Wire flash
ConflictU.S. President Donald Trump expressed approval of the recently signed Mecca Joint Defence Agreement between Saudi Arabia, Turkey, and Pakistan, calling it a 'BIG, BOLD, IMPORTANT FIRST STEP' on his Truth Social platform. The pact, signed on August 7, 2026, comes amid an ongoing U.S.-Iran war that has escalated regional violence, including attacks by Iran-backed Houthi rebels. The article also reports that shipping through the Strait of Hormuz has slowed significantly, with only five commodity vessels transiting on Saturday and none registered for Sunday, compared to 31 the prior weekend. Oil prices have been affected, with Brent crude rising slightly to $88.72 per barrel and WTI slipping to $82.35, following attacks on tankers in the strait and a Saudi Aramco refinery. Peace talks between the U.S. and Iran remain stalled.
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