank after being struck by a projectile near Yemeni waters in what he described as an “unprovoked attack.”
- Brent crude fell below $80 a barrel after reports that Iran is considering allowing European nations to remove mines from the Strait of Hormuz.
- US President Donald Trump warned Iran that it is the “last chance for them to sign a good document” despite simultaneously saying talks are ongoing and that he’s under no time constraint.
- Meanwhile, Iran’s Foreign Ministry said it is in talks with Oman to establish a safe, “temporary” route for vessels through the Strait of Hormuz. Officials also noted that these negotiations have no bearing on whether it is “open or closed.”
- Trump, on the other hand, claimed the United States effectively controls the Strait of Hormuz, saying no ships pass through without US approval.
- Mohsen Rezaei, a military advisor to Iranian Supreme Leader Mojtaba Khamenei, warned the US against the continued naval blockade against Iranian ports, adding, “We will never permit the opening of a second corridor in the Strait of Hormuz.”
- IRGC carried out an attack on a US military base in Kuwait, according to The Jerusalem Post, which said the attacks strikes involved at least three drones.
- Trump reiterated that Iran would never be allowed to obtain a nuclear weapon and said the US would accept either a deal or what he called “total surrender”.
- Iran maintained that there are no direct talks with the US, while confirming that diplomatic engagement continues with regional countries, including Oman.
- Trump blamed oil companies like Chevron and ExxonMobil for “making too much money” amid oil hikes spurred by the Iran war.
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Indian ship sinks after attack near Yemen; 13 Indians rescued
India's Shipping Minister Sarbananda Sonowal said the MSV Faize Noore Oliya sank after being struck by a projectile near Yemeni waters in what he described as an "unprovoked attack." All 14 crew members, including 13 Indians, were safely rescued by the Yemeni Coast Guard. Sonowal said he has directed the Director General of Maritime Administration (DGMA) to coordinate with all agencies to ensure the safety of Indian seafarers and provide assistance to the rescued crew.
Indian MSV Faize Noore Oliya has been hit by a projectile near Yemeni waters, causing the vessel to capsize and sink.
— Sarbananda Sonowal (@sarbanandsonwal) August 4, 2026
India strongly condemns this unprovoked attack on the defenseless mechanised sailing vessel. The safety of our people is our supreme priority & I am relieved to…
Iran says Hormuz talks with Oman progressing positively
Iran's Foreign Ministry spokesperson Esmaeil Baghaei said Tehran and Oman are continuing talks to ensure the safe flow of shipping through the Strait of Hormuz, with discussions focused on designating safe inbound and outbound lanes. Speaking to Iran's IRIB broadcaster, Baghaei said the negotiations have been "assessed positively at both the technical and political levels." He added that the two sides are working to establish the necessary mechanisms to manage maritime traffic through the strategic waterway.
Iran says Hormuz route aims to protect sovereignty, national security
Iran's Foreign Ministry spokesperson said the proposed transit route through the Strait of Hormuz is designed to protect the sovereign rights and national security interests of both Iran and Oman, according to state media.
Iran says Hormuz transit talks with Oman are continuing
Iran's Foreign Ministry said talks with Oman on transit through the Strait of Hormuz are continuing, according to state media.
Oil drops below $80 on report Iran may allow Europe to remove Hormuz mines
Brent crude fell below $80 a barrel after reports that Iran is considering allowing European nations to remove mines from the Strait of Hormuz.
S&P 500 tops 7,700 for first time, market value crosses $70 trillion
The S&P 500 surged above 7,700 for the first time, marking a fresh record high for the benchmark U.S. stock index. The rally pushed the index's total market capitalisation above $70 trillion for the first time in history, underscoring the continued strength of U.S. equities amid easing geopolitical concerns and optimism over global markets.
Oil prices fall after report says Iran may let Europe clear Hormuz mines
Oil prices extended their losses after a report said Iran is considering allowing European countries to clear mines in the Strait of Hormuz. The development raised hopes of easing disruptions to maritime traffic through the critical waterway. Markets reacted positively to the prospect of improved shipping access, sending crude prices lower.
Rubio says US working on Hormuz deal as denuclearisation remains ultimate goal
US Secretary of State Marco Rubio said Washington is working with Iran and Oman on an agreement that would allow more ships to safely transit the Strait of Hormuz in the near term. "There is a conversation and a negotiation that we are involved in between Iran and Oman," Rubio told reporters at the White House. He reiterated that the Strait of Hormuz remains open, adding that the "ultimate deal" the U.S. is seeking is the denuclearisation of Iran.
