Pentagon Reports $4.8 Billion Loss in Iranian Oil Revenue from US Naval Blockade

• Iran has launched missile and drone attacks on the Jordanian port city of Aqaba in a retaliatory strike. • The escalating conflict has disrupted global energy supplies, driving Brent crude oil prices above $94 per barrel.

• Author Laala Bechetoula has released a book titled "Gaza Hashem: A Tale Told by the Children," dated July 20, 2026. • The work is written for adults but utilizes the voices and simple language of Gazan children as the primary moral narrators.

• Pakistan has requested a $10 billion exchange stabilisation facility from the United States to bolster its foreign exchange reserves and support the rupee. • The move follows a period of IMF-backed reforms that stabilized the economy but imposed high political costs through increased taxes and spending restraints.

• The United States and Iran are engaged in escalating attacks as officials express doubt over whether diplomacy can prevent a full-scale return to war. • Amidst these tensions, a new 30-year deal is expected to be established, focusing on long-term strategic development.

• Yemen’s Houthis have declared a naval blockade of Saudi Arabia, escalating regional tensions by opening a new front in the Middle East conflict. • The U.S. military has conducted airstrikes against Iran for the 10th consecutive night, while an Israeli drone strike in Gaza City resulted in the deaths of a family of six.

• Pakistan has reportedly requested a $10 billion exchange stabilisation facility from the United States to bolster its dwindling foreign exchange reserves. • Finance Minister Muhammad Aurangzeb discussed the request and Pakistan's economic vulnerabilities during a meeting with US Treasury Secretary Scott Bessent in Washington on Tuesday.

Passage of annual bill complicated by Trump’s decision to join Israel in attacking Iran without congressional approvalThe US House of Representatives passed a $1.15tn defense policy bill in a near-party-line vote on Wednesday, after Democrats refused to back the measure amid the war with Iran and Donald Trump’s push to impose new restrictions on voting nationwide.A key plank of the president’s plan to spend $1.5tn on the military in the 2027 fiscal year, the National Defense Authorization Act (NDAA), passed the Republican-controlled chamber by a 216-212 vote, with all but six Democrats opposing its passage. Seven House Republicans broke ranks to oppose it. The measure now goes to the Senate. Continue reading...

In Kentucky and West Virginia, rescuers freed trapped residents as states face catastrophic floods and damageTropical storm Bertha made ‌landfall in ‌St Bernard parish, on the Gulf coast south-east of New Orleans, Louisiana, on Wednesday afternoon, the ⁠US national ⁠hurricane ⁠center said.The Miami-based forecaster ‌added that maximum ​sustained winds were estimated ⁠to be ​45mph (75km/h) ‌with higher ​gusts. Continue reading...

China’s foreign ministry says ‘relevant countries’ should ‘stop stirring up tension’. Follow liveGet our breaking news email, free app or daily news podcastAustralia is not ruling out stepping up joint patrols of the South China Sea following “destabilising” missile testing in the region, Australian Associated Press reports.The foreign minister, Penny Wong, was asked last night about the potential of more regular regional sea patrols in tandem with the United States and Japan, following China’s launching of nuclear-capable missiles. Continue reading...

Jamieson Greer denies tariffs have pushed up prices during grilling from lawmakers over cost-of-living concernsDonald Trump’s chief trade official denied the president’s sweeping tariffs have increased prices for US families, as lawmakers challenged him over cost-of-living concerns across much of the country.US inflation surged to a three-year high earlier this year. During a heated exchange before US senators on Wednesday, however, US trade representative Jamieson Greer appeared to claim Trump’s controversial economic agenda had not driven prices higher. Continue reading...

Campaigners in Ukraine pledge to continue nationwide protests until Mykhailo Fedorov gets his job back Volodymyr Zelenskyy was under growing pressure to reinstate his sacked defence minister on Wednesday, after campaigners said they would continue indefinite nationwide protests until Mykhailo Fedorov got his job back.On Tuesday, Zelenskyy bowed to public demands by firing Ukraine’s commander-in-chief Oleksandr Syrskyi. He appointed Mykhailo Drapatyi as the new head of the country’s armed forces, as part of a radical reshuffle of the top military command. Continue reading...

European Commission says Paramount Skydance’s decision to end Universal venture addresses merger concernsParamount Skydance’s £80bn takeover of Warner Brothers took a step closer to being realised after it won conditional approval from the European Union.The European Commission said Paramount’s offer to ⁠end a film ⁠distribution ​joint venture with Universal Pictures addressed its concerns over the potential merger. As part of its commitments in the EU, Paramount has 13 months from the date of closing the deal to pull out from the venture. Continue reading...