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US President Donald Trump said he would have a "long talk" about Iran with Chinese President Xi Jinping but said trade would be a bigger focus. As he left for the summit, Trump again threatened Iran if its leaders don't reach an agreement on its nuclear program.
While, US Defence Secretary Pete Hegseth told members of Congress Tuesday that the military has plenty of bombs and missiles despite concerns about its stockpiles. He also maintained that the US is in control of the Strait of Hormuz, even as Iranian attacks — and threats — have disrupted the shipment of oil and other products through the vital waterway.
Oil prices held on to strong gains after rising nearly 4% in the previous session, as the conflict in the Middle East showed little sign of easing and new evidence pointed to mounting pressure on Iran's crude exports. Brent crude traded near $107 a barrel, while West Texas Intermediate hovered around $102. The market remains focused on the Strait of Hormuz, the critical waterway through which roughly a fifth of global oil supply typically flows.
United States President Donald Trump departed for Beijing today (May 13) accompanied by a powerhouse delegation of American CEOs, signalling a high-stakes pivot toward economic diplomacy ahead of his summit with Chinese President Xi Jinping.
Saudi Arabia's Air Force carried out multiple covert strikes on Iranian soil in late March in direct retaliation for a wave of Iranian missile and drone attacks on the kingdom, Reuters reported on Tuesday, citing two Western officials and two Iranian officials.
MEA spokesperson Randhir Jaiswal said Secretary (West) Amb Sibi George received Iran’s Deputy Foreign Minister for Legal and International Affairs Dr. Kazem Gharibabadi. Discussions focused on bilateral and regional issues, including recent developments.
Secretary (West) @AmbSibiGeorge received Dr. Kazem Gharibabadi, Deputy Foreign Minister for Legal and International Affairs of Iran.
— Randhir Jaiswal (@MEAIndia) May 13, 2026
Discussions focused on bilateral and regional issues, including recent developments. pic.twitter.com/FKgu8tyGzp
Indonesia set an ambitious target to install 100 gigawatts of rooftop solar by 2034, a leap from its current 1.3 gigawatts.
Vietnam wants to install rooftop solar on at least 10% of public offices and homes nationwide by 2030.
Thailand is considering new policies to give rooftop solar users a bigger bang for their buck by increasing the amount of surplus energy the national grid can buy.
(Source: AP)
The Philippines, which relies heavily on Middle Eastern crude oil and liquefied natural gas, is among the most impacted Southeast Asian nations by the closure of the Strait of Hormuz.
Local airlines are weighing fuel rationing. Public transport workers are receiving cash handouts. Gas and diesel prices also have shot up. To conserve energy, government offices have shifted to a four-day work week and been told to keep air conditioning no lower than 24 degrees Celsius (75 degrees Fahrenheit).
The closure of the Strait has hiked energy prices across the world. But in Iran, the war has marked another step in the ruin of a once large and prosperous middle class following decades of sanctions.
By 2019, Iran's middle class had already shrunk to around 55% of the population, explained Mohammad Farzanegan, a professor of Middle Eastern economics at the University of Marburg. New rounds of sanctions as well as wars, corruption and economic mismanagement have further cut that number, he said.
(Source: AP)
United States President Donald Trump said he was not concerned about the financial impact of the ongoing conflict with Iran on American citizens, stating his primary focus was preventing Tehran from acquiring nuclear weapons. Speaking before departing for a diplomatic trip to China, Trump was asked if the economic burden of the war influenced his decisions regarding Iran. He responded firmly that domestic financial concerns were not a factor in his approach.
IRAN’S FOREIGN MINISTER SEYED ABBAS ARAGHCHI TO ARRIVE IN DELHI TODAY FOR BRICS MEET
— RedboxGlobal India (@REDBOXINDIA) May 13, 2026
SAFE MOVEMENT OF INDIAN SHIPS THROUGH STRAIT OF HORMUZ EXPECTED TO BE A KEY ISSUE IN TALKS BETWEEN INDIA AND IRAN
The packaging on some snacks in Japan is turning a somber black-and-white, as the war in Iran disrupts the supply of an ingredient used in coloured ink.
