News about Iran

On Monday, gold and silver prices edged higher in India's retail bullion market amid heightened US-Iran tensions, after Tehran said it had a “new operational plan” in case of renewed US attacks. The 24-karat gold price stood at ₹1,47,893 per 10 grams, and silver at ₹21,107 per 100 grams. MCX silver futures were about 0.44% higher at ₹2,11,072 per kilogram around 9:13 am. The report notes that gold is often viewed as a safe-haven asset during periods of geopolitical uncertainty.

Profit warnings from London-listed companies rose to 65 over the summer, up from 59 in the second quarter and the most since the fourth quarter of 2024, when 71 were issued, according to EY. Over half of firms blamed geopolitical uncertainty, with 38% citing the Middle East conflict, while others pointed to cancelled or delayed contracts and weaker consumer confidence. Construction and household goods had the most warnings at 8, including 6 from housebuilders, taking the housebuilders' year-to-date total to 14, above the 10 issued at the peak of the 2008 financial crisis. EY said this is not a conventional economic cycle, and housebuilders face cost and interest rate pressure while details of the government's first-time buyer support remain unconfirmed.

Brent crude is trading near $110 a barrel and U.S. crude near $100, up about 80% and more than 70% respectively since the start of the year. William Blair analyst Neal Dingmann warns of a possible “super spike,” as tanker attacks linked to Iran and record shipping costs tighten physical supply. The U.S. Strategic Petroleum Reserve is at its lowest since 1982, limiting the effect of releases, while heating oil futures have more than doubled this year. Goldman Sachs raised its December Brent forecast to $90 a barrel but sees a possible $125 if oil infrastructure is destroyed or geopolitical risk premiums stay high. Meanwhile, many U.S. producers posted record free cash flow in the second quarter.

A new calculator from the Get the Facts Data Team shows how many gallons a given amount of money buys at the pump, based on the EIA's monthly national average price for regular gasoline. Regular gasoline averaged $4.36 in September, and the gasoline index was up 34.2% year over year. The BLS reported that gasoline rose 9.1% in September, accounting for over half of the month's overall increase, and overall inflation reached 3.7% year over year as the ongoing U.S. war with Iran keeps oil prices elevated.

Treasury Secretary Scott Bessent told NBC's Meet The Press that energy prices would fall once the Iran conflict ends, but he did not say when hostilities would stop. Inflation reached 3.7% in September, a five-month high driven by energy and gas prices, while food was flat, prescription drug prices fell and median rents were 0.4% lower year on year, according to Apartment List. The national average gas price was about $4.30 per gallon as of October 18, versus about $2.98 at the start of the Iran war. Bessent defended the administration's waiver of Russian sanctions, citing sanctions on Rosneft and Lukoil, and called Zelensky's claim that the U.S. restricted Ukraine's Starshield access 'reckless' and untrue. Asked whether the U.S. considers Ukraine an ally, he avoided a direct answer and said such matters belong to the president or the secretary of state.

At a CBS News town hall in Michigan, Vice President JD Vance blamed high gas prices mainly on decisions made under Joe Biden, saying about 20 percent of US refining capacity went offline during that term and that restoring it takes time. He linked current price pressure to Iran's attacks on oil shipping and said he does not think gas prices will come down once the conflict ends. Asked about everyday costs and the economy, Vance argued that a bipartisan, multi-generational failure to invest in American workers and manufacturing caused the problems, and that fixing them will take more than 18 months. Host Tony Dokoupil noted it has been almost 2 years and asked how long the temporary period Vance had earlier described would last.

The US Treasury cited Treasury Secretary Scott Bessent's view that the current price surge is an energy shock tied to the Iran conflict and that prices will fall after the conflict ends. The Bureau of Labor Statistics reported consumer prices rose 0.6% in September and 3.7% over 12 months, with energy up 20.4% and gasoline up 34.2% from a year earlier, while grocery prices fell 0.1% for the month. Core CPI rose 2.6% over the year, up from 2.4% in August, and rent rose 2.8%, so the article notes the data do not support claims that core inflation or rents are falling. Brent crude settled at $109.86 a barrel on October 16, and freight costs for one planned US-to-Japan tanker voyage equaled $40.50 per barrel. Agricultural commodity prices rose 13% in the third quarter, and the International Fund for Agricultural Development warned that disrupted fertilizer and transport could push food prices higher.

