US vs Iran War Latest News

The Justice Department has filed a civil forfeiture complaint targeting $61 million in crypto allegedly linked to Iranian crude oil and petroleum sales. Prosecutors say Blessed Trust and Hexa Whale helped convert and move funds through Binance and other crypto channels, while a network of unhosted wallets distributed more than $1.5 billion in proceeds tied to Iran and IRGC-related entities.

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U.S. Central Command said American forces destroyed three IRGC-linked oil tankers after Iran targeted two U.S. Navy warships with missiles. The incident marks another escalation in the Gulf as Washington warns it may continue targeting Iran’s exposed oil fleet if attacks on U.S. forces or maritime traffic continue. The clash could heighten pressure on oil prices, shipping routes, and Strait of Hormuz security.

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The U.S. and European Union are tightening their stance against Iran after Brussels joined Operation Economic Outcast. Bessent said the move shows allied resolve to sever Iran’s remaining financial lifelines and prevent access to the global financial system. The development adds momentum to Washington’s broader sanctions campaign targeting Iran-linked activity across finance, trade, and digital asset networks.

U.S. forces struck two Iranian launchers on Larak Island near the Strait of Hormuz, marking the first known American attack on Iran since late July. A U.S. official said IRGC forces were preparing to launch rockets with sea mines into the waterway. Iran said two people were killed and two injured, while the IRGC vowed retaliation and later claimed missile attacks on U.S. targets in Jordan.

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Iran’s security chief Mohsen Rezaei denied allegations of a potential Iranian plot to assassinate President Donald Trump’s youngest son, calling the report a lie in an interview broadcast by Lebanon’s Al Manar TV. The denial comes amid heightened U.S.-Iran tensions, fresh sanctions pressure, and wider security concerns tied to threats against Trump family members and U.S. officials.

Financial Times reports that Iranian planners have eyed U.S. military sites in countries like Bulgaria and Cyprus for potential retaliation, including the Bezmer air base and a British base previously hit by a drone. They have also considered severing subsea fiber-optic cables in the Strait of Hormuz.

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Tanker attacks have caused a near standstill in traffic through the Strait of Hormuz, a critical shipping route. The incident has resulted in significant disruptions to global oil supplies. The exact impact on trade is still being assessed.

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The UAE has condemned an Iranian attack on two Adnoc ships. The incident occurred in the Gulf of Oman, with no reported casualties. The UAE has urged restraint and called for a peaceful resolution to the conflict.

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The EIA expects Brent crude to average $85 a barrel in Q3 2026 as severe restrictions on oil shipments through the Strait of Hormuz continue. The agency estimates Middle East production shut-ins averaged 5.5 million barrels per day in July. Oil prices are expected to remain elevated as inventories fall, before easing as disrupted production gradually returns later this year.

Iran’s Revolutionary Guard says reopening the Strait of Hormuz does not depend on negotiations with Oman, challenging earlier expectations that talks could determine the waterway’s status. The statement adds uncertainty around efforts to restore shipping through the strategic route, which remains critical to global energy flows and could continue to influence oil markets and broader risk sentiment.