Tokyo-based Calbee Inc., which makes potato chips and cereal, said what's inside remains the same. Calbee's popular snacks are available in Japan's omnipresent convenience stores and shipped to the US, China and Australia. The change on 14 products in its lineup will start May 25, limiting ink colors to just two, the company said, noting it was necessary to respond flexibly to changing geopolitical conditions.
US President Donald Trump calls Cuba ‘a failed nation’, as his administration expands its pressure campaign.
The US State Department says that senior officials from the United States and China have agreed not to allow any country to impose tolls on maritime navigation in the Strait of Hormuz, in an indication that the two countries are seeking to find common ground to pressure Iran to relinquish its grip on this vital waterway.
وزارة الخارجية الأمريكية تقول إن مسؤولين كبارا من الولايات المتحدة والصين اتفقوا على عدم السماح لأي دولة بفرض رسوم على الملاحة البحرية في مضيق هرمز، في مؤشر على أن البلدين يسعيان لإيجاد أرضية مشتركة للضغط على إيران للتخلي عن قبضتها على هذا الممر المائيhttps://t.co/5HDjTprUdN
— Reuters | رويترز العربية (@araReuters) May 12, 2026
Trump intends to raise the idea of the US, China and Russia signing a pact that would set limits on the nuclear weapons each nation keeps in its arsenal, according to a senior Trump administration official who briefed reporters ahead of the trip.
China has previously been cool to entering such a pact. Beijing's arsenal, according to Pentagon estimates, exceeds more than 600 operational nuclear warheads and is far from parity with the US and Russia, which each are estimated to have more than 5,000 nuclear warheads.
The Pentagon estimates China has more than 600 operational nuclear warheads and will have over 1,000 by 2030.
(Source: AP)
US President Trump was already portraying the trip as a success before he left White House grounds. He openly mused about Xi's planned reciprocal visit to the US, lamenting that the ballroom under construction would not be completed in time.
“We're going to have a great relationship for many, many decades to come,” Trump said of the US and China. "As you know, President Xi will be coming here toward the end of the year. So that would be exciting. I only wish we had the ballroom finished."
(Source: AP)
The status of Taiwan also appears to be a major topic as China is displeased with US plans to sell weapons to the self-governing island that the Chinese government claims as part of its own territory.
Trump said they will be discussing with Xi an $11 billion weapons package for Taiwan that the US administration authorised in December but has not yet begun fulfilling. Taiwan, one of the world's leading chipmaker, has become essential for the development of AI, with the US importing more goods so far this year from Taiwan than China. Trump has sought to use Biden-era programs and his own deals to bring more chipmaking to America.
(Source: AP)
US President Donald Trump is set to arrive in Beijing on Wednesday for a state visit with Chinese leader Xi Jinping at a restless moment for a world worried about war, trade and artificial intelligence. "We're the two superpowers," Trump told reporters as he departed the White House on Tuesday. “We're the strongest nation on Earth in terms of military. China's considered second."
While Trump likes to project a sense of strength, the state visit occurs at a delicate moment for his presidency as his popularity at home has been weighed down by the US and Israel's war with Iran and rising inflation as a consequence of that conflict. The president is seeking a win by signing deals with China to buy more American food and aircraft, saying he'll be talking with Xi about trade “more than anything else.”
US president slams CNBC for what he calls an "incorrect reporting" with reports of Jensen Heung not invited to China.
On a post on Truth Social, Trump wrote, "CNBC incorrectly reported that the Great Jensen Huang, of Nvidia, was not invited to the incredible gathering of the World’s Greatest Businessmen/women proudly going to China. In actuality, Jensen is currently on Air Force One and, unless I ask him to leave, which is highly unlikely, CNBC’s reporting is incorrect or, as they say in politics, FAKE NEWS! It is an Honor to have Jensen, Elon, Tim Apple, Larry Fink, Stephen Schwarzmann, Kelly Ortberg (Boeing), Brian Sikes (Cargill), Jane Fraser (Citi), Larry Culp (GE Aerospace), David Solomon (Goldman Sachs), Sanjay Mehrotra (Micron), Cristiano Amon (Qualcomm), and many others journeying to the Great Country of China where I will be asking President Xi, a Leader of extraordinary distinction, to “open up” China so that these brilliant people can work their magic, and help bring the People’s Republic to an even higher level! In fact, I promise, that when we are together, which will be in a matter of hours, I will make that my very first request. I have never seen or heard of any idea that would be more beneficial to our incredible Countries!"
