LIVE | Iran claims to have replied to the latest US proposal and presents its agency to control the passage of the Strait of Hormuz
The price of oil continues to rise after the markets find no signs of a close agreement and new tensions in the region, especially after the attack intercepted by the UAE against a nuclear power plant on its territory.
The USS Abraham Lincoln, during the blockade of Iranian ports.
The Iranian foreign ministry announced that it has responded to the latest U.S. peace proposal following Trump's threats to expedite a deal to settle the conflict. In addition, Tehran presented an agency that will be in charge of managing the passage of ships through the Strait of Hormuz under conditions dictated by the regime and upon payment of fees.
The situation also deteriorated again in the region after Saudi Arabia denounced the interception of three Iranian drones invading its airspace and Turkey denounced Israel's interception of a new freedom flotilla as an "act of piracy."
The climate again caused oil prices to rise, with Brent already above $111 per barrel during the Asian trading day and West Texas Intermediate reaching $106.
Times are Eastern Standard Time (ET).
Iran assures that it has already responded to the latest U.S. proposal
Iran's foreign ministry assured Monday that the country had responded to a new U.S. proposal aimed at ending the war, adding that exchanges were continuing despite Iranian media reports describing Washington's demands as excessive.
"As we announced yesterday, our concerns were conveyed to the U.S. side," Foreign Ministry spokesman Esmail Baqai told a news conference. The spokesman added that the exchanges "continue through the Pakistani mediator," without offering further details.
Iran announces creation of a new body to manage Strait of Hormuz
Iran's top security agency announced Monday the formation of a new body to manage the strategic Strait of Hormuz, which Tehran de facto closed and for whose passage it wants to charge ships.
On its official X account, the Supreme National Security Council shared a publication by the Persian Gulf Strait Authority (PGSA) indicating that it would provide "real-time information on operations" in this sea passage.
Tension between Turkey and Israel over Freedom Flotilla interception
Turkey and Israel staged a diplomatic clash following the Israeli navy's interception of the freedom flotilla that departed from Turkish territory heading for Gaza.
While Israel claimed its military "foiled a malicious plot," Ankara called the detention of the activists "an act of piracy."
Oil prices continue to rise
The price of crude oil continues to rise in the face of the situation in the Middle East. At the end of the Asian trading day, Brent crude was trading above $111 a barrel, while WTI was trading above $106.
IAEA warns that commercial oil stocks are declining "very rapidly"
Commercial oil stocks are declining "very rapidly" as Gulf supplies continue to be disrupted by the Middle East war, even with the release of strategic reserves by governments around the world, the head of the International Energy Agency said Monday.
The fear of shortages is growing with the summer travel season approaching in the northern hemisphere. Airlines have warned of jet fuel shortages in the coming weeks if supply disruptions persist.
"Commercial inventories are dwindling.... I think they are running out very quickly," Fatih Birol told reporters as he arrived at a meeting of G7 finance ministers in Paris. "We still have several weeks left, but we have to be aware that they are diminishing rapidly," he said, warning that they are "not endless."
Iran's national soccer team travels to Turkey ahead of the World Cup
Iran's national soccer team traveled to Turkey on Monday where it must play a friendly and complete visa applications to travel to the United States for the 2026 World Cup, Iranian media reported.
ILO warns Middle East war threatens millions of jobs
The Middle East war is undermining wages and working conditions beyond the conflict region, the International Labor Organization (ILO) said Monday. The body predicted in a report that the conflict could cost millions of jobs and cause real wages to fall in 2026 and 2027, with particular risk to migrant workers who send remittances home.
"The conflict is expected to affect labor markets for some time, and the magnitude and duration of its effects will depend on how the situation evolves," the report said.
Saudi Arabia intercepts three drones
Saudi Arabia intercepted three drones that entered its airspace Sunday from Iraq, Defense Ministry spokesman Maj. Gen. Turki al-Maliki announced.
"On Sunday morning, three drones were intercepted and destroyed after entering the Kingdom's airspace from Iraqi airspace," the spokesman said in a statement.
Trump has not made any "concrete concessions" in response to Iran
The United States made no concrete concessions in its response to the Iranian offer to end the war, Iranian media said. The Fars news agency noted that Washington presented a five-point list that included a demand that Iran keep only one nuclear facility in operation and transfer its stockpile of highly enriched uranium to the United States.
According to the same source, the United States also refused to unfreeze "not even 25%" of frozen Iranian assets abroad or to pay compensation for damages suffered by Iran during the war.
Fire near Emirati nuclear power plant after Iranian drone strike
A fire broke out after a drone attack near the Barakah nuclear power plant in the United Arab Emirates without causing injuries or causing an increase in radioactivity, Abu Dhabi authorities announced Sunday.
Emirates strongly condemned the attack and noted that it "constitutes a dangerous escalation." Saudi Arabia also condemned the attack and said it constitutes "a threat to the stability of the region."
Saudi Arabia also condemned the attack and said it constitutes "a threat to the stability of the region.
Trump rushes Iran again and threatens that "there will be nothing left of them"
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