Seoul, Aug 3: South Korea and the United States on Monday launched a joint underwater excavation project in waters off the country’s eastern coast to find wreckage of US aircraft that went down during the 1950-53 Korean War, Seoul’s defence ministry said.

The project, which is scheduled to run through August 28, will take place in Gangneung and Yangyang in Gangwon Province, involving the ministry’s Agency for KIA Recovery & Identification and the US Defence POW/MIA Accounting Agency (DPAA).

Some 40 people will be deployed for the project, including personnel from the South Korean Navy’s First Fleet and the Air Force’s 18th Fighter Wing, as well as US underwater planners and divers, according to the ministry.

The search will begin in waters off Yangyang County, about 215 kilometres east of Seoul, to find the wreckage of a US F4U Corsair fighter aircraft. The fighter jet crashed while conducting an escort mission of another damaged US attack aircraft in February 1952, leaving one pilot dead, records showed.

The research team will then focus on retrieving the wreckage of US military transport aircraft, known as the Curtiss C-46 Commando, which went down in the Gangneung area, about 170 kilometres east of Seoul, in October and November 1952, on two separate occasions, reports Xinhua news agency.

The incident left a total of 17 people missing from the plane crash in the first case, whereas two people were found dead and seven others missing in the November plane crash.

The joint survey team plans to conduct the search using underwater detector equipment and maritime unmanned systems, and deploy divers or remote sensing devices to inspect the scene upon finding the remains.

Seoul and Washington have made joint efforts to find the remains of US soldiers killed during the conflict after signing an agreement to conduct such excavations in 2011.

Tehran, Aug 3: Iranian President Masoud Pezeshkian said that Iran must “compel” the United States to remain committed to the peace memorandum of understanding (MoU) signed between the two countries.

He made the remarks in a post on social media platform X, saying that there is a consonance among members of Iran’s Supreme National Security Council on the MoU.

Pezeshkian said he believes the MoU will be the focal point of Iran’s foreign relations in the future, reports Xinhua news agency.

“We must strive to compel the enemy to adhere to what it has signed. The security of the country, region and our allies will improve with this MoU,” he said.

Meanwhile, Iran’s Acting Defense Minister Seyed Majid Ebn Al-Reza said Sunday that Tehran perceives every “enemy” threat as “real and noteworthy,” rejecting any characterization of them as mere psychological warfare.

“We will neither be surprised nor remain passive. We use threats as a basis to increase our preparedness, strengthen our deterrence, and develop our power,” Al-Reza wrote on social media platform X after U.S. President Donald Trump said earlier that he had agreed to hold off fresh attacks against Iran.

In his post on Truth Social, Trump said the United States was “locked and loaded and ready to go against the Islamic Republic of Iran, at levels of Military Terror, Strength, and Power not seen since World War II,” but held off after being “asked by Iran, and other Middle Eastern Countries,” citing a forthcoming deal that would include the “Immediate, Complete, and Total OPENING OF THE HORMUZ STRAIT, and an end to Iran’s nuclear threat.”

Earlier US media reports had suggested US and Israeli strikes on Iranian energy infrastructure could begin over the weekend.

On June 18, Iran and the United States signed the MoU, under which the two countries were scheduled to hold negotiations within a 60-day period to reach a final agreement. However, the talks’ fate is hanging in the balance due to the recent escalation between them.

The US military launched multiple waves of strikes against Iranian targets last month, saying they were in response to Iranian attacks on vessels in the Strait of Hormuz and aimed at “degrading Iran’s ability to threaten commercial shipping.” Iran responded with missile and drone attacks targeting US military bases and facilities in the region.

New Delhi, Aug 2: Pakistan and Bangladesh are among the Asian economies most exposed to the fallout from the prolonged US-Iran conflict, as surging global oil prices threaten to push up inflation, strain public finances and intensify pressure on already fragile economies, according to economists and research firms.

Both countries depend heavily on imported fuel, making them particularly vulnerable to sustained increases in crude oil and diesel prices, according to a report by South China Morning Post.

Analysts warn that limited fuel inventories and weak economic buffers could allow higher global energy costs to feed quickly into domestic prices, raising the cost of transport, electricity and food for millions of households, the report said.

Jamus Lim, Associate Professor of Economics at ESSEC Business School Asia-Pacific cited by the report, said Pakistan and Bangladesh are likely to face significant inflationary pressures in the near term.

He noted that limited inventory buffers mean the impact of higher oil prices would be transmitted relatively quickly through their economies.

Oil markets have already reflected growing concerns over the conflict. Brent crude has climbed sharply over the past month, while US benchmark West Texas Intermediate (WTI) has recorded similar gains.

Diesel and other refined fuel products have also posted double-digit increases, adding to concerns over rising energy costs worldwide.

The risks have extended beyond the Gulf region after a drone strike targeted gas vessels at Egypt’s Mediterranean port of Damietta, heightening concerns over shipping routes linked to the Suez Canal, one of the key pathways for Saudi oil exports.

For Pakistan and Bangladesh, another energy-price shock could place renewed pressure on currencies, fiscal balances and government subsidy programmes.

Both countries are implementing International Monetary Fund (IMF)-supported economic reform programmes that emphasise fiscal discipline, limiting their ability to cushion consumers from higher fuel prices through subsidies.

The conflict, now in its fifth month, has added to uncertainty after US President Donald Trump weighed further military action following Iranian attacks on American military assets in Jordan, Kuwait and Bahrain.

Oxford Economics has warned that several emerging markets, including Pakistan, Egypt, Mozambique, Nigeria and Kenya, face a combination of geopolitical risks, political uncertainty and rising debt-servicing costs.

According to the research firm, countries such as Pakistan, Mozambique, Kenya, Ghana and Tunisia, which have relatively thin foreign exchange reserve buffers, could experience the sharpest deterioration if the conflict intensifies.