Iran's Press TV, citing informed sources, said Iran will not back down on managing the Strait of Hormuz.

Iran’s foreign ministry condemned the US Treasury’s revocation of suspended sanctions on Iranian oil sales, saying the move severely violated Article 10 of the June 18 Islamabad Memorandum of Understanding and holding the US responsible for consequences. Tehran said Washington rescinded a June 21 license less than 20 days after the memorandum was signed, accusing the US of acting in bad faith and of multiple memorandum violations over the past 20 days through direct actions or via Israel in Lebanon. Iran said it has complied in good faith and warned that if the US continues to breach the agreement it will take all measures it deems necessary to protect national interests and security.

Fed minutes: several officials said cooling inflation could allow rates to be held steady or cut.