Donald Trump vowed to lift the US naval blockade in the Strait of Hormuz and make a “final determination” on Iran on Friday, as the world awaits his decision on a memorandum of understanding hashed out by negotiators to extend the ceasefire and pave the way for nuclear talks.
“Ships caught in the Strait due to our amazing and unprecedented Naval Blockade, which will now be lifted, may start the process of “heading home!” Say HELLO to your wives, husbands, parents, and families from me, your favorite President!” the US president wrote in a lengthy post on Truth Social.
Trump said some items have already been agreed, but insisted Iran “must agree” never to have a nuclear weapon, and that the Strait of Hormuz must be reopened without tolls. He said that uranium will be unearthed by the US in coordination with Iran and the UN nuclear watchdog and destroyed.
But Iran’s Fars news agency, citing sources, quickly pushed back on the president’s claims, casting the statement as a “mixture of truth and falsehood” intended “to portray a fabricated victory”.
It said there was no clause in the initial MOU that Iran would have to reopen the Strait without tolls, and no provision about destroying Tehran’s nuclear materials. Iran would reopen the waterway according to its own pre-determined arrangements, it said.
Read MoreWhy has Trump threatened to ‘blow up’ US ally Oman?
Is Trump’s threat to ‘blow up’ Oman a sign he regrets his war with Iran?
US and Iran reach peace deal pending Trump approval: officials
Israel strikes ancient castle in southern Lebanon as Netanyahu intensifies bombardment
Key Points
- Iran says decision not made, rejects Trump's comments as 'mix of truth and falsehood'
- Trump says naval blockade will be lifted ahead of meeting 'to make a final determination'
- Netanyahu says Israeli forces crossed Lebanon’s Litani River
- Oil falls over 1% on reports of potential US-Iran ceasefire deal
- US denies Iranian reports of American aircraft downed in southern Iran
Iran 'focused on ending war' not negotiating over nuclear programme, official says
18:34 , Nicole Wootton-CaneAn Iranian official has said Iran is “focused on ending the war” and not on negotiating its nuclear programme with Washington.
Tehran’s foreign ministry spokesperson Esmail Baghaei repeated that no agreement had been finalised with the US and said management of the Strait of Hormuz would need to be agreed between Iran and Oman.
Comment: Is Trump’s threat to ‘blow up’ Oman a sign he regrets his war with Iran?
18:30 , James ReynoldsThe president’s casual menacing of a longstanding Gulf ally may yet be a turning point for US relations with several Middle East states, Israel included, says Mary Dejevsky:
Is Trump’s threat to ‘blow up’ Oman a sign he regrets his war with Iran?
Araghchi hails 'productive call' with Oman
18:00 , James ReynoldsIran’s foreign minister Abbas Araghchi says he held a productive call with Oman’s foreign minister and expressed Iran’s solidarity “in the face of any threat”.
“We discussed Hormuz and its future administration in line with our sovereign responsibilities and international law. We welcome consultation with all neighbouring states,” he said.
Donald Trump this week threatened to “blow up” Oman if it didn’t bow to his wishes around control of the Strait of Hormuz, when asked about a potential short-term deal that would allow for shared control of the waterway between Iran and Oman.
'Political understanding' between US and Iran agreed but not finalised, source says
17:41 , Nicole Wootton-CaneA “political understanding” between the US and Iran has been reached, but no deal has been finalised, a source has said.
Speaking to Reuters, the source said the possible memorandum of understanding between Washington and Tehran does not involve any nuclear-related issues.
Netanyahu says he has told IDF to seize 70% of Gaza
17:30 , James ReynoldsBenjamin Netanyahu has directed the Israeli military to seize 70 per cent of the Gaza Strip in a move threatening the fragile ceasefire agreement with Hamas.
Speaking at a conference on Thursday, the prime minister said Israel was “squeezing” Hamas, having taken control of more than 60 per cent of the Palestinian enclave.
“We were at 50. We moved to 60. my directive is to move to...” he began, before someone in the crowd said, “100”.
“Let’s go step by step,” Netanyahu continued. “First of all 70. Let’s start with that. we’re pressing them from all sides. We’ll deal with the remnants.”
