What to know about the Iran war today:
o As Iran says it's reviewing the latest U.S. proposal to end the war, it is also attempting to formalize its control over the vital shipping lanes of the Strait of Hormuz, which were free and open prior to the U.S.-Israeli attacks on Iran. Shipping intelligence firm Lloyd's List says the strait is now closed, as

o Iran says an agency it just created is in charge of clearing vessels for transit.
President Trump is again voicing optimism for a peace deal, saying the war will be "over quickly" and insisting it's going "unbelievably well." But he also warned Wednesday that if Iran rejects the U.S. offer, he could order "higher level" military strikes.

o Mr. Trump's latest comments appear to have eased oil prices and boosted stocks this week. Brent crude and U.S. benchmark West Texas Intermediate were both trading below $100 a barrel early Thursday.

Saudi state TV says "breakthrough" to let ships transit Strait of Hormuz "expected in the coming hours"
Saudi Arabia's state-owned and operated Al-Hadath television channel reported Thursday that "intensive negotiations" were underway to reopen the Strait of Hormuz.

"Agreements have reportedly been reached regarding easing the blockade in exchange for a gradual reopening of the Strait," the channel said, without naming any sources or specific reports.

"A breakthrough regarding the ships stranded in the Strait is expected in the coming hours," the outlet predicted.

Saudi Arabia is one of about half of a dozen countries that rely heavily on shipping traffic through the strait to export their oil and gas from Persian Gulf ports. The kingdom was also among those targeted during the war by Iranian missiles and drones, as Tehran attacked Gulf states accused of cooperating with the U.S.-Israeli war effort.

Pakistani government says U.S.-Iran deal to end war expected "sooner rather than later"
"We expect an agreement sooner rather than later," Pakistan's Foreign Ministry spokesperson Tahir Andrabi said Thursday, echoing optimism voiced by President Trump on Wednesday.

A fragile ceasefire between the U.S. and Iran has largely held since April 8, but in-person talks between the two countries hosted by Pakistan last month failed to bring a wider agreement to end the war that started on Feb. 28 with a blistering wave of U.S. and Israeli strikes on Iran.

"We hope the parties will reach a peaceful and sustainable solution that will contribute not only to peace in our region but to international peace as well," Andrabi said.

He declined to give a timeline, however.

"What I can tell you, and this is what I have stated before, that we remain positive, we remain optimistic, and we hope the settlement will be soon rather than later," he said.

Asked whether Pakistan expected any response from Iran to the latest U.S. proposal by the end of the day, Andrabi said he would "not comment on specifics or the movement of the messages."

Oil prices sink, Asian stocks surge on hope for deal to end Iran war
Oil sank again Thursday and Tokyo's Nikkei index led another strong rally across Asia stocks, fuelled by growing optimism the Iran war is close to ending and the revival of demand for all things AI.

Risk sentiment was surging on hopes Washington and Tehran will conclude the conflict and reopen the Strait of Hormuz, which has been effectively closed since the start of March, choking off a fifth of the world's crude.

Optimism got a huge boost Wednesday when President Trump said an agreement was near, a day after he paused efforts to help stranded ships through Hormuz, which drew Iranian attacks and threatened their fragile ceasefire.

If "Iran agrees to give what has been agreed to" the war would be over, Mr. Trump said. But if not, the bombing will resume "at a much higher level and intensity."

He later told reporters: "We've had very good talks over the last 24 hours, and it's very possible that we'll make a deal."

Iran has yet to respond to the latest U.S. proposal, with foreign ministry spokesman Esmaeil Baqaei telling local media it was "still under review."

Oil prices tumbled more than 2% on Thursday, having fallen around 10% over the previous two days, with international benchmark Brent crude and West Texas Intermediate in the U.S. both below $100.

Shipping intel firm says "right now the strait is closed," as Iran says new "authority" will govern traffic
While the Iranian regime says it is considering the latest proposal from the U.S. to end the war that's gridlocked the vital shipping lanes of the Strait of Hormuz for 69 days, it has also attempted to formalize its control over the waterway.

