The U.S. military carried out new strikes overnight in Iran targeting a military site that officials believed posed a threat to U.S. forces and commercial maritime traffic in the Strait of Hormuz, a U.S. official told Reuters on Wednesday. The official, who spoke on condition of anonymity, said the U.S. military has also intercepted and shot down multiple Iranian drones that posed a similar threat. The U.S. military strikes, which have not been previously reported, came during negotiations to [Read more]

President Donald Trump said on Wednesday the U.S. and Iran still have issues to resolve in peace talks, after Washington dismissed an Iranian state television report of a framework deal to restore shipping through the Strait of Hormuz within a month and to lift a U.S. naval blockade on Iranian ships. Trump told a cabinet meeting that Iran remained keen to end the war, which has choked global energy supplies through the strategic waterway, but that the terms did not satisfy [Read more]

Tehran would restore shipping through the Strait of Hormuz to pre-war levels within a month in a framework deal with the U.S. to also include withdrawing U.S. forces from Iran's vicinity, Iranian state television reported on Wednesday. The report said the U.S. would end a naval blockade of Iranian shipping, citing a memorandum of understanding being negotiated between the two sides to end the war which has choked global energy supplies through the strategic waterway. Iranian state TV said it [Read more]

Iran's state TV said Tehran had obtained a draft of an initial, unofficial framework for a memorandum of understanding with the United States on ending their conflict. Under the framework, Iran would restore commercial shipping through the Strait of Hormuz to pre-war levels within a month, while the United States would withdraw military forces from Iran's vicinity and lift a naval blockade. State TV said the framework, which excludes military vessels and envisages Iran managing ship [Read more]

Three months since the Iran war began, persistently high oil prices have policymakers grappling with renewed inflation fears, while sliding currencies are a headache for some Asian countries. But the conflict has boosted other assets, especially oil, and the dollar's credentials as a safe-haven. Here's a look at some stand-out winners and losers. OIL'S WIDER IMPACT Oil's roughly 40% jump has upended the outlook for inflation and interest rates. On the physical market, crude prices [Read more]