Iran has turned down the latest draft proposal presented by Qatari mediators, saying it cannot compromise on its nuclear programme. The rejection follows a senior Iranian official’s statement that the draft’s terms are unacceptable and that Tehran will not lift its nuclear stance. The proposal, which envisions reopening the Strait of Hormuz after a seven‑day confidence‑building plan, was also dismissed by U.S. President Donald Trump. The war, now eight months old, has driven global oil prices higher and cost the U.S. military at least $47.1 billion.
The US military has spent at least $47.1 billion on the war with Iran through 16 Oct, according to a Pentagon estimate shared with Congress and reported by Reuters. Replacing expended munitions is projected to cost more than $29 billion, and replacing lost equipment such as aircraft and drones would require over $6 billion. The figure is more than 25 percent above Defense Secretary Pete Hegseth's July estimate of $37.5 billion. The disclosure comes ahead of the 3 November election that will determine control of Congress. The Pentagon did not immediately respond to a request for comment.
The US Federal Reserve kept its benchmark interest rate in a 3.75 to 4.00 per cent range on 28 October 2026, according to the Federal Open Market Committee. The decision was a 10 to 2 vote. Two members, Governor Lisa Cook and Cleveland Fed President Beth Hammack, wanted another quarter-point increase. The Fed had raised rates in September for the first time since 2023. Consumer prices rose 3.7 per cent from a year earlier in September, while core inflation rose 2.6 per cent. The decision came six days before the US midterm elections, where inflation is a key issue.
Mohmed Ahmad Abdulkarim and Nouman Essghir, both 24, are scheduled to appear at Westminster Magistrates' Court later on Tuesday after being charged under Britain’s National Security Act for alleged security offences linked to a suspected Iranian intelligence operation at RAF Fairford. Police say Abdulkarim is accused of assisting a foreign intelligence service believed to be Iran, while Essghir faces a charge of entering a prohibited place for a purpose prejudicial to the UK. The United States withdrew all its B‑1 bombers from the base days after the September 27 incident.