South Pars in the Persian Gulf is a gas field shared by ran and Qatar.

It’s the world’s largest offshore natural gas field and contains an estimated 1,800 trillion cubic ​feet of usable gas, which would be enough to supply the world's needs for 13 years, according to LSEG.

Strikes on the gas field in March were deemed the biggest escalation of the war since it began, prompting Iranian retaliation against oil and gas infrastructure across the Gulf Arab states.

Israel's military now says it killed leader of Iranian Revolutionary Guard's undercover unit in its expeditionary Quds Force.

The UN’s nuclear watchdog has said it can confirm recent impacts of military strikes close to Iran's Bushehr nuclear power plant.

The International Atomic Energy Agency said on Monday that satellite imagery and detailed knowledge of the site suggested one strike had hit only 75 metres from the site perimeter, but that the plant itself was not damaged.

Last week the agency had said it had been informed by Iran about a projectile striking close to the premises of the Bushehr nuclear power plant.

Israeli Defence Minister Katz says that the Israeli military has been instructed to continue striking 'national infrastructure' in Iran with full force.

It comes as Donald Trump threatens to start hitting civilian infrastructure in Iran unless it agrees to a deal.

A foreign ⁠ministry spokesperson said on Monday that Iran has ​formulated its positions and demands in response to recent ceasefire proposals conveyed via intermediaries.

Spokesperson Esmaeil ⁠Baghaei said negotiations were "incompatible with ultimatums and threats to commit war crimes”, following Donald Trump’s threat to attack civilian infrastructure unless a deal is reached.

He said ​Tehran ⁠had a set of requirements based on its national interests ⁠that had already been conveyed via ​intermediary ⁠channels, adding ‌that earlier US demands such as the 15-point plan were rejected for ‌being "excessive."

"Iran does not ‌hesitate to clearly express what it considers its legitimate demands and doing so ⁠should not be interpreted as a sign of compromise, but rather as a reflection of its confidence in defending its positions," Baghaei said in a press conference.

From the very first US and Israeli strikes on Iran, it was apparent that any conflict lasting longer than a few days was also likely to cause some very significant collateral damage, not least to the cause of Ukraine. And so it has proved.

JPMorgan CEO Jamie Dimon has warned that the war in Iran risks oil and commodity price shocks that could keep inflation sticky and push interest rates higher than the market now expects.

The warning appeared in an annual letter to shareholders on Monday.

Dimon, 70, who has run JPMorgan, the largest US bank for two decades, also said the private credit sector "probably" does not present a systemic risk, despite investors' recent moves to pull back from such funds amid worries that advances in AI will hurt underlying borrowers.

"The challenges we all face are significant," Dimon added, citing geopolitical risks such as the war in Ukraine, broader hostilities in the Middle East and tension with China.

"Now, because of the war in Iran, we additionally face the potential for significant ongoing oil and commodity price shocks, along with the reshaping of global supply chains, which may lead to stickier inflation and ultimately higher interest rates than markets currently expect."

Iranian media reports that the head of the intelligence organisation of Iran's elite Islamic Revolutionary Guard Corps was killed on Monday.

Majid Khademi took over the role in 2025 after Israeli air strikes killed his predecessor.

He spent decades in intelligence and counter-espionage roles while rising through Iran’s security apparatus.

Before his appointment, Khademi headed the Guards' Intelligence Protection Organisation, charged with internal surveillance and counter-intelligence, and held senior roles in Iran’s defence ministry.

The IRGC intelligence arm is one of Iran’s most powerful security bodies, with a central role in domestic surveillance to counter foreign influence, and often operating in parallel with the civilian intelligence ministry.

Iran's foreign ministry spokesperson Esmail Baghaei says Tehran has formulated its diplomatic response to the US and will announce in due time, per Iran’s SNN.

Five top stories to bring you up to speed with events in the Iran conflict: