US-Iran talks: Iran creates new agency to control shipping in Strait of Hormuz while reviewing peace deal with US

We are closing this live coverage now. For the latest updates, click here

US Treasury Secretary Scott Bessent likened the Iranian regime to "a rogue gang", accusing it of pillaging Iraqi oil resources by smuggling millions of barrels across borders to finance proxy militias and terrorism.

"The US Treasury will not stand idly by as Iran's military exploits Iraqi oil revenues to fund terrorism against the United States and our partners, including deadly attacks on our forces and allies in the region," Bessent said in a statement announcing fresh sanctions on Iran-linked oil networks.

The sanctions target entities tied to Iraq's Popular Mobilisation Forces, including Kata'ib Hezbollah, which the Treasury accuses of siphoning oil from fields like those in Basra and Maysan provinces.

US officials estimate these operations have generated over $100 million annually for Iran-backed groups, fuelling drone and rocket strikes on US troops in Syria and Iraq amid escalating Middle East tensions. This marks the latest US move to disrupt Iran's shadow economy, following similar actions in 2025 against ghost fleets shipping Iranian crude.

Seven Filipino seafarers were injured after the Maltese-flagged container ship CMA CGM San Antonio was hit in a reported Iranian drone attack while transiting the Strait of Hormuz on Tuesday (May 5), the Department of Migrant Workers said late on Thursday (May 7). Migrant Workers Secretary Hans Leo Cacdac said all seven were taken to hospitals for treatment, with four sustaining relatively minor injuries and three in more serious condition, as per the Manila Bulletin. The injured Filipino seafarers were evacuated from the ship and being monitored in hospitals.

State and semi-official Iranian outlets said explosions were heard near Qeshm Island and Bandar Abbas, both strategically close to the Strait of Hormuz. Local coverage indicated exchanges of fire near the Bahman pier on Qeshm, and Iran claimed to have shot down "several drones" in connection with the clashes, as per Euro News, quoting Iranian media. Independent confirmation is limited.

Iran’s state broadcaster reported that the Iranian military launched missiles at “enemy units” in the Strait of Hormuz late Thursday, following what state media described as an attack by the US military on an Iranian oil tanker. The report said the forces targeted were “forced to flee after suffering damage.” It did not specify whether any foreign vessels were struck or detail casualties. These claims were attributed to an unnamed Iranian military officer quoted by state media. There has been no immediate confirmation from the US military of Iranian claims that its units were hit or forced to retreat. In past similar incidents, US officials have acknowledged defensive engagements — such as shooting down Iranian missiles, drones and small boats — without reporting damage to US vessels while enforcing naval operations in the Gulf.

Recent clashes underscore how volatile the situation is, as both sides accuse the other of breaching cease-fire terms and seek to assert dominance over maritime routes.

The Strait of Hormuz remains a flashpoint: control of the chokepoint directly affects energy markets and global shipping.

The United States and its Gulf allies pressed the United Nations on Thursday to demand Iran end its blockage of shipping through the Strait of Hormuz, as a resolution on the issue faced a veto threat.

Diplomatic sources said veto-holding Russia, a key ally of Iran, had warned on Wednesday it was prepared to block the UN Security Council resolution.

"We believe in some basic fundamental principles, namely the freedom of navigation for the entire world's economies. That's what's at stake here, nothing less than a cornerstone of worldwide stability and commerce," US ambassador Mike Waltz said, surrounded by his counterparts from Bahrain, Saudi Arabia, the United Arab Emirates, Qatar and Kuwait.

The United States and Bahrein recently presented the Security Council with a draft resolution calling on Iran to free up the Strait of Hormuz, refrain from charging tolls, specify where it has placed mines, and allow the creation of a humanitarian corridor for shipments of fertiliser, amid fears of global food shortages.

The US approved the sale of air-defence interceptors and other weapons to Middle East partners in deals worth $25.8 billion, three times the amount disclosed when the agreements were first announced, reported Bloomberg.

Explosions of unknown origin were heard near Iran’s southern port city of Bandar Abbas and Qeshm Island on Thursday, Iran’s semi-official Fars news agency reported, with the cause of the blasts still unclear.

The agency said several explosion-like sounds were reported around the strategic city, which lies on the Strait of Hormuz, a vital global oil shipping route. Iranian authorities did not immediately comment on the nature of the incident or whether there were casualties.

No new incidents have been reported over the past 24 hours in the Strait of Hormuz, according to maritime authorities reported CNN.

While the security situation in the region remains “volatile” — with an ongoing threat to commercial shipping — no incidents have been reported in the Arabian Gulf or Gulf of Oman since yesterday at 4pm. UTC, the United Kingdom Maritime Trade Operations (UKMTO) centre reported Thursday.

Liquefied natural gas (LNG) carriers have transited the Strait of Hormuz five times over the past two weeks, maritime tracking firm Kpler said Thursday.

That was up from just one between March 1 and April 21, after the Middle East war largely halted traffic through the strategic waterway.

Normally in peacetime, 20 per cent of global seaborne LNG passes through the Strait of Hormuz.

"LNG operators have remained highly cautious about transiting the strait given the high value of the vessels and the relatively limited size of the global LNG fleet," Laura Page, Kpler analyst told AFP.

Germany will generate less tax revenue in the coming years, in large part due to the "irresponsible" Middle East war launched by US President Donald Trump, the finance minister warned Thursday.

The energy shock triggered by the US-Israeli conflict against Iran is hitting the German economy and its power-hungry manufacturers especially hard.

Tax income for the federal government and local authorities is projected to be nearly 70 billion euros ($82 billion) lower between 2026 and 2030 than forecast in October, ministry figures showed.

For this year alone, revenues have been revised down by 17.8 billion euros.

This estimate "shows just how much the war in Iran is harming our economy", said Finance Minister Lars Klingbeil in a statement.

Iran has created a government agency to vet and tax vessels seeking passage through the crucial Strait of Hormuz, a shipping data company reported Thursday, as Tehran said it was reviewing the latest US proposals for ending the war.

The Iranian effort to formalise control over the channel raised new concerns about international shipping, with hundreds of commercial ships bottled up in the Arabian Gulf and unable to reach the open sea. Still, hope that the two-month conflict could soon be over buoyed international markets.

Left-wing Democratic lawmakers have called on the United States to break its silence on Israel's suspected nuclear weapons programme, shattering a decades-long bipartisan reticence in Washington on the sensitive issue.

Israel is widely believed to have developed nuclear weapons in the 1960s but keeps a deliberately ambiguous policy by neither confirming nor denying its arsenal, which is is not subject to any international monitoring.

Some 30 Democratic lawmakers led by Representative Joaquin Castro said that the United States needed clear answers after President Donald Trump joined Israel in a war against Iran, launched in part over charges that Tehran has been seeking to build a weapon through its nominally civilian nuclear programme.

"We cannot develop coherent nonproliferation policy for the Middle East, including with respect to Iran's civil nuclear programme and Saudi Arabia's civil nuclear ambitions, while maintaining a policy of official silence about the nuclear weapons capabilities of one party central to the ongoing conflict in which the United States is a direct participant," they wrote in the letter made public late Wednesday.

Bahrain’s parliament has voted to revoke the membership of three lawmakers who objected to state measures taken against individuals accused of sympathising with Iran, parliamentary sources said.

The decision targets MPs Abdulnabi Salman Ahmed, Mamdouh Abbas Al Saleh and Mahdi Abdulaziz Al Shuwaikh.

The move follows a request backed by 36 MPs, reflecting broad parliamentary support for addressing what they described as sovereign matters within constitutional and legal frameworks.

Around 1,500 ships and their crews are trapped in the Gulf due to the Iranian blockade in the strait of Hormuz, the secretary general of the UN's International Maritime Organization said in Panama on Thursday.

The war in the Middle East, unleashed February 28 by Israel and the United States against Iran, provoked reprisals from Tehran across the region and a shipping blockade in Hormuz, a crucial global trade route.

"Right now, we have approximately 20,000 crewmen and around 1,500 ships trapped," Arsenio Dominquez told the Maritime Convention of the Americas.

Lebanon and Israel will hold a new round of talks on May 14-15 in Washington on seeking a peace deal, despite a new Israeli strike against Hezbollah, a US official said Thursday.

"There will be talks between Lebanon and Israel Thursday and Friday next week in Washington," a State Department official said on condition of anonymity.

The Holy See and the United States Thursday discussed the "need to work tirelessly for peace" during a visit by US Secretary of State Marco Rubio, the Vatican said.

In their talks with Rubio, Pope Leo and the Vatican's Secretary for State Pietro Parolin also expressed a "shared commitment to cultivate good bilateral relations", the Vatican said, following a spat between US President Donald Trump and the pontiff over the Middle East war.

Iran has formally denied any involvement in an explosion that hit a South Korean cargo ship in the Strait of Hormuz earlier this week, reports Saudi Gazette.

Global oil prices fell more than five percent Thursday on optimism over talks aimed at ending the Middle East war.

