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What is the story about?
US-Iran War Live Updates:
Nearly three months after the United States and Iran plunged into war, President Donald Trump has once again raised hopes of a possible diplomatic breakthrough, claiming that a peace agreement had been “largely negotiated” even as military threats and deep mistrust continued to cloud prospects for a final deal.
This triggered crude oil prices to plunge nearly 7% on expectations that tensions in West Asia could ease and the Strait of Hormuz may reopen fully. The vital chokepoint for roughly one-fifth of the world’s oil supplies.
The war has deepened concerns over inflation and slowing economic growth across the world.
Trump said the proposed agreement was discussed during calls with Gulf leaders, Turkish President Recep Tayyip Erdoğan and Israeli Prime Minister Benjamin Netanyahu, while a Pakistani delegation was simultaneously in Tehran attempting to narrow differences between Washington and Tehran.
Iran, however, signalled caution. Tehran said negotiations were in the “finalisation stages” of a memorandum of understanding but questioned whether the Trump administration could be trusted to honour any commitments after what it described as repeated shifts in the US position during talks.
Sources told Reuters the proposed framework could unfold in three phases: a formal end to the war, a resolution to the Strait of Hormuz crisis and a 30-day negotiation window for a broader agreement that could later be extended.
Even as diplomacy intensified, Trump warned earlier in the day that he would decide on Sunday whether to resume attacks on Iran if talks collapsed. “Either we reach a good deal or I’ll blow them to a thousand hells,” Axios quoted him as saying.
Follow CNBC-TV18’s live blog for the latest updates on the war in West Asia contained by a fragile ceasefire.
This triggered crude oil prices to plunge nearly 7% on expectations that tensions in West Asia could ease and the Strait of Hormuz may reopen fully. The vital chokepoint for roughly one-fifth of the world’s oil supplies.
The war has deepened concerns over inflation and slowing economic growth across the world.
Trump said the proposed agreement was discussed during calls with Gulf leaders, Turkish President Recep Tayyip Erdoğan and Israeli Prime Minister Benjamin Netanyahu, while a Pakistani delegation was simultaneously in Tehran attempting to narrow differences between Washington and Tehran.
Iran, however, signalled caution. Tehran said negotiations were in the “finalisation stages” of a memorandum of understanding but questioned whether the Trump administration could be trusted to honour any commitments after what it described as repeated shifts in the US position during talks.
Sources told Reuters the proposed framework could unfold in three phases: a formal end to the war, a resolution to the Strait of Hormuz crisis and a 30-day negotiation window for a broader agreement that could later be extended.
Even as diplomacy intensified, Trump warned earlier in the day that he would decide on Sunday whether to resume attacks on Iran if talks collapsed. “Either we reach a good deal or I’ll blow them to a thousand hells,” Axios quoted him as saying.
Follow CNBC-TV18’s live blog for the latest updates on the war in West Asia contained by a fragile ceasefire.
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