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The White House believes it is close to a preliminary agreement with Iran on a one-page memorandum of understanding to halt the war and set up formal nuclear negotiations, though no deal is final yet. The US expects key Iranian responses within 48 hours, marking the most progress since the conflict began.
The proposed framework includes Iran pausing nuclear enrichment, the U.S. easing sanctions and releasing frozen funds, and both sides lifting restrictions in the Strait of Hormuz. A 30-day negotiation period would follow to finalise a broader deal, with gradual rollback of military and shipping restrictions.
However, many terms depend on a final agreement, leaving uncertainty and the risk of renewed conflict. Internal divisions in Iran and past failed negotiation rounds add to skepticism, though recent US de-escalation efforts are tied to optimism in the talks.
Key sticking points include how long Iran's enrichment moratorium would last (likely 12–15 years), inspection mechanisms, and broader nuclear limitations. Iran would also pledge not to pursue nuclear weapons, while the US would gradually lift sanctions if progress continues.
Here are all the latest updates on the US-Israel-Iran war and subsequent peace-talks.
"It's a second strategic victory for Iran and shows that superpower military capabilities have restrictions," says Retd JNU professor Anuradha Chenoy on US declaring Operation Epic Fury complete.
VIDEO | "It's a second strategic victory for Iran and shows that superpower military capabilities have restrictions," says Retd JNU professor Anuradha Chenoy on US declaring Operation Epic Fury complete.
— Press Trust of India (@PTI_News) May 6, 2026
(Full video available on PTI Videos - https://t.co/n147TvrpG7) pic.twitter.com/VHgeVL7dPv
"US has betrayed Iran several times, now Tehran wants something out of it," says Retd JNU professor Anuradha Chenoy on US declaring Operation Epic Fury complete.
VIDEO | "US has betrayed Iran several times, now Tehran wants something out of it," says Retd JNU professor Anuradha Chenoy on US declaring Operation Epic Fury complete.
— Press Trust of India (@PTI_News) May 6, 2026
(Full video available on PTI Videos - https://t.co/n147TvrpG7) pic.twitter.com/DKNg5p6ODD
Stocks rallied, led by technology companies, while oil prices and bond yields fell on optimism that the US and Iran are nearing a peace deal.
Nasdaq 100 futures rose 1.2% while those for the S&P 500 gained 0.6%, with both gauges set to build on record highs. The White House believes it’s getting close to an agreement with Tehran on a one-page memorandum to end the war and set a framework for more detailed nuclear negotiations, Axios reported.
Government bonds surged in the US and Europe, with the yield on 10-year Treasuries slipping seven basis points to 4.35%. The dollar briefly hit the lowest level since February.
(Source: Bloomberg)
The United States and Iran on closing in on a "one-page memo" to end the war, Axios reported on Wednesday, citing sources. The two sides have agreed to set up a framework for detailed nuclear negotiations, the publication added.
Two sources with knowledge also claimed Iran would agree to remove its highly enriched uranium from the country, a key US priority that Tehran has rejected up to now. One source said an option being discussed is moving the material to the US.
(Source: Axios)
Silver prices surged sharply, jumping nearly 6% and inching closer to the key $80-per-ounce mark, as growing optimism over a potential breakthrough in US-Iran talks sparked a broad-based rally in precious metals.
Oil marketing companies like HPCL, BPCL, and Indian Oil are in focus as Brent dips 6.9% to $102.4 per barrel. HPCL is trading 6.67% higher, BPCL is trading nearly 5% higher, and Indian Oil has risen over 4%.
The one-page, 14-point memorandum of understanding (MOU) is being negotiated between Trump's envoys Steve Witkoff and Jared Kushner and several Iranian officials, both directly and through mediators.
The White House assesses Iran’s leadership as fragmented, making consensus on any deal difficult.
(Source: Axios)
The US expects Iranian responses on several key points in the next 48 hours. Nothing has been agreed yet, but the sources said this was the closest the parties had been to an agreement since the war began.
(Source: Axios)
Oil has slipped 6.06% and is now at $103 per barrel. Benchmarks Sensex and Nifty rebounded on May 6, after US President Donald Trump on Wednesday briefly paused 'Project Freedom' in the Strait of Hormuz, citing significant progress toward a final agreement with Iran.