International benchmark, Brent North Sea crude, shed 5.1 per cent to $96.06 a barrel.

The main US contract, West Texas Intermediate, lost 5.5 per cent to $89.87.

Talks between Pope Leo XIV and US Secretary of State Marco Rubio following weeks of Vatican-White House tensions "underscored the strong relationship" between the two sides, the US State Department said Thursday.

"The meeting underscored the strong relationship between the United States and the Holy See and their shared commitment to promoting peace and human dignity," spokesperson Tommy Pigott said.

The United States was waiting on Thursday for Iran to respond to its latest proposed deal to end the war in the Middle East and to reopen the key shipping lane out of the Gulf.

Asian stocks soared and oil prices fell after US President Donald Trump said once again that an agreement could be near after positive talks, and Iran said it would pass on its latest position to mediator Pakistan.

Any agreement to prolong the ceasefire between the United States and Iran could also lower tensions in Lebanon, where an already fragile truce with Israel was under renewed strain after a strike on southern Beirut killed a Hezbollah commander.

Oil prices fell and global stock markets traded mixed Thursday awaiting an update on a US plan to end the Middle East war and reopen the Strait of Hormuz.

Having plunged more than 10 per cent at one point Wednesday on peace hopes, crude futures fell far less sharply Thursday, with losses of around two per cent.

European stock markets declined after big gains the previous session, while leading Asian markets climbed.

Tokyo soared 5.6 per cent, which largely reflected resumption of trading in Japan after the country's public holidays this week.

Israeli Prime Minister Benjamin Netanyahu on Thursday claimed responsibility for the killing of a senior Hezbollah commander in Beirut the previous day, saying "no terrorist is immune" from Israeli strikes.

"Last night, we eliminated, in the heart of Beirut, the commander of Hezbollah's Radwan force," Netanyahu said, in a video released by his office, referring to an elite Hezbollah unit.

"I say to our enemies in the clearest possible terms: no terrorist is immune. Anyone who threatens the State of Israel will die because of his actions."

German factory orders rose unexpectedly strongly in March, official data showed Thursday, boosted by firms rushing to get orders in to beat disruption provoked by the Mideast war.

Industrial orders rose 5.0 per cent versus the previous month, federal statistics office Destatis said, far exceeding expectations of 1.3 percent in an analyst poll by financial data firm FactSet.

But the economy ministry warned March's rosy figures were likely due to "front-loading" as firms fought to submit orders as quickly as possible.

"The war in Iran has led to an energy price shock, which will eventually feed through to the prices of other goods and inputs," it said in a statement.

"Against this background, orders are likely to have been placed in greater numbers in March in anticipation of rising prices or potential supply bottlenecks."

Norway's central bank on Thursday hiked its guiding rate by 0.25 percentage points to 4.25 percent, citing a risk that the war in the Middle East could worsen already elevated inflation.

"Inflation is too high and has run above target for several years," Norges Bank governor Ida Wolden Bache said in a statement.

In March, underlying inflation, the indicator preferred by Norway's central bank, stood at 3.0 per cent, well above the official monetary policy target of inflation around two percent.

The central bank also noted that "there is substantial uncertainty about future economic developments."

"The increase in oil and gas prices due to the war in the Middle East could push up inflation further," it said.

Iranian President Masoud Pezeshkian said Thursday he had met with the country's supreme leader Mojtaba Khamenei, who has not been seen in public since his appointment in early March, but Pezeshkian did not say when their meeting took place.

"What struck me most during this meeting was the vision and the humble and sincere approach of the supreme leader of the Islamic revolution," Pezeshkian said in a video broadcast by state television.

Khamenei, reportedly wounded in strikes on the first day of the Middle East war that claimed the life of his father and predecessor Ali Khamenei, has released only written statements since his appointment.

Israel pummelled southern Lebanon on Thursday, state media and AFP correspondents said, a day after it targeted a Hezbollah commander in its first strike on Beirut's southern suburbs since a truce sought to end weeks of fighting.

Lebanese state media reported Israeli strikes across a number of southern towns and villages, and the Israeli army issued fresh evacuation warnings to three villages north of the Litani River, and outside the area occupied by Israeli troops following their ground invasion of the border area.

Some of the Israeli strikes, on the southern city of Nabatieh, targeted a shopping centre and residential buildings, state media and an AFP correspondent said.

In the nearby village of Toul, two rescuers from the Hezbollah-affiliated Islamic Health Committee were wounded in an Israeli strike as they were dispatched following a previous attack, spokesperson Mahmoud Karaki told AFP.

