US President Trump stated that most of Iran's 10-point peace proposal has been 'fully negotiated,' rejecting the characterization of Tehran's demands as 'maximalist.' He warned of a swift military resumption if talks collapse, maintaining a hardline stance. Tensions in the Middle East remain high following recent US-Israeli strikes on Iran and Iranian retaliatory attacks.
President Trump stated that the US will work closely with Iran to prevent uranium enrichment and discuss tariff and sanctions relief. He mentioned that the US would 'dig up and remove' enriched uranium buried under joint US-Israeli strikes last June. These remarks follow a recent two-week ceasefire agreement between the US, Iran, and Israel, alongside a warning about 50% tariffs on weapons suppliers.
The US-Israeli war on Iran has temporarily halted, with both sides agreeing to a two-week ceasefire to allow for talks. Iran submitted a 10-point peace plan after rejecting President Trump's proposal. The plan includes a halt to aggression against Iran and its allies, but core disagreements remain.
Israel launched its largest coordinated strikes on Lebanon, causing explosions in Beirut. The Israeli military stated this operation was not covered by the US-Israeli ceasefire against Iran. Dozens were killed and hundreds wounded, with residents reporting attacks without prior warning.
Despite the ongoing US-Israel-Iran conflict, shipping traffic in the Strait of Hormuz shows a fragile sign of recovery. Several vessels from various nations, including Vietnam and France, have passed through the 'safe corridor' established by Iran. However, overall traffic remains far below pre-war levels, with a large backlog of stranded ships.
The EIA raised its 2026 average oil price forecast due to disruptions in the Strait of Hormuz following US-Israeli strikes on Iran. Brent crude is now projected at $96 per barrel, and WTI at $87.41 per barrel. These supply shortages are expected to persist through the end of 2026, maintaining upward pressure on prices.