World News Today Live Updates: Oil falls 1% ahead of US announcement to impose further sanctions on Iran

Iran's parliamentary committee has backed a bill mandating vessels authorized to transit the Strait of Hormuz to pay a fee to Tehran. This comes amid escalating tensions between Iran, the United States, and their respective allies. Iran's security chief, Mohsen Rezaei, has warned that any country participating in Washington's sanctions campaign against Tehran will be viewed as hostile and could face retaliation against their interests.

Rezaei has also suggested a potential shift in Iran's diplomatic approach, citing numerous instances of American violations of prior commitments.

Adding to the escalating situation, US President Donald Trump shared a map on Truth Social, claiming the Strait of Hormuz as newly claimed US territory. This followed his remarks at a rally where he described the strait as such. Iran's Foreign Minister, Abbas Aragchi, rejected the prospect of further American sanctions, asserting that Washington has exhausted its options after failing in military efforts. He argued that the US must engage with Iran respectfully to find a solution based on justice and honor.

This development unfolds as US Treasury Secretary Scott Bessent pledges sweeping new penalties against Iran. Despite existing sanctions and war damage, Iran's currency continues to weaken, and its economy is under significant strain.