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U.S. President Donald Trump said on Saturday that a memorandum of understanding on a peace deal has been "largely negotiated" with Iran and will open the Strait of Hormuz, with details to be unveiled soon. "Final aspects and details of the Deal are currently being discussed, and will be announced shortly," Trump wrote on Trump Social. Trump posted the announcement after separate calls with the leaders of Muslim majority nations and Israeli Prime Minister Benjamin Netanyahu. (Reporting by Ryan [Read more]

President Donald Trump said on Saturday that negotiators for the United States and Iran were "getting a lot closer" to finalizing an agreement to end the war, according to an interview with CBS News. He said a final agreement would prevent Iran from obtaining a nuclear weapon and would ensure that Iran's enriched uranium would be "satisfactorily handled," according to CBS. "I will only sign a deal where we get everything we want," Trump was quoted as saying. Iran, the United States and [Read more]

Iran said on Saturday that any mechanism concerning the Strait of Hormuz should be agreed between Iran, Oman and the countries bordering the waterway, and that the United States "has nothing to do" with it. Foreign ministry spokesperson Esmaeil Baghaei also said Iran was focused on finalising a memorandum of understanding through Pakistani-mediated talks between Tehran and Washington, according to Iran's state media. (Reporting by Dubai newsroom Editing by Tomasz Janowski) [Read more]

BP said on Friday its Whiting refinery returned to the bargaining table with the United Steelworkers Local 7-1 bargaining committee and presented a revised proposal intended to move the parties closer to an agreement. The company added that the current settlement offer includes a withdrawal of the proposed voluntary reduction of up to 42 maintenance craft employees in response to the union's concerns. BP added the proposal includes an average 13% pay increase over the first four years of a [Read more]

U.S. shale producer Devon Energy's $2.6 billion purchase of new acreage in the Delaware Basin will extend its drilling runway and reinforce its position as the region’s top producer, analysts said on Friday. Devon bought 16,300 net undeveloped acres in a federal lease sale this week in the Delaware part of the broader Permian Basin spanning West Texas and New Mexico, just weeks after closing its $58 billion merger with Coterra Energy. While the price tag raised some concerns, one analyst said [Read more]

U.S. energy firms this week added oil and natural gas rigs for the fifth week in a row for the first time since February 2025, energy services firm Baker Hughes said in its closely followed report on Friday. The oil and gas rig count, an early indicator of future output, rose by seven to 558 in the week to May 22, its highest since June 2025. Despite this week's rig increase, Baker Hughes said the total count was still down eight rigs, or 1% below this time last year. Baker Hughes said [Read more]

France has drafted a U.N. Security Council resolution on setting up an international mission to restore movement in the Strait of Hormuz and could submit it if conditions are right, the foreign ministry said on Friday, as Washington struggles to bring to a vote a text Russia and China may say is biased against Tehran. Control of the narrow waterway, a vital artery for global energy trade whose virtual closure has led to spiralling oil prices, is a major obstacle in talks to end the [Read more]

Iran's publication of a new map asserting its control over the Strait of Hormuz risks extending an already punishing ordeal for thousands of mariners trapped on ships in the Gulf. More than 20,000 sailors are stuck on around 2,000 vessels in the Gulf, many of them unable to leave ship, lacking adequate supplies of food and fresh water, and fearful of an uncertain future at sea in a war zone. Sailors interviewed by Reuters in recent weeks have described the hardships and anxieties of their [Read more]