Middle EastLive‘EU officially joined’: US on Operation Economic Outcast against Iran

US President Donald Trump is reportedly considering declaring the Iran war over, even as fresh hostilities have erupted between the two countries in a conflict that began with joint US-Israeli strikes on Iran on February 28.

Key points

• Hong Kong's Cathay Pacific has remarked it has cancelled passenger flights to Dubai and Riyadh up to and including November 30.
• On a weekly basis, Brent rose 7.1% and WTI was 9.8% higher, set for the highest gains since the week concluded July 20.
• "The European Union has officially joined Operation Economic Outcast and we appreciate their strong and early stance, " Bessent remarked in an official note on X.
• US-Iran War: South Korea preparing to deploy military in Strait of Hormuz, report notes.
• Iran war: Cathay Pacific cancels Dubai, Riyadh flights until November-end.

08: 37 (IST) Sep 04. Iran war: Cathay Pacific cancels Dubai, Riyadh flights until November-end.

Hong Kong's Cathay Pacific has remarked it has cancelled passenger flights to Dubai and Riyadh up to and including November 30. While it closely monitors the evolving situation in the Middle East, the airline remarked Cathay Cargo will continue to review the timing for resuming freighter services to both destinations. 08: 15 (IST) Sep 04. US-Iran war: Tehran mocks Trump with 'Minesweeper' game over Hormuz. 08: 11 (IST) Sep 04.

Iran war: Oil set for 'steepest' weekly gain since mid-July as US-Iran war intensifies.

Oil rates rose on Friday and are on track for the steepest weekly gain since mid-July as rising tensions and renewed U.S.-Iran hostilities heightened worries over Middle East supply risks.

While US West Texas ‌Intermediate crude futures ⁠were ⁠up 26 cents, or 0.3%, at $91.56, brent crude futures rose 15 cents, or 0.2%, to $95.67 a barrel at 0100 GMT.

On a weekly basis, Brent rose 7.1% and WTI was 9.8% higher, set for the highest gains since the week concluded July 20. 08: 09 (IST) Sep 04. 'All options against Iran on table': JD Vance.

According to US Vice President JD Vance on Thursday (local time), the Trump administration has a range of options at its disposal to agreement with Iran, including economic, military, diplomatic and covert measures, as tensions between Washington and Tehran continue to escalate against the backdrop of the conflict in West Asia.

Speaking during a media briefing, Vance remarked the administration would not publicly disclose its aims for engaging with Iran, stressing that doing so would limit US President Donald Trump's ability to create decisions.

"There are a lot of extra tools that we have at our disposal. Some of those the President will employ and some of them he won't, " Vance stated.

"But everything that could happen is on the table. Economic pressure, military pressure, diplomatic pressure, covert pressure. Of course these are tools in the President's toolkit, " he continued.

According to Vance, the Trump administration's approach was additionally aimed at preventing a wider global energy crisis, accusing Iran of continuing to target commercial shipping in the Strait of Hormuz. 08: 07 (IST) Sep 04. Iran war: EU 'officially joins' Operation Economic Outcast against Iran.

According to US Treasury Secretary Scott Bessent on Thursday (local time), the European Union has "officially joined" the US-led "Operation Economic Outcast" against Iran, welcoming what he described as the bloc's robust and early stance in maintaining economic pressure on Tehran as the West Asia conflict continues.

"The United States stands firm with our allies in ensuring the murderous Iranian regime cannot exploit the global financial system to fund its nuclear ambitions, weapons programs, and terror proxies. The world is sending a clear message to the Iranian regime: We will not stop until every remaining financial lifeline has been severed, " he continued.

While stressing the need for continued diplomatic efforts and de-escalation, bessent's remarks came after the EU remarked it was prepared to backing extra economic pressure on Iran, including through the US-led operation. 08: 04 (IST) Sep 04.

South Korea is preparing to deploy military assets to backing freedom of navigation in the Strait of Hormuz and seeks to dispatch them before the end of the year, media documented late ‌on ⁠Thursday, citing ⁠administration and military sources.

Notably, the reports in a number of South Korean media outlets stated the administration was preparing procedures to seek parliamentary approval for the deployment, including submitting a consent motion to parliament this month after cabinet review.

For context, the administration ⁠was considering ‌options including sending a maritime patrol aircraft, a logistics backing vessel or ⁠a mine detection and clearance unit, and had been discussing the scale and nature of a potential contribution with countries including the United States, Britain and France, the reports noted.

For now, middle EastLive'EU officially joined': US on Operation Economic Outcast against Iran remains the part of the story worth watching, and further updates are likely as more details are confirmed.