Tehran, July 8: Iran on Wednesday strongly condemned the United States’ decision to revoke the temporary suspension of sanctions on Iranian oil sales, describing the move as a “clear violation” of Article 10 of the Islamabad Memorandum of Understanding (MoU) signed on June 18 and holding Washington responsible for the consequences of the decision.

In an official statement, Iran’s Ministry of Foreign Affairs said, “The Ministry of Foreign Affairs of the Islamic Republic of Iran strongly condemns the US Treasury’s move to lift the temporary suspension of the embargo on Iranian oil sales, which is a gross violation of Article 10 of the Memorandum of Understanding to End the War and holds the US government responsible for the consequences of this breach of promise.”

The Ministry said the US decision, announced less than 20 days after the signing of the agreement, reflected what it described as Washington’s “malicious intentions, instability, and unreliability.”

It further alleged that the United States had repeatedly violated various provisions of the memorandum, either directly or “through the actions of the Zionist regime against Lebanon.”

According to the Ministry, Iran had made sincere efforts to implement its commitments under the agreement ever since the Memorandum of Understanding was signed and had acted in good faith while fulfilling its obligations.

“Since the signing of the Memorandum of Understanding… the Islamic Republic of Iran has tried in good faith and using all its capabilities to fulfil its obligations… However, the US government, as usual, has simultaneously violated its obligations and sought to justify them with various excuses,” the Ministry said.

Issuing a warning over the latest development, the Ministry stated that Tehran reserved the right to take appropriate measures to safeguard its national interests and security.

“The Ministry of Foreign Affairs of the Islamic Republic of Iran, while warning of the consequences of America’s breach of the agreement, will take any action it deems necessary to protect its interests and national security,” the statement added.

Meanwhile, US forces launched strikes against Iran after three commercial ships transiting the Strait of Hormuz were attacked, the US Central Command said.

US forces “have begun launching a series of powerful strikes against Iran to impose heavy costs for targeting and attacking commercial shipping crewed by innocent civilians in an international waterway,” the command said in a post on X.

“The US strikes are in response to Iranian attacks on three commercial vessels that were transiting the Strait of Hormuz,” said the command.

Explosions were heard near Iran’s Qeshm Island and the port cities of Bandar Abbas and Sirik, Xinhua news agency reported, quoting Iranian state outlet Press TV.

Artificial intelligence’s biggest obstacle is no longer advanced computer chips but access to electricity, BlackRock Chairman and Chief Executive Larry Fink has said, warning that the United States must modernise its ageing power grid or risk slowing the next wave of technological innovation.

Speaking in an interview with CNN’s Fareed Zakaria GPS, Fink said the rapid expansion of AI is creating unprecedented demand for computing power, exposing weaknesses in America’s electricity infrastructure.

“We don’t have enough power in the United States,” Fink said, describing electricity as the most significant constraint on AI development.

He said the United States has adequate energy resources, particularly natural gas, but lacks the transmission infrastructure needed to distribute electricity efficiently.

“We have plenty of power through natural gas, but we can’t distribute it in a proper way,” he said, adding that the country would need to invest “hundreds of billions of dollars” in expanding and upgrading its electricity grid.

“And if we don’t do that, we are not going to succeed in A.I.,” he said. “A.I. is just a bunch of electrons. So you need the power to create the electrons.”

Fink argued that demand for AI computing capacity currently exceeds supply, driving shortages not only in advanced chips but also in electricity and other critical infrastructure.

“At this moment, there’s more demand than supply,” he said. “We have shortages of compute right now which to me is the biggest problem we have in this country today.”

He warned that unless computing costs fall significantly, smaller organisations could struggle to benefit from the AI revolution.

“I’m not worried about BlackRock or J.P. Morgan having the money to invest in these models,” Fink said. “But I am very worried about municipalities or hospitals. Are they going to invest in this?”

Calling for wider access to AI technologies, he said the United States must “democratise A.I.” so that hospitals, local governments, transport systems and small businesses can also deploy advanced AI tools.

“If we can’t do that, then we’re going to have some real structural issues,” he said.

Fink also dismissed concerns that equity markets are in a speculative bubble despite massive investment in artificial intelligence. Instead, he said unusually strong demand had created shortages that allowed some companies to command significantly higher prices for their products.

Discussing the broader economy, Fink said recent geopolitical shocks, including the conflict involving Iran, demonstrated the resilience of the global economic system.

“The global economy actually mitigated much of the stresses,” he said, pointing to increased energy production, diversification of supply and technological adaptation. “We solve problems.”

On the US fiscal outlook, Fink argued that sustained economic growth offered the best path to managing rising government debt.

