US-Israel-Iran War Live News Updates: Iran Trifled With Us, Says Trump; Saudi Arabia Seeks De-Escalation

South Africa’s newly appointed tax commissioner warned that the Iran war could undermine the government’s ability to meet its revenue targets, as rising fuel prices drive costly subsidies and threaten to slow economic growth.

"We are worried" about the 2.13 trillion rand ($130 billion) revenue forecast in the 2026 budget, said Johnstone Makhubu, who became commissioner of the South African Revenue Service on May 1.

(Source: Bloomberg)

Petrol prices increased by about 34% in Spain, 30% in Japan, Italy and Israel, 27% in Germany and 22% in the United Kingdom, according to the estimates. Several countries also introduced rationing, conservation advisories, emergency relief packages or fuel caps.

(Source: AFP)

German industry is struggling to recover as the Middle East war heightens uncertainty and raises costs, data suggested Friday, hitting Europe's top economy amid a prolonged slump.

Industrial production fell 0.7% in March versus February, federal statistics office Destatis said, while Germany's monthly trade surplus of 14.3 billion euros ($16.8 billion) was its lowest since May 2023, with imports rising much faster than exports.

Taken together the data suggested that Germany's economy was growing more slowly than the previously reported rate of 0.3% in the first quarter, ING bank analyst Carsten Brzeski said.

(Source: AFP)

Italy's Constitution and treaties lay out the precise ways in which the bases can be used: They allow logistics and training operations within a NATO framework, but generally exclude direct offensive operations, such as bombing, unless specifically authorised.

Italian Premier Giorgia Meloni and Foreign Minister Antonio Tajani have repeatedly said Italy doesn't want to participate in the Iran conflict, and that if the US seeks permission to use Italian bases for offensive purposes, any decision must be approved by Parliament, where opposition to the war is strong.

(Source: AP)

 US Secretary of State Marco Rubio is opening his second day of fence-mending meetings with talks scheduled with Italian Premier Giorgia Meloni in a bid to ease tensions over the war with Iran. Rubio will also meet Foreign Minister Antonio Tajani.

Meloni and Tajani are expected to use the meetings to try to preserve Italy's strategic partnership with the US while pushing back against Washington's pressure over the Iran conflict.

(Source: AP)

French Transport Minister Philippe Tabarot said he does not expect major flight cancellations this summer due to jet fuel shortages. He noted airlines have little interest in canceling during peak revenue season, though some have slightly cut traffic, reports Al Jazeera.

Israel has issued dozens of evacuation warnings in Lebanon since the latest Israel-Hezbollah war began on March 2. Over 1 million people in Lebanon have fled their homes during the war.

Israel has also issued similar warnings for Iranians, both during the 12-day Israel-Iran war last year and during the US-Israeli war launched on Iran on February 28. In one case last year, they warned 300,000 people in Tehran — Iran's capital — to evacuate.

(Source: AP)

Trump is set to meet Chinese President Xi Jinping May 14-15 in Beijing. The summit already has been rescheduled once because of the war. There is unease among Chinese officials about holding the high-stakes meeting before the war in Iran is resolved, people familiar with the matter said, reports Bloomberg.

IAG, parent group of British Airways and Spanish carrier Iberia, said that the Middle East war will lower its annual profits despite a strong start to 2026. "Whilst the first quarter was relatively unaffected by the Middle East conflict we expect it to have a more substantial impact throughout the rest of the year as the increase in the fuel cost starts to manifest itself," IAG said in an earnings statement.

(Source: AFP)

The Iran war triggered the largest disruption to global oil supplies in history, pushing US gasoline prices above $4.50 a gallon this week. But the US job market has seen little impact so far. Friday’s Labour Department report is expected to show 65,000 jobs added in April, down from 178,000 in March. While modest, that pace is less concerning now as Baby Boomer retirements and Trump’s immigration crackdown shrink the labour pool.

(Source: AP)

Saudi source to Al Arabiya: The Kingdom is seeking de-escalation and supports Pakistan's efforts to reach an agreement that ends the war 

Saudi source to Al Arabiya: There are parties seeking to give a misleading picture of the Kingdom's position for suspicious reasons 
 

Pakistani Prime Minister Shehbaz Sharif, speaking in televised remarks, said Islamabad remained in “continuous contact with Iran and the United States, day and night, to stop the war and extend the ceasefire.”

Air raid sirens sounding across the UAE have reportedly caused confusion and disruptions for flights heading to Dubai, leaving passengers and airlines scrambling amid heightened regional tensions.

Air raid sirens sounding across the UAE have reportedly caused confusion and disruptions for flights heading to Dubai, leaving passengers and airlines scrambling amid heightened regional tensions.#UAE #Dubai #Trump #BreakingNews #Flights #Hormuz pic.twitter.com/FxX7bMmTVW

— Iran in Mumbai (@IRANinMumbai) May 8, 2026

The report by shipping data firm Lloyd's List Intelligence that Iran has established a new government agency to approve transit and collect tolls from shipping in the strait raised concerns over the freedom of navigation on which global trade depends.

The agency, called the Persian Gulf Strait Authority, is “positioning itself as the only valid authority to grant permission to ships transiting the strait,” Lloyd's reported in an online briefing Thursday. Lloyd's said the authority had emailed it an application form for ships seeking passage.
 

The UAE National Emergency Crisis and Disaster Management Authority said: Air defense systems are currently responding to a missile threat. Please remain in a safe location and follow official channels for warnings and updates.

