Tuesday 25 August 2026 07:30 UTC
Tanker Strikes and Tariff Threats Raise Global Tensions
In the 24 hours ending 25 August at 07:30 UTC, an unknown projectile struck an oil tanker in the Strait of Hormuz. The blast disabled its engine and cut power. All crew members were safe.
Another projectile hit a tanker near Yanbu, Saudi Arabia, causing a deck fire. The crew was safe, and responsibility remained unclear.
Scott Bessent, the US treasury secretary, announced a stronger financial campaign against Iran. He threatened sanctions and loss of dollar access for countries supporting Tehran. Iran’s currency fell below two million rials per US dollar for the first time.
The United States also offered rewards for information on senior Iranian military leaders. Each reward could reach $10 million.
The United States removed Syria from its list of state sponsors of terrorism. It also removed Hayat Tahrir al-Sham from a separate terrorism list. The group led the campaign that removed Bashar al-Assad from power.
Ukrainian drones struck the Afipsky oil refinery in southern Russia and started a fire. This continued Ukraine’s recent campaign against Russian energy sites.
Donald Trump, the US president, threatened 50% tariffs on Canadian vehicles, parts and steel from January 2027. Mark Carney, Canada’s prime minister, said Trump wanted to destroy key Canadian industries. Canadian officials threatened restrictions on energy and critical minerals if the dispute grows.
Washington is also considering a 7.5% tariff on Chinese goods over excess factory production. The United States and China are discussing an extension of their trade truce.
Shipping a large tanker through Hormuz now costs about $20 million. Brent crude remained above $90 despite continued oil flows. US emergency oil stocks fell to their lowest level since 1982.
Jason Watson, a US Air Force major, was charged after publicly criticizing Trump. The charges include contempt toward the president and breaking political activity rules.
US economic growth weakened in July. Production, sales and consumer spending all declined. Long-term government borrowing costs remained under pressure from debt and inflation concerns.
India expects its weakest monsoon rainfall since 2009. Poor September rainfall could increase pressure on farms and water supplies.
Police arrested 12 people over the crash near Middlesbrough, England, that killed seven people. Those arrested were aged between 19 and 61.