The stock market witnessed a strong rally driven by positive domestic political signals, cooling oil prices, and strong quarterly earnings. Track all live updates here.
The White House believes it's close to a one-page, 14-point memorandum of understanding with Iran to end the war and set a framework for detailed nuclear talks, as per two US officials and two other sources.
The deal would declare an end to regional hostilities and start a 30-day negotiation period on opening the Strait of Hormuz, limiting Iran's nuclear program, and lifting US sanctions. Iran would commit to a moratorium on nuclear enrichment while the US lifts sanctions and releases frozen funds, with both sides easing Strait of Hormuz transit restrictions.
Iranian responses on key points are expected within 48 hours, but nothing is agreed yet. US officials say Iran's leadership is divided and some remain skeptical a deal will happen. If talks collapse, US forces could restore the blockade or resume military action. Negotiations may occur in Islamabad or Geneva.
(Source: Axios)
Iran's embassy in Zimbabwe has posted a list of official X handles for senior government figures, saying the exercise was necessary because X had begun stripping verification badges from Iranian official accounts, urging the followers to keep track of the authentic profiles amid the growing confusion.
US Ambassador to India Sergio Gor posted: Looking forward to welcoming my good friend Secretary Rubio to India! The United States deeply values our growing partnership with India, and we are excited to build even stronger ties that will benefit both our nations and the world. See you soon, Mr. Secretary!
Looking forward to welcoming my good friend Secretary Rubio to India! The United States deeply values our growing partnership with India, and we are excited to build even stronger ties that will benefit both our nations and the world. See you soon, Mr. Secretary! pic.twitter.com/i7wUxxkjDl
— Ambassador Sergio Gor (@USAmbIndia) May 6, 2026
French shipping giant CMA CGM confirmed that its vessel San Antonio was the target of an attack Tuesday while transiting the Strait of Hormuz. The company said the attack caused injuries among crew members and damage to the ship. The injured crew have been evacuated and are receiving medical care. The incident comes amid heightened tensions in the strait, where at least two dozen attacks have occurred since the Iran war began.
(Source: Al Jazeera)
Hours after the UAE's top oil executive said the country had "emerged stronger" from war and as thousands attended an Abu Dhabi summit to boost the local economy, phones across the country were alerting that missiles were incoming.
The attacks have imposed a new reality in the Gulf: should fighting resume between the United States and Iran, the UAE would be the one to pay, analysts told AFP.
Global oil inventories could come under “operational stress” by mid-June as accessible stockpiles continue to decline amid disruptions linked to the Iran conflict, according to a note from JPMorgan Chase.
US President Donald Trump has drawn flak after he described the US war with Iran in gory detail to a group of school children at an event held at the White House on Tuesday.
Iran's Foreign Minister Abbas Araghchi met China's top diplomat in Beijing, a visit that placed the close ties between the two strategic partners into focus just days before Donald Trump is scheduled to arrive in the Chinese capital.
On Iran Foreign Minister Abbas Araghchi's visit to China, US Secretary of State Marco Rubio reiterated the need for Iran to lift its blockade of the Strait of Hormuz, the critical waterway that caters to over 20% of global oil and gas supplies.
"I hope the Chinese tell him what he needs to be told. And that is what you are doing in the Strait is, causing you to be globally isolated,” media reports quoted Rubio as saying.
China's Foreign Minister Wang Yi held talks with his Iranian counterpart Abbas Araghchi in Beijing amid mounting pressure on Iran to open the Strait of Hormuz for international shipping and reach a deal with the US to end the war.
Official media reports here said Wang and Araghchi, who is on his first visit to Beijing after the US-Iran war started, met to discuss the prevailing situation arising from the US blockade of Iranian ports to force Tehran to lift its blockade of the Strait of Hormuz.
China is a close partner of Iran, and the biggest buyer of Tehran’s crude oil.
(Source: AP)
A fire in a shopping centre near Iran's capital killed eight people and injured 36, state TV said. The fire started in the Arghavan shopping centre in Andisheh town in Tehran province. It was not clear what caused the blaze, and state television IRIB said authorities were investigating.
