Iran's Revolutionary Guards said on Wednesday they had agreed with Oman to share any revenues earned from transit fees in the Strait of Hormuz.

"During negotiations with Oman, some agreements were made regarding the share of each country in the waters of the Strait and the share of Iran and Oman in its revenues," said Guards spokesman Hossein Mohebi, adding that the US was "obstructing work" to finalize a deal.

Dubai International Airport, one of the world's busiest travel hubs, said Wednesday it saw a sharp drop in passengers during the second quarter as the war with Iran disrupted air travel and prompted many travelers to choose routes that avoided the Middle East.

The airport recorded 13 million passengers in the second quarter, down 31.3% in passenger traffic in the first-half of 2026 compared to the same period last year, with 31.5 million passengers

Iranian President Masoud Pezeshkian on Wednesday said that the "United States will achieve nothing" with its new round of economic sanctions, local media reported.

"Given the measures the government has undertaken, America will not achieve anything with economic pressure at this stage, just as it was unable to achieve anything in the war," Pezeshkian said, according to ISNA news agency.

President Donald Trump's trade war with Canada is escalating as the midterm elections approach, threatening Republican efforts to address voters' economic concerns in a year when control of the U.S. Senate hinges on states along the border between the United States and its northern neighbor.

The dispute flared over the weekend after negotiations broke down, leading Trump to raise tariffs on $20 billion in Canadian imports. Canada plans to announce tariffs of its own on Tuesday, and the spiraling conflict could lead to higher prices and scrambled supply chains for Americans already aggravated at the president's management of the economy.

Lines have grown outside gas stations across Tehran in recent weeks as the United States has tightened its blockade and threatened more severe sanctions, with some people waiting for two hours or more to fill up.

The uncertainty deepened on Tuesday, after U.S. Treasury Secretary Scott Bessent vowed to fully sever the country from the global economy. In recent days, Iranian officials have spoken of a possible reduction in heavy gas subsidies as they seek to endure the tightening blockade.

The " economic onslaught " that Treasury Secretary Scott Bessent has declared on Iran's financial connections around the world may have one major caveat: China.

Beijing is Iran's biggest trading partner and its leading oil buyer. While the U.S. is trying to isolate the Islamic Republic from its remaining economic partners, President Donald Trump also is preparing to host Chinese leader Xi Jinping next month to maintain a fragile trade truce.

The top diplomats of Iran and Oman met on Tuesday to discuss a phased approach to managing ship traffic through the Strait of Hormuz, which remains largely shut down nearly six months after the Iran war began.

The talks came after an oil tanker was disabled in an attack off the coast of Oman, underscoring the ongoing dangers for shipping companies attempting to use the waterway while it's under Iranian control.

China said on Tuesday it would safeguard its interests after Washington laid out plans for the "economic asphyxiation" of Beijing's economic partner Iran.

Almost six months into its war with Iran, the United States issued new penalties on some entities including in China and expanded secondary sanctions threats, urging governments worldwide to join its economic campaign.

US futures are lower as bond market pressure will have investors eyeing an annual meeting of top U.S. economic officials at Jackson Hole, Wyoming later in the week.

The future for the S&P 500 was down 0.2%. On Friday, the S&P 500 rose 0.4% for just its second gain in the six days since setting its all-time high last week. Dow Jones Industrial Average futures fell 0.1%, while Nasdaq futures slipped 0.7%.

Mark Carney drew international attention as Canada's prime minister by warning that middle powers must resist economic coercion by more powerful countries. Now President Donald Trump is putting that warning to the test with sweeping new tariffs that could show how much economic pain Canada can absorb.

Tensions escalated late Friday when Canada walked away from negotiations after Carney concluded the United States was demanding too much in exchange for tariff relief. The U.S. imposed 50% duties Saturday on about $20 billion worth of Canadian goods, and Carney announced dollar-for-dollar retaliation beginning Sept. 8.