IRNA reported the head of the Iran-Iraq Economic Headquarters said bilateral trade is expected to reach $20 billion.

South Korea has dispatched a team to the Middle East to assess the situation in the Strait of Hormuz amid U.S. pressure for Seoul to assist operations targeting Iran, the defense ministry said. The ministry described the mission as a political and security assessment and said the review does not imply a predecided military deployment. The presidential office said any deployment remains under discussion. YONHAP reported the team left for the UAE at the weekend and will brief the National Security Council on its findings after returning. The defense ministry declined to disclose the team’s current location for operational security.

U.S. Treasury Secretary Bessent said the government will release news next week.