Month: May 2026

As the deadlock between Washington and Tehran continues and the world remains hopeful for an agreement, the potential for a different scenario — the return to conflict — hangs in the air.

The time is running out, with Friday set as the expected deadline for Pakistan to obtain Iran’s updated peace offer, after US President Donald Trump dismissed an earlier version while aiming to limit Tehran’s nuclear potential.

Mediators in Islamabad think a just agreement is achievable and it now relies on Tehran to react, based on information from those aware of the situation.

Although Pakistan has been striving diligently to reach an agreement, the US and Iran have intensified their threats and provocations.

Iran seems to be stalling negotiations, prolonging discussions, while Washington is trying to pressure Iran by implementing severe economic damage through trade port blockades.

It remains uncertain what will occur after Friday if Iran does not react positively with a new proposal. What is certain, though, is that each side is prepared for a possible return to conflict if they fail to reach an agreement on peace terms.

An individual fuels their car at a gas station in New York on April 21. Spencer Platt/Getty Images

Following a short break, gas prices in the US are now rising once more.

Gasoline prices rose by an additional 9 cents to reach $4.39 for a gallon of regular. It represented the largest single-day increase in prices over the past six weeks.

US gas prices have reached their highest point since July 2022, based on information from AAA.

Gas prices have risen by 33 cents, or 9%, over the past week, and they have increased by 47% since the onset of war in Iran.

Oil futures indicate that higher prices are on the horizon. Brent crude, the global standard, has risen by another 1%, nearly reaching $112 a barrel.

Gas prices decreased for two weeks following the commencement of the ceasefire, resulting in an average of $4.02 by April 22. However, worries about the collapse of peace negotiations to finalize an agreement to conclude the war and reopen the Strait of Hormuz have caused prices to surge once more.

The White House asserts that the conflict in Iran has concluded with a prolonged ceasefire, a stance that allows the administration to avoid requesting congressional authorization for the engagement.

Legislators from both parties have been demanding a vote to authorize the war, referencing a 1973 law that mandates Congressional approval for military actions exceeding 60 days.

A senior administration official stated that, according to the law, “the hostilities that started on Saturday, February 28 have ended.”

The official mentioned that the US and Iran had reached an agreement for a two-week ceasefire starting April 7, which has now been prolonged.

“The official stated that there has been no gunfire exchange between the US Armed Forces and Iran since Tuesday, April 7.”

The statement emphasizes a point made by Defense Secretary Pete Hegseth during his Thursday testimony on Capitol Hill, where he asserted that the administration’s interpretation “indicates the 60-day clock pauses or halts during a ceasefire.”

While the truce is still active, the Strait of Hormuz has essentially been closed off as both the US and Iran block tankers from moving through.

Vessels in the Strait of Hormuz, observed from Musandam, Oman, on Friday. Reuters

Oil prices increased today but remained below the four-year highs reached yesterday, as talks to resolve the Iran conflict stalled and the Strait of Hormuz continued to be closed to the majority of shipping activity.

Brent crude futures for July, the worldwide benchmark, increased by 1.0% to $111.48 per barrel, having surged sharply yesterday before retreating at the close.

West Texas Intermediate futures increased by 0.4% to $105.50 a barrel.

In recent days, global crude prices have increased following the collapse of in-person talks between the US and Iran, resulting in the Strait of Hormuz—an essential oil and gas shipping route—remaining effectively closed.

US President Donald Trump stated that only he and a few others are aware of the status of negotiations with Iran, suggesting that talks are progressing despite the seeming deadlock, while he also recognized the ambiguity regarding Iran’s leadership.

Pakistani intermediaries anticipate a modified peace proposal from Iran following Trump’s dismissal of an earlier version, with reports indicating a response might arrive by today.

Today marks a significant day in the discussions between the US and Iran, as it represents the expected deadline for Pakistan to obtain Tehran’s amended peace proposal after US President Donald Trump turned down an earlier version.

Mediators in Islamabad think a just arrangement can be achieved, and it now depends on Tehran to react, according to sources knowledgeable about the accord. While diplomats strive to formulate an agreement acceptable to both sides, the US and Iran have intensified their rhetoric, each reminding the other that the conflict could reignite.

If you’re only tuning in now, here’s the most recent update:

Condition of negotiations: Trump mentioned late Thursday that only he and a select few are aware of the exact state of discussions with Iran, suggesting that talks are progressing even though they seem publicly stalled. Iran’s nuclear abilities undoubtedly continue to be a significant obstacle.

Trump’s choices: The president was anticipated to receive revised military options for Iran from Pentagon officials on Thursday, according to a source familiar with the situation, although there was little sign that his earlier hesitation to initiate the US bombing campaign was diminishing. However, it indicates that he is leaving his options flexible while attempting to bring Iran back to negotiations. His existing approach depends on blockading Iran’s ports to attempt to cause maximum economic suffering.

Economic tremors: Increasing oil prices and disturbances to the global economy due to Iran essentially blocking the Strait of Hormuz are putting pressure on Trump to finalize an agreement. Oil prices increased once more today, although they did not reach yesterday’s four-year highs. Brent crude, the worldwide standard, increased by 1% to $111.48 per barrel. The leader of a major global fertilizer company cautioned that nearly 10 billion meals weekly are threatened because of the war’s effect on the fertilizer sector.

Lebanon: The health ministry reported that over a dozen individuals have lost their lives due to Israeli bombardments in southern Lebanon yesterday and today, despite a ceasefire that was prolonged last week.

Clouds of smoke rise following an attack in southern Lebanon.

Gray smoke plumes were observed rising in southern Lebanon shortly after 6:30 a.m. ET.

Hezbollah announced a drone strike involving four drones targeting Israeli troops assembled in the village of Bayada.

The Israel Defense Forces reports it intercepted a drone aimed at the region, and that Hezbollah had also fired a rocket and an explosive drone that landed close by.

As the deadlock between Washington and Tehran continues and the world remains hopeful for an agreement, the potential for a different scenario — the return to conflict — hangs in the air.

The time is running out, with Friday set as the expected deadline for Pakistan to obtain Iran’s updated peace offer, after US President Donald Trump dismissed an earlier version while aiming to limit Tehran’s nuclear potential.

Mediators in Islamabad think a just agreement is achievable and it now relies on Tehran to react, based on information from those aware of the situation.

Although Pakistan has been striving diligently to reach an agreement, the US and Iran have intensified their threats and provocations.

Iran seems to be stalling negotiations, prolonging discussions, while Washington is trying to pressure Iran by implementing severe economic damage through trade port blockades.

It remains uncertain what will occur after Friday if Iran does not react positively with a new proposal. What is certain, though, is that each side is prepared for a possible return to conflict if they fail to reach an agreement on peace terms.