Iran sees Trump's comments on possible deal as 'mixture of truth and falsehood', Fars reports
17:22 , Nicole Wootton-CaneIranian officials are viewing comments by Donald Trump regarding a possible agreement with Tehran as "a mixture of truth and falsehood", Iran's semi-official Fars News Agency reported on Friday, citing informed sources.
A memorandum of understanding between Iran and the United States was still in the final stages of ratification in Iran, and no final decision had yet been made, the sources said.
How has Iran responded to Trump's statement?
17:06 , James ReynoldsIran’s Fars news agency is quoting sources shooting down Trump’s claims on the terms of the memorandum of understanding.
They say:
- The deal is in the final stages of ratification and has not been agreed
- Iran will reopen the Strait of Hormuz according to its own pre-determined arrangement
- There is no clause in the MOU forbidding Iran from charging fees to pass the Strait of Hormuz
- There is no provision for Iran to destroy its nuclear materials
- The MOU does include an immediate payment of $12bn from Iran’s frozen assets
- It also includes a complete ceasefire in Lebanon
Top Iranian officials named in negotiations are yet to comment.
In full: Trump in Situation Room to make final call on Iran peace deal after lifting Naval blockade of Hormuz Strait
17:00 , James ReynoldsPresident Donald Trump says he is meeting with aides “to make a final determination” on whether to accept a proposed agreement to end the war he started with Iran three months ago and reopen the Strait of Hormuz to global maritime traffic.
Writing on Truth Social, Trump said the U.S. blockade of Iranian ports would end and Iran would “complete the immediate removal and/or detonation of any mines” in the key waterway so that the strait would be “immediately open, no tolls, for unrestricted shipping traffic” to allow hundreds of ships that have been trapped on the wrong end of the strait to “start the process of ‘heading home!’”
“Say HELLO to your wives, husbands, parents, and families from me, your favorite President,” he said.
Andrew Feinberg reports:
Trump in Situation Room to make final call on Iran peace deal
Iran says decision not made, rejects Trump's comments as 'mix of truth and falsehood'
16:53 , James ReynoldsIran’s Fars news agency, citing sources, says that Tehran rejects Trump’s comments about a possible agreement with Iran as a “mixture of truth and falsehood”.
It says the agreement with the US is in the final stages of ratification but a final decision has not yet been made.
Trump’s comments are an “attempt to portray a fabricated victory”, the agency reports, citing sources.
It continues that there is no clause to the effect of Iran having to reopen the Strait of Hormuz without charging fees. Neither is there a provision about destroying Tehran’s nuclear materials in the MOU, it reports.
Kazakhstan open to taking Iran’s uranium stockpile, IAEA chief tells FT
16:41 , ReutersKazakhstan has signalled it is willing to take Tehran's stockpile of uranium enriched close to weapons-grade levels if the U.S. reaches a deal with Iran over its nuclear programme, the head of UN's nuclear watchdog told the Financial Times.
The central Asian state expressed its openness to keeping the stockpile when Kazakh President Kassym-Jomart Tokayev met International Atomic Energy Agency chief Rafael Grossi in Astana this week, Grossi told the newspaper in an interview published on Friday.
Kazakhstan hosts an internationally-controlled bank of low-enriched uranium to ensure fuel supplies for power stations in IAEA member states and prevent nuclear proliferation. The storage facility was opened in 2017 in collaboration with the IAEA.
Eleven children killed, injured every 24 hours in Lebanon, UN says
16:30 , James ReynoldsEleven children have been killed or injured on average every 24 hours in Lebanon over the last week, the UN's children's agency said on Friday, as Israel has expanded strikes across the country despite a ceasefire.
Heavy Israeli strikes hit towns and villages in southern Lebanon overnight on Wednesday and into Thursday, after Israel declared a new swathe of the area a combat zone. It also struck a building in the southern suburbs of Beirut on Thursday.
A total of 77 children have been killed or injured in the last seven days, UNICEF said, citing figures provided by Lebanon's Ministry of Public Health. Since the ceasefire began on April 16, 55 children have been killed and 212 injured, according to the agency.
