Iran’s Islamic Revolutionary Guard Corps (IRGC) announced on Saturday that it had carried out retaliatory strikes on several US installations in the Gulf region. The action was described as a response to recent American attacks on Iranian targets, which Washington said were in retaliation for an assault on a commercial vessel in the Strait of Hormuz. The IRGC warned that any further aggression would prompt a broader response.

The United States had earlier accused Tehran of being behind the attack on the Singapore-flagged ship Ever Lovely. The incident came just a week after the two countries signed a memorandum of understanding aimed at ending hostilities, raising hopes for de-escalation. However, the renewed military exchanges have cast doubt on that fragile peace process.

The Strait of Hormuz is a vital global energy corridor, carrying about one-fifth of the world’s oil and liquefied natural gas supply. Analysts warn that renewed conflict in the area could destabilize global energy markets once again.

US President Donald Trump on Friday accused Iran of a “foolish violation” of a ceasefire agreement after a drone struck the Singapore-flagged cargo ship Ever Lovely in the Strait of Hormuz. The vessel, owned by Taiwan-based Evergreen Marine, was hit by a projectile off Oman on Thursday but sustained limited damage and continued its voyage. Hours after Trump’s comments, the US military confirmed it had carried out strikes on Iranian missile and drone storage sites and coastal radar facilities in response to the attack.

The incident occurred amid sensitive negotiations between Washington and Tehran over a 60-day memorandum of understanding aimed at easing naval tensions and reopening the strait to free passage while talks continue on Iran’s nuclear program and sanctions relief. Iran has not claimed responsibility, though US officials told Reuters that Iran fired on the ship. The attack also disrupted International Maritime Organization efforts to escort stranded vessels from the Gulf, where thousands of seafarers remain trapped.

Iranian officials rejected US accusations and defended their control over the strait, with the Islamic Revolutionary Guard Corps denying any direct communication channel with Washington.

A week after U.S. President Donald Trump signed a memorandum of understanding with Iran in France, the two countries remain out of direct conflict. The 14-point framework agreement has survived initial skepticism in Washington, driven by both nations’ desire to avoid further economic and political strain. The deal has partially reopened the Strait of Hormuz, allowing vessel traffic to rise sharply, though full access remains restricted and a recent drone strike has disrupted evacuation efforts in the Gulf.

Following the agreement, U.S. Treasury sanctions on Iran were lifted, enabling Tehran to resume oil exports. Iran has already shipped 3.8 million barrels through the strait and expanded sales to China. Analysts estimate Iran could now sell up to 2 million barrels daily, regaining lost revenue without offering discounts. The memorandum also outlines plans for a $300 billion private investment fund and potential release of over $10 billion in frozen assets, though details remain unclear.

Uncertainty persists over nuclear inspections and regional stability. Iran has not confirmed granting unlimited access to UN inspectors, and tensions in Lebanon could undermine the ceasefire’s durability.

US Vice President JD Vance claimed that a hotline had been established between the United States and Iran to ease ongoing tensions in the Strait of Hormuz. However, Iran’s Islamic Revolutionary Guard Corps (IRGC) firmly rejected the claim, stating in a Saturday statement that no such communication line exists and that there are no plans to create one in the future.

The two countries are currently facing each other militarily in the region, raising concerns about how to de-escalate the situation. The IRGC has warned that any repetition of military actions will be met with a stronger and broader response. Analysts cited in the report noted that continued ship seizures by the IRGC and US strikes on Iranian military sites could jeopardize long-term memorandums of understanding and ongoing diplomatic talks.

The situation has generated significant regional and international concern, with uncertainty over whether diplomatic channels can prevent further escalation.

The United States carried out military strikes in Iran on Friday following a drone attack on a commercial cargo ship in the Strait of Hormuz. President Donald Trump accused Iran of violating a ceasefire, prompting the operation. According to the US Central Command (CENTCOM), precision strikes targeted Iranian missile and drone storage sites as well as coastal radar installations. CENTCOM described the action as a strong response to Iran’s aggression against commercial shipping and said it would continue coordinating to ensure safe maritime passage in the region.

BBC reported that a one-way attack drone had hit a cargo vessel earlier, causing no casualties but prompting preparations to evacuate more than 11,000 sailors from the area. The incident has renewed concerns over the future of a preliminary US-Iran agreement reached earlier in June to ensure safe navigation and reduce hostilities.

