Iraq Reports Losses Of $45 Billion In Oil Exports
Iraq has lost an estimated $40 billion to $45 billion in revenue since the outbreak of the US-Iran war, largely because of a sharp drop in oil exports following the disruption of shipping through the Strait of Hormuz, a senior Iraqi official said on July 22.
Mazhar Saleh, financial adviser to Prime Minister Mohammed Shia al-Sudani, said Iraq's oil exports had fallen by about 90 percent, resulting in losses of up to $45 billion as of June. If the conflict and disruptions to shipping continue, losses could rise to around $50 billion, he said.
The conflict, which began with US-Israeli strikes on Iran on February 28, and the subsequent closure of the Strait of Hormuz by Iran's Islamic Revolutionary Guarda Corps (IRGC), has severely disrupted oil shipments and affected production across the region.
Before the conflict, Iraq produced about 4 million barrels of crude oil per day and exported roughly 3.5 million barrels daily, most of it through the Strait of Hormuz. Since then, Baghdad has sharply reduced production as storage facilities filled, redirecting limited exports through alternative routes, including pipelines to Turkey's Mediterranean port of Ceyhan and overland shipments through Syria.
Iraqi Oil Minister Bassem Mohammed Khudair said the ministry's monthly transfers to the state treasury had fallen from $7–8 billion before the conflict to about $1.5 billion today.
Oil exports typically account for about 90 percent of Iraq's government revenue.
Tehran Summons Ukrainian Envoy After Strike On Iranian Vessel In Caspian As Tensions Rise
The Foreign Ministry in Tehran has summoned Ukraine's envoy to issue a protest over what it labeled a "hostile and criminal" attack after it accused Kyiv of striking an Iranian commercial vessel in the Caspian Sea.
Manouchehr Moradi, an assistant foreign minister conveyed to Kyiv's charge d'affaires Iran's "strong levels of protest" and vowed that the Islamic republic "will not leave this action unanswered," according to the Tasnim state-controlled news agency.
Iran said the Ukrainian strike resulted in an explosion that killed one sailor and injured another. The claim could not be independently verified.
The strike and diplomatic move further raised tensions between the two countries even as violence flared elsewhere in the Middle East war that began with US-Israeli air strikes on Iran at the end of February.
Ukrainian President Volodymyr Zelenskyy on July 25 said Kyiv's forces had hit a Russian warship and vessels used for transporting Iranian-linked military cargo in the Caspian Sea.
Ukraine had achieved "very good results" in overnight long-range strikes in the Caspian, including against vessels used to transport military cargo "with the participation of Iran," Zelenskyy wrote on Telegram.
Kyiv and the West have condemned Iran for providing Iranian-designed drones to Russia for use against Ukrainian forces following the Kremlin's full-scale invasion of Ukraine in February 2022.
Kyiv has offered its expertise in drone interception to countries in the Middle East that have been targets of Iranian strikes.
Zelenskyy, in later remarks on July 25, said his intelligence services had since early July detected "active Russian satellite surveillance of the Gulf states and US military facilities located there. These images subsequently appear in Iran."
"At the same time, there is a clear correlation between Russia’s satellite imagery of these sites and Iranian strikes -- both before the attacks, in preparation for them, and afterward, to assess the damage inflicted," Zelenskyy said.
Zelenskyy claimed that on July 19-20 alone, Russian satellite observation had included four air bases: two of them in Bahrain, one in Jordan, and one in Kuwait -- all US Arab allies in the Middle East.
With reporting by RFE/RL's Radio Farda and Reuters
US Boards Comoros-Flagged Ship As Part Of Iran Port Blockade
The United States continued to enforce the blockade of Iranian ports on July 25, with the military saying its forces boarded a Comoros-flagged tanker in the Arabian Sea as part of a "verification" process.
"Earlier today, US forces completed a verification boarding aboard Comoros-flagged M/T Charminar in the Arabian Sea, and the tanker is now continuing its journey," US Central Command (CENTCOM) it said on X.
The statement said that as of July 25, CENTCOM forces had since the reinstatement of the blockade redirected 12 commercial vessels trying to run the blockade, disabled two vessels that didn't comply, and boarded two others to ensure total compliance.
It added that CENTCOM forces disabled Mozambique-flagged M/T Lavine in the Gulf of Oman on July 24, after the crew attempted to violate the blockade multiple times and ignored repeated warnings.
