Here's the latest
• Potential deal: The US and Iran reached a tentative agreement to open the Strait of Hormuz and start nuclear talks, according to US officials — though President Donald Trump has not signed off on it yet. Iranian officials have not yet commented on a potential deal.
• Fresh strikes: US Central Command confirmed that Iran fired a ballistic missile toward Kuwait overnight, which was intercepted. Iran’s Islamic Revolutionary Guard Corps earlier said it launched an attack targeting an American air base, claiming it was the source of US strikes.
• In Lebanon: Israel targeted a commander in the missile unit of Iran-backed Hezbollah, according to an Israeli source, in the first strike in Beirut in weeks. Dozens of people were killed in Israeli strikes on Wednesday, according to Lebanon’s Health Ministry.
Bessent: Trump's comment on the midterms and Iran makes him a "statesman"
Treasury Secretary Scott Bessent said Thursday that President Donald Trump’s comments earlier this week — that he did not care about the midterm elections as he tries to make a deal with Iran — made him a “statesman.”
“So, you’re calling President Trump a statesman? You’re saying that he is taking a statesmanlike position, that he has a core belief, and he believes that the most important thing is for Iran never to have a nuclear weapon,” Bessent said at a White House press briefing.
He added: “I believe both things can be true, that we can do well in the midterms and that we, you know, perhaps have the makings of a deal here.”
Trump made the remark at a Cabinet meeting Wednesday, saying about Iran: “They thought they were going to outwait me, you know? We’ll outwait him, he’s got the midterms. I don’t care about the midterms.”
Bessent also acknowledged that the economy “is challenging now.” He said that despite economic headwinds the “unemployment is still low, tax refunds were still high and consumer spending is still quite high.”
“And I’m in constant contact with the banks and every income quintile is still doing well,” Bessent said.
Bessent says US-Iran deal hinges on "what the president wants to do"
Treasury Secretary Scott Bessent said Thursday that a potential US deal with Iran will hinge on whether President Donald Trump decides to support it.
“Everything depends on what the president wants to do,” he said during a White House press briefing. “And President Trump is not going to make a bad deal for the American people.”
Bessent declined to confirm details of the tentative agreement reached between the administration and Iran, which could extend the ceasefire and set the Strait of Hormuz on a path toward reopening.
But he insisted that any deal would need to meet Trump’s demands that Iran turn over its highly enriched uranium and commit not to pursue a nuclear weapon, in addition to allowing free navigation through the strait.
Bessent also downplayed suggestions that the US could lift sanctions on Iran as part of an eventual deal, telling reporters that “I would think things would go very slowly in terms of that.”
“It is a multifaceted agreement and nothing is going to be on the table until we see the Strait of Hormuz open and the Iranians agree that they have to turn over the highly enriched uranium, and that they can’t have a nuclear program,” he said.
Oman has assured US it won't toll Strait of Hormuz, Bessent says
Treasury Secretary Scott Bessent said Thursday that he received assurances from Oman that it does not plan to toll the Strait of Hormuz.
“I had a call with the Omani ambassador this morning, and he assured me that there were no plans for tolling the strait,” Bessent told reporters at a White House briefing.
“As he said, our countries have had 200 years of good relations. He wants to have another 200 more, and, you know, I told him that this was a non-starter, and he did not want to risk either the Omani individuals or Omani financial institutions getting sanctioned,” Bessent said.
Earlier Thursday, Bessent had threatened Treasury action against Oman if it supported Iran in tolling the strait. And on Wednesday, President Donald Trump warned Oman not to interfere with the critical oil thoroughfare, saying, “Oman will behave just like everybody else or we’ll have to blow them up.”
Asked about Trump’s comments, Bessent said Thursday that “the president wanted to punctuate freedom of navigation in the strait.”
US oil and gasoline stockpiles continue to plunge
The United States’ stockpiles of crude oil, gasoline and diesel are falling fast as the war with Iran drags on.
