Interim summary

If you are catching up now, here is a brief overview of recent developments as tensions in the Middle East rise sharply once more. It is 9.30am in Tehran and 2am in Washington DC.

The United States conducted a third night in a row of attacks on Iran on Monday while two tankers faced assault inside the strait of Hormuz.
Donald Trump announced the United States would restore its blockade on Iranian vessels in the Gulf. The measure is set to start at 4pm ET on Tuesday, according to US Central Command.
Trump indicated the Hormuz strait would remain accessible with or without Iran yet the United States would introduce charges on vessels passing through the passage, marking a notable shift. A 20 percent fee would apply to cover security and safety expenses for ships, the president stated.
Iran top joint military command declared the United States holds no authority over the straits future and would be barred from involvement. Foreign minister Abbas Araqchi asserted Tehran would remain the permanent guardian of the waterway.
Iranian outlets reported blasts in Bandar Abbas port along with Kish and Qeshm islands plus Abu Musa Island in the Gulf soon after the US military confirmed fresh strikes on Iran.

The United Arab Emirates stated Iranian cruise missiles struck two Emirati oil tankers in the southern lane of the key energy route inside Omani waters, causing one crew death and eight wounds.
Oil prices rose 2 percent to a four-week peak amid growing doubts over energy movements through the strait of Hormuz. Brent crude futures advanced 2 percent to 84.98 dollars a barrel by 0051 GMT on Tuesday while US West Texas Intermediate crude gained 2.1 percent to 79.79 dollars. Brent crude jumped 9.6 percent in the prior session, marking its largest daily increase since May 2020.

Key events

2h agoIsrael schedules October vote as first elections after 2023 Hamas attacks
3h agoInterim summary
3h agoEconomist cautions clock ticks again on global oil stock drawdown
4h agoIran asserts strike on US military site in Jordan
5h agoUS begins new attacks on Iran as tankers face hits in Hormuz strait

China urged the United States and Iran to ensure safe transit through the strait of Hormuz after Donald Trump declared the United States was restoring a naval blockade on Iranian ports and would apply a 20 percent levy on all cargo as payment for safeguarding ships in the passage.

Restoring normal and secure movement through the strait promptly represents a common goal of the global community, foreign ministry spokesperson Lin Jian stated at a briefing, noting Beijing would pursue steady efforts to ease the crisis.

Analysts note China, which maintains substantial energy reserves, has emerged among the primary beneficiaries from the US-Israel campaign against Iran.

As colleague Amy Hawkins highlights, the nations extensive oil reserves and rapid renewable energy expansion left it less vulnerable to the energy disruption from the straits effective closure compared with other nations. Chinas diplomatic influence has also grown during the conflict as Beijing positioned itself as an advocate for peace.

Bahrains defence force denounced Irans missile and drone assaults on the nation that targeted civilians and private assets, describing the actions as a clear breach of international law.

The countrys air defence systems intercepted and eliminated several Iranian aerial threats this morning while general command units stay on high alert to shield residents from hostile actions, a statement noted.

The General Command also calls on all to remain vigilant, steer clear of unusual or suspicious items from the Iranian aggression remnants, and report them at once, it added.

Earlier, Irans Islamic Revolutionary Guard Corps claimed a patriot radar, the US Navys fifth fleet air control radar, and an early warning radar system were eliminated during an assault on the country.

The UK Maritime Trade Operations centre reported two tankers were struck by a missile while heading outbound through the strait of Hormuz via the southern route on Monday.

The United States has encouraged vessels to follow the southern route along Omans coast rather than the northern path preferred by Iran.

The UKMTO noted the event occurred 13 nautical miles southeast of Limah, Oman, and confirmed authorities are probing the incident.

Vessels should transit carefully and notify UKMTO of any unusual activity, the statement advised.

Two Islamic State members were put to death after conviction for armed uprising against Iran, state television reported.

The broadcast named the men as Mohieddin Abdollahi and Hossein Palani. It stated they belonged to an Islamic State cell formed after the groups loss of territory in Iraq and Syria and had plotted attacks inside Iran.

Israel sets October date for first elections since Hamas attacks in 2023

Emma Graham-Harrison

Israel will conduct national elections on 27 October, offering citizens their initial opportunity to evaluate prime minister Benjamin Netanyahu and his coalition since the Hamas-led assaults of 7 October 2023.

The Knesset will dissolve on Friday. With limited time remaining in session, the most far-right government in Israels history is accelerating passage of several contentious measures to strengthen its standing ahead of the vote.

A lethal wave of extremist violence aimed at expanding Israeli control in the occupied West Bank is projected to persist until election day as settler militants and their political allies leverage their cabinet positions.

Netanyahu, 76, may be defending both his personal liberty and political career. He faces corruption charges despite calls from Donald Trump for an early pardon in the extended case.

