Iran is expected to respond on Thursday to a US proposal aimed at ending the conflict and establishing a framework for broader nuclear negotiations, according to media reports, as diplomatic efforts intensified amid continuing tensions in the Gulf.
Oil prices eased slightly on Tuesday after jumping about 6% yesterday following increased hostilities in the Strait of Hormuz.
US President Donald Trump has announced that the US will begin guiding ships through the Strait of Hormuz, which remains largely blocked by Iran, starting Monday.
US President Donald Trump said he will soon review Iran's new 14-point proposal for peace, adding that he “can’t imagine that it would be acceptable.”
In a surprise move, US Defence Secretary Pete Hegseth has ordered the withdrawal of around 5,000 US soldiers stationed in Germany, the Pentagon said on Friday. Following this, Nato said it was "working" with Washington to understand the reason for the troop reduction.
Trade tensions between the US and the European Union have intensified after US President Donald Trump announced his intention to raise import tariffs on European cars and lorries to 25% "from next week". The current tariff stands at 15%, said a report.
US President Donald Trump's administration has bypassed congressional review to approve $8.6 billion military sales to Middle Eastern allies Israel, Qatar, Kuwait and the UAE. These include Patriot air and missile defence replenishment services costing $4.01 billion and APKWS, a laser-guided weapons kit.
Global sales of electric cars weakened during the first quarter with the top markets of China and US leading the sales decline. In 43 key markets analysed by the consulting firm PwC, the number of electric cars sold was 1% lower than in the same period in 2025, at just under 2.7 million.
It would take months for jet fuel supply to recover even if the he Strait of Hormuz reopens, given disruptions to Middle East refining capacity, said Willie Walsh, Director General of the International Air Transport Association (IATA).
US President Donald Trump has hailed the ceasefire agreement between the US and Iran as a big day for world peace and said there is an opportunity to make big money.
