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Iran's newly appointed security council chief has made the reopening of the strategically vital Strait of Hormuz contingent on American acceptance of Tehran's demands, including ending support for military operations and unfreezing assets.
OPEC+ will gather on Sunday for its Joint Ministerial Monitoring Committee meeting, with seven producing nations expected to increase September oil output targets by 188,000 barrels per day, potentially ending voluntary production constraints.
The United States has conducted its eighth consecutive night of airstrikes against Iran, targeting military facilities and coastal defences. The escalation follows deaths of two US military personnel in Jordan and the breakdown of a month-old interim ceasefire agreement.
The United Arab Emirates successfully intercepted Iranian missiles and drones in a dramatic escalation of Middle Eastern tensions. Qatar and Bahrain issued urgent shelter-in-place warnings to residents as the situation unfolded.