The team's ambulance was heavily damaged, he added.

The Israeli military said in a statement Thursday that an "explosive drone impact" wounded four soldiers - one severely - in southern Lebanon the previous day.

Iran still has the US proposal under scanner, but a response to it is expected by Thursday, as reported by Al Jazeera.

Although there is no official deadline for the reponse, Pakistani mediators today are said to be expecting one.

A lawmaker in the Iranian parliament and Former Foreign Minister told Al Jazeera that a response will be sent to the US.

Iran is concerning itself with cessation of war on all its fronts for now, adding that no nuclear talks are on the table. Iran wants guarantees directly from the UN Security Council, then they want sanctions to be lifted, and the reopening of the Strait of Hormuz. If that is achieved, in a second phase, they're said to be ready to discuss their nuclear programme, as reported by Al Jazeera.

In the Strait of Hormuz, Iran established a new body called the "Persian Gulf Strait Authority". Iran stated that the maritime regime in the strait has changed, and any ship passing through needs to communicate with Iranian authorities prior to the transit.

Iran on Wednesday called for the US and Israel to recognise the rights of the Iranian nation to pave the way for putting an end to the war, Press TV reported.

World capitals and markets were waiting on Thursday for Tehran to respond to Washington's latest proposed deal to end the war in the Middle East and to reopen the key shipping lane out of the Gulf.

Asian stocks soared and oil prices fell after US President Donald Trump said once again that an agreement could be near after positive talks, and Iran said it would pass on its latest position to mediator Pakistan.

Any agreement to prolong the ceasefire between the United States and Iran could also lower tensions in Lebanon, where an already fragile truce with Israel was under renewed strain after a strike on southern Beirut killed a Hezbollah commander.

Cargo-empty oil tankers sanctioned by the United States are continuing to arrive in the Gulf region despite the ongoing US naval targeting of Iranian ports, according to vessel monitoring service TankerTrackers.

In a post on X, TankerTrackers said the tanker VINA/VALLEY (9157478), a vessel that "routinely delivers Iranian liquefied petroleum gas (LPG) to the Houthis in Yemen," managed to enter the US blockade perimeter on Wednesday while actively transmitting its Automatic Identification System (AIS) signal.

A larger Iranian oil tanker also arrived the same day, according to the post.

"Cargo-empty, US-sanctioned tankers are still arriving," TankerTrackers said in its post, adding that, "it's empty tankers like these that buy Tehran more time."

The VINA/VALLEY has previously been identified in sanctions-related shipping monitoring reports involving Iranian liquefied petroleum gas exports and alleged supply routes linked to the Houthis in Yemen.

Meanwhile, the Ports and Maritime Organisation of Iran on Thursday announced that it is fully prepared to offer maritime, technical, and medical support services to commercial vessels operating in the strategic Strait of Hormuz and surrounding regional waters, a day after US President Donald Trump announced a temporary pause to "Project Freedom".

Iran said it was reviewing the latest American proposals on ending the war, as US President Donald Trump threatened the country with a new wave of bombing unless a deal is reached that includes reopening the crucial Strait of Hormuz to international shipping.

Hope that the two-month conflict could soon end buoyed international markets on Thursday, even as the US military fired on an Iranian oil tanker attempting to breach an American blockade of Iran's ports hours earlier. The developments followed days of mixed messaging from the Trump administration over its strategy to end the war.

Trump posted on social media that the two-month war could soon end and that oil and natural gas shipments disrupted by the conflict could restart. But he said that depends on Iran accepting a reported agreement that he did not detail.

"If they don't agree, the bombing starts," Trump wrote.

Norway's central bank on Thursday hiked its guiding rate by 0.25 percentage points to 4.25 percent, becoming the first European central bank to do so since the start of the Middle East war.

"Inflation is too high and has run above target for several years," Norges Bank governor Ida Wolden Bache said in a statement.

In March, underlying inflation, the indicator preferred by Norway's central bank, stood at 3.0 percent, well above the official monetary policy target of inflation around two percent.

The central bank also noted that "there is substantial uncertainty about future economic developments."

"The increase in oil and gas prices due to the war in the Middle East could push up inflation further," it said.

Oil prices worldwide have surged since the United States and Israel launched strikes against Iran on February 28, leading to a blockade of the Strait of Hormuz.

Iran's Deputy Foreign Minister for Legal and International Affairs, Kazem Gharibabadi, is reportedly likely to visit India to attend the BRICS Summit to be held in the capital, according to sources from Iran.