The monthslong closure of the Strait of Hormuz has forced the energy industry to lean heavily on oil in storage.
The amount of crude oil and energy products in commercial and emergency storage tumbled by another 17.4 million barrels last week ahead of Memorial Day weekend, according to federal data released Thursday.
That leaves inventories at the lowest seasonal level since May 2003, according to Energy Information Administration data.
“You can’t continue at this pace forever,” said Andy Lipow, president of Lipow Oil Associates.
The Trump administration continues to aggressively drain the Strategic Petroleum Reserve (SPR). The amount of crude in the SPR tumbled by another 9.1 million barrels last week, just shy of the record-setting decline the prior week. The emergency reserve is down by 50 million barrels over just the past two months alone.
“We’ve really super-sized the draws from the SPR,” said Bob Yawger, commodity specialist at Mizuho Securities.
Gasoline inventories continue to fall sharply, declining last week to the lowest May level since 2014.
Diesel and other distillates are now at their lowest level since May 2003.
Tentative deal between US and Iran still needs Trump's approval. Catch up on the latest
US officials said today that a tentative agreement has been reached in talks between the United States and Iran, though US President Donald Trump hasn’t signed off on it amid a tense situation in the Middle East.
It also remains unclear whether Iran’s supreme leader had given his sign-off, another necessary step toward ending the conflict.
The memorandum of understanding would include language lifting constrictions on the Strait of Hormuz, including unrestricted navigation by vessels and the lifting of a US blockade.
It would start a 60-day negotiation period to address Iran’s nuclear program, including the fate of its stockpile of highly enriched uranium. Sources said the most difficult issues related to Iran’s nuclear program still have to be worked out as part of those talks.
The tentative deal comes the day after Trump said he won’t be rushed into a deal, warning that Iran’s efforts to outlast him won’t work because he doesn’t “care about the midterms.”
Here’s the latest:
- Renewed strikes: Earlier Thursday, US Central Command confirmed that Iran fired a ballistic missile toward Kuwait overnight, which was intercepted. Iran’s Islamic Revolutionary Guard Corps earlier said it launched an attack targeting an American air base, claiming it was the source of US strikes. According to a US official, those strikes targeted Iranian drones and a launch site around the Strait of Hormuz.
- Bessent warns Oman: US Treasury Secretary Scott Bessent threatened Oman if it supports Iran in tolling commerce through the Strait of Hormuz, a day after Trump threatened to “blow up” Oman should it try to control the strait with Iran.
- Israeli strikes in Beirut: Israel earlier targeted a commander in Hezbollah’s missile unit, according to an Israeli source, in the first strike in Beirut in weeks. It was coordinated with the United States, the source told CNN.
- Iranian supreme leader’s message: Iran’s supreme leader, Mojtaba Khamenei, praised his country’s “unprecedented cohesion” after the US and Israel first attacked. In a written statement, he called for “even greater efforts to preserve the unity” of the population.
CNN’s Kevin Liptak, Alayna Treene, Adam Cancryn, Billy Stockwell, Pamela Avila, Aileen Graef, Tal Shalev, Aida Karimi and Sana Noor Haq contributed to this report.
US and Iran reach tentative deal to open strait and start nuclear talks, but Trump must still sign off
A tentative agreement has been reached in talks between the United States and Iran, US officials said Thursday, though President Donald Trump hasn’t signed off on it and the situation in the region remained tense.
Trump’s approval will be key to any agreement, officials cautioned, and the president said a day earlier he wasn’t satisfied with the current state of talks. It also wasn’t clear whether Iran’s supreme leader had given his sign-off, believed to be another necessary step toward ending the conflict.
Still, the finalization of text between the two nations was a sign that diplomacy was proceeding, despite active hostilities between the US and Iran over the past 48 hours.
The memorandum of understanding would include language lifting constraints on the Strait of Hormuz, allowing unrestricted navigation by vessels and lifting a US blockade.