"The ship is no longer transiting to Iran," it said.
US forces for the first time in two weeks did not launch overnight attacks on Iranian sites on July 24-25. As of 11 p.m. Iran time on July 25, it had not announced new attacks.
CENTCOM has stated that the attacks on Iranian sites is largely designed to prevent Tehran from attacking shipping in the Strait of Hormuz.
Conflicting Claims As Tehran Says Ukraine Struck Iranian Commercial Vessel In Caspian Sea
Iranian Foreign Ministry said the Ukrainian attack on July 25 targeted an Iranian commercial ship in the Caspian Sea, while Kyiv said it hit vessels being used to transport military cargo.
The Iranian ministry said the strike killed one sailor and injured another.
The statement came hours after Ukrainian President Volodymyr Zelenskyy said Ukrainian forces had targeted a Russian warship, as well as vessels used to transport military cargo linked to Iran, in the area.
Ukraine had achieved "very good results" in overnight long-range strikes in the Caspian Sea, including against vessels used to transport military cargo "with the participation of Iran," Zelenskyy wrote on Telegram.
While Russia has not commented on the incident, Iran has described it as an act of aggression.
A day earlier, US President Donald Trump said "it would be very bad" for Russia and China if they were supplying weapons to Iran, but added that the leaders of both countries had assured him this would not happen.
Tehran has long been an ally of Russia, supplying it with military equipment and technology and fueling Moscow's war effort against Ukraine. Earlier this year, Zelenskyy said that Russia's military had used more than 50,000 Shahed drones in attacks on his country, including against civilian and energy infrastructure.
Separately, Zelenskyy said later on July 25 that Kyiv had "recorded active Russian satellite surveillance" of the Gulf countries and US military bases in the area. "These images subsequently appear in Iran," he said.
"At the same time, there is a clear correlation between Russia's satellite imagery of these sites and Iranian strikes -- both before the attacks, in preparation for them, and afterward, to assess the damage inflicted."
With reporting by Reuters.
Egyptian, Omani, Iranian Foreign Ministers Discuss De-Escalation
Egyptian Foreign Minister Badr Abdelatty held separate phone calls on July 25 with his Omani and Iranian counterparts to discuss efforts to de-escalate tensions in the Middle East .
During his talks with Omani Foreign Minister Badr bin Hamad Al Busaidi and Iranian Foreign Minister Abbas Araqchi, Egypt's top diplomat stressed the need to halt all "military and escalatory" actions to prevent the conflict from widening.
Quoting a statement from the Egyptian Foreign Ministry, the Egypt Today daily reported that the talks highlighted the importance of maintaining freedom of navigation in the Strait of Hormuz and the Red Sea, "considering it a key factor for regional security and stability."
The Egyptian minister also called for the protection of civilians.
Earlier, Iran's Islamic Revolutionary Guards Corps (IRGC) urged people living in Persian Gulf states to stay at least 500 meters away from US military bases in their respective countries.
Bessent Vows More Pressure On Iran As US Targets Sanctions-Evasion Network
US Treasury Secretary Scott Bessent said the Iranian government was continuing to "pay a steep economic price for its reckless behavior" and vowed to intensify pressure on Tehran after the Treasury Department announced new sanctions targeting a "broader Iranian sanctions evasion network."
"Treasury will continue cutting off economic access for corrupt Iranian regime elites, along with their financiers and facilitators," Bessent said in an X post on July 25.
The measures target four individuals and nine entities that US authorities said are part of a network run by Iranian businessman Babak Zanjani, whom Washington accuses of helping Iran evade sanctions through a web of companies and financial intermediaries.
Ukraine Says It Struck Russian Warship, Iran-Linked Vessels In Caspian Sea
Ukrainian President Volodymyr Zelenskyy says Ukrainian forces targeted a Russian warship as well as vessels used to transport military cargo linked to Iran in the Caspian Sea.
Writing on Telegram on July 25, Zelenskyy said Ukraine had achieved "very good results" in overnight long-range strikes in the Caspian Sea, including against vessels used to transport military cargo "with the participation of Iran." He did not provide further details about the warship or the vessels that were struck.
Ukraine's Security Service (SBU) also said on July 25 that Ukrainian drones had struck the Filanovsky offshore oil platform, operated by Russian oil company Lukoil, in the Caspian Sea.