India holds the presidency for BRICS this year and will host the BRICS Foreign Ministers' Meeting on May 14-15.

Russia had on April 29 said that its Foreign Minister Sergey Lavrov will visit India to participate in the BRICS Foreign Ministers' Meet.

In a post on X, the Foreign Ministry said that he would be in India from May 14-15.

TASS reported, citing the Russian Foreign Ministry Spokesperson Maria Zakharova, that the event will provide a valuable platform for substantive discussions on current international issues and prospects for strengthening global governance.

"On May 14-15, Russian Foreign Minister Sergey Lavrov will attend a full-format meeting of BRICS foreign ministers in New Delhi," she said.

TASS, citing Zakharova, reported that the event, chaired by India, will provide a valuable platform for substantive discussions on current international issues and prospects for strengthening global governance, particularly regarding countries representing the global majority.

"Special attention will be given to enhancing strategic partnerships in preparation for the 18th BRICS summit, which is also scheduled to take place in New Delhi this September," she added.

Zakharova said that foreign ministers from BRICS partner states will participate in several sessions during the meeting.

Budget airline AirAsia is ordering 150 Airbus A220-300 jets in a deal valued at about $19 billion at list prices, marking the largest single order ever placed for the A220 planes.

The deal was announced Thursday at an Airbus factory in Mirabel, Quebec. Canadian Prime Minister Mark Carney attended.

Airlines are modernizing their fleets and moving to better manage rising costs by purchasing fuel-efficient narrow-body jets.

The Iran war has added to those pressures, pushing prices for all sorts of fuels higher.

AirAsia said in a statement that the A220 aircraft is more fuel efficient and emits less carbon, helping to boost efficiency and better cope with high fuel prices and other costs. With a capacity of up to 160 seats, it can reach profitability with fewer passengers, helping to open up smaller, high-growth markets and secondary hubs that were previously commercially unviable, it said.

Tony Fernandes, the airline's co-founder and adviser, said the order reflected the group's long-term growth ambitions and focus on cutting operating costs.

"In an environment of high fuel prices and volatility, the answer is not to stand still, it's to double down on efficiency," said Fernandes, who is also CEO of Capital A, the majority stakeholder in the airline. "This order reflects our long-term discipline and the scale of our ambitions. The A220 is the perfect tool for our next phase of growth."

British energy giant Shell announced Thursday a 19-percent increase in net profits for the first quarter as the Middle East war sent oil and gas prices soaring in volatile trading.

Profit after tax increased to $5.69 billion in the January-March period from $4.78 billion in the first quarter of 2025, Shell said in an earnings statement.

"Shell delivered strong results enabled by our relentless focus on operational performance in a quarter marked by unprecedented disruption in global energy markets," said chief executive Wael Sawan.

In addition to benefiting from soaring prices at the pump caused by the Iran war that began on February 28, energy majors have profited from their trades as oil and gas futures swung between big gains and losses on the war's latest headlines.

Shell's total revenue was stable at around $70 billion in the first quarter year-on-year but rose from $66.7 billion in the fourth quarter of 2025.

Shell's gas production was meanwhile impacted after the world's largest liquefied natural gas hub, Ras Laffan in northern Qatar, suffered significant damage in the war.

"The ongoing conflict in the Middle East has resulted in production shutdowns and export constraints," Shell said in its earnings release.

"Since the start of the conflict, commodity prices and refining margins have been highly volatile," it added.

Alongside the results, Shell boosted its shareholders by announcing it would repurchase $3 billion worth of its shares as well as hiking its dividend.

China's top diplomat said Thursday that ties with the US have been in general stable despite "many twists and disruptions," and called on both countries to find a way to contribute to global peace, a week before President Donald Trump is expected to visit.

During a meeting with members of a US bipartisan congressional delegation, led by Sen. Steve Daines, Chinese Foreign Minister Wang Yi credited Presidents Xi Jinping and Trump for "helping steer the direction of bilateral relations at critical moments."

"Over the past year, China-US relations have gone through many twists and disruptions, but we have still managed to maintain overall stability," Wang said.

Daines, a member of the Senate Foreign Relations Committee and a strong supporter of Trump, agreed and said that both countries should look for stability.

"I strongly believe that we want to de-escalate, not decouple. We want stability, we want mutual respect," he said.

Daines added that after the leaders meet next week, "perhaps we could see some more Boeing airplanes purchased, which I know would be something we would like to see."

UAE President His Highness Sheikh Mohamed bin Zayed Al Nahyan received Sheikh Mohammed bin Abdulrahman bin Jassim Al Thani, Prime Minister and Minister of Foreign Affairs of the State of Qatar.