The February attacks by the US and Israel had earlier led Iran to restrict movement through the Strait, but a 14-point agreement on June 17 had temporarily eased tensions. The latest developments now cast uncertainty over that fragile truce.

Iran’s parliament speaker and chief negotiator Mohammad Bagher Ghalibaf has dismissed as false the U.S. claim that Tehran’s recently released funds will be used to purchase American agricultural products. In a post on social media platform X, Ghalibaf accused Washington of spreading misinformation and breaking promises, saying the distrust caused by U.S. policies has now turned against it. He also mocked the U.S. export list, saying it is filled with genetically modified soybeans and empty rhetoric.

Earlier, U.S. President Donald Trump and Vice President JD Vance had said that under a memorandum of understanding brokered by Pakistan, $500 million worth of U.S. goods would be included in the initial phase, with the funds used to buy corn and wheat for Iran’s food needs. U.S. Secretary of State Marco Rubio stated in Bahrain that Washington seeks a deal aligned with its security and economic interests and those of its regional allies.

Iranian state and semi-official media described the agreement as a strategic success for Iran, not a concession. The Central Bank governor said the released funds could be used beyond essential goods if necessary, while ongoing talks reveal clear differences between the two sides over implementation and interpretation.

Four months after the United States and Israel launched military strikes on Iran, the involved parties have begun talks in Switzerland aimed at ending the conflict. Observers expect that a lasting agreement could ease the global economic strain caused by the war, which has disrupted trade and driven up energy prices.

Since the conflict began, international energy markets have faced volatility, with oil prices surging and global commerce suffering setbacks. Businesses and consumers worldwide have borne higher costs as a result. Yet, amid the turmoil, certain sectors have profited significantly. Defense equipment manufacturers, oil and gas producers, and investment banks have recorded notable gains due to increased demand for arms, rising energy prices, and a shift toward safer investments.

Analysts suggest that if the Swiss negotiations succeed, both Middle Eastern security and global economic stability could improve, offering relief to businesses and consumers affected by wartime pressures.

Iran has dismissed U.S. President Donald Trump’s statement that Washington plans to use Iran’s unfrozen funds to purchase American agricultural products. Mohammad Bagher Ghalibaf, Iran’s parliament speaker and top negotiator, denied the claim, calling it completely false. In a post on social media platform X, Ghalibaf said the United States only exports genetically modified soybeans, broken promises, and nonsense.

Iran has emphasized that, under the terms of the ongoing agreement, it alone will decide how to spend its released assets, not the United States. The dispute follows reports from Iranian state media that Washington has agreed to release 12 billion dollars of Iran’s frozen funds and temporarily suspend sanctions on Tehran’s oil exports as part of the negotiations.

The exchange highlights continuing tensions between Tehran and Washington over financial assets and trade conditions, even as both sides discuss limited economic relief measures.

Iran launched a drone attack on a cargo ship in the Strait of Hormuz on Thursday, days after signing a peace agreement with the United States. The strike forced the United Nations to suspend its rescue operation for thousands of stranded sailors and hundreds of ships in the Persian Gulf. A US official confirmed the attack to CNN, while Iran has not officially claimed responsibility. The incident occurred shortly after Iran’s Revolutionary Guards warned against using unauthorized routes through the waterway.

The International Maritime Organization (IMO) said it paused its evacuation mission, which had been underway to relocate over 11,000 sailors since the war began. IMO Secretary-General Arsenio Domingo stated that safety must come first and the mission will remain suspended until conditions are clarified. The attacked vessel was not part of the IMO’s rescue framework. The strike also pushed global oil prices up by 2 percent to $74 per barrel.

The attack has cast uncertainty over the recently signed 60-day tariff-free maritime agreement between Washington and Tehran, which aimed to reopen the strait and ease economic sanctions while deferring nuclear discussions to later technical talks.

Shipping through the Strait of Hormuz has surged by 105 percent after months of disruption caused by conflict and regional tensions. According to maritime intelligence firm Kepler, a record 70 vessels passed through the strait on June 24, including 53 commercial ships now considered lower risk. The increase follows U.S.-Iran agreements, the end of a U.S. naval blockade, and the use of a safer route cleared of mines with Omani assistance.

Oman recently announced a new shipping corridor in coordination with the International Maritime Organization, but Iran’s Islamic Revolutionary Guard Corps (IRGC) objected, saying the route was declared without consultation and posed security risks. Oman defended the corridor as compliant with international rules and confirmed that no transit fees would be charged.

