Wednesday 26 August 2026 07:30 UTC
US Widens Iran Sanctions as Oman Floats Hormuz Corridor
In the 24 hours ending 26 August at 07:30 UTC, the United States expanded its economic campaign against Iran. It sanctioned more than 60 people, companies and vessels tied to Iranian oil, nuclear and missile work.
Washington warned that Iran’s trading partners could lose access to dollar-based finance. It spared major Chinese banks for now, despite China buying most Iranian oil exports. Iran threatened military and economic action, while China warned of retaliation.
Oman proposed a temporary, jointly managed shipping corridor through the Strait of Hormuz. The plan includes mine removal, traffic management and talks on a permanent route. The White House said no talks with Iran were underway or scheduled.
Donald Trump, the US president, said mines in international waters had been removed or destroyed. He warned that US forces would destroy any vessels placing new mines.
The United States may soon return diplomats to several Middle Eastern embassies. The possible move suggests officials see a lower risk of renewed full-scale conflict. Restrictions on diplomats’ families remain in several countries.
John Ratcliffe, the CIA director, made an unannounced visit to Moscow. His visit was the first known trip there by a CIA chief since 2021. Officials did not disclose its purpose.
The United States asked Ukraine to pause long-range strikes on northern Russia for three days. Ukrainian drones still struck Russia’s Kstovo oil refinery, causing a major fire.
Mazloum Abdi, commander of the Kurdish-led Syrian Democratic Forces, announced the group’s dissolution. Its members will fully join Syria’s state and armed forces.
Trump sent Congress a proposed civil nuclear agreement with Saudi Arabia. US companies would test the costs and benefits of building a Saudi nuclear energy programme. Trump tied further progress to Saudi recognition of Israel.
Trump also ordered a major reduction in joint US-South Korea military exercises. He called the exercises costly and said they sent an unsuitable signal to North Korea.
Canada imposed tariffs of 15% to 50% on about $20 billion of US goods. The measures cover products including milk, steel and plywood. The growing dispute could weaken Canadian spending, investment and supply chains.
US new-home sales fell 10.5% in July, while available housing supply increased. Consumer confidence also fell slightly in August. Long-term borrowing costs rose, with the 30-year Treasury yield reaching 5.34%.
Japan expects debt-servicing costs to rise 17% next year to a record ¥36.6 trillion. Total budget requests may exceed ¥130 trillion for the first time.
Anthropic may seek up to $100 billion at a valuation near $2 trillion. The AI company could file for a public share sale within weeks. Its quarterly revenue more than doubled to a reported $11.6 billion.
OpenAI said its new Jalapeno AI chip beat Nvidia’s GB300 in speed and power efficiency tests. The Broadcom-developed chip could reduce data-centre costs for running large AI models.
Bitcoin briefly passed $80,000 for the first time since May. Its weekly gain exceeded 20%, supported by six straight days of investment fund inflows.
Dolly Parton, the US country music star, died aged 80 after a brief illness. Trump ordered US flags lowered to half-staff in her honour.