Oil prices back up as U.S. and Iran trade threats to expand 7-month war

Iranian Foreign Minister Abbas Aragchi said in New York that Tehran has given U.S. mediators a seven-day plan that would reopen the Strait of Hormuz and restart talks toward a final deal, echoing much of the 14-point memorandum President Trump signed in June. A mediator told CBS News the talks are positive but still early, while Secretary of State Marco Rubio said there had been no breakthroughs. U.S. envoy Steve Witkoff and Trump's son-in-law, Jared Kushner, have been handling the negotiations with mediators.

French President Emmanuel Macron pledged to send soldiers, radar and defense systems to protect Saudi Arabia's Yanbu oil terminal from Iran-backed Houthi attacks, after Houthis seized Yemen's Red Sea coast and Saudi Arabia began exporting through Yanbu once Iran blockaded Hormuz. The Senate rejected, 49-50, a resolution limiting Trump's Iran war powers, with Republicans Susan Collins, Lisa Murkowski, Rand Paul and Thom Tillis joining Democrats and John Fetterman the lone Democrat opposed. Louisiana Republican John Kennedy, who voted against it, said the U.S. must decide whether to escalate or withdraw.

At the United Nations, Israeli Prime Minister Benjamin Netanyahu defended strikes on Iran's military and nuclear sites as delegates walked out during his address, thanking Trump for U.S. support. Lebanese Prime Minister Nawaf Salam met Iranian President Masoud Pezeshkian and said his country's security and economy have suffered from being caught up in other nations' conflicts. Iran's parliament speaker, Mohammad Bagher Ghalibaf, mocked soaring Treasury yields, which hit 5.1%, their highest level in two decades.

Summarized by PolitiKool from CBS News’s reporting. Read the full story at CBS News →