US-Israel-Iran War Live News Updates: Trump Extends Shipping Waiver To Curb Prices; US Envoys Head To Islamabad

Dr Badri Narayanan Gopalakrishnan, Fellow and ex Trade head, NITI Aayog and Faculty Member, Boston College USA told NDTV Profit:

• On US-Iran Talks: 'A Talk Is Better Than No Talks'.
• Can See Some Key Updates From Talks In A Day Or 2.
• Agri, Chemical Sectors Also Affected From War.
• India Able To Navigate Via Hormuz To Some Extent.
• European Nation Have Almost Shut Their Economy.
• War Can Foster Green Energy Transformation.
• India Has Been Diversifying To Other Crude Sources.
• War Affecting Trade Quite Vividly Now.
• Don't Expect Any Long-Term Solutions To War.
• US-Iran Peace Talks Likely A 'Temporary Solution.

Iran’s Defence Ministry spokesperson General Reza Talaei-Nik said a “significant portion” of the country’s missile capabilities “remains unused,” according to Tasnim news agency. He added that Iranian armed forces “maintained control over the skies of the occupied territories until the moment the ceasefire began.”

US President Donald Trump granted a 90-day extension to a shipping waiver to ease movement of oil, fuel and fertiliser around the US, the White House said. The move aims to curb energy costs linked to the war with Iran. Though its impact on prices is questionable, it reflects a White House push to dampen fuel spikes before November’s midterms, where affordability is a key voter issue, as reported by Al Jazeera.

US envoys headed to the Pakistani capital Saturday in a bid to kickstart a new round of peace negotiations with Iran amid a fragile ceasefire, though the prospect of direct talks remained uncertain.

The White House said emissaries Steve Witkoff and Jared Kushner would engage in an "in-person conversation" with Iranian representatives, but Iranian state media said that direct negotiations were not in the cards.

(Source: AFP)

Treasury Secretary Scott Bessent said Friday that the US does not plan to renew a waiver allowing the purchase of Russian oil and petroleum products that are currently at sea. And, he said, a renewal of the one-time waiver for Iranian oil at sea is totally off the table.

“Not the Iranians,” Bessent told The Associated Press. "We have the blockade, and there's no oil coming out.”

"And we think in the next two, three days, they're going to have to start shuttering production, which will be very bad for their wells.”

Shortly after Iranian Foreign Minister Abbas Araghchi landed in Pakistan, Tehran ruled out direct talks with US officials during the visit. Foreign ministry spokesperson Esmael Baqaei said no meeting is planned and thanked Pakistan for its “ongoing mediation & good offices for ending American imposed war of aggression.”