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Shipping industry sources say the proposed Hormuz agreement between Iran and Oman is not easily workable, with US sanctions and a new insurance clause penalising any vessel that pays to transit.

Ukraine struck two oil refineries deep inside Russia, and Lithuania warned that Moscow may be preparing false flag drone provocations in the Baltics.

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Top 5 Stories

1️⃣ 🇺🇦🇷🇺 Ukraine hits two oil refineries deep in Russian territory: President Volodymyr Zelenskyy said the Bashneft-Novoil refinery in Bashkortostan, about 1,300km from the Ukrainian border, and Slavneft-Yanos in Yaroslavl were struck in attacks aimed at limiting the oil revenues Moscow "uses to finance" its war. Ukraine said at least 11 people were killed in Russian attacks and all of Kherson lost power after a critical infrastructure site was hit, while Russia said it downed 605 drones overnight.

2️⃣ 🇱🇹🇷🇺 Lithuania warns Russia may be planning a false flag attack: Defence Minister Robertas Kaunas said Lithuanian intelligence believes Moscow is considering using Ukrainian-made drones to stage provocations against the Baltic region, while adding that there is no singular "direct threat" at present. It came as Germany investigated the explosive-laden drone found at Leipzig/Halle airport, with local media reporting the Ukrainian cargo plane parked nearby was carrying military ammunition.

3️⃣ 🇺🇸 Trump vows to hunt down leakers over munitions reports: The president wrote on Truth Social that "the 'leakers' of these treasonous statements are being hunted down" and that long-term jail sentences would be sought, insisting the US has "massive amounts" of munitions. He also defended Defense Secretary Pete Hegseth after a Washington Post report that he confronted him at Camp David over being misled on shortages, calling the story "fake" and "treasonous".

4️⃣ 🇱🇧🇮🇱 Rights groups call a journalist's killing in Lebanon a war crime: Human Rights Watch, Amnesty International and the Lebanese group The Legal Agenda published separate investigations into the 22 April strike that killed al-Akhbar reporter Amal Khalil, with HRW saying it "included apparently deliberate attacks on civilians and civilian objects, which would make them war crimes". The Israeli military said at the time it struck a vehicle which had left a structure used by Hezbollah, and denied blocking rescuers.

5️⃣ 🇵🇸🇺🇸 Board of Peace's first Gaza contract is a military base: In an exclusive, the Guardian reports that the board chaired by President Donald Trump has awarded a tender to the Louisiana firm Arkel International to build a rudimentary 150-person outpost housing Moroccan troops inside the 60% of Gaza the Israeli army controls. A board official said several contract awards are in the final stages of preparation, that none are finalised, and that one concerns facilities supporting the stabilisation force.

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Major Story

🇮🇷🇴🇲🌍 Hormuz deal runs into shipping reality

A proposed agreement between Iran and Oman that would give Tehran control over ships entering the Gulf is not easily workable, four industry sources told Reuters, because of US sanctions and restrictive insurance clauses on any payments.

Iran is seeking fees of between 5% and 7% of the price of cargoes from ships using the strait, according to a senior Iranian official, while Oman is discussing around 3% and Washington wants no fees at all.

Any payment could lead to asset freezes, because the US has sanctioned the Persian Gulf Strait Authority that Iran set up in May to operate the waterway, and has prohibited US persons from receiving Iranian government services related to a guarantee of safe passage.

In late July the Lloyd's Market Association introduced a clause terminating war risk cover for any vessel that has paid a transit fee, toll or other charge for passage through the strait, leaving shipowners in what one insurance source called a "catch 22".

The world's leading shipping associations told the UN's maritime agency this week that compulsory charges would be "a toll in all but name" and would set a precedent that could undermine the legal framework governing straits used for international navigation.

Other News

1️⃣ 🇲🇦🇪🇸 Trump's Morocco ties under scrutiny after Ceuta: Riccardo Fabiani of the International Crisis Group said there is "enough evidence to hypothesise or claim that Morocco is behind" the influx of more than 70,000 people into the Spanish enclave, while stressing it is "obviously impossible to demonstrate". Vice-President JD Vance and the state department blamed Spain's Socialist-led government without mentioning Morocco, whose king has named a $1bn highway near Western Sahara after President Trump.

2️⃣ 🇲🇽🇺🇸 US puts a $25m bounty on Mexico's most wanted cartel leader: Washington raised its reward for information leading to the capture of Juan Carlos González, or "Pelón", from $5m to $25m, part of $100m offered for leaders of the Jalisco New Generation Cartel alongside newly unsealed charges against five other senior figures. González, a dual Mexican and US citizen, is reported to have taken control after his stepfather, Nemesio Rubén Oseguera Cervantes, was killed by the Mexican military in February.

3️⃣ 🇬🇧🇫🇷 MI6 rated Europe's strongest foreign intelligence service: A peer review by 60 professionals from 25 countries, run by the French magazine L'Express, placed MI6 first with 251 points, commending its expertise in recruiting high-level informants and penetrating the ruling elites in Russia, China, Iran and Turkey. France's DGSE finished second with 169 points, followed by the Netherlands, Ukraine and Germany, with Slovakia's service rated the worst.

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