Iranian Foreign Minister Abbas Araqchi says Iran's seven-day proposal to reopen the Strait of Hormuz remains on the table, although Washington has not addressed all seven conditions, including lifting the US blockade of Iranian ports and sanctions on oil exports. He said that if the US accepted, the strait could reopen within six days, with talks resuming the next day. The main sticking point is Washington's demand that Iran's nuclear programme be addressed from the outset, with Vice President JD Vance calling for a “meaningful” cut in uranium enrichment capacity. Iran's Revolutionary Guards claimed two oil tankers caught fire after hitting naval mines, though this has not been independently confirmed. Maritime officials also reported that a container ship and a dry bulk carrier sank near the strait after being hit by projectiles, and attacks in the area have surged, pushing up global energy prices and inflation.

Iran's Foreign Minister Abbas Araqchi says Tehran's offer to reopen the Strait of Hormuz within seven days remains on the table, though Iran's security chief said talks stalled because Washington did not address all seven conditions. Iran wants the lifting of the US blockade on its ports and of sanctions on its oil exports, plus an end to hostilities on all regional fronts; if accepted, the strait could reopen within six days, with talks resuming the next day. Washington insists on addressing Iran's nuclear program from the outset, and Vice President JD Vance has said Iran must make a 'meaningful' cut to uranium enrichment capacity to end the eight-month war. Meanwhile, Iran's Revolutionary Guards navy says two oil tankers caught fire after hitting naval mines, a claim not independently confirmed, and maritime officials reported that a container ship and a dry bulk carrier sank near the strait after being hit by projectiles.

Foreign Minister Abbas Araqchi says Iran's seven-day proposal to reopen the Strait of Hormuz is still on the table, while Iran's security chief said talks had stalled over Washington's failure to address all seven conditions. Tehran's conditions include lifting the US blockade of its ports and sanctions on its oil exports, and ending hostilities on all regional fronts; if accepted, the strait could reopen within six days. Washington insists on addressing Iran's nuclear program from the outset, with Vice President JD Vance demanding a "meaningful" cut in uranium enrichment. Iran's Revolutionary Guards say two oil tankers caught fire after hitting naval mines, a claim IRNA reported without independent confirmation, and a container ship and a dry bulk carrier sank after being hit by projectiles. Attacks around the strait have surged over the past two weeks, adding to disruptions that have boosted global energy prices and inflation.

Iran's foreign minister Abbas Araqchi said Tehran's offer to reopen the Strait of Hormuz within seven days remains on the table while it reviews Washington's response. He said that if the US accepts Iran's conditions, including lifting the blockade on its ports, lifting sanctions on oil exports and ending hostilities on all regional fronts, the strait could reopen within six days. Washington insists that Iran's nuclear program be addressed from the outset, and Vice President JD Vance has demanded a 'meaningful' cut in Iran's uranium enrichment capacity to end the eight-month war. Iran's Revolutionary Guards navy said two oil tankers caught fire after hitting mines while crossing the strait, a claim IRNA reported without independent confirmation. A container ship and a dry bulk carrier also sank near the strait after being hit by projectiles in separate incidents, and attacks in the area have surged over the past two weeks.

Senior Iranian security official Mohsen Rezaei warned that Tehran has prepared a new response plan, “far more devastating” than the 12-day and 40-day wars, for any renewed U.S.-Israeli attack. President Trump told Newsmax he does not intend to use nuclear weapons against Iran or deploy ground troops. Several commercial vessels around the Arabian Peninsula were attacked, including a tug hit by two unknown projectiles near the UAE on Sunday and a tanker struck by an RPG on Friday. Oil prices surged, with Brent settling at $109.86 per barrel (up 3.7%) and WTI rising 3.5% to $101.41. Saudi Arabia intercepted several missiles, including one aimed at the Yanbu oil export terminal, and Aramco's administrative building in Dhahran was hit earlier this week.

Iran's Foreign Minister Abbas Araqchi says Tehran's proposal to reopen the Strait of Hormuz within 7 days, made in mid-September after an interim ceasefire collapsed, is still on the table. If Washington accepts Iran's conditions, including lifting the US blockade of its ports and sanctions on oil exports and ending hostilities on all regional fronts, the strait could reopen within 6 days, with talks resuming the next day. The main dispute is Washington's demand that Iran's nuclear program be addressed from the outset, with Vice President JD Vance calling for a “meaningful” cut to Iran's uranium enrichment capacity. Meanwhile, Iran's Revolutionary Guards navy says two oil tankers caught fire after hitting naval mines in the strait, a claim IRNA reported without independent confirmation, as attacks around the waterway have surged over the past two weeks.