It would start a 60-day negotiation period to address Iran’s nuclear program, including the fate of its stockpile of highly enriched uranium. Sources said the most difficult issues related to Iran’s nuclear program still have to be worked out as part of those talks.
Trump has appeared optimistic previously about an agreement with Iran, only to later change course.
US sources all cautioned that any advancements in the talks could be upended quickly if Trump decides to withhold his approval.
He has been under pressure from members of his own party, along with Prime Minister Benjamin Netanyahu of Israel, to reject a deal that would ease pressure on Iran.
Trump has been seeking advice to ensure the deal is strong enough, one person familiar with the matter said. He has been fixated on ensuring the deal can be marketed as stronger than the 2015 Obama-era nuclear deal from which he withdrew during his first term.
Iran’s semi-official Tasnim News Agency, citing unnamed sources close to the negotiating team, reported that the text of the agreement “has not yet been finalized or made definitive.” The sources added that Iran has not yet informed the Pakistani mediator that the text is finalized.
Bessent threatens Oman if it helps Iran control the Strait of Hormuz
US Treasury Secretary Scott Bessent on Thursday threatened Oman if it supports Iran in tolling commerce through the Strait of Hormuz.
“The United States Government will not tolerate any effort to impose a tolling system in the Strait of Hormuz. Oman, in particular, should know that the U.S. Treasury will aggressively target any actors involved — directly or indirectly — in facilitating tolls for the Strait and any willing partners will be penalized,” he said in a post on X.
A day earlier, President Donald Trump threatened to “blow up” Oman should it try to control the strait with Iran.
“Oman will behave just like everybody else, or we’ll have to blow ‘em up,” Trump said at a White House Cabinet meeting Wednesday.
We’ll hear from Bessent later today in the White House press briefing.
Netanyahu says he directed Israeli military to take over 70% of Gaza
Israeli Prime Minister Benjamin Netanyahu said Thursday that he has directed Israel’s military to take over 70% of Gaza’s territory.
During an interview at a conference in the occupied West Bank, Netanyahu said that Israel is “tightening” its grip on Hamas. “We are now in 60% of the territory of the Gaza Strip. We were at 50%. We moved to 60%,” he said. “My directive is to move to — take it step by step — first of all 70. Let’s start with that.” As Netanyahu spoke, the audience called for him to take over all of Gaza’s territory.
In late April, the Israel Defense Forces (IDF) issued maps to international aid groups that showed the military already controlling approximately 64% of Gaza.
The seizure of more of Gaza would force approximately 2 million Palestinians into a shrinking fraction of the coastal enclave’s shattered territory.
Under an October 2025 ceasefire agreement between Israel and Hamas, Israeli forces withdrew to a demarcation line known as the “yellow line,” which left them in roughly 53% of Gaza.
On Tuesday, Hamas accused Israel of moving the line, saying this “constitutes an explicit and ongoing undermining of the ceasefire agreement, a serious violation of its provisions, and an exposed attempt to impose new facts on the ground by force, with the aim of entrenching military control over the Strip and undermining any real chance of stabilizing the situation or making de-escalation efforts succeed.”
As Tehran and Washington trade strikes, here are three hurdles to a ceasefire resolution
US and Iranian forces exchanged fire early Thursday, catapulting tenuous talks into further uncertainty and clarifying unmet demands in a proposed ceasefire deal.
Hours before Washington said it attacked Iranian drones and a launch site around the crucial Strait of Hormuz, US President Donald Trump insisted his administration is still “not satisfied” with the terms of the deal.
Tehran also ramped up heated rhetoric piercing the state of negotiations, warning that “any aggression or ceasefire violation” by the US military “will be met with force,” after firing toward an unnamed US base in Kuwait.
Even public messaging about the contents of the proposal, known as the memorandum of understanding (MOU), is underpinned by contradictions — with Washington pushing back against Tehran’s statements that the draft stipulates US forces’ withdrawal and an end to blockades on Iranian ports.
