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· collected 2026-08-21 · by Tucker Reals, Khaled Wassef
What to know about the Iran war today:
- Iranian officials said Friday the country had finalized a preferential trade agreement with Oman as part of a wider push to strengthen trade ties with regional partners, after President Trump threatened to inflict an "economic D-Day" on the Islamic Republic.
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Trump → know → Republic
- Vice President JD Vance "the most effective tool that we have is the economic pressure that we can apply" on Iran, and Treasury Secretary Scott Bessent said Washington expects both allies and rivals to join the ramped-up campaign against Iran.
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allies → have → Iran
Iran's parliament speaker told Iranian and Iraqi businesspeople in Baghdad on Thursday they are "now the soldiers and commanders of this battlefield."
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they → tell → battlefield
He called for neighboring nations to strengthen economic cooperation in the face of "unjust sanctions" wielded as the new U.S. weapon of choice in the nearly six-month war.
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nations → call → war
Iranian parliament speaker calls for Iran and Iraq to cooperate to counter "economic warfare"
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Iran → call → warfare
Iranian Parliament Speaker Mohammad Bagher Ghalibaf called on Iran and Iraq to strengthen economic cooperation and prepare for what he described as "unjust sanctions," warning that the United States and Israel had shifted toward economic warfare after failing to defeat the two countries militarily.
Speaking to Iranian and Iraqi businesspeople at the Iranian Embassy in Baghdad on Thursday, Ghalibaf said the two countries should develop mechanisms to withstand sanctions and reduce their dependence on the U.S. dollar.
"If you look at the resources and raw materials of Muslim countries, you will realize that our enemies come to plunder them," Ghalibaf said, according to a post on his channel on the Telegram messaging app.
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Ghalibaf → call → app
He called for plans to overcome sanctions and argued that Iran and Iraq could conduct trade using their own national currencies.
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Iran → call → currencies
"Today, it is possible to conduct trade exchanges using national currencies and strike at the mouth of the U.S. dollar," he said.
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he → conduct → dollar
Ghalibaf also stressed the close link between economic strength and security, describing them as "two wings of the same bird."
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Ghalibaf → stress → bird
Ghalibaf said the U.S. and Israel had recognized that they could not overcome Iran and Iraq through conventional military warfare and had therefore turned to "cognitive and economic warfare.
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they → say → warfare
"
"You are now the soldiers and commanders of this battlefield," he told the business community.
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he → tell → community
Iran seeks to forge trade deals with Oman, other neighbors as U.S. makes economic pressure its weapon of choice
Iran has finalized a preferential trade agreement with Oman, according to the Islamic Republic's official Trade Promotion Organization.
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Iran → seek → Organization
The agreement, which Oman has not yet confirmed, still requires approval by Iran's parliament and other authorities.
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Oman → confirm → parliament
The announcement, relayed by Iranian state media, came two days after President Trump heralded a shift in U.S. tactics in the nearly six-month war to a "crushing economic operation," and seemingly away from the heavy weapons used during the first phase of the conflict.
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Trump → relay → conflict
Vice President JD Vance said Thursday "the most effective tool that we have is the economic pressure that we can apply" on Iran, as Treasury Secretary Scott Bessent underlined in an interview with CNBC that Washington expects both allies and rivals to join the ramped-up campaign against Iran.
"
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allies → say → Iran
This is going to be the greatest coordinated economic isolation in the history of the world," he said, adding that the Trump administration was saying to all nations "you are either with us or against us."
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you → go → us
Oman has discussed taking future joint control of the Strait of Hormuz with Iran for weeks, and those talks — which have included the notion of fees being charged for commercial ships to use the maritime route — have drawn stern warnings from the White House about interfering in Mr. Trump's push for a deal to end the war.
The Iranian trade office on Friday called the agreement with Oman part of Tehran's broader push to strengthen economic ties with regional partners through trade diplomacy and improved logistics infrastructure.