Air defense systems are currently responding to a missile threat. Please remain in a safe location and follow official channels for warnings and updates. pic.twitter.com/svLtlaHPaP

— NCEMA UAE (@NCEMAUAE) May 8, 2026

The rupee's two-day rally is set to stall at Friday's open, pressured by rising oil prices after renewed fighting between the US and Iran threatened a fragile ceasefire.

The rupee is expected to open in the 94.40-94.50 range, traders said, after settling at 94.25 on Thursday. The currency has rallied more than 1% over the past two sessions, recovering from a all-time low of 95.4325 hit earlier in the week.

Oil prices climbed on Friday after renewed US-Iran hostilities dashed hopes of progress on reopening the Strait of Hormuz.

(Source: Reuters)

Saudi Arabia and Kuwait have lifted restrictions on the U.S. military’s use of their bases and airspace imposed after the start of the American operation to reopen the Strait of Hormuz.

(Source: Wall Street Journal)

Lebanon's health ministry reported at least 12 people killed, including two children and a paramedic, in a series of Israeli airstrikes on Thursday.

The new deaths came a day after Israel killed a Hezbollah commander in its first attack on Beirut's southern suburbs since the shaky truce sought to end weeks of fighting.

(Source:AFP)

Lebanon and Israel will hold a new round of talks on May 14-15 in Washington on seeking a peace deal, despite a new Israeli strike against Hezbollah, a US official said.

(Source: AFP)

US President Donald Trump on Iran: "The talks are going very well — but they have to understand, if it doesn't get signed, they're going to have a lot of pain."
 

.@POTUS on Iran: "The talks are going very well — but they have to understand, if it doesn't get signed, they're going to have a lot of pain." https://t.co/BM7WHdFiqd pic.twitter.com/YMDngHlk0g

— Rapid Response 47 (@RapidResponse47) May 8, 2026

US President Donald Trump said the ceasefire with Iran was still in place, despite exchanges of fire with Iranian forces in the Strait of Hormuz.  "They trifled with us today. We blew them away," he told reporters in Washington, insisting that talks were "going very well."

Earlier Trump had posted on his Truth Social platform that US forces dealt "great damage" to Iranian attackers after three American naval destroyers came under fire while transiting the strait. "We'll knock them out a lot harder, and a lot more violently, in the future, if they don't get their Deal signed, FAST!" he said.
 

"Is the ceasefire with Iran still on?"@POTUS: "They trifled with us today. We blew 'em away... If there's no ceasefire, you're not going to have to know. You're just gonna have to look at one big glow coming out of Iran — and they better sign their agreement fast." pic.twitter.com/yp74HmwZDl

— Rapid Response 47 (@RapidResponse47) May 8, 2026

The US military struck Iran’s Qeshm port and Bandar Abbas, a Fox News reporter posted on X citing a senior US official. The official said the strikes don’t mean restarting the war or ending the April 7 ceasefire.

The latest clash escalates tensions as the US seeks to exit a three-month war. Trump’s administration awaits Iran’s response on reopening the Strait of Hormuz, a conflict that’s killed thousands and sparked a global energy crisis. Iran attacked three US warships with “multiple missiles, drones and small boats,” but CENTCOM said “no US assets were struck.” US forces “eliminated inbound threats” and hit Iranian missile/drone sites, command centers, and surveillance nodes.

US President Donald Trump said the US struck Iran after it fired on three Navy destroyers in Hormuz, warning of harder strikes if a deal isn’t signed fast. He said the ceasefire remains despite the exchange, downplaying Iran’s actions, "They trifled with us today. We blew them away.” Speaking at the National Mall, he added, "I’ll let you know when there’s no ceasefire. You’ll just have to look at one big glow coming out of Iran."

US President Donald Trump on Truth Social wrote, "Three World Class American Destroyers just transited, very successfully, out of the Strait of Hormuz, under fire. There was no damage done to the three Destroyers, but great damage done to the Iranian attackers. They were completely destroyed along with numerous small boats, which are being used to take the place of their fully decapitated Navy. These boats went to the bottom of the Sea, quickly and efficiently."

"Missiles were shot at our Destroyers, and were easily knocked down. Likewise, drones came, and were incinerated while in the air."

"They dropped ever so beautifully down to the Ocean, very much like a butterfly dropping to its grave! A normal Country would have allowed these Destroyers to pass, but Iran is not a normal Country. They are led by LUNATICS, and if they had the chance to use a Nuclear Weapon, they would do it, without question — But they’ll never have that opportunity and, just like we knocked them out again today, we’ll knock them out a lot harder, and a lot more violently, in the future, if they don’t get their Deal signed, FAST!"

"Our three Destroyers, with their wonderful Crews, will now rejoin our Naval Blockade, which is truly a “Wall of Steel."

The US military said that Iranian forces launched multiple missiles, drones and small boats at the three US warships, but none were hit. US forces "eliminated inbound threats and targeted Iranian military facilities responsible" for the attack, Central Command said in a post on X.

For its part, Iran's central military command said its forces had retaliated for the United States targeting an Iranian oil tanker and another ship in the strait, in violation of a ceasefire, according to a statement quoted by state TV.

https://t.co/FY4zUn9fYh

— U.S. Central Command (@CENTCOM) May 7, 2026

Iran accuses the US of violating the ceasefire by targeting ships near the Strait of Hormuz and carrying out air strikes on civilian areas in Khamir, Sirik and Qeshm Island, warning of a “crushing response”.