The Lloyd's List shipping analyst and intelligence firm said in a report Wednesday that Iran "has created a new Persian Gulf Strait Authority to approve ship transits and collect tolls in the Strait of Hormuz."

Lloyd's said Iranian authorities had sent an example of the application form ship operators will be required to submit to gain permission to transit the strait, which it said requires detailed records of vessel "ownership, insurance, crew details and intended transit route."

The firm said Iran, with the PGSA, had "positioned itself as the only valid authority to grant permission to ships transiting the Strait of Hormuz."

In its Thursday briefing, Lloyd's said "as of right now the strait is closed," with no transits recorded since May 4.

Macron tells Iranian president strikes on UAE "unjustified," calls on U.S. and Iran to lift Hormuz blockades
French President Emmanuel Macron said he spoke Wednesday with Iranian President Masoud Pezeshkian and told him 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 following the call.

Macron also said he had called on both the U.S. and Iran to immediately lift their respective restrictions on shipping in the strait without any conditions.

Speaking about the France and U.K.-led initiative to help ensure safe passage for commercial vessels through the strait once the war is over, Macron said "recent events clearly demonstrate the usefulness that such a mission would have."

He said he would speak with President Trump about the mission.

"We are pleased that France's approach is based on resolving issues through dialogue," Pezeshkian told Macron, according to Iran's presidency, adding that "any negotiation regarding the full reopening of the Strait of Hormuz requires the lifting of the naval blockade imposed by the United States."

Trump says there's "never a deadline" in negotiations with Iran
As reporters began to leave the Oval Office Wednesday, one asked the president about a deadline for negotiations with Iran.

"Never a deadline," the president responded. "It'll happen. It'll happen. But never a deadline."

The president in the past has tried to impose a deadline for negotiations. He ended up extending that deadline and ceasefire for negotiations to continue.

Earlier Wednesday, the president told the New York Post it's too soon to send senior U.S. officials to Iran for another in-person talks.

Gas prices top $4.50 a gallon, reaching highest level since July 2022
Gasoline prices across the U.S. surged to an average of $4.54 a gallon on Wednesday, the highest since July 2022, according to AAA data.

The price of regular gas has jumped 52%, or $1.56 per gallon, since the start of the Iran war in late February, as disruptions to oil flows in the Middle East drive up costs for motorists. The cost is approaching the highest-ever gas price, when it reached $5.02 a gallon in June 2022 during a pandemic-era spike in inflation.

Fuel costs climbed even as oil prices edged lower Wednesday on renewed hopes for a U.S.-Iran agreement, highlighting a disconnect between crude markets and what drivers pay at the pump.

Trump insists Iran leaders "want to make a deal" as war is going "unbelievably well" for U.S.
The U.S. has had "very good talks over the past 24 hours" aimed at reaching a peace deal with Iran, President Trump told reporters during an event with UFC fighters at the White House on Wednesday.

It wasn't clear if the president meant the U.S. and Iran were talking directly or via Pakistani mediators.

"They want to make a deal," Mr. Trump said. "We've had very good talks over the last 24 hours. And it's very possible that we'll make a deal."

He acknowledged that there had been "some good talks before, as you know, and all of the sudden, the next day like, they're like, they forgot what happened."

Earlier Wednesday, Mr. Trump said the war with Iran was going "unbelievably well."

After an event to honor military mothers at the White House, he also favorably compared the operation in Iran to the one in January that saw former Venezuelan leader Nicolas Maduro captured in his own capital city.

"We're in a — I call it a skirmish, because that's what it is, a skirmish, and we're doing unbelievably well, as we did in Venezuela, where it was rapid, over in one day and we're doing pretty much equally as well I would say, larger, but we're doing very well in Iran."

"It'll be over quickly," Mr. Trump predicted later Wednesday of the Iran war during an event to support Georgia Republican gubernatorial candidate Burt Jones.

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Posted by Temmy
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