Here are the thorniest issues:
- Iran’s nuclear stockpile: Iranian officials warned they will only discuss nuclear-related clauses once negotiators cement the first phase of a tentative deal. The MOU is not expected to cover the enrichment of uranium — a fuel that can be used to build a bomb — in detail. Officials in Washington have been using the phrase, “No dust, no dollars,” to describe the stock of highly enriched uranium that Trump demands must be handed over or destroyed before meeting Tehran’s financial dictates.
- Frozen assets: The US-Israeli bombing on Iran has only exacerbated the economic crisis preceded by crippling sanctions, prompting Tehran to demand the unfreezing of billions of dollars in assets stored in banks overseas. Just on Thursday, a spokesperson for the Iranian delegation claimed officials were “successful” in securing the release of half of Iran’s blocked assets — worth about $12 billion — to be included in the MOU, according to the semi-official agency, Mehr News, citing Saeed Ajorlu.
- The Strait of Hormuz: Parallel US-Iranian blockades on non-allied boats in the Strait of Hormuz have fluctuated global oil prices and trapped tens of thousands of seafarers along the key waterway. So far, authorities in Tehran have indicated they ultimately intend to maintain a greater degree of control over passage through the strait than before the war. But on Thursday, the US sanctioned Iran’s newly created body to force shippers to comply with its rules.
Rubio and Pakistani counterpart to meet tomorrow in Washington, DC, Pakistan says
Pakistan said its Foreign Minister Mohammad Ishaq Dar will meet with US Secretary of State Marco Rubio in Washington, DC, tomorrow to discuss “regional and global developments,” including Islamabad’s recent efforts to promote peace.
Pakistan has emerged as a key mediator between the US and Iran in recent months during the war in the Middle East, playing a leading role in negotiating a temporary ceasefire in April.
During the official trip, the pair will “review bilateral relations and exchange views on regional and global developments of mutual interest,” Pakistan’s Foreign Ministry said today. The minister will depart for Pakistan’s capital Islamabad later tomorrow.
CENTCOM cites “egregious ceasefire violation” after previously downplaying Iranian provocations
Pretty much ever since the ceasefire began, the Trump administration has strained to downplay provocative actions from Iran, in an apparent effort to hold together the truce.
But the administration’s response Thursday was different. For once, it directly accused Iran of violating the ceasefire — and used pretty strong language.
A statement from US Central Command accused Iran of an “egregious ceasefire violation” and cited “unjustified Iranian aggression.”
“This egregious ceasefire violation by the Iranian regime occurred hours after Iranian forces launched five one-way attack drones that posed a clear threat in and near the Strait of Hormuz,” the statement said.
It added: “U.S. Central Command and regional partners remain vigilant and measured as we continue to defend our forces and interests from unjustified Iranian aggression.”
As I wrote earlier this week, the administration’s reaction to previous provocations conspicuously avoided such harsh language.
After an exchange of fire earlier this week, Iran issued a defiant response accusing the US of violating the ceasefire. But CENTCOM quickly assured the ceasefire was “ongoing,” and Secretary of State Marco Rubio declined to strongly rebuke Iran when asked twice about the situation.
Similarly, early this month after a series of Iranian attacks on vessels in the Strait of Hormuz and attacks on US forces, Joint Chiefs of Staff Chairman Gen. Dan Caine called it “low-level kinetics” and said it was “below the threshold of restarting major combat operations at this point.” Defense Secretary Pete Hegseth even suggested what was happening in the strait was distinct from the actual war.
The careful rhetoric seemed to betray the administration’s desire to avoid resuming large-scale hostilities and to cut a deal. But that also risked diluting the administration’s leverage in peace talks.
Middle East nations express solidarity with Kuwait after missile attack
As US Central Command confirms that Iran fired a ballistic missile toward Kuwait overnight, many countries in the Middle East have been sharing messages of support for the Gulf nation.
