Iran warns of 'painful response' to further US attacks amid sanctions

Iran said it will step up efforts to tackle problems created by the US sanctions that are crippling its economy, while a senior Iranian official warned of a “painful response” if it comes under further attack.

Six months after US-Israeli strikes against Iran, the war appears to be at a stalemate. A preliminary ceasefire accord reached in June has unravelled and little progress has been made in diplomatic efforts to get the peace process back on track.

After a pause in military action for much of July, tit-for-tat strikes have resumed with US Central Command saying it hit three Iranian tankers on Saturday in response to Iran's Islamic Revolutionary Guard Corps launching ballistic missiles at two US Navy ships.

Following the attacks, Iran's Parliament Speaker Mohammad Baqer Qalibaf said on Sunday that the US should understand that the rules of the game in the war against Iran have changed "before it is too late".

"From now on, any attack against Iran interests and security will receive a faster, heavier and more painful response, he said in a speech published on his Telegram channel. Tehran has shown it still retains the capability to attack US interests in neighbouring countries.

Opec+ keeps oil output policy unchanged for Oct

OPEC+ kept its oil output policy unchanged for October at a meeting on Sunday, it said in a statement, as the producer group needs to agree new quotas before deciding its next output steps.

The meeting of seven core Opec+ members: Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan, and Oman comes as the Iran war continues to disrupt oil exports through the Strait of Hormuz, limiting Opec+’s influence over prices and market share.