US Defence Secretary Pete Hegseth faced his first congressional grilling from Democrats since the United States went to war with Iran, a conflict that has so far cost $25 billion. Lawmakers pressed Hegseth directly on the decision to engage militarily, making the hearing one of the first formal opportunities for opposition members to challenge the administration's war rationale on the record. Hegseth pushed back hard, calling Democratic criticism "reckless, feckless and defeatist." He offered no ground on the administration's position. The exchange signals that the $25 billion price tag and the broader strategic case for the Iran war will become central political battlegrounds in Congress. Defence spending at that scale, in a short period, raises questions about supplemental budget requests, Pentagon resource allocation, and the long-term fiscal path of the conflict. Observers should watch for formal budget requests, further congressional hearings, and any shift in Democratic strategy to use spending oversight as leverage against the administration's war policy.
Qatar's foreign ministry said mediators including Qatar, Pakistan, and Oman have reached "very progressive stages" in efforts to end the US-Iran war, pushing Brent crude down more than four percent.
Qatar confirmed it is mediating between the US and Iran but said no direct talks are currently planned. The clarification follows conflicting statements from President Trump, who claimed talks are under way, and Tehran, which denied any dialogue is happening.
Saudi Aramco reported sharply higher second-quarter 2026 profits as the Iran war restricts global oil supply and pushes crude prices up. Other oil supermajors also posted outsized earnings, raising concerns about sustained fuel cost pressure for importing economies.
President Trump called current Iran negotiations the "last chance" to end five months of conflict, pushing oil prices higher. Tehran denied formal talks are taking place, raising the risk of a diplomatic breakdown with direct consequences for global energy markets.