Kuwait’s Ministry of Foreign Affairs said earlier today it reserves the right to take “any and all necessary measures” to defend its territory, while branding the attack a “dangerous escalation.”
Catch up on what countries in the region are saying:
- Saudi Arabia condemned what it called a “hostile missile and drone attack” on Kuwait, without directly naming Iran. “The Kingdom emphasizes its categorical rejection of any violation of the sovereignty of states and any attempt to threaten the security and stability of the region,” the country’s foreign ministry said in a statement.
- Qatar said it considered the attack on Kuwait a “blatant violation” of the country’s sovereignty and a “flagrant breach of international law.” It said de-escalation is needed to “restore regional and international security and stability.”
- Jordan also said it rejected Iran’s “brutal” attack and affirmed its support for all measures taken by Kuwait to protect its “sovereignty, security and the safety of its citizens and residents.”
- Bahrain came out in support of Kuwait while expressing its “strong condemnation” of the Iranian attack, according to the Bahrain News Agency. The country’s foreign ministry also praised the “readiness” of the Kuwaiti Armed Forces.
- The United Arab Emirates said the “terrorist attacks” on Kuwait constituted a “flagrant violation” of the country’s sovereignty. It said it condemned such attacks in the “strongest terms.”
Gas volatility persists, with US prices falling by most in any day since November 2008
Gas prices remain high — but they fell 3.3 cents on Thursday, the biggest single-day drop since the 2008 financial crisis.
The national average for regular gas dropped to $4.43 a gallon, the lowest level since May 1, according to AAA.
The drop reflects the recent plunge in oil and gasoline futures in recent days as traders bet on a US-Iran deal that reopens the Strait of Hormuz.
That exceeds any decline during the pandemic in 2020 and marks the biggest one-day drop on AAA data since November 22, 2008, amid the Great Recession.
The national average has now declined by almost 14 cents since hitting near four-year highs of $4.56 a gallon just last week.
To note: However, it’s too early to signal the all-clear on the energy crisis. In fact, oil and gasoline futures both rebounded on Thursday as new fighting in the Middle East underscores the fragile nature of the ceasefire.
The situation remains volatile, and markets have been on a roller coaster ride in recent weeks.
“We could get one headline and crude oil would be back up $5 a barrel,” said Andy Lipow, president of Lipow Oil Associates.
Despite the recent declines, gas is 49% more expensive than before the war started, when the national average was $2.98 a gallon. Gas, which had never been above $4 a gallon during either of President Donald Trump’s two terms before the Iran war, has now been stuck above that level for 59 straight days.
Since the war started, there have been 19 days where gas prices rose by more than 3.3 cents.
Why Trump’s threats against Oman are so bizarre
US President Donald Trump’s threat to “blow up” Oman baffled observers across the political spectrum in Washington, targeting one of America’s oldest Arab allies.
Oman is the longest continuously independent state in the Arab world and was the first Gulf Arab country to formalize relations with the United States in 1833. For the past 15 years, Muscat has negotiated prisoner releases with Iran on Washington’s behalf and hosted backchannel talks between the two adversaries. Amid Cold War tensions and in the wake of the 1979 Iranian revolution, Oman became the first Gulf state to seal a military access agreement with the US in 1980.
Dubbed the “Switzerland of the Middle East,” Muscat has long pursued a fiercely independent foreign policy shaped by its history and geography. Its strategic location on the Arabian Sea and partial control of the Strait of Hormuz helped make it a regional power in the 19th century, with one of the area’s most formidable navies. But its position also exposed it to repeated invasions and interference from regional powers, including the Persians and the Saudis, as well as foreign-backed insurgencies at home.
Muscat’s relations with Iran were historically cordial but cautious. Unlike some neighboring Gulf states that became hubs for Iranian business and migration, Oman maintained a quieter relationship with Tehran focused largely on diplomacy, helping turn the country into a trusted intermediary between the two adversaries.