Rubio says progress made in Hormuz talks; oil prices tumble
U.S. Secretary of State Marco Rubio said progress has been made in talks with Iran over reopening the Strait of Hormuz, although no final agreement has been reached. "We're hoping an agreement will happen very shortly," Rubio said. Following his remarks, oil prices extended losses, with Brent crude down 4.7% and U.S. WTI crude falling 5.4% to session lows as markets reacted to hopes of easing supply disruptions.
US used 'virtually all' key long-range missiles in Iran war: Report
The United States has used a large share of its precision long-range missiles during its five-month military campaign against Iran, raising concerns about military readiness for future conflicts, Reuters reported, citing people familiar with the matter. Two sources said the U.S. has used "virtually all" of its Army Tactical Missile Systems (ATACMS) and newer Precision Strike Missiles (PrSM). According to Reuters, officials within the Trump administration are debating whether continued operations against Iran could leave the U.S. with insufficient stockpiles to respond to other global crises.
Qatar says priority is preventing escalation, reopening Hormuz
Qatar said its immediate priority is to prevent further escalation, reopen the Strait of Hormuz and revive diplomacy between the United States and Iran. "Our focus right now is on avoiding escalation, reopening the strait and reopening the door for diplomacy between the parties," Foreign Ministry spokesperson Majed al-Ansari said. He added that Qatar is working closely with regional partners and the parties to the conflict to help achieve a diplomatic resolution.
Energy prices to ease if Hormuz deal is reached: US Treasury chief Bessent
US Treasury Secretary Scott Bessent said a potential agreement with Iran to reopen the Strait of Hormuz could help ease global energy prices. "I'd expect the energy prices to settle back down, which will be good for the entire world," Bessent told CNBC. He added that hundreds of ships are waiting to transit the waterway and noted that commercial traffic has already started to resume despite lingering security concerns.
US Treasury Secretary Scott Bessent said Washington could reach an agreement with Iran on reopening the Strait of Hormuz as early as today or tomorrow. "We are in talks with the Iranians, and I think there is a chance we may have a deal today or tomorrow," Bessent told CNBC. He said the proposed agreement would ensure "freedom of movement" through the strategic waterway, adding that commercial shipping has already begun to resume despite lingering tensions.
Qatar seeks return to normal shipping in Strait of Hormuz
Qatar wants to see a return to normal shipping through the Strait of Hormuz as diplomatic efforts continue, Foreign Ministry spokesperson Majed al-Ansari said. He noted there is no clear timeline for reaching an agreement but expressed hope that a deal could be secured "as soon as possible." Al-Ansari also praised the mediation efforts of Oman and Pakistan, saying Oman has played "a very important and significant role in the past couple of weeks."
Qatar says Pakistan, Oman helping facilitate US-Iran talks
Qatar's Foreign Ministry spokesperson Majed al-Ansari said efforts are continuing to secure a diplomatic resolution to the U.S.-Iran conflict. He said Qatar, Pakistan and Oman are coordinating closely as mediators to facilitate negotiations between the two sides.
Qatar says priority is to get US-Iran talks back on track
Qatar has stressed the need to revive diplomacy between the United States and Iran amid heightened regional tensions. "What is important right now is getting back to the negotiation table," a spokesperson for Qatar's Foreign Ministry said.
Qatar confirms efforts under way for US-Iran diplomatic solution
Qatar confirmed that diplomatic efforts are continuing with all parties to address tensions between the United States and Iran. "We can confirm that efforts are ongoing with all parties. We are looking into a diplomatic solution," Qatar's Foreign Ministry spokesperson said. The comments come amid renewed efforts to revive negotiations over the conflict and the Strait of Hormuz.
US running low on key long-range missiles after Iran war: Reuters
The US military has used up much of its stockpile of long-range precision missiles during the five-month war with Iran, raising concerns about readiness for future conflicts, according to three sources familiar with the data. Two of the sources told Reuters the Army has used "virtually all" of its Army Tactical Missile Systems (ATACMS) and Precision Strike Missiles (PrSM). The report said officials are concerned the drawdown could limit the U.S.'s ability to deter adversaries such as China and Russia, although President Donald Trump insisted the country still has "far more munitions than anyone in the world."
