- Ukraine Strikes Russian Oil Refineries, Intensifying Conflict Amid Attacks
- Trump rejects Iran’s seven-day ceasefire proposal amid ongoing tensions
- B.C. Lions rise in standings following victory against Roughriders
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UK public borrowing exceeds official forecast in September
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Government borrowing overshot official projections in September, which is a sign of the difficult fiscal position that the Chancellor faces as she puts the finishing touches on her first tax and spending budget.
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Ukraine Strikes Russian Oil Refineries, Intensifying Conflict Amid Attacks
In a significant escalation of hostilities, Ukraine has intensified its military operations against Russia, launching strikes on critical industrial sites. Ukraine’s General Staff confirmed that attacks have targeted key facilities, including a major oil refinery in Ilsky, igniting fires and further disrupting Russian supply chains. This comes amid heightened tensions as both nations grapple with the implications of these military actions on regional stability. For further updates on the conflict, visit our global conflict updates page.
Economically, the ongoing conflict is creating ripple effects across energy markets, particularly with supply interruptions raising concerns about future oil prices. Analysts anticipate a volatile response from traders in anticipation of further military engagements. Attention now turns to upcoming diplomatic responses from NATO and the EU, which may shape the course of the conflict in the weeks ahead.
Key developments across the world
Netanyahu’s UN belligerence wins cheers at home as world walks out
WORLD POLITICS — Israeli Prime Minister Benjamin Netanyahu‘s speech at the UN was met with criticism and protests globally.
During his address, Netanyahu condemned international criticism of Israel and defended its military actions. His remarks sparked protests outside the UN headquarters, underscoring ongoing tensions surrounding Israel’s policies.
At Least 2 Killed as Ukraine Strikes Industrial Sites Across Russia
GLOBAL SECURITY — Ukrainian forces have carried out strikes on multiple industrial sites in Russia, resulting in at least two fatalities.
This escalation in hostilities reflects Ukraine’s ongoing counteroffensive, targeting strategic locations to disrupt Russia’s military supply chains. The strikes have prompted heightened tensions and an increased military alert across Russia.
Ukraine strikes Russia’s Ilsky oil refinery, causing fire, General Staff confirms
GLOBAL SECURITY — Ukraine has confirmed a strike on the Ilsky oil refinery in Russia, igniting significant fires.
This military operation is part of Ukraine’s broader strategy to disrupt Russian oil supply and operational capabilities. The attack further exemplifies the intensifying military exchanges between Ukraine and Russia as the conflict continues unabated.
Russia targeting ‘ordinary life’ with attacks on Ukraine’s data centres, Zelensky says
GLOBAL SECURITY — Ukrainian President Volodymyr Zelensky has stated that Russia is targeting the very fabric of civilian life by attacking data centres.
The cyberattacks aim to disrupt digital communications and services, fuelling concerns about the vulnerability of critical infrastructure amidst the war. This aggressive move highlights how the conflict now extends into digital warfare, posing risks to civilian sectors.
Bangkok roads submerged as flood disaster declared
GLOBAL TRADE — A flood disaster has been declared in Bangkok, causing extensive disruption across the city.
The flooding has submerged roads, affecting transportation and leading to significant economic implications. This environmental crisis underscores the vulnerability of urban areas to climate-related disasters and the need for resilient infrastructure.
What to watch — Keep an eye on potential escalations in military actions between Ukraine and Russia as both nations ramp up attacks.
Further reading from global news sources
Reuters
Russia’s Novoshakhtinsk oil refinery suspends operations after drone attack, governor says
BBC News
Bangkok roads submerged as flood disaster declared
The Guardian
Russia strikes at heart of Ukraine’s digital economy with attacks on ISPs and datacentres
The Moscow Times
At Least 2 Killed as Ukraine Strikes Industrial Sites Across Russia
Al Jazeera
Netanyahu’s UN belligerence wins cheers at home as world walks out
Get you up to speed: Trump ‘rejects’ Iran’s seven-day ceasefire proposal. What’s next?
United States President Donald Trump has ruled out Iran’s proposal to reopen the Strait of Hormuz within a week, according to unnamed US officials cited by The Wall Street Journal. This decision follows Iran’s Foreign Minister Abbas Araghchi’s call for the US to take specific actions to facilitate maritime passage in the strait, which is critical for global oil and natural gas shipping.
The US government has not officially responded to Iran’s ceasefire proposal, reflecting a cautious stance amid ongoing indirect negotiations mediated by Qatar. US officials suggest that President Trump’s decision-making regarding potential military actions may be influenced by the outcome of the November midterm elections.
President Donald Trump has reportedly dismissed Iran’s ceasefire proposal and may consider renewed military action following the upcoming midterm elections. Meanwhile, diplomatic communications are ongoing, with Qatar facilitating discussions between the US and Iran, although substantial scepticism remains regarding shared objectives.