UNICEF spokesperson Ricardo Pires called for all parties to fully respect the ceasefire.
"Under international humanitarian law, children and civilian infrastructure must be protected," he said.
Chevron refuses to pay Strait of Hormuz toll as tanker attacks rattle oil world
16:00 , James ReynoldsOil and gas giant Chevron has said it will not pay a transit toll for its vessels transiting the Strait of Hormuz, according to CEO Mike Wirth. Speaking to Bloomberg TV on Friday, Wirth highlighted that several ships navigating the crucial waterway have recently come under attack, describing "multiple incidents," though not necessarily daily occurrences.
Chevron currently has six vessels operating under charter in the Strait, all of which belong to third-party owners.
Wirth clarified that the decision to traverse the strait ultimately rests with these ship owners.
Chevron refuses to pay Strait of Hormuz toll as tanker attacks rattle oil world
Trump says naval blockade will be lifted ahead of meeting 'to make a final determination'
15:56 , James ReynoldsDonald Trump writes on Truth Social that the US naval blockade “will now be lifted”.
He says he will be meeting in the situation room to “make a final determination”, without further detail.
Trump was expected to make a decision on an MOU with Iran to extend the ceasefire, paving the way for nuclear talks.
Netanyahu says Israeli forces crossed Lebanon’s Litani River
15:30 , James ReynoldsIsraeli Prime Minister Benjamin Netanyahu said on Friday that Israeli forces had crossed Lebanon's Litani River and advanced.
Speaking during a visit to Division 36 on Israel's northern border, Netanyahu said Israeli forces were also operating in Beirut and the Bekaa Valley as part of actions against Hezbollah across the Lebanese front.
Araghchi hails 'productive call' with Oman
15:02 , James ReynoldsIran’s foreign minister Abbas Araghchi says he held a productive call with Oman’s foreign minister and expressed Iran’s solidarity “in the face of any threat”.
“We discussed Hormuz and its future administration in line with our sovereign responsibilities and international law. We welcome consultation with all neighbouring states,” he said.
Donald Trump this week threatened to “blow up” Oman if it didn’t bow to his wishes around control of the Strait of Hormuz, when asked about a potential short-term deal that would allow for shared control of the waterway between Iran and Oman.
In full: US and Iran reach peace deal pending Trump approval: officials
15:00 , James ReynoldsPresident Donald Trump is weighing a 60-day deal agreed upon by U.S. and Iranian negotiators to extend the shaky ceasefire between the warring nations and reopen the Strait of Hormuz while setting up further negotiations towards agreements on Tehran’s nuclear program, U.S. officials confirmed to The Independent on Thursday.
The officials, who spoke on condition of anonymity, confirmed that American and Iranian negotiators had agreed on a 60-day memorandum of understanding under which Iran would remove mines placed in the strait and agree not to harass any commercial shipping or demand tolls for passage through the key maritime chokepoint. In return, the U.S. would end the blockade it has kept on Iranian ports as shipping through the strait resumes.
.jpeg?trim=0,0,0,0&width=1200&height=800&crop=1200:800)
US and Iran reach peace deal pending Trump approval: officials
Watch: US treasury secretary Scott Bessent addresses Trump-Iran 'deal'
14:30 , James ReynoldsWhat's at stake with Trump's 'ceasefire extension'?
14:00 , James ReynoldsThe US and Iran have reached an agreement to extend their ceasefire and lift restrictions on shipping through the Strait of Hormuz, sources told Reuters and Axios overnight, adding that Trump is yet to approve it.
Here’s what has been claimed about the deal so far:
- The agreement would see the ceasefire extended another 60 days, four sources familiar with the matter told Reuters.
- In that time, traffic would be allowed to flow through the Strait of Hormuz while negotiators address other issues, like Iran’s nuclear programme.
- Iran would have to remove all mines from the strait within 30 days, a US official told Axios.
- It would also have to commit to not pursuing a nuclear weapon, officials said.
- The US naval blockade would also be lifted over time, officials said.
If approved by leadership in Washington and Tehran, it would amount to the biggest step towards peace since the conflict began on February 28.
