Iran's Revolutionary Guards Navy says four oil tankers caught fire after striking mines in the Strait of Hormuz, with a fourth tanker hit later on Friday, 30 Oct. The Guards say the ships used unauthorized routes and ignored warnings; one tanker carried more than 2 million barrels of crude. UK Maritime Trade Operations separately reported a tanker struck by a projectile about 40 nautical miles south of Lavan Island, with its crew safe. Reuters could not verify Iran's statements, and the US military did not immediately confirm them.
Middle East
3 stories since 28 October 2026, newest first
30 October 2026
28 October 2026
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. Replacing expended munitions is projected to cost about $29 billion, and replacing lost equipment such as aircraft and drones is put at more than $6 billion. The figure is more than 25 percent above Defence Secretary Pete Hegseth's July estimate of $37.5 billion. US officials have told regional allies to prepare for possible renewed strikes after the 3 Nov elections, though President Donald Trump has not made a final decision.
The European Central Bank kept its deposit rate unchanged at 2.5 percent on 29 Oct, with the Governing Council deciding unanimously to hold. Eurozone headline inflation rose to 3.8 percent in September, its highest level since September 2023, driven by energy prices that climbed 18.8 percent amid Middle East turbulence. The ECB said risks to inflation are skewed to the upside. Christine Lagarde, the ECB president, announced she will step down early in February 2027. Markets priced in about a 67 percent chance of a rate increase in December.