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office → discuss → diplomacy
In addition to the Oman agreement, Iran is pursuing renewed preferential trade talks with Turkey, reopening border markets with Iraq and Turkey, and expanding its network of commercial centers and trade advisers across the region as part of a wider strategy to boost non-oil exports and regional economic cooperation.
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Iran → pursue → exports
China says U.S. "sanctions and pressure" on Iran won't work
China said on Friday that U.S. "sanctions and pressure" wouldn't resolve the Middle East conflict, after Washington urged governments including Beijing to join efforts to isolate Iran's economy.
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Washington → say → economy
"Sanctions and pressure will not help resolve the issue," Chinese foreign ministry spokesman Lin Jian told reporters at a news briefing, calling on "all relevant parties to take responsible measures and resolve the problem through political and diplomatic means."
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Jian → help → means
President Trump threatened Iran with "economic D-Day" on Wednesday, vowing to wield "Economic Warfare and Isolation on an unprecedented scale."
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Trump → threaten → scale
Iran quickly dismissed the threat as a distraction and said it would backfire.
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it → dismiss → distraction
Treasury Secretary Scott Bessent underlined in an interview with CNBC on Thursday that Washington expects both allies and rivals to join the ramped-up campaign against Iran.
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allies → underline → Iran
"This is going to be the greatest coordinated economic isolation in the history of the world.
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This → go → world
And we are going to them and saying you are either with us or against us," he added in a message to allies.
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he → go → allies
Asked whether the United States would pressure China, Bessent said "many conversations are best to have in private," but called on Beijing to "get with the program."
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conversations → ask → program
6 European countries and Canada condemn Israel's planned West Bank settlement project
Six European countries along with Canada condemned the latest development in a contentious Israeli settlement project near Jerusalem that would effectively cut the occupied West Bank in two.
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that → condemn → two
Israel's Ministry of Construction and Housing issued a tender for constructing several compounds with more than 1,200 homes in total in an open tract of land east of Jerusalem.
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Ministry → issue → Jerusalem
It's the latest step in a project under consideration for more than two decades, which critics say would prevent the establishment of a contiguous Palestinian state in the territory.
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critics → say → territory
The joint statement from the leaders of the U.K., France, Germany, Italy, the Netherlands, Norway and Canada said international law is clear the settlement is illegal and noted "unprecedented levels of violence by settlers against civilians."
"We urge the government of Israel to retract these plans immediately and end its expansion of settlements in the West Bank.
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We → say → Bank
Not only will they take us further from peace, but they further undermine Israel's international standing," the countries wrote.
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countries → take → standing
Egypt and Jordan also condemned Israel's move.
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Egypt → condemn → move
Israeli Foreign Minister Gideon Saar responded on Thursday by defending "the historic right of the Jewish people to reestablish their national home in the Land of Israel — including in the area in question."
Saar criticized the U.K. government for "blaming only Israel while ignoring Palestinian extremism."
USS Abraham Lincoln leaves Middle East, U.S. official says
A U.S. official confirmed to CBS News that the USS Abraham Lincoln aircraft carrier is headed home after a nine-month deployment.
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carrier → respond → deployment
It could still take several weeks for it to get back to its home port in San Diego, California.
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it → take → Diego
The USS George Washington arrived in the Middle East Wednesday.
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Washington → arrive → East
Vance says war is in "new phase" using economic pressure
Vice President JD Vance on Thursday said the war with Iran had entered a "new phase where the most effective tool that we have is the economic pressure that we can apply to them."
In an interview on "The Clay Travis & Buck Sexton Show," Vance noted the "delicate dance" involved.
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Vance → say → dance
"We apply economic pressure to them, they're going to try to apply economic pressure to us," the vice president said.
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president → apply → us
"But what has been true over the last couple of weeks is they felt a lot more pressure than we have.
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we → feel → pressure
We're going to keep that going because we think that's the best way to ultimately accomplish the final objective here."
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that → go → objective
Earlier Thursday, Iran's foreign minister dismissed President
from the previous day to wield "Economic Warfare and Isolation on an unprecedented scale," from the burgeoning U.S. and a "doubling down on failed policies.
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minister → dismiss → policies
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