News of the possible agreement came after a round of tit-for-tat attacks between the two countries, the latest such incident since the ceasefire took effect in early April.
In focus: Early heatwaves and Iran war create perfect storm for energy shortages
13:30 , James ReynoldsSoaring temperatures across Asia are driving up energy demand just as the US-Israeli war against Iran squeezes supplies. Stuti Mishra reports:
Early heatwaves and Iran war create perfect storm for energy shortages
Oil prices dip as tentative US-Iran deal awaits Trump’s final approval
13:00 , James ReynoldsAsian stock markets mostly rose while oil prices dipped on Friday, driven by hopes of a 60-day ceasefire extension between the United States and Iran.
Oil prices slipped on this de-escalation optimism, yet stayed above pre-war levels as the Strait of Hormuz largely remains closed.
Analysts warned that any potential ceasefire extension should be viewed cautiously, as oil supply recovery will take time. US futures edged lower.
Read the full report:
Oil prices dip as tentative US-Iran deal awaits Trump’s final approval
Watch: Trump official says admin doesn’t have ‘unlimited patience’ as it clashes with Tehran over deal
12:30 , James ReynoldsIn pictures: Smoke billows over Lebanon after Israeli strikes
12:01 , James Reynolds
Comment: Is Trump’s threat to ‘blow up’ Oman a sign he regrets his war with Iran?
11:28 , James ReynoldsThe president’s casual menacing of a longstanding Gulf ally may yet be a turning point for US relations with several Middle East states, Israel included, says Mary Dejevsky:
Is Trump’s threat to ‘blow up’ Oman a sign he regrets his war with Iran?
On average 11 children killed or injured every 24 hours in past week in Lebanon, says UN children's agency
11:15 , James ReynoldsAn average of 11 children have been killed every 24 hours on average in Lebanon, as Israel expanded strikes across the country in spite of a ceasefire being in place.
Heavy Israeli strikes hit towns and villages in southern Lebanon overnight on Wednesday and into Thursday, after Israel declared a new swathe of the area "a combat zone".
On Thursday, an Israeli strike hit a building in the southern suburbs of Beirut amid a ceasefire that has failed to halt fighting between Israeli troops and Hezbollah in south Lebanon.
What's at stake with Trump's 'ceasefire extension'?
11:00 , James ReynoldsThe US and Iran have reached an agreement to extend their ceasefire and lift restrictions on shipping through the Strait of Hormuz, sources told Reuters and Axios overnight, adding that Trump is yet to approve it.
Here’s what has been claimed about the deal so far:
- The agreement would see the ceasefire extended another 60 days, four sources familiar with the matter told Reuters.
- In that time, traffic would be allowed to flow through the Strait of Hormuz while negotiators address other issues, like Iran’s nuclear programme.
- Iran would have to remove all mines from the strait within 30 days, a US official told Axios.
- It would also have to commit to not pursuing a nuclear weapon, officials said.
- The US naval blockade would also be lifted over time, officials said.
If approved by leadership in Washington and Tehran, it would amount to the biggest step towards peace since the conflict began on February 28.
News of the possible agreement came after a round of tit-for-tat attacks between the two countries, the latest such incident since the ceasefire took effect in early April.
Recap: US pushes back on Iranian claims to have destroyed aircraft
10:28 , James ReynoldsUS Central Command said early on Friday that no US aircraft were shot down near Bushehr, Iran, despite a claim to the contrary made on Iranian state TV.
Iran's state TV said early on Friday that a U.S. aircraft was destroyed in Iran's Jam governorate in Bushehr, citing its governor Masoud Tangestani.
"No U.S. aircraft were shot down. All U.S. air assets are accounted for," the U.S. Central Command said in a post on X.
Watch: Vance: US ‘very close’ to deal reopening Strait of Hormuz
10:00 , James ReynoldsCan Donald Trump deliver on a lasting deal with Iran?
09:30 , James ReynoldsLeaks to the media on Thursday about the terms of the “memorandum of understanding" suggest the proposed deal leaves many of the thorniest questions unanswered.
Those include what the strait’s long-term status will be, what will happen to Iran's stockpile of near-weapons-grade enriched uranium and the details of potential sanctions relief.