Iran's parliament confirmed Mehrdad Akhlaghi as defence minister with 237 votes in favour and 15 against out of 277 cast, replacing Aziz Nasirzadeh, who was killed in US and Israeli strikes on Tehran in February. Akhlaghi, a longtime senior defence official who once headed the state-run Iranian Defence Industries Organization, warned that Iran would respond with a surprising and forceful reaction if the US and Israel attacked again. He said Iran's rivals face a 'strategic deadlock' and that Iran's defence capabilities have been upgraded since the 12-day war. President Masoud Pezeshkian had nominated him on October 5.

The average U.S. price of regular gasoline was $4.36 in September, according to the Energy Information Administration, after rising sharply since the U.S. war with Iran began in February. The Bureau of Labor Statistics said the gasoline index was up 34.2% year over year, and its 9.1% monthly surge accounted for over half of the overall monthly increase, with headline inflation at 3.7%. The Get the Facts Data Team's new calculator lets users enter typical pump spending to see how many gallons it would have bought at the EIA's monthly average price.

The average price of regular gasoline in the U.S. was $4.36 in September, according to the Energy Information Administration, and the gasoline index was up 34.2% year over year. The Get the Facts team built a calculator that shows how many gallons a given amount of spending buys now compared with before, based on the EIA's monthly average prices. The gasoline index rose 9.1% in September alone, accounting for over half of the month's overall increase in consumer prices, and overall inflation reached 3.7% year over year. The article links the price rise to the U.S. war with Iran, which began in February and has kept oil prices elevated.

Iranian Foreign Minister Abbas Araqchi says Iran's offer to reopen the Strait of Hormuz within seven days remains on the table, while Tehran reviews Washington's response. Iran's conditions include lifting the US blockade of its ports and US sanctions on its oil exports, plus ending hostilities on all regional fronts; if accepted, the strait could reopen within six days. Washington wants Iran's nuclear program addressed from the outset, and Vice President JD Vance has demanded a “meaningful” cut in Iran's uranium enrichment capacity. Iran's Revolutionary Guards say two oil tankers caught fire after hitting naval mines while crossing the strait, a claim IRNA reported without independent confirmation. The waterway is only 35 to 40 km wide at its narrowest point, and the conflict there has pushed up global energy prices and inflation.

Iran's Foreign Minister Abbas Araqchi says its proposal to reopen the Strait of Hormuz within seven days remains on the table, even as Tehran reviews a US response. Iran made the offer in mid-September after an interim ceasefire collapsed, conditioning it on lifting the US blockade of its ports and oil sanctions and ending hostilities on all regional fronts; if accepted, the strait could reopen within six days. The main sticking point is Iran's nuclear program, which US Vice President JD Vance says must see a 'meaningful' cut in uranium enrichment capacity. Iran's Revolutionary Guards navy claims two oil tankers caught fire after hitting naval mines in the strait, a report IRNA carried but that has not been independently confirmed. Attacks around the waterway have surged over the past two weeks, adding to the energy price and inflation pressures caused by the disruption.

According to data from the Tổ chức Hàng hải Quốc tế obtained by TASS, 22 vessels reported being attacked in the Strait of Hormuz from October 1 to 13. The estimated count surpassed the total for all of March 2026, the previous record. The attacks left 15 sailors injured, 2 missing, and 1 ship sunk. October 11 saw the most incidents, with 6 vessels reporting damage, while on October 4 and 13, three vessels each reported damage. The backdrop: the US and Israel launched a war against Iran on February 28, 2026. In June 2026, the two sides signed a memorandum for an immediate ceasefire, but on the night of July 8, the Pentagon resumed large-scale strikes on Iran, accusing it of violating agreements related to the Strait of Hormuz.

Gas prices have risen sharply since the U.S. war with Iran began in February, with the average price of regular gasoline at $4.36 per gallon in September according to the U.S. Energy Information Administration. The article introduces a calculator that shows how many gallons a set amount of money buys at each month's national average price, allowing comparisons with earlier periods. It notes that the gasoline index was up 34.2% year over year in September according to the Bureau of Labor Statistics, and that overall inflation rose to 3.7%.