Friday, July 10, 2026

1 million jobs lost, 20,000 factories hit as strikes cripple Iran economy

Date:

US Iran War Ceasefire Live Updates: US lawmakers are set to question Pentagon leadership as Trump says Iran is “militarily defeated.” Israeli strikes in Lebanon, rising oil prices, and drone activity in Baghdad underscore tensions despite ceasefire efforts, with regional risks persisting.

US-Iran-Israel War Ceasefire Live News Updates: US Defence Secretary Pete Hegseth will testify before Congress on Wednesday in his first appearance since the Iran war began. The hearing will review President Donald Trump’s $1.5 trillion defence budget. Lawmakers have criticised the information provided in classified briefings. General Dan Caine will also testify.Trump said Iran has been “militarily defeated” at a state dinner with King Charles III. He said, “We have militarily defeated that particular opponent,” and added, “we’re never going to let that opponent have a nuclear weapon.”

The Lebanese health ministry said Israeli strikes killed eight people in southern Lebanon, including civil defence rescuers. Two soldiers were wounded. The strikes occurred despite a ceasefire. Israel has been fighting Hezbollah since early March.

Oil prices rose, with Brent around $112 and West Texas Intermediate above $100. The increase followed reports that Trump may reject Iran’s Strait of Hormuz proposal. Qatar warned of a “frozen conflict”.

King Charles III told the US Congress the meeting comes “in times of great uncertainty” and cited “times of conflict from Europe to the Middle East”. Trump has criticised the UK’s stance on the war.

Trump criticised German Chancellor Friedrich Merz after Merz said Tehran is “humiliating” Washington and that “the Americans obviously have no strategy”. Trump said Merz “thinks it’s OK for Iran to have a nuclear weapon” and “he doesn’t know what he’s talking about!”

Air defences intercepted drones over Baghdad’s Green Zone, which includes the US embassy. It was the first such incident since the April 8 ceasefire.

The Israeli military said it destroyed Hezbollah tunnels in Qantara using “over 450 tonnes of explosives” and ordered evacuations. US Marines boarded the M/V Blue Star III over suspected blockade violations and later released it.

Gulf leaders met in Jeddah for their first in-person talks since the war began. The United Arab Emirates said it will leave OPEC and OPEC+ to focus on “national interests”.

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