Trump backtracks on plan to toll Hormuz ships US President Donald Trump on Tuesday abruptly scrapped a planned 20 percent levy on ships transiting the Strait of Hormuz amid clashes with Iran, saying he would instead seek compensation from Gulf allies via trade deals. That announcement caused oil prices to spike and alarmed allies -- especially given that the United States has previously slammed Iran for its own plans to charge shipping fees for the Strait. Agence France-Presse
Analysis What Zaidi's Washington visit means for US investment in Iraq Iraq could greatly benefit from US investment in gas capture, which could help reduce the country's dependence on neighboring Iran. By Adam Lucente In New York City, reporting on regional news, militancy, climate change
Nasdaq rebounds as cooling US inflation weighs on dollar Wall Street stocks rose following strong earnings from large US banks and an unexpectedly benign inflation report that weighed on the dollar. Citigroup, Bank of America, Goldman Sachs and Wells Fargo all reported higher profits in the unofficial kickoff to second-quarter earnings season. Agence France-Presse
In Trump meeting, Iraq PM says US troops to withdraw by Sept. 30 The White House appeared to support a deadline to remove remaining American counter-ISIS troops from Iraq, but security concerns among Washington's Kurdish partners and US business firms remain. By Jared Szuba In Washington, DC, reporting on defense, national security, military
Trump retreats from Hormuz 20% fee plan in pivot to Gulf investment deals The shift comes barely 24 hours after Trump declared the United States would become the "guardian" of the strategic waterway and seek compensation for protecting all cargo passing through it. Iran
Trump hosts Iraqi PM Zaidi as Iran war intensifies President Donald Trump emphasized Iraq’s “tremendous oil reserves” and possible deals with US companies. Iraq
Oil prices climb to $85 as US-Iran attacks intensify, Hormuz traffic stalls Brent crude traded at $85.02 a barrel at 11:44 a.m. EDT, up 2.06% from Monday's close after reaching $87.39 earlier on Tuesday. Iran
Bahrain sentences 3 to life in prison over ties to Iran's IRGC: What to know The sentencing comes as Bahrain continues to crack down on individuals allegedly spying for Iran, at a time when the IRGC has resumed its strikes against US assets in the Gulf. Bahrain