But Oman’s delicate balancing act became more complicated this year. One day before the US-Israeli attack on Iran in February, Omani Foreign Minister Sayyed Badr Albusaidi – who had been mediating talks between Tehran and Washington – appeared on American television insisting that negotiations had made “substantial progress” and that a deal was “within reach.”
Since the conflict began, Oman has emerged as one of the region’s strongest critics of the war, with Albusaidi warning that Washington had “lost control of its own foreign policy”. Throughout the fighting, Muscat remained engaged with Iran, the US and regional powers in efforts to revive diplomacy, even as strikes linked to the war hit Omani territory – making Trump’s public threats against Oman all the more extraordinary.
Israel targets Hezbollah missile commander, source says, in first Beirut strike in weeks
Israel targeted a commander in Hezbollah’s missile unit on Thursday afternoon, according to an Israeli source, in the first strike in Beirut in weeks.
The strike comes amid a broadening wave of Israeli attacks across southern Lebanon and the Beqaa Valley just days after Prime Minister Benjamin Netanyahu said Israel would deepen its offensive in Lebanon.
The strike is the first in Beirut since early May, when Israel said it killed the commander of Hezbollah’s elite Radwan force, Ahmed Ali Balout, in the southern suburbs of the capital city.
The strike on Thursday afternoon was coordinated with the United Sates, the Israeli source told CNN.
The Israel Defense Forces (IDF) had been pushing to renew strikes on Beirut in response to Hezbollah’s steady barrage of explosive drone attacks on Israeli forces in southern Lebanon and northern Israel. But the US had largely barred Israel from attacking Beirut as the White House tried to maintain a fragile ceasefire and push forward a diplomatic track toward a broader peace agreement.
Iranian supreme leader emphasizes “national unity” in latest written message
Iran’s Supreme Leader Mojtaba Khamanei praised “unprecedented cohesion” after the US and Israel first launched a lethal military campaign on the country – calling in a written statement for “even greater efforts to preserve the unity” of the population.
“The true essence and inner strength of the Iranian people – in faith, hope, and action – have been proved to both friends and enemies,” Khamenei said in a written message attributed to the supreme leader posted on the semi-official Fars news agency on Thursday.
The elusive leader has not been seen in public since he was ordained as the country’s highest spiritual leader in March – after his father and predecessor, Ali Khamenei, was killed by US-Israeli strikes on Tehran. Instead, Mojtaba Khamenei has solely published written memos.
In the latest purported message, he sought to present Iran as having emerged resilient to the US-Israeli military campaign, prizing “national solidarity,” warning against “meaningless political disputes” and emphasizing “reconstruction” efforts – after weeks of bombing destroyed health centers, schools and heritage sites.
US-Israeli bombing has also fractured the highest echelons of Iranian leadership and opened a power vacuum. In his statement on Thursday, Khamenei called on lawmakers to “deepen and accelerate legislation and oversight in order to lay the groundwork for Iran’s future.”
“The seat of parliamentary representation should be regarded as a frontline trench in the country’s path toward progress,” he added.
At the same time, indirect talks between Tehran and Washington to end hostilities and achieve a definitive resolution have so far stalled – as key demands from both parties remain unmet.
Iranian missile targeted Kuwait, CENTCOM confirms
US Central Command confirmed today that Iran launched a ballistic missile toward Kuwait overnight, which it said was successfully intercepted by Kuwaiti forces. The missile was launched at 10:17 p.m. ET, according to CENTCOM.
Washington and Tehran exchanged military strikes overnight, hours after US President Donald Trump vowed to seal a favorable deal to end the war amid a fragile ceasefire.
The US military carried out strikes targeting a site around the Strait of Hormuz that posed a threat to US forces and commercial traffic, according to a US official. In response, Iran’s Islamic Revolutionary Guard Corps launched an attack targeting a US air base, which they said was the source of the US strikes.