At the start of the meeting, Jassim Al Thani conveyed to Sheikh Mohamed the UAE President the greetings of His Highness Sheikh Tamim bin Hamad Al Thani, Emir of Qatar, and his wishes for the UAE’s continued progress and prosperity. In turn, His Highness Sheikh Mohamed bin Zayed asked him to convey his greetings to His Highness the Emir of Qatar, along with his wishes for further development and prosperity for Qatar and its people.

The meeting also addressed regional developments and their serious implications for regional and international security and stability. Jassim Al Thani reiterated Qatar’s condemnation of the Iranian terrorist attacks targeting civilians and civilian sites in the UAE, affirming Qatar’s solidarity with the UAE and its support for all measures it takes to uphold its sovereignty, security, and the safety of its people.

Emirates has retained its position as the world’s most profitable airline, reporting record financial results for 2025–26 despite operational disruption in the final month of its financial year.

Emirates follows an April-to-March financial year, with the latest results covering the 12 months to March 31, 2026.

The Emirates Group, comprising of Emirates airline and dnata, its aviation services arm, alongside subsidiaries spanning cargo, catering, travel, and retail operations, reported a record profit before tax of Dh 24.4 billion (up 7 per cent y-o-y, with revenue reaching Dh150.5 billion (up 3 per cent) and cash assets at Dh59.6 billion (up 12 per cent).

How big is the jet fuel threat to Europe's summer holidays? The EU says it is not facing shortages yet, but it is readying for the worst - and weighing options including using US kerosene as a back-up.

The US-Israeli war with Iran and the closure of the Strait of Hormuz have sent aviation fuel prices soaring and raised the spectre of shortages during Europe's peak travel season.

On Thursday, the EU Aviation Safety Agency (EASA) is due to publish recommendations on allowing the use of Jet A, a US-produced aviation fuel that is not currently used in Europe for technical reasons.

At the same time, the European Commission will outline measures available to member states to optimise jet fuel use, including aircraft loading and the allocation of airport slots.

France's President Emmanuel Macron told his Iranian counterpart Masoud Pezeshkian on Wednesday that attacks on Emirati civilian infrastructure and ships near the Strait of Hormuz were "unjustified".

"I expressed my deep concern about the ongoing escalation and condemned the unjustified strikes against Emirati civilian infrastructure and several ships," Macron said on X after the discussion.

US President Donald Trump has reportedly halted a planned naval operation to escort ships through the Strait of Hormuz after Saudi Arabia refused to allow American aircraft involved in the mission to use Prince Sultan Airbase southeast of Riyadh or fly through Saudi airspace, according to NBC News.

Citing US officials, NBC News reported that Saudi Arabia and other Gulf states were caught off guard by Trump's announcement of "Project Freedom" on Sunday. The news report said that Trump called Saudi Crown Prince Mohammed bin Salman but failed to secure an agreement.

Asked whether the operation had surprised Saudi leaders, a Saudi source told NBC News, "the problem with that premise is that things are happening quickly in real time."

The same source added that Saudi Arabia remains "very supportive of the diplomatic efforts" led by Pakistan to help broker an agreement between the United States and Iran.

A White House official told NBC News that "regional allies were notified in advance" about the operation.

However, a West Asian diplomat cited in the news report said the US only coordinated with Oman after Trump publicly announced the initiative.

"The US made an announcement and then coordinated with us," the diplomat said, adding, "We were not upset or angry."

Meanwhile, the Ports and Maritime Organisation of Iran on Thursday announced that it is fully prepared to offer maritime, technical, and medical support services to commercial vessels operating in the strategic Strait of Hormuz and surrounding regional waters, a day after US President Donald Trump announced a temporary pause to "Project Freedom".

According to a statement issued by the maritime authority and carried by Iran's state-run IRNA, the announcement was issued to ship commanders to ensure maritime safety, improve vessel seaworthiness, and safeguard crew welfare.

The organisation said the message is being formally transmitted through maritime communication channels of Iranian ports and is intended for all vessels navigating the region, particularly those operating near Iranian territorial waters and anchorages.

According to IRNA, the maritime authority stated that ships may access a range of services, including provisions, fuel supply, medical assistance, health services, and authorised repair-related materials if required.

A senior commander from Hezbollah's elite force was killed in an Israeli strike on Beirut's southern suburbs on Wednesday, the first on the area in nearly a month, a source close to the group said.

At least 11 other people were killed in strikes across the south and east, according to the Lebanese health ministry.