The emerging framework, while averting military escalation, would at this stage fall far short of Trump's earlier demand for "unconditional surrender" and his vow to dismantle Iran's nuclear program. Iran has insisted it is only for peaceful purposes.
“If these terms are accurate and if a deal is concluded, the Islamic Republic appears to be getting more in the MOU than the US,” Jason Brodsky, policy director of United Against Nuclear Iran, a nonprofit policy organization, said on X.
“A pledge for more nuclear talks? Be wary."
Iran's Tasnim news agency said the text of the agreement had not been finalized. Trump has several times before said a deal was close, and there was no guarantee that the latest effort would succeed where others have not.
Analysis: Trump's room to maneuver narrows as US and Iran close in on framework deal
09:13 , ReutersDonald Trump finds himself in a bind as he seeks to end the war against Iran: he is under pressure to reopen the Strait of Hormuz and get US gasoline prices down but at the same time faces a potential backlash from Iran hawks in his own party over any concessions to Tehran.
Trump’s dilemma became clear during a week of hectic diplomacy marked by word of an emerging framework deal that, according to sources familiar with the matter, would extend a current ceasefire and release Iran’s stranglehold on the vital oil-shipping route while deferring discussions of its nuclear program.
Such an interim agreement, if approved by Trump and Iran’s rulers, would amount to the most significant step toward peace since he joined with Israel in attacking the Islamic Republic on February 28.
But it could also draw the disapproval of a key segment of Trump's base - influential Republicans clamoring for him to "finish the job" by resuming strikes to close Tehran's path to a nuclear weapon, his main stated reason for going to war.
Earlier this week, some of Trump’s hardline anti-Iran allies responded to reports of a possible deal with criticism, suggesting he might get less from Iran than the 2015 Obama-era deal Trump scrapped in 2018.
Caught between the competing demands - a quick solution to high gas prices and an end to Iran's nuclear ambitions - the president has little room to maneuver.
Trump’s board of peace is flailing – just like the president
08:01 , Alisha Rahaman SarkarThe glittering jewel in Donald Trump’s (self-declared) crown was his “board of peace”, a multi-country body nominally created to implement a truce plan for war-ravaged Gaza, but with a global remit.
Inaugurated in a grand ceremony in January in Switzerland, signatories heralded from 19 countries, including Hungary’s former authoritarian leader Viktor Orban, the head of Gulf states, Mongolia and Azerbaijan.
Among the glaring absences were some of America’s closest Nato allies, including the UK, alarmed by Russia’s potential membership and the board’s role “beyond Gaza”.
More here.
Trump’s board of peace is flailing – just like the president
Bessent says Oman won't impose toll on Hormuz
07:45 , Alisha Rahaman SarkarUS treasury secretary Scott Bessent said Oman's ambassador had told him there were no plans to impose tolls on the Strait of Hormuz.
This comes after the US warned Oman not to get involved in any effort with Iran to impose a toll in the strait, and Donald Trump on Wednesday threatened to bomb the country, despite a history of economic and military ties between the two countries.
Oman has not mentioned the idea of joint control of the strait with Iran, with which it says it has discussed freedom of navigation. Tehran expressed solidarity with Oman after what it called "US officials' threats".
Trump made time to visit with soldiers during recent trip to Walter Reed, just not any injured in Iran war: report
07:36 , Alisha Rahaman SarkarDuring a recent hospital visit, President Donald Trump took time to meet with U.S. service members — but he did not see any of the troops wounded in the ongoing Iran war, according to a new report.
The 79-year-old Republican president traveled to Walter Reed National Military Medical Center on Tuesday morning for his second check-up since October, claiming afterward that everything “checked out PERFECTLY.”
While inside the sprawling Bethesda facility, Trump met with service members, in keeping with a long-standing presidential tradition. However, 14 troops injured during Operation Epic Fury and recovering at the hospital were not among those he saw, according to a military official and the family of one soldier who spoke to CBS News.
More here.