US Central Command added that all drones were successfully intercepted by US forces, which also “prevented a sixth drone launch from an Iranian ground control site in Bandar Abbas.”
Meanwhile, Kuwait’s Ministry of Foreign Affairs said today it reserves the right to take “any and all necessary measures” to defend its territory, while branding the attack a “dangerous escalation.”
CNN’s Dalia Abdelwahab contributed reporting.
UN "alarmed" by impact of Israel's military action in Lebanon
The United Nations said today it is “deeply alarmed” by the impact of Israel’s escalating military action in Lebanon, after dozens of deaths including children were reported by Lebanese authorities.
The UN also said “preliminary information” indicates that numerous civilians, including women and children, are among the casualties of the latest Israeli strikes. It called for civilians and civilian infrastructure to be protected.
The statement came as Lebanon’s health ministry said Israeli strikes killed at least 34 people and wounded 77 others on Wednesday, in one of the deadliest days since the ceasefire in the country began back in April.
Watch more on the intensifying attacks:
Multiple videos have been circulated online of airstrikes hitting Lebanon as Israel announce that they are deepening their operations in the country. CNN’s Oren Liebermann reports.
Lebanon says dozens killed in Israeli strikes, as children reported among casualties
The Lebanese Health Ministry said Israeli strikes killed at least 34 people and wounded 77 others on Wednesday, in one of the deadliest days since the ceasefire in Lebanon took effect back in April.
The attacks came as the Israeli military issued fresh evacuation warnings for more cities in southern Lebanon, while continuing to strike what it said were Hezbollah targets.
Attacks have continued today, with at least six people, including two children, killed in an Israeli attack in the town of Adloun, according to the health ministry. Lebanon’s state-run NNA news agency said the casualties were part of a family trying to “flee at dawn from the threatened villages to a safe place.”
Other deadly Israeli strikes were also reported earlier today in the southern Lebanese cities of Tyre and Sidon, the health ministry said.
CNN has reached out to the Israeli military for comment.
In recent days, Israel has issued several more evacuation warnings for areas in southern Lebanon, including Tyre. The warning to residents in Tyre appeared to be the largest ever issued for the coastal city.
The Israeli military also issued what appeared to be the first evacuation warning for the city of Nabatieh, which is north of the Litani River.
The Israel Defense Forces (IDF) said Wednesday it had carried out strikes against approximately 550 sites in Lebanon that it described as Hezbollah targets since the beginning of the week.
CNN’s Duarte Mendonca contributed reporting.
Oil prices rebound, stocks fall as US-Iran ceasefire takes strain
Oil prices are rising today, reversing yesterday’s losses, after the United States and Iran traded fresh strikes in the early hours, knocking hopes for an imminent deal to end the war as fraught negotiations continue.
Brent crude, the global oil benchmark, climbed 2.5% to $96.63 a barrel shortly before 5 a.m. ET, after falling 5.31% yesterday. West Texas Intermediate, the US benchmark, rose by a similar margin to $90.93 a barrel, having slid nearly 6% on Wednesday.
“Oil prices… show there is still a clear risk premium attached to the conflict, especially while shipping through the Strait (of Hormuz) and Iran’s nuclear program remain unresolved sticking points,” Matt Britzman, senior equity analyst at investment platform Hargreaves Lansdown wrote in a note.
The White House on Wednesday dismissed Iranian reports that a memorandum of understanding being negotiated would lift the US blockade of Iranian ports in exchange for the reopening of the strait, with tanker traffic returning to normal within a month.
The US Treasury has also pushed back on Iran’s attempts to formalize its control over the strait by adding Tehran’s newly created Persian Gulf Strait Authority to a sanctions list.
S&P 500, Dow and Nasdaq futures point to a modestly weaker open, taking their cue from equity markets in Europe and Asia, which are down almost everywhere except in China.
