Iran agreed a secret €500mn arms deal with Russia to acquire thousands of advanced shoulder-fired missiles in its most significant effort to rebuild air defences shattered during last year’s war with Israel.

A US Senate investigation seeks records from Binance over reports of $1.7 billion in Iran- and Russia-linked transactions, while the exchange denies wrongdoing.

As Trump considers joining the war in the Middle East, Iran’s ally says there could be potentially perilous consequences for the world.

Discounts on Russian Urals and Iranian Light crude have widened significantly as the sanctioned producers compete for the limited market of China’s independent refiners.

It comes shortly after Vice President JD Vance accused Iran of failing to address core U.S. demands during nuclear talks in Geneva.

Iran is close to buying a supersonic missile from China that could destroy American aircraft carriers. Officials from the Islamic Republic are in advanced negotiations with Beijing to purchase the CM-302 cruise weapon, which is designed to damage warships, according to Reuters.

Defense expert Cameron Chell called Iran's military moves a "calculated escalation" as U.S. MQ-9 Reaper drones with strike capabilities were reportedly spotted in the region.