Saturday 29 August 2026 07:30 UTC
Hormuz Standoff and Missile Strain Lead the Overnight Brief
In the 24 hours ending 29 August at 07:30 UTC, Iran rejected US claims that the Strait of Hormuz was open. Iran said vessels still needed its approval to cross.
Masoud Pezeshkian, Iran’s president, said Iran sold about 90 million oil barrels during the interim deal. He also offered cooperation with Saudi Arabia, the United Arab Emirates and other regional countries.
The Iran war has severely reduced US missile stocks in Europe. Patriot and ATACMS supplies have fallen beyond critical levels. The United States also moved air defence systems from Europe to the Middle East.
US forces had used about 1,700 Patriot interceptors by mid-July. They also used 200 THAAD interceptors and 150 naval missiles. Iran had launched more than 1,500 ballistic missiles.
Donald Trump, the US president, announced majority US control over a Venezuelan oil venture. The venture covers more than 65 billion barrels of proven reserves. Venezuela’s interim government granted a 100-year concession, with the US government controlling 55%.
The Trump administration expects nearly $100 billion in private investment. Chevron and other US companies are nearing major agreements in Venezuela’s oil industry.
Washington may review its support for British control of the Falkland Islands. The possible change depends on Britain meeting NATO’s 5% defence spending target.
Ukraine launched a widespread drone attack against Russia, hitting a warehouse complex near Rostov. Another drone reportedly struck a Russian heavy bomber at Engels airbase. Volodymyr Zelensky, Ukraine’s president, wants 1,000 long-range drone launches against Russia each day.
Russian petrol production fell to about 70% of domestic demand by late August. Recent Ukrainian attacks have damaged several major Russian refineries.
European officials found no evidence that Russia was preparing a conventional attack on NATO. However, NATO countries are discussing greater contact with Russia to reduce dangerous misunderstandings.
Kevin Warsh, the US Federal Reserve chair, said controlling inflation remained his main priority. He said recent inflation figures had improved, but underlying pressure had not meaningfully changed.
Beth Hammack, president of the Cleveland Federal Reserve, called for interest rate increases. Markets moved toward expecting a September increase instead of another pause. US government borrowing costs rose, while gold and silver prices fell about 3%.
The United States bought Japanese yen for the first time since 1998. Scott Bessent, the US treasury secretary, said extreme currency moves could raise American borrowing costs. Japan spent a record $96.4 billion supporting the yen, but it still weakened sharply.
The US Treasury plans to cut financial access for Banque Misr branches in the United Arab Emirates. The Egyptian bank faces action over business involving Iran.
US officials withdrew earlier claims that Chinese hackers entered several government agencies. They now say the agencies were targeted, but not successfully breached.
Trump created a US space academy for military, government and private-sector workers. The academy will train staff for the Space Force, NASA and civilian space companies.
King Haakon VIII took the Norwegian throne after the death of his father, King Harald V.
A falling sign killed one man at a Christian festival in West Sussex, England. At least six other people suffered injuries.
Four men admitted setting fire to Jewish community ambulances in London.
PayPal shares fell 14% after a group of possible buyers abandoned its takeover effort.