Trump visited soldiers at Walter Reed, just not any injured in Iran war: report
Israel strikes ancient castle in southern Lebanon
07:15 , Alisha Rahaman SarkarIsraeli forces struck an ancient site in southern Lebanon this week, the country’s state media reported, as the IDF continued to intensify attacks despite the extension of a ceasefire.
The 900-year-old Beaufort Castle was hit by Israeli strikes on Tuesday, as its bombardment of southern Lebanon killed 31 people and wounded another 40 in the deadliest day since a ceasefire was supposed to take hold, state news agency NNA reported.
The fortress in southern Lebanon has been described by UNESCO as one of the best-preserved examples of medieval castles in the region.
More here.
Israel strikes ancient site in southern Lebanon as Netanyahu intensifies bombardment
Iranian president thanks Malaysia and Pakistan
07:05 , Alisha Rahaman SarkarIranian president Masoud Pezeshkian has thanked Malaysia and Pakistan for humanitarian and diplomatic efforts during Tehran's war with US and Israel.
"In my talks with the Prime Ministers of Malaysia and Pakistan to congratulate them on Eid al-Adha, I emphasised Iran's commitment to diplomacy, thanked Malaysia for its humanitarian stance, and thanked Pakistan for its initiative and effective efforts to reach an agreement," Pezeshkian said in a post on X.
"Iran's policy is to expand cooperation with Muslim and neighbouring countries in all fields."
Ex-counterterrorism chief urges US to withdraw forces from near Iran
06:50 , Alisha Rahaman SarkarJoe Kent, the former chief of the US's National Counterterrorism Center, has urged Donald Trump to withdraw troops from Iran's vicinity, arguing that it risks Washington being compelled "back into the war on Iran's terms".
"A major problem w/ the status quo of having our forces within reach of the Iranians is that we could easily be forced back into the war on Iran’s terms," Joe Kent said on X.
"If we withdraw now, we retain the ability to strike from a distance & take away Iran’s ability to draw us back into the war. Thankfully it appears that we didn’t take casualties, we won’t always be so fortunate," he added.
Kent had quit the counterterrorism post in March due to his opposition to Trump's war on Iran.
Watch: Vance says US ‘very close’ to deal reopening Strait of Hormuz
06:37 , Alisha Rahaman SarkarWhy has Trump threatened to ‘blow up’ US ally Oman?
06:30 , Alisha Rahaman SarkarUS president Donald Trump threatened to “blow up” Oman on Wednesday if it did not comply with his demands over the Strait of Hormuz.
"Oman will behave just like everyone else, or we'll have to blow them up,” the president warned in an off-the-cuff remark about a key US ally during a Cabinet meeting at the White House on Thursday.
Trump reiterated his insistence that Oman and other nations sign on to the Abraham Accords, a US-led treaty brokered during his first term encouraging the normalization of diplomatic ties between Arab nations and Israel.
More here.
Why has Trump threatened to ‘blow up’ US ally Oman?
Oil falls over 1% on reports of potential US-Iran ceasefire deal
06:15 , Alisha Rahaman SarkarOil futures fell more than 1 per cent today and were on track for their steepest weekly decline since early April, following reports that the US and Iran had agreed to extend a ceasefire.
Brent crude futures for July fell 1.1 per cent or $1.04 to $92.67 a barrel.
US oil futures fell $1.26, or 1.4 per cent, to $87.64 a barrel.
Brent plunged 10.5 per cent this week – the steepest plunge since the week that ended on 6 April, while West Texas Intermediate fell 9.2 per cent - the biggest weekly loss since the week that ended on 13 April.
Israel continues to bomb Lebanon
06:00 , Alisha Rahaman Sarkar
US denies Iranian reports of American aircraft downed in southern Iran
05:45 , Alisha Rahaman SarkarA US official has denied Iranian state media claims that a US aircraft was destroyed near Bushehr in southern Iran.
Iran’s state television reported that a US aircraft was downed in the area, without providing details on the type of aircraft.
Iran made 'significant concessions' in new deal, says Trump aide
05:36 , Alisha Rahaman SarkarThe White House deputy chief of staff has claimed that Iran has made "many other concessions" besides agreeing to a complete reopening of the Strait of Hormuz.
