Iran-US war latest: Oil prices drop below $100 as Trump says peace deal will ‘not be rushed’
Oil prices hit two-week lows on Monday amid optimism that the US and Iran were moving closer to a peace deal, even though they remained at odds over key issues, including blockades of the Strait of Hormuz.
Brent crude futures fell $4.71, or 4.55 per cent, to $98.83 a barrel, while US West Texas Intermediate was at $92.03 a barrel, down $4.57, or 4.73 per cent.
This comes after US president Donald Trump said he told his representatives not to rush into any deal with Iran, adding that the US blockade on Iranian ships on Hormuz would "remain in full force and effect” until an agreement to end the war was reached.
Tehran has not publicly committed to giving up its uranium – a key demand of Trump’s, but the US president wrote on Truth Social on Sunday that talks were progressing and the US relationship with Iran had become more professional and productive.
“They must understand, however, that they cannot develop or procure a nuclear weapon or bomb”, the president wrote.
Harriette Boucher25 May 2026 07:35Households set to learn of energy bills hike from July amid Iran war impact
British households will this week find out how much energy bills are set to increase by from July when the price cap is updated as forecasts point to a rise of more than £200 and a painful winter of sky-high bills ahead due to the Iran war.
On Wednesday, regulator Ofgem will reveal the level of the annual energy price cap for July to September for a typical dual fuel household across England, Scotland and Wales.
Analysts Cornwall Insight predicted last week the cap will rise by £209 a year to £1,850 from July 1 – an increase of 13 per cent on April’s £1,641 annual cap.
It sets a maximum price per unit of gas and electricity used, meaning households only pay for the amount of energy they use.
Cornwall Insight’s forecasts suggest the cap in October will be at a similar level to July, even if the Middle East conflict were to end soon, due to the physical damage to infrastructure and lingering effect of disrupted supply.
Harriette Boucher25 May 2026 07:25Tanker arrives in Japan after transiting Strait of Hormuz
A crude oil tanker that passed through the Strait of Hormuz has successfully arrived in Japan, in the first instance of a Japanese-managed ship to have transited the key waterway since the beginning of the war.
The Panama-flagged Idemitsu Maru was carrying about 2 million barrels of Saudi crude oil, according to reports.
At least 39 Japan-related vessels remained in the Persian Gulf as of Sunday, the Japanese government said.
Alisha Rahaman Sarkar25 May 2026 07:09Ted Cruz shreds MAGA influencer defending Trump’s Iran deal
Senator Ted Cruz fired back at a young MAGA influencer who defended president Donald Trump’s potential deal to end the war in Iran, telling him, “Hush, child. The adults are talking.”
The Texas Republican got into a fiery exchange with Alex Bruesewitz, a 29-year-old influencer who has been described as the “architect” of the Trump campaign’s “podcast game plan,” on X.
The back-and-forth began after Cruz wrote that he was “deeply concerned” about some of the details on the not-yet-finalized deal with Iran.
More here.
Alisha Rahaman Sarkar25 May 2026 06:54Iran moves World Cup base to Mexico
Iran will base their squad in the Mexican border city of Tijuana during this year's World Cup after Fifa approved a request to move the training camp from Arizona.
"We will be based in the Tijuana camp, which is near the Pacific Ocean and on the border between Mexico and the United States," Iran's football federation president Mehdi Taj said in a video posted on Telegram.
Taj added that the move would help avoid visa-related complications and that the squad would be able to travel directly to Mexico aboard Iran Air flights.
Iran will play their first two Group G matches in Los Angeles, against New Zealand on 15 June and Belgium on 21 June, before facing Egypt in Seattle on 26 June.
Alisha Rahaman Sarkar25 May 2026 06:45Rubio says Trump will not 'make a bad deal'
US secretary of state Marco Rubio has claimed that Washington was awaiting a "response from Iran" to finalise the peace deal.
“You’ve got to hear back, and it takes the Iranian system a little while longer to get back,” Rubio told reporters in New Delhi.
He added that the "president is not going to make a bad deal – he’s just not".
Alisha Rahaman Sarkar25 May 2026 06:27 Iranians commemorate those killed in the US-Israel war on Iran
Iranians gather outside the Imam Khomeini Mosalla Mosque during an event to commemorate those killed in the current US-Israeli war (Getty)
People hold portraits of the dead at the Imam Khomeini Mosalla Mosque to commemorate those killed in the current US-Israeli war as well as previous wars on May 24, 2026 in Tehran (Getty)
Alisha Rahaman Sarkar25 May 2026 06:10Iran executes man involved in January protests
Iran has executed a man over charges related to the anti-government protests that took place nationwide in January, state media reported this morning.
The individual was identified as Abbas Akbari, according to state media.
Alisha Rahaman Sarkar25 May 2026 05:46Rubio says US will either have a good agreement or deal with Iran 'another way'
US secretary of state Marco Rubio said this morning that the US will either have a good agreement with Iran or deal with the country "another way."
The US will give diplomacy every chance to succeed before exploring the "alternatives," Rubio told reporters in New Delhi.
There is a "pretty solid thing on the table in terms of their ability to open up the strait, get the strait open, enter into a very real, significant, time-limited negotiation on the nuclear matter, and hopefully we can pull it off," Rubio said.
Alisha Rahaman Sarkar25 May 2026 05:20Israel says one soldier killed during combat in southern Lebanon
The Israeli military said on Monday that one soldier was killed during combat in southern Lebanon, adding that an additional soldier was severely injured in the incident and evacuated to hospital.
More than 3,000 people have been killed in Lebanon in the latest fighting between Israel and Hezbollah, according to the Lebanese health ministry.
Additionally, 22 Israeli soldiers and a defence contractor have been killed in or near southern Lebanon, and two civilians have been killed in northern Israel, Tel Aviv said.
Alisha Rahaman Sarkar25 May 2026 04:58
