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As the US-Iran conflict completes two months, Washington is looking to forfeit two Tehran-linked oil tankers seized by naval forces enforcing a blockade against the Islamic Republic.
The US Department of Justice has started the forfeiture process, Bloomberg reported citing an official. Both countries have been enforcing dual blockades in and around the Strait of Hormuz as President Donald Trump seeks to ramp up economic pressure on Iran.
Meanwhile, Trump told Axios that he does not plan to lift naval blockade of Iran's ports until he secures a deal with Tehran to address the country's nuclear program, extending a standoff over the Strait of Hormuz, a key connectivity route, which has disrupted global energy supplies.
The President had rejected a recent proposal from Iran to reopen the strait but that would have delayed talks on the nuclear issue until later.
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Israel’s Defence Ministry said the country received 6,500 tons of military equipment, including air and ground munitions, over the last 24 hours
UN Chief Antonio Guterres stated that the curtailment of the Strait of Hormuz is "strangling the global economy", according to Al Jazeera.
"Supply chains will take months to recover, prolonging lower economic output and higher prices”, he added.
Israel's defence forces issued threats to multiple towns in Southern Lebanon, according to Al Jazeera. They are as follows:
Iran's Supreme Leader Mojtaba Khamenei stated that Iran will guard its nuclear technology and missiles like its borders. This development comes after US President Donald Trump repeatedly emphasised ensuring Iran not having access to nuclear weapons as the goal of the US's war with the country.
Iran's Supreme Leader Mojtaba Khamenei stated that US presence in the Gulf region is the main cause of its insecurity. He further said that Iran will "dismantle US exploitation" of Hormuz.
Iran's Supreme Leader Mojtaba Khamenei stated that the Strait of Hormuz's new management willl benefit the region in his address, as per Bloomberg reports citing State TV. He further spoke about a " new chapter is taking shape for the Gulf and Hormuz region.
As tensions between the US and Iran continue, Trump claimed that the navy’s blockade in Strait of Hormuz is working.
Trump said blockade of Iran’s ports is “somewhat more effective than the bombing” and “choking” Iran by restricting its oil exports, Bloomberg reported citing Axios.
Trump is expected to receive briefing from US Central Command leader Brad Cooper on Thursday over latest military plans against Iran, Axios reported.
Iranian President Pezeshkian had accused US and Israel for the Strait of Hormuz blockade, Al Jazeera reported citing his message on state media on National Persian Gulf Day. He highlighted that the waterway is a "symbol of the great Iranian nation's resistance." He added, “The responsibility for any insecurity in this water area lies with the United States and the Zionist regime.”
Israeli forces have attacked a water station in Southern Lebanon's Batouliyeh town, Al Jazeera reported citing Lebanon's National News Agency.
Iranian currency has dropped in recent days to a fresh record low, hinting that the US’s naval blockade is impacting the Islamic Republic’s economy. The rial depreciated to almost 1.8 million versus the dollar on Wednesday, Bloomberg reported.
US Treasury Secretary Scott Bessent has claimed that Washington has seized “close to half a billion” Iranian cryptocurrency assets.
“We were able to grab about 350 million crypto assets, and then on top of another 100 that we had recently gotten, so we’re almost at half a billion there, and we are freezing bank accounts everywhere,” Bessent told Fox News.
Defence Secretary Pete Hegseth argued with Democrats at a House panel hearing accusations of misleading the public on the Iran war and firing senior military officers, PTI reported.
Trump is the “sharpest, most inciteful commander-in-chief we’ve had in generations”, Hegseth said.
Brent crude oil crossed $125 a barrel onThursday amid growing tensions between US-Iran, which raised doubts over the reopening of the Strait of Hormuz and a permanent end to the Iran war.
US President Donald Trump said Russian President Vladimir Putin in a phone call Wednesday, offered Russia's help to serve as a third country that could deal with Iran's 970 pounds of enriched uranium.
“He (Putin) told me he'd like to be involved with the enrichment — if he can help us get it,” AP quoted Trump's statement, adding “I said, I'd much rather have you be involved with ending the war with Ukraine.' To me, that would be more important.”
Photo Credit: Bloomberg News
The United States has spent around $25 billion on the Iran war, Bloomberg reported citing Pentagon's budget chief, who was speaking to lawmakers on Wednesday. Acting Pentagon Comptroller Jules Hurst shared the estimate during testimony alongside Defense Secretary Pete Hegseth before the House Armed Services Committee on Wednesday.
Oil jumped from the highest close in almost four years as tensions between US and Iran, hinting a continuation in its naval blockade. Brent crude traded near $120 a barrel after soaring over 6% to the highest level since June 2022 on Wednesday.
The US is planning forfeiture of two Iran-linked oil tankers, which were seized by naval forces enforcing a blockade against the Islamic Republic, Bloomberg reported. Last week, US forces boarded the vessels Tifani and Phonix near Sri Lanka, according to the Pentagon.
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