“If we cannot grow the economy by three per cent a year, we’re in trouble,” he said, urging policymakers to encourage private investment and streamline infrastructure approvals rather than relying on higher taxes.

New Delhi, July 4: Funeral ceremonies for Iran’s former Supreme Leader, Ayatollah Ali Khamenei, commenced in Tehran drawing senior Iranian officials, foreign dignitaries and high-level delegations from across the world. The solemn proceedings were marked by emotional scenes, with Iranian Parliament Speaker Mohammad Bagher Ghalibaf and Foreign Minister Abbas Araghchi breaking down in tears during the farewell ceremony.

According to Iran’s Fars News Agency, Tehran Governor Mohammad Sadegh Motamedian said elaborate security arrangements had been put in place to ensure the smooth conduct of the ceremonies.

“We will have the highest level of security and safety at the farewell and send-off ceremony for the martyred Leader,” he said.

He added that the gates of Tehran’s Grand Mosalla Prayer Grounds would open at 6 A.M. local time, urging mourners to plan their arrival accordingly. Authorities also indicated that the opening time could be advanced if circumstances required.

Fars News further reported that Baghdad authorities announced a shutdown of the city to facilitate funeral processions linked to the late Iranian leader. The decision was announced by Baghdad Governor Atwan Al-Atwani.

India was represented at the funeral ceremony on Friday by Minister of State for External Affairs (MoS) Pabitra Margherita and Bihar Governor Lt. Gen. (Retd.) Syed Ata Hasnain.

The Embassy of Iran in India, in a post on X, said, “Indian Dignitaries Pay Tribute to the Martyred Leader of Iran, His Eminence Ayatollah Seyyed Ali Khamenei.”

The embassy also posted photographs featuring People’s Democratic Party (PDP) president Mehbooba Mufti, Congress leader Salman Khurshid, who heads the party’s foreign affairs department, and several other attendees.

Russia also sent a high-level delegation to the ceremony. According to the Russian Ministry of Foreign Affairs, Deputy Chairman of Russia’s Security Council Dmitry Medvedev arrived in Tehran to participate in the funeral events. The ministry confirmed his visit through a statement posted on X.

Iran’s state broadcaster Press TV reported that the ceremony at Tehran’s Grand Mosalla Prayer Grounds was attended by the country’s top political and judicial leadership, including President Masoud Pezeshkian, Parliament Speaker Mohammad Bagher Ghalibaf, Judiciary Chief Gholam-Hossein Mohseni Eje’i and Expediency Council Chairman Ayatollah Sadegh Amoli Larijani.

Several international leaders and senior representatives also attended the ceremony. According to Press TV, the gathering included Turkmenistan People’s Council Chairman Gurbanguly Berdimuhamedow, Iraqi President Nizar Amedi, Armenian Prime Minister Nikol Pashinyan, Tajik President Emomali Rahmon, Pakistan Prime Minister Shehbaz Sharif, Pakistan Army Chief General Asim Munir and Kurdistan Region President Nechirvan Barzani.

Delegations from numerous other countries were also present, including parliamentary speakers from Iraq, Azerbaijan, Bangladesh, Uzbekistan, Belarus and Kyrgyzstan. Foreign ministers from Nicaragua, Congo and Burkina Faso, Egypt’s Senate president, the Secretary General of the Palestinian Islamic Jihad movement and the Speaker of Oman’s Parliament were among the attendees.

The ceremony also witnessed the participation of Shanghai Cooperation Organisation Secretary General Nurlan Yermekbayev, senior representatives of the D-8 Organisation for Economic Cooperation and the Organisation of Islamic Cooperation, Turkish Vice President Cevdet Yilmaz, Saudi Deputy Foreign Minister Waleed Al Khereiji, Dmitry Medvedev and several other international delegations.

Iranian Foreign Ministry spokesperson Esmaeil Baghaei said the event had attracted extensive international participation. According to him, at least eight heads of government, including presidents and prime ministers, along with parliamentary speakers from 12 countries, were expected to attend.

He added that many other nations were represented by foreign ministers, cabinet ministers or special envoys, while public figures and delegations from nearly 100 countries were also participating.

Baghaei further stated that lawmakers and public representatives from several Eastern European countries had joined the ceremonies. However, he said countries that had officially backed the military action by Israel and the United States against Iran were not invited.

Press TV described the funeral as one of the largest international gatherings held in Iran in recent years. Iranian officials estimate that between 15 and 20 million people could participate in the multi-day mourning ceremonies.

Additional ceremonies are scheduled in Qom, Baghdad, Karbala and Najaf, with the final burial planned in Mashhad on July 9.