According to the SBU, two cargo vessels -- the Port Olya 2 and Begey -- were also targeted. It said the ships had been used to transport military cargo between Russia and Iran.
Neither Russia nor Iran has commented on the reported strikes, and Ukraine's claims have not been independently verified.
On July 24, President Donald Trump said on social media that his Chinese and Russian counterparts had assured him they were not selling weapons to the Islamic Republic of Iran.
"Therefore, two major Countries that people speak of often in terms of Iran are, in my opinion, not participating. If they did, it would be very bad for them -- Certainly not in their best interests," he added.
China, Russia and Iran maintain close strategic ties. Russia has relied on Iranian-designed drones in its war against Ukraine, while Beijing has deepened economic ties with Tehran.
Reuters recently reported, citing four sources familiar with the matter, that US intelligence analysts are examining whether Russia played any role in Iran's recent drone attacks on facilities linked to the CIA.
Pakistan Leads Fresh Push For US-Iran Talks Amid Widening Conflict
- By Daud Khattak
With the US-Iran conflict escalating in recent weeks, there have been reports of a fresh push by Pakistan to bring the warring sides to the negotiation table.
Islamabad has sought to mediate between Washington and Tehran since the conflict erupted, a role that has won public backing from China.
“I’m not privy to precise information as what is happening right now, but I can tell you that engagement did not stop even during active hostilities,” a senior official in Islamabad told RFE/RL on July 25.
Asked if Pakistan is driven by concerns that the conflict may escalate to such an extent that it would affect its own border security and its economy, the official said, “it is the Gulf countries who are more concerned as they bear the brunt of the Iranian strikes…even more than Israel now that Israel is not an active participant in the war.”
On July 24, Reuters reported that Pakistan was trying to find a path to a resumption of the stalled talks between Tehran and Washington. The report said Islamabad was being backed and encouraged in this new push by Beijing, which is a close ally.
Quoting three Pakistani sources, Reuters said the resumption of talks was discussed during a visit to Islamabad last week by Iranian Interior Minister Eskandar Momeni.
Momeni is considered close to Iran’s Islamic Revolutionary Guards Corps (IRGC). He met Pakistani Prime Minister Shehbaz Sharif and the country’s powerful army chief, Asim Munir, during his two-day stay in the Pakistani capital on July 20–21.
Tehran also appeared to indicate its readiness for a cease-fire and resumption of talks during a recent meeting between Iranian Foreign Minister Abbas Araqchi and his Chinese counterpart, Wang Yi, on the sidelines of a Shanghai Cooperation Organization foreign ministers’ gathering in Kyrgyzstan on July 24.
Araqchi claimed his country did not want the conflict to continue and would negotiate with the United States to resolve it.
Iran's state news agency, IRNA reported that Wang expressed “deep concern” over the recent escalation in the Middle East and urged the two sides to return to talks as agreed upon in a frame-work cease-fire agreement, which was signed in June, but has since unraveled.
"The door to negotiations, once opened, should not be closed, and as long as there is hope for peace, it should not be given up," Wang was quoted as saying during his meeting with Araqchi.
The Pakistani official, who spoke to RFERL on condition of anonymity said, “China has stakes in a stable Iran and the region” and it has been backing Islamabad’s efforts to mediate between the two sides without taking on an overt and active role.
In a separate meeting with his Pakistani counterpart, Ishaq Dar, on the sidelines of the SCO meeting, the Chinese foreign minister voiced “firm support” for Pakistan in its efforts to achieve a lasting cease-fire.
Elsewhere, US President Donald Trump said that Washington and Tehran were still conducting negotiations to end their conflict -- even as attacks continued throughout the region by both sides -- while cautioning that there was no guarantee the talks would succeed.
"We are talking to them. I think they're being serious. I think...they are being by far the most serious that we've seen them, but that doesn't mean we get there," Trump told reporters at the White House on July 24.
The diplomatic efforts came as military tensions still remained high.
On July 24, the IRGC issued a warning to people in the Persian Gulf region, telling them to move at least 500 meters away from the US military bases in their respective countries, IRNA reported.
Houthis Claim Strike On Saudi Arabia After Riyadh Hits Yemen Targets
Iran-backed Houthi rebels claimed a missile strike on Saudi Arabia on July 25, hours after vowing to retaliate for Saudi air strikes on military targets in Yemen the previous day.
