Iran war escalates as oil revenues, Gulf clashes rise

TEHRAN: Iran has received more than $1 billion in oil-related foreign currency during the first 11 days of the period ending September 2, according to semi-official Fars News Agency, as military tensions with the United States continue to intensify.

Fars reported, citing documents reviewed by its journalists, that the funds had been transferred into Iran’s foreign exchange reserves. The additional revenue is expected to strengthen the Central Bank’s ability to meet the country’s foreign currency requirements.

The agency also reported that Iran’s oil earnings during the first five months of the current financial year had already reached more than 80% of the amount projected in the 2026-27 national budget.

Iran’s financial year runs from March 21, 2026, to March 20, 2027.

The latest figures follow data released by Iran’s Oil Ministry in August showing that $7.5 billion generated through oil sales during the first four months of the fiscal year had been transferred to the Central Bank.

The developments come as Washington continues to increase economic and military pressure on Tehran.

Iranian state media reported that an Iranian Navy serviceman was killed during recent US attacks in the southwestern province of Khuzestan.

The serviceman was identified as Amirhossein Salimzadeh, who was reportedly killed while on duty during US strikes in the province on September 1.

Iranian Health Ministry spokesman Hossein Kermanpour said at least 18 people had been killed and 142 injured in recent US airstrikes between the evening of August 30 and September 2.

The reported deaths included people in Sirik and Khuzestan, members of the Islamic Revolutionary Guard Corps Aerospace Force in Kermanshah and Basij personnel on Lavan Island. Iranian authorities also reported dozens of injuries at a wedding gathering in Sirik.

Iran has also claimed that additional naval mines were placed in the Strait of Hormuz, escalating the dispute over one of the world’s most important energy routes.

Ebrahim Zolfaghari, spokesman for Iran’s Khatam al-Anbiya Central Headquarters, said additional mines had been deployed during an overnight operation.

He also mocked US President Donald Trump’s recent suggestion that the waterway could be renamed “Trump Strait”, sarcastically saying the US could use Photoshop to rename the strait and move oil tankers through it.

The claims come after US Central Command said previously that maritime routes had been cleared of mines and dismissed reports of tankers striking mines as disinformation.

The exact number and locations of the mines allegedly deployed by Iran remain unclear.

The conflict also spilled into the Gulf on Thursday when Iranian forces launched missile and drone attacks targeting US military facilities in Kuwait.

Kuwait’s armed forces said its air-defence systems were responding to incoming threats and intercepting hostile targets. Authorities urged residents to follow official safety instructions.

Iranian state broadcaster IRIB reported that US military bases in Kuwait had been targeted, although Tehran had not provided an official detailed account of the operation.

The latest attacks followed repeated US strikes on Iranian targets. Trump has warned that American forces are prepared to conduct further military action against Iran.

Iran has retaliated by targeting US military positions in several parts of the Middle East, including Kuwait, Jordan, the United Arab Emirates and Iraq’s Kurdistan region.

Despite the continuing military confrontation, Trump is reportedly considering whether to declare the Iran war over, according to a Wall Street Journal report.

The report said Trump had discussed the possibility with senior advisers and favoured ending the formal war while maintaining strong economic pressure on Tehran.

The US has also launched Operation Economic Outcast, targeting sectors considered crucial to Iran’s economy, including oil, shipping, aviation, gold, technology and digital assets.

However, the Pentagon is reportedly extending military deployments in the region. US forces are maintaining tens of thousands of troops and a substantial naval presence, including aircraft carriers and guided-missile destroyers.

The United States has also stepped up military operations around the Strait of Hormuz.

According to a CNN report, US forces escorted 40 commercial vessels carrying around 18 million barrels of oil through the strategic waterway on Tuesday.

The operation reportedly involved US strikes against Iranian military positions near the strait, including air-defence systems, radar installations, maritime assets, mine-laying capabilities and communications infrastructure.

US forces also targeted anti-ship missiles during the operation.

The Strait of Hormuz remains at the centre of the confrontation because it is a critical route for global oil shipments. Millions of barrels of crude normally pass through the waterway each day.

Trump has claimed that the United States now controls the strait, while Iranian authorities have rejected the assertion and maintained that Tehran retains the ability to restrict maritime traffic.

The Islamic Revolutionary Guard Corps Navy has also rejected US claims that the waterway is fully open, accusing Washington of manipulating oil markets and attempting to conceal military setbacks.