What remains unclear — The US government’s specific timeline and conditionality for responding to Iran’s proposal have not been disclosed.
Trump rejects Iran’s seven-day ceasefire proposal amid ongoing tensions
EXPLAINERNews|US-Israel war on IranTrump ‘rejects’ Iran’s seven-day ceasefire proposal. What’s next?
Analyst says Trump may opt to resume attacks on Iran after November midterm elections.
Published On 26 Sep 202626 Sep 2026
United States President Donald Trump has reportedly ruled out an Iranian proposal to reopen the Strait of Hormuz within a week, according to unnamed US officials cited by The Wall Street Journal.
Trump’s rejection comes just hours after Iran put forward a new roadmap to opening the strait, through which one-fifth of global oil and natural gas is shipped during peacetime – and days after the US president threatened to “annihilate” Iran from the floor of the UN General Assembly.
Here’s what we know about Trump’s response to the proposal and what could come next in the conflict.
What was in Iran’s seven-day proposal?
The proposal lays out a roadmap to open the Strait of Hormuz with normal maritime passage within a week.
Speaking to reporters on Friday, Iran’s Foreign Minister, Abbas Araghchi, said the proposal calls for the US to take actions it committed to under the failed June 17 Islamabad Memorandum of Understanding (MoU) on an accelerated timeframe.
Those actions include releasing $12bn in frozen Iranian assets, lifting Iranian oil sanctions and ending the US’s naval blockade on Iranian ports, Araghchi told reporters at a private media briefing on Thursday, according to The New York Times. He also said all hostilities, including in Lebanon, where Israel still occupies part of the south of the country, must cease during the seven-day period.
Araghchi said once the US conditions are met – which he estimated would take four or five days – the Strait of Hormuz could be reopened and negotiations with the US on a “final deal” would start on day seven.
He said the process could begin as soon as the US accepts the plan.
“The choice now rests with the United States,” said Araghchi. “Iran does not accept coercion, threats or intimidation.”
How has the US responded?
The US government has not publicly responded to the plan.
However, The Wall Street Journal reported that Trump had quickly ruled it out, citing unnamed US officials.
They said Trump was sceptical about whether Iran would fulfil US demands. Trump’s most persistent demands have been that Iran never be able to acquire a nuclear weapon and that it restore free passage in Hormuz.
Iran says it will not discuss its nuclear programme until the conditions it has laid down are met, which has led to an impasse between the two sides.
Meanwhile, a US official has told WTX News that Washington is in no hurry to respond to Iran’s proposal and that it sees itself as being in a strong position with respect to the Strait of Hormuz.
Late on Friday night, Trump posted an image of a map on his Truth Social platform that labelled it “Trump Strait”.
Trump has previously said the US has “total control” over the waterway and threatened to designate it as a US territory. Iran strongly denied that, saying it has complete control of the strait.
Are peace negotiations still happening?
Yes, but mostly indirectly. At the UN General Assembly in New York this week, Qatar has been passing messages between the two sides as an intermediary.
Both the US and Iran have said the door to diplomacy remains open and a US official told WTX News that ongoing mediated talks are “positive and constructive”.
Qatar, a key mediator in the conflict, said its foreign minister spoke with Iranian President Masoud Pezeshkian on Friday about de-escalation and the conditions for renewed dialogue.
Earlier this week, US officials, including special envoys Jared Kushner and Steve Witkoff, held mediated discussions with Iranian counterparts in New York, a meeting Trump described as “very good”.
Nevertheless, there is “an enormous amount of scepticism in Washington that the two countries are on the same page,” according to Thomas Warrick, senior fellow at the Atlantic Council.
“I think that the best we can hope for is that this offer from the Iranian foreign minister does lead to further discussions to try to clarify what preconditions Washington is willing to work with,” Warrick told WTX News.
Where does the US-Iran standoff go from here?
Possibly towards renewed hostilities.
According to the US officials cited in The Wall Street Journal, Trump told his aides he expects to carry out a new bombing campaign against Iran after the US midterm elections in November.
That comes after Trump told the UN General Assembly he was considering whether to “annihilate” Iran and “drive them into hell” in the absence of a deal.
At the same time, Trump has said he believes a deal to end the conflict will come shortly after the midterms.
Paul Musgrave, an associate professor of government at Georgetown University in Qatar, told WTX News that Trump “doesn’t want to end the war on unfavourable terms” and that the result of November’s elections will likely help steer his policy.
If Trump’s Republican party suffers severe setbacks in the elections – and loses its majority in Congress – he may opt for “unilateral actions, including perhaps a resumption of warfare”, said Musgrave.
“That would also mean that Iran would have delivered a really stinging political blow to President Trump,” Musgrave continued, adding this could trigger short-term escalation, “followed by negotiation so that the White House doesn’t look like it’s just surrendering”.
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