Israeli Prime Minister Benjamin Netanyahu said his military had targeted "the commander of Hezbollah's Radwan force".

The source close to Hezbollah told AFP on condition of anonymity that "Malek Ballout, the operations commander in the Radwan force" was killed.

Lebanon's state-run National News Agency had reported that "Israeli warplanes launched an attack, targeting Ghobeiri" in the southern suburbs, a Hezbollah stronghold.

An AFP correspondent saw a building covered in rubble following the strike, as people left the area with their belongings.

Many of the southern suburbs' residents had already left after Hezbollah drew Lebanon into the Middle East war in March, and have not returned despite the truce in force since April 17.

A Lebanese security source told AFP on condition of anonymity that the strike hit an apartment in which Radwan leaders were holding a meeting.

Beirut and its southern suburbs had been spared Israeli attacks since April 8, when massive Israeli strikes across the country killed more than 350 people.

Wednesday's attack came as US President Donald Trump said there was "a very good chance" of sealing a peace deal with Iran.

Australia will look to stave off energy shortages by forcing major gas exporters to set aside a fifth of their fuel for domestic use, Energy Minister Chris Bowen said Thursday.

The country is one of the world's largest exporters of liquefied natural gas (LNG), a key fuel source in hot demand as war in the Middle East upends global energy markets. In a bid to shield the nation from "global price volatility", Australia's largest gas exporters will be forced to set aside 20 percent of their export production for sale at home.

"We've been acting to shield Australians from global energy shocks by investing in reliable, sovereign renewables and keeping more of the gas we need onshore," Bowen told reporters. Australia is a major supplier of LNG throughout Asia, where prices have soared since the US and Israel launched strikes on Iran at the end of February.

Some 40 percent of Japan's LNG comes from Australia, according to the Asia Natural Gas and Energy Association. Bowen sought to soothe any concerns that the decision could hurt trading partners, saying: "We will not disturb any existing contracts."

He added: "We have consulted closely with trading partners to ensure that it's well understood around the world that Australia will always be a reliable supplier of energy."

Geographically isolated and with only two oil refineries, Australia is heavily exposed to disruptions to global fuel supplies.With Iran halting a fifth of world fuel shipments through its effective closure of the crucial Strait of Hormuz, Australia has moved to shore-up its fuel security.

Prime Minister Anthony Albanese announced Wednesday that Canberra would establish a national fuel stockpile of one billion litres.

Gulf Cooperation Council (GCC) Secretary-General Jassim Mohammed Al Budaiwi has strongly condemned and rejected what he described as false and unacceptable allegations contained in a statement issued by the Iranian Ministry of Foreign Affairs against the United Arab Emirates.

In a statement issued in Riyadh, Al Budaiwi said these “misleading allegations” reflect “the escalatory and provocative approach pursued by Iran towards the countries of the region.” He added that Iran “has not only carried out reckless attacks targeting the territory of the United Arab Emirates, but has also continued its attempts to distort facts, in clear violation of international norms and laws.”

Iran denied on Thursday that its armed forces had been involved in an explosion that struck a South Korean vessel in the Strait of Hormuz this week.

Tehran "firmly rejects and categorically denies any allegations regarding the involvement of the armed forces of the Islamic Republic of Iran in the incident involving damage to a Korean vessel in the Strait of Hormuz", its embassy in Seoul said in a statement.

Asian shares jumped, with Tokyo's Nikkei 225 gaining 5.7% on Thursday, as investors waited to see if the U.S. and Iran will strike a deal allowing tankers to deliver crude from the Persian Gulf again.

Japan's benchmark Nikkei 225 index jumped 3,402 points to 62,915.87 as markets in Tokyo reopened following “Golden Week” holidays.

Elsewhere in Asia, the Hang Seng in Hong Kong gained 1.2% to 26,531.35.

The S&P/ASX 200 in Australia was up 1.2% at 8,870.90.

In South Korea, the Kospi slipped 1.4% to 7,281.37 and traders sold to lock in profits after the benchmark jumped nearly 7% a day earlier to barrel past 7,000 for the first time.

Taiwan's Taiex surged 1.7%.

On Wednesday, markets rallied worldwide after President Donald Trump said the Strait of Hormuz could be “OPEN TO ALL” if Iran accepts a reported agreement that the U.S. president did not detail.

Oil prices fell nearly 8% and the S&P 500 climbed 1.5% for its best day in nearly a month, setting a fresh record. The Dow Jones Industrial Average jumped 1.2%, and the Nasdaq composite rose 2%.

