West Asia LIVE: Trump vows 'tremendous' economic costs on Iran partners

President Donald Trump. File | Photo Credit: Jacquelyn Martin August 20, 2026 08:25 Oil prices steady as investors assess U.S.-Iran war outlookOil prices steadied in early trade on Thursday (August 20, 2026) as investors assessed the outlook for the U.S.-Iran war and the security of ‌shipping through the Strait of Hormuz.Brent crude futures for October delivery rose 25 cents, or ⁠0.3%, to $91.87 a barrel by 0037 GMT, while U.S. West Texas Intermediate crude futures for September slipped 2 cents to $85.81 ‌a barrel. The more active October WTI contract gained 14 cents, or 0.2%, to $84.53.Both Brent ‌and WTI benchmarks gained for a fourth ‌straight session ⁠on Wednesday, settling at their highest since ⁠July 24. The September WTI contract expires later on Thursday (August 20, 2026).- ReutersAugust 20, 2026 08:24 Hormuz shipping traffic shows no uptick in U.S.-Iran geopolitical stalemate, according to dataShipping traffic ‌at the Strait of Hormuz ⁠did not rise from ‌the day ‌before ‌as ⁠a deadlock ⁠in discussions between the United States ‌and Iran to end the war between ‌them persisted, according to ⁠the latest shipping data.Commodity ‌vessel transits at Hormuz totalled nine ‌on Wednesday, unchanged from the previous day, ⁠Kpler data ⁠showed.- ReutersAugust 20, 2026 08:23 Iran goes on offensive as diplomacy with U.S. stallsSix months into its war with the United States, Iran’s military has begun signalling a shift from retaliation to offence, which analysts say could reflect Tehran’s belief it holds leverage to advance its demands and break the stalemate.Iranian officials are openly talking about giving offensive operations a greater priority while keeping control over the strategic Strait of Hormuz, a key source of leverage against Washington that has disrupted a vital global energy route and driven up energy prices.Iran’s supreme leader Mojtaba Khamenei outlined that approach in a reshuffle of top military commanders earlier this month, calling for “strengthening maximum deterrence and preparing to conduct large-scale offensive operations against the enemy”.- AFPAugust 20, 2026 07:11 Editorial | Beyond America: On the Arab states, their security needs Donald Trump’s threat to bomb Oman, a long-standing American ally in the Persian Gulf, reflects both his administration’s deepening frustration with the war against Iran and Washington’s declining influence in the region. This is the second time that the U.S. leader has threatened to attack Oman, which hosted talks between Washington and Tehran before he launched the war on February 28. Watch hereAugust 20, 2026 07:10 UAE accuses Iran of firing two ballistic missiles at its territoryThe United Arab Emirates on Tuesday (August 18, 2026) accused Iran of firing two ballistic missiles at its territory, marking the first time the Defence Ministry detected a barrage aimed at the country in months.“UAE air defences detected two ballistic missiles launched from Iran toward the country, with the first falling outside the country’s territorial waters, while the second fell within the territorial waters,” said a statement posted by the Defence Ministry on X.But Iran denied launching missiles towards the United Arab Emirates.Read more hereAugust 20, 2026 07:09 Explained | U.S. aircraft and Trump’s Ankara visitUnited States President Donald Trump is reported to have faced a threat at the 36th North Atlantic Treaty Organization (NATO) Summit (July 7-8, 2026), held in Türkiye. Mr. Trump, according to reports, is said to have moved between and used different aircraft as he left the summit due to a possible threat to his life. He has said, “I go by Secret Service and the military. They wanted me to go in a different flight, different plane... I just have to do what they say.”U.S. aircraft and Trump’s Ankara visit | ExplainedTrump's aircraft switch in Ankara amid security threats highlights intense precautions during the NATO Summit in 2026.August 20, 2026 07:08 UAE halts all trade, financial dealings with IranThe United Arab Emirates has said it is suspending all trade and financial dealings with Iran after reporting an Iranian missile attack directed at its ships. .The announcement comes after a period of relative calm in the UAE, with no Iranian missiles aimed at the country since May after it bore the brunt of attacks in the early weeks of the West Asia war.Abu Dhabi has however accused Tehran of repeatedly targeting its tankers at sea in recent weeks.Read more hereAugust 20, 2026 07:07 Turkey slams Israel's 'untenable' claims after strikes on Syrian baseTurkey firmly rejected on Wednesday (August 19, 2026) what it called “untenable allegations” by Israel regarding its military position in Syria, after Israel bombed a Syrian air base near the Turkish border and said Syria ‌was on the verge of permitting Turkish troops to deploy there.Israel carried out airstrikes against the Abu al-Duhur ⁠base near Aleppo on Tuesday (August 18, 2026), drawing condemnation from Turkey and criticism from a U.S. envoy who called the attack an “unnecessary escalation”.Read more hereAugust 20, 2026 07:01 Trump threatens economic punishment on 'any country' helping IranU.S. President Donald Trump said on Wednesday (August 19, 2026) he was launching a major new campaign to target Iran’s economy, threatening “tremendous” punishment on any country that helps or does business with the Islamic republic.The intensified economic pressure campaign comes as the war nears its sixth month with no immediate diplomatic or military off-ramp in sight.Trump threatens economic punishment on ‘any country’ helping IranTrump threatens severe economic penalties on any country aiding Iran in a new campaign amid ongoing conflict and political scrutiny. Published - August 20, 2026 07:01 am IST