The Houthis' Ansarollah media said a "Yemeni missile strike" sparked fires in the southern Saudi city of Jizan, while Riyadh issued and quickly lifted civil defense warnings for Jizan and Yanbu but made no immediate comment on the claim.
The escalation followed Saudi strikes on July 24 against Houthi military sites in Hodeida, including a naval base at Ras al-Kathib, a military camp on Kamaran island, and a telecommunications building near the port, according to a Yemeni security source.
Houthi media said two civilians were wounded. Riyadh said it had targeted sites threatening commercial shipping after the Yemeni rebels announced a blockade of Saudi shipping and attacked vessels in the Red Sea.
On July 20, the Houthis warned that they would target ships "belonging to (the) Saudi enemy" that ignored the blockade.
Earlier this week, they claimed attacks on two Saudi ships. On July 24, Saudi Arabia confirmed one Saudi-owned vessel, NCC MASA, sustained minor hull damage in the Red Sea but continued its voyage.
The escalation has sparked concerns about oil supplies, with Saudi Arabia increasingly reliant on Red Sea export routes with the war in Iran disrupting shipping in the Strait of Hormuz.
The latest exchange also raises the prospect of renewed cross-border fighting between Saudi Arabia and the Houthis, jeopardizing a de facto cease-fire that has largely held since a UN-brokered truce between the Houthis and Yemen's internationally recognized government expired in October 2022.
Saudi Arabia has backed Yemen's government against the Houthis since leading a military intervention in 2015, although cross-border hostilities have largely subsided in recent years.
With reporting by AFP
US Fires On, 'Disables' Vessel Seeking to Evade Blockade Of Iranian Ports
US Central Command (CENTCOM) said its forces struck a tanker early on July 25 attempting to reach an Iranian port in violation of the US blockade of the country's ports.
Spokesman Captain Tim Hawkins said the tanker was struck after attempting to evade the blockade multiple times.
"We disabled the tanker after the crew attempted to run the blockade at least four times prior," Hawkins told AFP.
"The crew was repeatedly warned, didn’t comply, and US forces on scene disabled the ship after firing into its engine room," he said. "The ship is no longer transiting to Iran.”
CENTCOM did not immediately disclose the specific type of tanker, the location, or its country of origin.
US forces earlier this month resumed the blockade of Iranian ports earlier this month, preventing ships from entering or leaving the country's ports and coastal areas.
A similar naval blockade was initially imposed in mid-April before it was lifted in mid-June as part of an interim framework agreement with Tehran.
The number of oil tankers passing through the Strait of Hormuz on July 23 reached the lowest level in nearly seven weeks, according to data from oil tanker traffic monitoring companies.
Only one giant oil tanker, called the New Giant and carrying 2 million barrels of Iraqi crude oil, left the Strait of Hormuz and headed for China on July 23.
On July 21 and 22, three and eight oil tankers passed through the Strait of Hormuz, respectively.
Before the US-Iran war began, up to 150 vessels passed through the strait per day.
With reporting by dpa and AFP
Saudi-Led Forces Strike Houthi Sites In Yemen After Ships Hit In Red Sea
Saudi-led forces targeted Iran-backed Houthi rebel military sites in Yemen that were threatening Red Sea shipping, Saudi authorities said early on July 25, as the fears of a widening Middle East war further intensified.
"The terrorist Houthi military...targeted commercial ships in the Red Sea," military spokesman Turki al-Maliki said on X.
He added that the coalition had "carried out a decisive and strong response" targeting Houthi military sites used to threaten Red Sea shipping and that the "military response is now over."
The attacks come after the Houthi rebel group said it was imposing a maritime blockade on Saudi-flagged ships in the Bab al-Mandeb Strait in the Red Sea.
The Houthi rebels struck two Saudi tankers on July 23, then reportedly hit another late on July 24.
A Saudi statement referred to a "coalition" of forces carrying out a "proportionate military response operation" on targets linked to the Houthi, although it did not specify members of the coalition.
The US-ally said it would continue to take necessary steps to protect the kingdom's ships and other interests.
Prior to the latest attack on shipping, US President Donald Trump said Iran would be held responsible for any future Houthi attacks.
"If they do this again, the US will hold Iran responsible, in that the Houthis are a Surrogate and/or Proxy of Iran, and major military punishment will be inflicted upon Iran and, of course, the Houthis," he wrote in a Truth Social post on July 23.