Early Thursday in Asian trading, Brent crude oil rose $1.06 to $102.29 a barrel, while U.S. benchmark crude oil gained $1.20 to $96.28 a barrel.

Oil prices sank Wednesday, and stock markets rallied worldwide with hopes that the United States and Iran are nearing a deal to allow ships to deliver crude through the Strait of Hormuz.

Southeast Asian leaders plan to issue a contingency plan that upholds international law, sovereignty and freedom of navigation in what could be seen as a veiled rebuke to the United States, Israel and Iran over the Middle East war which has impacted their region, according to a draft declaration seen Thursday by The Associated Press.

The declaration is set to be issued by the leaders from the Association of Southeast Asian Nations when they meet in an annual summit on Friday in the central Philippine island province of Cebu.

It also outlines a crisis plan to deal with the energy shortages and other global problems caused by the war.

This year's host, Philippine President Ferdinand Marcos Jr., has said the summit with 10 other national leaders and a lower-level representative from Myanmar will focus on the region's energy security, food supply and the protection of its people, including more than a million Southeast Asian workers and seafarers in the Middle East.

Iran's President Masoud Pezeshkian has said the country is ready to pursue diplomatic paths to end the war with the United States and Israel, while insisting on safeguarding the Iranian nation's rights.

In a call with French President Emmanuel Macron, Pezeshkian expressed deep distrust of the United States, citing recent hostile actions, including two attacks on Iran during bilateral talks, which he described as "stabbing Iran in the back," according to a statement published on the website of his office.

The phone conversation came as Axios reported earlier in the day that the United States and Iran are closing in on a one-page memo to end their war, reports Xinhua news agency.

It said a potential deal would involve Iran committing to a moratorium on nuclear enrichment, and the United States agreeing to lift sanctions, with both sides lifting restrictions on transit through the Strait of Hormuz.

Iran is expected to convey its response to the United States' proposal aimed at ending the ongoing crisis in West Asia and to achieve a complete solution to the issue through mediators on Thursday, according to a regional source cited by CNN.

According to CNN, the development comes as Tehran continues to review the US-backed proposal, with sources indicating that both sides are moving closer toward a possible agreement to bring an end to the crisis.

This comes after negotiations between Washington and Tehran are reportedly advancing towards a preliminary accord aimed at halting the current crisis and establishing a framework for expansive nuclear talks.

According to an Axios report, which cited several American officials and sources acquainted with the negotiations, the progress is being viewed as the most significant development since the onset of the conflict, though a definitive resolution has not yet been secured.

Iran is reviewing a new US proposal aimed at ending the conflict that erupted earlier this year, with officials on both sides signaling cautious optimism that negotiations may soon produce a memorandum of understanding to halt hostilities and reopen broader diplomatic talks.

According to Reuters and Axios, negotiators are discussing a short framework document — reportedly a one-page memorandum containing around 14 points — that could serve as the basis for a ceasefire, sanctions relief, and future negotiations over Iran’s nuclear activities and regional security issues.

China has pressed Iran against resuming war, and urges the reopening of the Strait of Hormuz ahead of Trump-Xi summit China.

The Xi government has called for a "prompt resumption of shipping traffic through the Strait of Hormuz," though that point was absent in Iran's statement.

Chinese Foreign Minister Wang Yi had called for an "immediate and full ceasefire" over the situation in West Asia involving Iran and the US while urging all sides to prioritise dialogue and avoid any further escalation in the region, as reported by Xinhua.

The US military fired on an Iranian oil tanker Wednesday as President Donald Trump sought to pressure Tehran into reaching a deal to end the war. The Islamic Republic said it was reviewing the latest American proposals.

A fighter jet shot out the rudder of the tanker in the Gulf of Oman as it tried to breach the American blockade of Iran's ports, US Central Command said in a social media post.

The attack occurred as Iran and the US are officially in a ceasefire. Trump threatened Tehran with a new wave of bombing if a deal is not reached that includes opening the critical Strait of Hormuz.

Trump posted on social media that the two-month war could soon end and that oil and natural gas shipments disrupted by the conflict could restart. But he said that depends on Iran accepting a reported agreement that the president did not detail.

"If they don't agree, the bombing starts," Trump wrote.

Day 68: Trump threatens 'higher level' bombing of Iran if deal not agreed

Day 67: 'Project Freedom' paused 'for a short period': Trump

Day 66: UAE intercepts 12 ballistic missiles, 3 cruise missiles, 4 drones

Day 65: Iran says US options are 'impossible' war or 'bad deal'

Day 64: Iran tightens grip on Hormuz waters under new IRGC rules