Stephen Miller told Fox News that the concessions have been “significant, material, and dramatic”, adding that they “would have been impossible only a short time ago”.
“But again, there is no deal until there is a deal; nothing is final until it is final,” he said.
“President Trump has been clear that he reserves the option now or any time in the future to do whatever is necessary to defend and protect America’s national security,” he added.
Is Trump’s threat to ‘blow up’ Oman a sign he regrets his war with Iran?
05:15 , Alisha Rahaman SarkarThe president’s casual menacing of a longstanding Gulf ally may yet be a turning point for US relations with several Middle East states, Israel included, says Mary Dejevsky.
Is Trump’s threat to ‘blow up’ Oman a sign he regrets his war with Iran?
Saudi Arabia may lower July oil prices to Asia
05:00 , Alisha Rahaman SarkarSaudi Arabia is likely to cut its official selling prices (OSPs) for crude oil to Asia in July for a second month, a Reuters survey showed, as spot premiums eased on sluggish demand despite supply disruptions stemming from tensions in the Middle East.
The July OSP for flagship Arab Light crude may slide to a premium of $7.50 to $12.50 a barrel above the average Dubai and Oman quotes, five industry sources said in the survey, $3 to $8 a barrel lower than the OSP for June.
The expected cut follows a price decline and tepid trading in the spot market in May.
Iran's uranium stock to be aggressively negotiated during ceasefire
04:45 , Alisha Rahaman SarkarAmong the first issues to be negotiated during the 60-day ceasefire is what will happen to Iran’s highly enriched uranium, a US official said.
The Islamic Republic has 440.9kg of uranium that is enriched up to 60 per cent purity, a short, technical step from weapons-grade levels of 90 per cent, according to the International Atomic Energy Agency.
Vice president JD Vance said yesterday evening that negotiators were trying to strike general terms on the highly enriched uranium settled in the tentative agreement, with the specifics to be hammered out in the ensuing talks.
Vance said the continued back and forth involved “a couple of issues on the nuclear stuff, the highly enriched stockpile, and also the question of enrichment".
Strait of Hormuz tolls among major talking points in ceasefire deal
04:39 , Alisha Rahaman SarkarThe memorandum to extend a fragile US-Iran ceasefire makes clear that Iran will not be able to impose tolls on the Strait of Hormuz and that Iran will have to remove all mines from the vital waterway within 30 days, according to an official.
During the war, Iran has effectively closed the strait, which had been the conduit for about a fifth of the world’s traded oil and natural gas.Its closure has sent oil prices skyrocketing around the world.
US treasury secretary Scott Bessent told a news briefing on Thursday that the cost of oil could “come down very quickly” once a deal is finalised.
Iran has said it’s letting some commercial vessels pass – about two dozen daily in recent days, compared with more than 100 a day before the war – but the Islamic Republic also has charged tolls for at least some ships.
It set up a formal gatekeeper agency earlier this month, spurring a new round of US sanctions this week.
Under the tentative agreement, the US would gradually lift its naval blockade on Iranian ports and would also agree to relax sanctions, allowing Iran to sell more of its oil.
Rubio to meet Pakistani counterpart in Washington
04:19 , Alisha Rahaman SarkarUS secretary of state Marco Rubio will meet Pakistani foreign minister Muhammad Ishaq Dar today as negotiations between the US and Iran gained speed.
The visit comes as Islamabad is attempting to negotiate a peace pact to permanently end the US-Israeli war with Iran.
Dar will meet Rubio “to review bilateral relations and exchange views on regional and global developments of mutual interest”, Pakistan's foreign ministry said in a statement.
Iran negotiators agree to extend ceasefire - report
04:02 , Alisha Rahaman SarkarThe US and Iranian negotiators have reached a tentative agreement to extend the ceasefire by 60 days and launch negotiations on Iran's nuclear program, according to a US official familiar with the matter.
The official, who spoke on condition of anonymity to the Associated Press, said that president Donald Trump still needs to sign off on the emerging memorandum of understanding.