Amid these developments, a cargo ship was struck by a projectile on June 25 while using a UN-approved route, though no casualties occurred. The U.S. and Iran continue talks to finalize a peace deal within 60 days, while oil prices have temporarily fallen below $73 per barrel as shipping activity recovers.

Iranian President Masoud Pezeshkian has declared that Iran is now recognized worldwide as a strong and dignified nation. Speaking at a meeting on Wednesday, he said Iran’s armed forces delivered a response to recent US-Israeli attacks that neither country could have imagined. Pezeshkian emphasized that Iran’s strength and self-respect have earned it global recognition.

Criticizing what he described as aggressive plans by Iran’s enemies, Pezeshkian said they believed they could end the Islamic Republic within three days and install a puppet government. He praised Iran’s armed forces for mounting what he called an epic resistance that defied those expectations.

The report also noted that at the start of the conflict, US President Donald Trump had demanded Iran’s full surrender. However, relations between the two countries have since begun to thaw, with both sides now engaged in diplomatic discussions.

Iran has invited Indian Prime Minister Narendra Modi to attend the funeral of its late Supreme Leader Ayatollah Ali Khamenei, who was killed in a joint U.S.-Israel airstrike on February 28. According to NDTV, the invitation was sent on behalf of Iranian President Masoud Pezeshkian and delivered to Indian authorities through the Iranian embassy in New Delhi. India has not yet confirmed whether Modi will personally attend or send a delegation.

Iran’s state media reported that the funeral ceremonies will begin on July 4 in Tehran with the first prayer service and three days of national mourning. Khamenei’s body will lie in state at the Grand Mosalla complex on July 4 and 5 for public homage, followed by a state mourning procession on July 6. During the ceremonies, Tehran province will observe a public holiday.

The invitation underscores the diplomatic significance of the event, as Iran prepares for large-scale national observances following the death of its long-serving leader.

During a press briefing in Abu Dhabi, United Arab Emirates, US Secretary of State Marco Rubio made a significant statement regarding Iran’s future direction. He said Iran has an extraordinary opportunity if it chooses to operate as a normal state rather than as a revolutionary movement. Rubio noted that such a shift could open new economic prospects and attract foreign investment, similar to other countries in the region. However, he clarified that any potential investments would not come from the US government or its funds.

Rubio emphasized that Iran’s political future depends on progress in upcoming discussions on several security-related issues. He also reiterated that once a final agreement is reached, Iran will not be allowed to impose tolls or fees in the Strait of Hormuz. Additionally, he confirmed that talks concerning Lebanon will remain separate from the ongoing US-Iran negotiations.

The remarks, reported by Al Jazeera, highlight Washington’s conditional openness to Iran’s economic reintegration if Tehran alters its political stance and engages constructively in regional security talks.

The United States is set to ease sanctions on Iran worth up to $50 billion under a long-discussed agreement between the two countries, according to reports on June 23, 2026. The deal will allow the gradual release of previously frozen Iranian assets. Initial talks in Doha, Qatar, led to a policy agreement to release $12 billion in two phases of $6 billion each, followed by a final signing ceremony planned in Switzerland. An Iranian spokesperson confirmed that the process has already been completed.

Under the proposed framework, Iran will first gain access to $12 billion, with another $12 billion expected to be released after 60 days of further discussions. If a full and final agreement is reached, the total value of sanctions relief and released funds could reach $50 billion. However, the funds will not be provided as unrestricted cash. U.S. officials have expressed concerns that the money could support the Islamic Revolutionary Guard Corps, prompting strict conditions on its use.

The released funds are expected to be used mainly for importing food, medicine, and humanitarian goods through approved U.S.-linked financial channels. Analysts suggest that if fully implemented, the deal could bring significant relief to Iran’s economy and open new opportunities for improved relations with Western nations.

Iranian President Masoud Pezeshkian has called for complete adherence to the commitments made in the ongoing discussions with Washington. In a statement posted on social media platform X, he emphasized that the effectiveness of the talks depends on full commitment to the agreed obligations and their precise implementation.

Pezeshkian stated that progress in this process will be measured by realistic adherence to the accepted responsibilities. He warned that statements made outside the agreed text of the deal do not help advance the negotiations. However, he did not provide further details about which specific remarks he was referring to.

The report noted that it remains unclear which comments Pezeshkian meant, though recent remarks by U.S. President Donald Trump have been disputed by Iranian officials. Those remarks reportedly included claims that Iran had agreed to allow nuclear inspections and would use released funds to purchase U.S. agricultural products.