US National Economic Council Director Kevin Hassett Said:
Amid rising crude oil prices and weak global markets, Donald Trump on Wednesday signalled flexibility on extending the waiver for sanctioned Russian oil, saying the US would “do whatever is necessary” to stabilise the situation.
Iran didn't immediately acknowledge the allegation by Kuwait, which came under attack by Iran in the war and during the shaky ceasefire still holding. But that allegation and ongoing attacks throughout the region have threatened to reignite open warfare.
Kuwait said a paramilitary Revolutionary Guard team tried to infiltrate Bubiyan Island in the northwest corner of the Persian Gulf near Iraq and Iran on May 1. Four men were detained and two escaped when Kuwait's forces disrupted the attack. Kuwait provided no reason for why it delayed linking the attack to Iran after initially announcing it on May 3 without any details.
US ambassador to Israel Mike Huckabee, a one-time presidential candidate, revealed at a conference in Tel Aviv, Israel, that Israel has sent Iron Dome air-defence to the UAE.
The United Arab Emirates diplomatically recognised Israel in 2020. That drew criticism from Iran, long Israel's main regional enemy. Iran didn't immediately respond to Huckabee's remarks, though it has repeatedly suggested over the years that Israel maintained a military and intelligence presence in the Emirates.
(Source: AP)
One of Norway's top diplomats met Tuesday with Iranian Foreign Minister Abbas Araghchi in Tehran, pressing for the need to open the strait. Deputy Foreign Minister Andreas Kravik stressed that the attacks on commercial shipping and obstruction of the passageway must end, his minister, Espen Barth Eide, said in an email.
Kravik said Iran's actions affecting third-party countries are “completely unacceptable” and noted that Norway has some 25 vessels stranded, according to Eide.
(Source: AP)
Brent crude traded near $107 a barrel, while West Texas Intermediate hovered around $102.
US Defence Secretary Pete Hegseth avoided specifics about the next steps in Iran. The Pentagon's top budget official told Congress that the cost of the war is close to $29 billion so far — that's up from an estimate of $25 billion just two weeks ago.
US Defence Secretary Pete Hegseth told members of Congress Tuesday that the military has plenty of bombs and missiles despite concerns about its stockpiles. He also maintained that the US is in control of the Strait of Hormuz, even as Iranian attacks — and threats — have disrupted the shipment of oil and other products through the vital waterway.
"Ultimately we control the strait, because nothing's going in that we don't allow to go in," said Hegseth, who faced tough questions from Republican and Democratic lawmakers who oversee defence spending.
Video: Trump, "OPEC is having some difficulty right now, but that has nothing to do with me. NATO was very disappointing to me."
Trump "OPEC is having some difficulty right now, but that has nothing to do with me. NATO was very disappointing to me." pic.twitter.com/VWRMQimVwj
— Aaron Rupar (@atrupar) May 12, 2026
US President Donald Trump said "hundreds of ships loaded up with oil" are waiting to be released, and once they come out there will be a "gush of oil" that drives inflation "way down." He called current inflation short-term and "nothing by comparison" to Biden, who he claimed "had the highest inflation in the history of our country." Trump said inflation was 1.7% for three months before the war and predicted it will fall to "probably 1.5%" when the war ends.
Responding to ANI's question regarding whether he would extend the waiver on sanctioned Russian oil to help ease crude prices, US President Donald Trump says, "...We are going to whatever is necessary, including this war over will not be long. You're going to see oil prices drop, and you're going to see a stock market, which is already at the highest point in history... You're going to see the golden age of America, frankly, and you're seeing it now..." [sic]
US President Donald Trump said, "We have Iran very much under control. We're either going to make a deal or they're going to be decimated. One way or the other, we win."
.@POTUS: "We have Iran very much under control. We're either going to make a deal or they're going to be decimated — so one way or the other, we win." pic.twitter.com/iSSM1vJNsU
— Rapid Response 47 (@RapidResponse47) May 12, 2026
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