Watch: Scott Bessent addresses Trump-Iran 'deal'
03:40 , Jane DaltonUS-Iran war in numbers: Trump’s war costs more than $29bn in three months
03:15 , Nicole Wootton-CaneThe conflict in the Middle East is entering its fourth month with negotiators yet to make a breakthrough, which would pave the way for an enduring peace.
And while the Pentagon has priced the conflict at around $29bn, analysts say the true cost could swell to $1 trillion once hidden costs are tallied.
James C. Reynolds has this report:
US-Iran war in numbers: Trump’s war costs more than $29bn in three months
Watch: Trump says he doesn't care about midterms when asked about Iran negotiations
03:00 , Nicole Wootton-CaneUS military denies claim that Iran downed one of its aircraft
02:00 , Rachel DobkinThe US military has denied a claim that Iranian forces downed one of its aircraft near Bushehr, a southern port city.
🚫CLAIM: Iran's state TV claimed Iranian forces downed a U.S. aircraft near Bushehr. FALSE.
— U.S. Central Command (@CENTCOM) May 28, 2026
✅TRUTH: No U.S. aircraft were shot down. All U.S. air assets are accounted for. pic.twitter.com/2EaKJ2Fj3d
Trump threatens to ‘blow up’ Oman in off-the-cuff Cabinet meeting remark
01:00 , Nicole Wootton-CaneDonald Trump on Wednesday threatened to “blow up” the country of Oman if it didn’t bow to his wishes around control of the Strait of Hormuz as the US president seeks a peace agreement with Iran to reopen the strait.
The president hosted a Cabinet meeting at the White House on Thursday and reiterated his insistence that Oman and other nations sign on to his Abraham Accords, a US-led treaty which encourages the normalisation of diplomatic ties between Arab nations and Israel.
He also took a question from reporters, one of whom asked about a potential short-term deal that would allow for shared control of the Strait of Hormuz between Iran and Oman, which border the key waterway. In response, the president issued a direct threat to Oman, a US ally.
You can read more below:
Trump threatens to ‘blow up’ Oman in off-the-cuff Cabinet meeting remark
Watch: Zelensky writes urgent letter to Trump over critical air defence shortage as Iran war depletes American stockpiles
Thursday 28 May 2026 23:59 , James ReynoldsUS official denies claim US aircraft destroyed in Iran's Bushehr
Thursday 28 May 2026 23:24 , Nicole Wootton-CaneNo US aircraft were shot down near Bushehr, Iran, despite a claim made on Iranian state TV, said a US official, speaking on the condition of anonymity.
Iran's state TV said early on Friday that a US aircraft was destroyed in Iran's Jam governorate in Bushehr, citing its governor Masoud Tangestani.
Vance says US 'not there yet' on deal with Iran, but close
Thursday 28 May 2026 23:02 , Nicole Wootton-CaneUS Vice President JD Vance on Thursday told reporters that Washington was "not there yet" with Iran but that the parties were close, adding that the US was in a position where it could substantially set back Tehran's nuclear program.
It comes after reports earlier suggested an agreement had been reached but was with President Donald Trump for final approval.
Iranian media denied that an agreement had been finalised.
"It's hard to say exactly when or if the president is going to sign the MOU. We're going back and forth on a couple of language points," vice president Vance said.
"I can't guarantee that we're going to get there, but right now I feel pretty good about it.”
Where are US and UK military bases in the Middle East as Iran launches new strikes?
Thursday 28 May 2026 23:00 , James ReynoldsIran targeted an American airbase early on Thursday morning in retaliation for renewed US strikes on the country’s south, hours after US president Donald Trump rejected a report he was close to agreeing a deal.
The Islamic Revolutionary Guard Corps (IRGC) said it had targeted an unnamed American air base at 4.50am local time, claiming the site was responsible for earlier attacks near Iran’s Bandar Abbas Airport.
Where are the US and UK military bases in the Middle East?
Analysis: Trump’s board of peace is flailing – just like the president
Thursday 28 May 2026 22:15 , James ReynoldsA pattern is emerging where, amid glittering ceremonies and bombastic press conferences, Trump tries to take centre stage in the resolution of crises he has either supported or even initiated, writes chief international correspondent Bel Trew:
Trump’s board of peace is flailing – just like the president