Television footage showed firefighters battling the flames as large plumes of black smoke billowed from the multistory building. There was no indication the blaze was linked to the war, where a shaky ceasefire with the United States has been holding for around three weeks.
(Source: AP)
Iran has launched a mandatory new transit protocol for vessels crossing the Strait of Hormuz, requiring ships to obtain permits and follow IRGC-designated corridors, even as President Masoud Pezeshkian dismissed US conditions for reopening the waterway as 'unrealistic'.
Former military officers who have served on the strait have said opening the waterway that is just 21 miles (34 kilometres) wide would be dangerous and highly challenging, even with military escorts, which the US is not providing now.
Hapag-Lloyd AG, one of the world's largest container shipping companies, said in a statement that its risk assessment “remains unchanged” and that transits through the strait “are for the moment not possible for our ships.”
Iran has attacked ships that try to transit without going through its own route in the northern part of the strait along the Iranian coastline. That involves being vetted by Iran's Revolutionary Guard and in some cases making a payment.
The US-approved route goes through territorial waters of Oman to the south.
(Source: AP)
The United Arab Emirates, a key US ally in the Persian Gulf, said it came under attack from Iranian drones and missiles for a second day Tuesday.
But US military leaders and Rubio insisted the nearly month-old ceasefire was still holding and that — while the conflict is not resolved — the initial major US military operation against Iran has concluded.
Before the Trump announcement, Rubio told a White House press briefing that for peace to be achieved, Iran must agree to Trump's demands on its nuclear program and also agree to reopen the Strait of Hormuz.
“We would prefer the path of peace,” Rubio said.
(Source: AP)
US Defence Secretary Pete Hegseth and Gen. Dan Caine, the US military's top officer, told a news conference that Iran's renewed attacks had not reached the threshold of what Caine called “major combat operations.” He said Tuesday was a “quieter” day in the strait.
At the White House, Rubio said clashes with Iran related to American efforts to reopen the straight were “defensive in nature.”
“There's no shooting unless we're shot at first, OK?” Rubio said. “We're not attacking them.”
MT Sarv Shakti becomes the ninth LPG vessel to safely transit the Strait of Hormuz en route to India. The Marshall Islands-flagged LPG carrier MT Sarv Shakti, carrying 46,313 metric tonnes of LPG for India, safely crossed the Strait of Hormuz on May 3, 2026.
The vessel is currently sailing along India’s west coast and is expected to arrive at Mangalore Port on May 8, 2026.
There are 20 crew members on board, including 18 Indian nationals.
Average US gas prices topped $4.50 a gallon, the highest level recorded in nearly four years, according to an ABC News report. This price milestone comes as the war in Iran continues and the Strait of Hormuz, a critical channel for international oil trade, remains restricted, impacting global energy flows and driving up costs for American motorists.
Citing data from GasBuddy, the report noted that the average price for a gallon of regular unleaded gas jumped to $4.51 on Wednesday. This represented the highest national average since July 17, 2022.
Status Of Project Freedom In Infographics
US President Donald Trump’s statement on Truth Social came hours after US Secretary of State Marco Rubio announced that Operation Epic Fury, launched on February 28, had concluded as its objectives have been achieved.
"Operation Epic Fury is concluded. We achieved the objectives of that operation. We're not cheering for an additional situation to occur. We would prefer the path of peace. What @POTUS would prefer is a deal... that is, so far, not the route that Iran has chosen," Rubio told a press conference at the White House on Tuesday.
China's Foreign Minister Wang Yi met with his Iranian counterpart, Abbas Araghchi, in Beijing on Wednesday, the official Xinhua news agency reported, without providing further details. It was the first time Araghchi has traveled to China since the start of the Iran war.
From Washington, US Secretary of State Marco Rubio had expressed hope that during Araghchi's visit Beijing would reiterate to Tehran the need to release its chokehold on the Strait of Hormuz.
Brent crude drifted toward $108 a barrel after tumbling 4% in the previous session, while West Texas Intermediate hovered near $100.
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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