Current surveys suggest voters will remove him from office, though the leader who has guided Israel for much of the past three decades remains a skilled political operator who has often exceeded expectations. The complete account is available here.

Lebanese president Joseph Aoun condemned the hostile Iranian attacks on Gulf nations and Jordan that he described as intended to maintain the entire region in ongoing strain and unease.

In a statement from the Lebanese presidency, Aoun affirmed full Lebanese solidarity, both officially and among the public, with Jordan, Saudi Arabia and all Gulf states, whose security forms an essential element of broader Arab national security and who maintain longstanding historical connections with Lebanon.

As a reminder, Yemens Iran-backed Houthis stated they hit Saudi Arabias Abha international airport with ballistic missiles and drones in response to an attack on Sanaas international airport.

Jordan, meanwhile, reportedly intercepted four missiles this morning with no casualties or material damage reported.

Over the past six hours, Bahrains interior ministry issued six social media posts urging residents to find the nearest shelter as sirens sounded.

These claims have not been independently confirmed.

Interim summary

If you are catching up now, here is a brief overview of recent developments as tensions in the Middle East rise sharply once more. It is 9.30am in Tehran and 2am in Washington DC.

The United States conducted a third night in a row of attacks on Iran on Monday while two tankers faced assault inside the strait of Hormuz.
Donald Trump announced the United States would restore its blockade on Iranian vessels in the Gulf. The measure is set to start at 4pm ET on Tuesday, according to US Central Command.
Trump indicated the Hormuz strait would remain accessible with or without Iran yet the United States would introduce charges on vessels passing through the passage, marking a notable shift. A 20 percent fee would apply to cover security and safety expenses for ships, the president stated.
Iran top joint military command declared the United States holds no authority over the straits future and would be barred from involvement. Foreign minister Abbas Araqchi asserted Tehran would remain the permanent guardian of the waterway.
Iranian outlets reported blasts in Bandar Abbas port along with Kish and Qeshm islands plus Abu Musa Island in the Gulf soon after the US military confirmed fresh strikes on Iran.

The United Arab Emirates stated Iranian cruise missiles struck two Emirati oil tankers in the southern lane of the key energy route inside Omani waters, causing one crew death and eight wounds.
Oil prices rose 2 percent to a four-week peak amid growing doubts over energy movements through the strait of Hormuz. Brent crude futures advanced 2 percent to 84.98 dollars a barrel by 0051 GMT on Tuesday while US West Texas Intermediate crude gained 2.1 percent to 79.79 dollars. Brent crude jumped 9.6 percent in the prior session, marking its largest daily increase since May 2020.

Donald Trumps declaration that the United States will begin charging ships for safe passage through the strait of Hormuz represents both a reversal for his administration and a departure from centuries of American support for freedom of navigation worldwide.

We are protecting a very rich portion of the world, the president said. We are spending money. And so, what we have done is, we are going to be reimbursed for protection.

This marks a change in US policy that previously held the strait should stay open to all without tolls, as it was before the US and Israel attacked Iran on 28 February. Yet as the Associated Press notes, any effort by the United States or Iran to impose fees would breach global standards on freedom of navigation and heighten tensions, likely triggering additional economic fallout far beyond the region.

The US navy has defended freedom of navigation on the seas since the Barbary Wars and the War of 1812.

Trump stated on Monday the United States was taking over the Hormuz strait and would receive payment for its operations.

We are going to keep the strait, and we will probably run it. We will become the guardian of the strait, he told Fox News. Wealthy nations would need to reimburse the United States.

We are going to get paid for guarding it. A lot of money, but we just want to be reimbursed for doing all of this, for putting our people in danger.

Trump later posted on Truth Social that the United States would be reimbursed at 20 percent of all cargo shipped for any and all costs necessary to do the job of providing safety and security.

Irans military warned it would not permit the United States to interfere in the straits management.

Clock ticking again on global oil inventory depletion, economist warns

Luca Ittimani

Resurgent oil and fuel prices could lock in a fourth interest rate increase in Australia this year if Donald Trumps renewed conflict with Iran is not settled within a week, economists caution.

US missile strikes on Iran and Trumps announcement of a new maritime blockade have lifted oil prices to their highest level in the month since the two countries reached a peace agreement.

Brent crude oil reached US$85 a barrel on Tuesday morning, while the West Texas Intermediate benchmark price for US crude exceeded US$80 a barrel. Both had traded near US$70 in early July.

Escalating hostilities could deplete oil stockpiles and drive prices well above their April high, an energy commodities strategist at Australias Commonwealth Bank stated in a note on Tuesday.

The clock has started ticking again on global oil inventory depletion, Vivek Dhar said.

Continued conflict would push Brent oil prices to $US100 a barrel within 10 days and $150 a barrel within 10 weeks, he said.

Iran rescued 23 foreign crew members after a bulk carrier collided with another vessel north of Qeshm Island in the strait of Hormuz