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Iran's Foreign Ministry spokesman criticized the United States for making 'unreasonable' and 'one-sided' demands in negotiations to end the war, as both sides maintain a fragile ceasefire. Tehran called its own proposal legal and generous, demanding an end to the conflict and the release of frozen assets. President Trump dismissed Iran's terms as 'completely unacceptable'.
On the 70th day of the Iran conflict, the US and Iran traded fire near the Strait of Hormuz and accused each other of breaking the ceasefire. President Trump insisted the truce still held, even as oil prices surged and global shipping faced disruption.
U.S. Defense Secretary Pete Hegseth on May 5 said the ceasefire between the U.S. and Iran remains in effect despite recent military clashes around the Strait of Hormuz, though shipping through the strategic waterway remains largely stalled as Iran asserts control. Hegseth stressed that Operation Project Freedom is separate from the U.S.-Israeli offensive, and Washington may tolerate some Iranian attacks while reopening the strait. Tehran, meanwhile, is consolidating its “new equation” at Hormuz, claiming it still controls the waterway.
UAE tuyên bố đánh chặn tên lửa từ Iran, một cơ sở dầu tại Fujairah bốc cháy sau nghi vấn bị máy bay không người lái tấn công. Tehran chưa phản hồi, trong khi giá dầu tăng vọt hơn 5% và căng thẳng tại eo biển Hormuz tiếp tục leo thang. Các nước vùng Vịnh và phương Tây lên án vụ tấn công, kêu gọi kiềm chế.
Brent crude jumped nearly 6% after conflict erupted in the Strait of Hormuz, threatening a fragile US-Iran ceasefire. The US military said it destroyed six Iranian vessels in response to attacks on commercial ships, while Iran denied the claims. Analysts warn of prolonged high oil prices due to infrastructure damage and potential strait closure.
Oil prices barely changed on May 26 as President Trump’s plan to free ships in the Strait of Hormuz failed to calm markets. Traders doubt the operation can resolve the worst energy crisis in history, while Iran signals non-cooperation.
Seven major OPEC+ producers have agreed to raise their production quotas by 188,000 barrels per day in June, a largely symbolic move as the U.S.-Israel war with Iran disrupts supplies through the Strait of Hormuz. The decision aims to show the group's readiness to increase supply once the war ends, while signaling business as usual despite the UAE's withdrawal. The supply disruption has pushed oil prices above $125 per barrel.
Global oil prices have risen sharply over the past week, with Brent crude reaching $126.41 per barrel amid prolonged tensions in the Strait of Hormuz and stalled ceasefire talks between the U.S. and Iran. The conflict, which began with U.S.-Israeli airstrikes on Iran on February 28, has disrupted one-fifth of the world's oil and LNG supply. U.N. Secretary-General Antonio Guterres warned that if the waterway closure continues beyond mid-year, it could slash global growth, fuel inflation, and push tens of millions into poverty.
Oil prices surged more than 6% on Wednesday, hitting multi-week highs amid fears of prolonged supply disruptions in the Strait of Hormuz and a U.S.-led blockade of Iranian ports. The White House confirmed President Trump held talks with oil executives to discuss sustaining the blockade for months.
