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Oil slips as mediation hopes offset Iran war risks

Jul 21, 2026, 04:56 GMT+1

Oil prices edged lower on Tuesday as markets weighed reports of renewed mediation efforts between the United States and Iran against continued military exchanges and Houthi threats to impose a naval blockade on Saudi Arabia.

Brent crude futures fell 35 cents, or 0.4%, to $88.87 a barrel, while US West Texas Intermediate crude for September delivery was little changed at $82.47.

Both contracts remained below the more than one-month highs reached in the previous session.

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Qatar, Pakistan push Iran-US diplomacy as war escalates

Jul 21, 2026, 04:44 GMT+1
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Qatar and Pakistan have launched a joint effort to revive Iran-US diplomacy as military exchanges entered their ninth day, while Tehran confirmed receiving new mediation proposals even as hardliners continued to oppose negotiations.

Pakistan and Qatar urged Tehran and Washington on Monday to halt hostilities and resume implementation of a previously signed memorandum of understanding.

Iranian Interior Minister Eskandar Momeni traveled to Islamabad on Monday carrying a message from President Masoud Pezeshkian as part of the mediation effort. Regional media reported he was also expected to meet Pakistan's army chief, Field Marshal Asim Munir.

According to Israel's Channel 14, Qatar proposed that the United States suspend further military strikes while Iran reopens both the northern and southern shipping lanes through the Strait of Hormuz for a 10-day period.

Read the full article here.

US issues global security alert over Iran war

Jul 21, 2026, 04:30 GMT+1

The US State Department has urged American citizens worldwide to "exercise increased caution" as the conflict with Iran continues, warning that the security environment remains volatile and could escalate unexpectedly.

In a global travel alert issued Monday, the department advised Americans in the Middle East to prepare for possible flight cancellations, periodic airspace closures and other travel disruptions.

It also urged Americans outside the region to reconsider travel to and through the Middle East, warning of an increased risk of attacks targeting US diplomatic facilities and locations associated with the United States and American citizens around the world.

France accuses Iran of assaulting diplomat, warns of consequences

Jul 21, 2026, 04:00 GMT+1
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French Foreign Minister Jean-Noel Barrot speaks to the media on the day of the European Union's Foreign Affairs Council meeting in Brussels, Belgium, March 16, 2026.

France has accused Iranian security services of detaining two members of its embassy staff for several hours and physically assaulting one of them, in what Paris called a serious breach of diplomatic immunity that "cannot go without consequences."

Foreign Minister Jean-Noël Barrot said the two diplomats were stopped on Sunday evening, held without explanation and interrogated before being allowed to return to the French embassy.

"One of them was physically abused," Barrot said, describing the incident as an "extremely serious act of intimidation" and a "flagrant violation of diplomatic immunity." Both officials are now safe and are expected to return to France within hours, he added.

According to Barrot, the two officials oversaw French programs supporting Iranian civil society, particularly artists and scientists.

He said he had informed Iranian Foreign Minister Abbas Araghchi that the incident was "serious and unacceptable" and "cannot go without consequences."

The incident comes amid sharply deteriorating relations between Paris and Tehran.

Last week, Barrot reiterated that France would oppose lifting sanctions on Iran unless Tehran abandoned its nuclear ambitions and what Paris describes as its destabilizing regional activities.

France has also pushed for a broader European role in negotiations over Iran's nuclear program and regional policies.

The two countries have also been locked in a long-running dispute over French nationals held in Iran.

France continues to demand the release of Cécile Kohler and Jacques Paris, who have been imprisoned in Iran since 2022. Paris has described their detention as arbitrary and has accused Tehran of using foreign nationals as diplomatic leverage.

Earlier this year, France filed a case against Iran at the International Court of Justice over alleged violations of consular rights.

The detention of embassy staff marks a further escalation, extending tensions beyond disputes over detained citizens to diplomats protected under international law.

Iranian authorities had not publicly commented on the incident by Monday evening.

Crew abandons tanker after projectile strike in Strait of Hormuz

Jul 21, 2026, 03:01 GMT+1

The crew of a tanker in the Strait of Hormuz abandoned the vessel after it was struck by an unknown projectile off the Omani coast, the UK Maritime Trade Operations (UKMTO) agency said.

UKMTO said the vessel's company security officer reported the crew had taken to a lifeboat following the incident near Limah.

The report came shortly after Iran's Islamic Revolutionary Guard Corps claimed explosions had triggered "massive fires" aboard two oil tankers attempting to transit what it described as the strait's unsafe southern route.

US completes latest strikes against Iran - CENTCOM

Jul 21, 2026, 02:31 GMT+1

US Central Command said in a post on X Monday that it completed another round of strikes against Iran on the 10th night of attacks.

CENTCOM said US forces targeted Iranian military command centers, maritime capabilities, missile and drone launch sites and air defense systems to reduce Iran’s ability to attack commercial vessels in the Strait of Hormuz.

It added that commercial shipping through the strait was continuing and said US forces had helped facilitate the passage of about 900 commercial vessels carrying 450 million barrels of crude oil since early May.