Iran's Hormuz plan gives Tehran sweeping control over shipping: Report
A temporary plan being discussed between Iran and Oman would give Tehran full authority over all inbound maritime traffic through the Strait of Hormuz, a senior Iranian source told Reuters. Under the proposal, Oman would clear outbound vessels only after notifying Iranian authorities, allowing Tehran to maintain visibility over outbound traffic and intervene if necessary. The source added that Iran is unlikely to accept any alternative proposal to reopen the strategic waterway.
Iran unlikely to accept any alternative Hormuz reopening plan: Reuters
Iran is unlikely to accept any alternative proposal for reopening the Strait of Hormuz, a senior Iranian source told Reuters. The source said Tehran remains committed to the temporary plan being discussed with Oman, under which Iran would retain significant control over shipping through the strategic waterway.
Iran to retain oversight of outbound Hormuz traffic under proposed plan: Report
A temporary Strait of Hormuz plan under discussion with Oman would give Iran visibility over outbound shipping traffic and the ability to intervene if necessary, a senior Iranian source told Reuters.
Outbound Hormuz shipping lane to run between Iran and Oman: Source
The outbound shipping lane through the Strait of Hormuz would follow a route between Iran and Oman under a temporary plan being discussed, a senior Iranian source told Reuters.
Iran-Oman Hormuz plan would give Tehran full control over inbound shipping: Report
A temporary plan for the Strait of Hormuz being discussed between Iran and Oman would give Tehran full control over inbound shipping, a senior Iranian source told Reuters. The proposal is part of ongoing discussions aimed at managing maritime traffic through the strategic waterway. The source did not indicate when an agreement could be reached.
Iraqi oil tankers pass through Strait of Hormuz, oil ministry says
Iraq's Oil Ministry said tankers carrying the country's crude oil have successfully passed through the Strait of Hormuz, according to state media.
Goldman Sachs sees Brent crude at $80-$90 until US-Iran deal or conflict escalation
Goldman Sachs expects Brent crude to trade in an $80-$90 per barrel range until there is either confirmation of a new US-Iran nuclear deal or a significant escalation in the conflict, reported Al Jazeera. The investment bank said it sees the fair value of Brent at around $80 per barrel, suggesting current prices reflect only a moderate geopolitical risk premium.
Iran says it was ready to attack Ukraine
Senior military advisor to Iran's Supreme Leader, Mohsen Rezaee, said that Tehran was ready to launch strikes on targets inside Ukraine after an attack on an Iranian ship in the Caspian Sea. However, the operation plan was suspended after Kyiv claimed the incident had been a "mistake."
"We were ready to attack three areas in Ukraine," Rezaee said, as quoted by Iranian state media Press TV, in reference to the Ukrainian strike on an Iranian vessel.
"But after they claimed it was a mistake, we halted our response to examine their claim. Even if it was a mistake, it still requires compensation," he added, as quoted by Press TV.
Goldman Sachs expects Brent crude at $80-$90 a barrel until deal or major escalation
On Tuesday, Goldman Sachs said it expected the Brent crude price to stay in the $80-$90 per barrel range until a new US-Iran nuclear deal is confirmed or another major escalation between the two sides is reported, according to a Reuters report.
The bank estimates spot Brent's fair value at about $80 a barrel, suggesting markets are pricing in only a modest risk premium despite ongoing uncertainty over Middle East oil supplies. Brent traded near $85 a barrel on Tuesday as conflicting signals from the U.S. and Iran over the status of talks to end their five-month-old war sowed uncertainty.
'Iran does not seek to escalate tensions': Iranian president
Iranian President Masoud Pezeshkian said that Tehran is not interested in pushing for regional conflict.
According to Press TV, Pezeshkian said, "The Islamic Republic of Iran does not seek to escalate tensions or instability in the region. However, it will act with its full capabilities to defend the country's security, national interests, and territorial integrity."
Earlier, US President Donald Trump on Monday said that Iran has been given a "last chance" to reach an agreement, claiming that Washington paused a planned military strike after receiving requests from Saudi Arabia, the United Arab Emirates (UAE), Qatar, and Iran to pursue diplomacy instead.
Lufthansa cuts profit outlook as Iran war spurs fuel spikes
German airline Lufthansa revised its outlook on Tuesday, setting a new range for its 2026 adjusted operating profit after those number more than halved in Q2 due to higher fuel rates linked to US-Iran war. The group now expects an adjusted operating profit, or EBIT, of €1.7 billion to €2.2 billion ($1.96 billion-$2.53 billion), citing heightened uncertainty from high kerosene price volatility.