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US President Donald Trump has suspended “Project Freedom,” to escort ships through the Strait of Hormuz, claiming progress in negotiations with Iran toward an agreement to end the war. In a post on Truth Social, Trump said, “Great progress has been made toward a complete and final agreement with representatives of Iran."
The United States and its Gulf allies have proposed a UN resolution threatening Iran with sanctions or other measures if it doesn't halt attacks on ships in the Strait of Hormuz, stop imposing “illegal tolls,” and disclose the placement of all mines to allow freedom of navigation.
Here are all the latest updates on the US-Israel-Iran war
Q: Would you allow Iran's financial system to fail?
US President Donald Trump: We're making it fail. I hope it fails. You know why? Because I want to win.
Q: Would you allow Iran's financial system to fail?
— Aaron Rupar (@atrupar) May 5, 2026
TRUMP: We're making it fail. I hope it fails. You know why? Because I want to win. pic.twitter.com/Qp05FLyY03
A cargo vessel has been struck by an unknown projectile in the Strait of Hormuz, the United Kingdom Maritime Trade Operations said in a statement. "A verified source reported a cargo vessel has been struck by an unknown projectile," in the strategic waterway, the agency said.
The environmental impact of the strike is unknown and an investigation is underway.
(Source: AFP)
US Secretary Rubio said negotiating with Iran is difficult because their multilayered system causes delays:
"An offer will be made, and then it takes five or six days to get a response because you have to get it through the whole system. They have to find the supreme leader wherever he hides. They have to get him to sign off. And that's their system."
"Their system has always been multilayered in this way. It's obviously become more complex because of the damage they suffered during the war."
"Iran has to pay a price. They're not going to change their position
The United States and its Gulf allies have proposed a UN resolution threatening Iran with sanctions or other measures if it doesn't halt attacks on ships in the Strait of Hormuz, stop imposing “illegal tolls,” and disclose the placement of all mines to allow freedom of navigation.
The draft Security Council resolution, obtained by The Associated Press, also demands that Iran “immediately participate in and enable” United Nations efforts to establish a humanitarian corridor in the strait for the delivery of vital aid, fertiliser and other goods.
US President Donald Trump had launched the 'humanitarian' initiative on behalf of the US, Middle East countries and Iran, to help transit ships locked in the key waterways.
In a post on Truth Social, US President Donald Trump said, “Great progress has been made toward a complete and final agreement with representatives of Iran."
“Based on the request of Pakistan and other Countries, the tremendous Military Success that we have had during the Campaign against the Country of Iran and, additionally, the fact that Great Progress has been made toward a Complete and Final Agreement with Representatives of Iran, we have mutually agreed that, while the Blockade will remain in full force and effect, Project Freedom (The Movement of Ships through the Strait of Hormuz) will be paused for a short period of time to see whether or not the Agreement can be finalized and signed," Trump said.
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