politics
Trump–Iran agree 2-week ceasefire, reopen Hormuz
President Donald Trump on Tuesday said he agreed to suspend planned attacks on Iranian infrastructure for two weeks, backing off his shocking threats to imminently order the destruction of Iran’s “whole civilization.”
The move, more than five weeks after the U.S. and Israel launched the war, was “subject to the Islamic Republic of Iran agreeing to the COMPLETE, IMMEDIATE, and SAFE OPENING of the Strait of Hormuz,” he wrote on Truth Social.
The decision was “based on conversations with Prime Minister Shehbaz Sharif and Field Marshal Asim Munir, of Pakistan,” Trump wrote.
“This will be a double sided CEASEFIRE!” he declared.
Oil prices plunged as much as 16% following the announcement, while U.S. stock futures shot up.
Iran Foreign Minister Abbas Araghchi said in a separate statement that ships will be able to safely pass through the strait for the two-week interval “via coordination with Iran’s Armed Forces and with due consideration of technical limitations.”
Trump’s announcement came less than two hours before his deadline on Iran to either make a deal that includes opening the strait — a vital artery for global oil transit — or else face major attacks on its civilian infrastructure.
The 8 p.m. ET deadline — which Trump set Sunday after demanding in a belligerent social media post that Iran “Open the Fuckin’ Strait” — had caused panic in the U.S. and around the world.
Trump escalated matters dramatically on Tuesday morning, writing in another post, “A whole civilization will die tonight, never to be brought back again.”
Sharif on Tuesday afternoon had asked Trump for a two-week extension of his deadline for Iran. He also asked Iran’s leadership to agree to open up the strait for two weeks “as a goodwill gesture.”
“We also urge all warring parties to observe a ceasefire everywhere for two weeks to allow diplomacy to achieve conclusive termination of war, in the interest of long-term peace and stability in the region,” Sharif wrote in an X post.
Both the U.S. and Iran framed the development as a win.
Trump, in his post announcing the two-week delay, claimed the U.S. had agreed to halt its planned attacks because “we have already met and exceeded all Military objectives, and are very far along with a definitive Agreement concerning Longterm PEACE with Iran, and PEACE in the Middle East.”
“We received a 10 point proposal from Iran, and believe it is a workable basis on which to negotiate,” Trump wrote.
“Almost all of the various points of past contention have been agreed to between the United States and Iran, but a two week period will allow the Agreement to be finalized and consummated,” he wrote.
Iran’s Mehr News Agency later Tuesday posted a statement from the secretariat of the Islamic Republic’s Supreme National Security Council declaring that the U.S. “has accepted these principles as the basis for negotiations and has surrendered to the will of the Iranian people.”
“If the surrender of the enemy in the field becomes a decisive political achievement in the negotiations, we will celebrate this great historical victory together, otherwise we will fight side by side in the field until all the demands of the Iranian nation are achieved,” read a translation of the statement.
Iran will hold negotiations with the U.S. in Islamabad, the capital of Pakistan, for two weeks beginning in the coming days, according to the statement.
Iran’s 10-point proposal includes withdrawing U.S. combat forces from all regional bases, lifting all sanctions, releasing Iranian assets frozen abroad and full payment of Iran’s war-related damages. It would also establish a protocol for controlled passage through the Strait of Hormuz.
Trump, on Monday, said a ceasefire proposal put forward by Iran was “not good enough.” It was not immediately clear what in the intervening hours led him to accept Iran’s proposal as a “workable basis” for negotiations.
CNBC
politics
Israel warns Iran on trains as Trump threatens infrastructure
The Israel Defense Forces (IDF) is warning people in Iran not to take the train today.
In a post shared on the military’s Farsi social media account, it tells people in Iran “for the sake of your security” to “refrain from using and travelling by train” throughout the country “until 21:00 Iran time”.
It adds that “presence on trains and near railway lines endangers your life”.
It comes as US President Donald Trump threatens to strike civilian infrastructure targets across Iran, if the regime refuses to allow free passage through the Strait of Hormuz by 20:00 EDT Tuesday (01:00 BST Wednesday).
In updates issued overnight, the Israeli military also said it completed a wave of air strikes targeting “infrastructure in Tehran” linked to the regime, and killed people it said were members of Hezbollah.
Separately, the military also said it had intercepted missiles launched towards Israel by Iran.
Israel’s train travel warning comes as Trump threatens more infrastructure strikes
In a post in Farsi on social media this morning, the Israel Defense Forces gave what it described as an “urgent warning to train users and passengers in Iran”
The “warning” suggests imminent Israeli airstrikes on the Iranian rail network. But there is a weeks-long internet blackout in Iran, meaning social media posts will be seen by very few people.
The Iranian rail network is extensive and runs throughout the country. People will almost certainly already be travelling by rail this morning, travelling long distances, or be located near rail stations or lines.
Overnight, Israel carried out multiple airstrikes in Iran, with “regime infrastructure” described as the target.
BBC
Analytics
Should your next car be electric after the war?
Disruptions to energy flows, especially through the Strait of Hormuz, have triggered one of the most significant shocks to global oil markets in recent years. Fuel costs are rising, and supply chains remain exposed.
“We are in the middle of the second energy shock in the 2020s,” said Kingsmill Bond. “It will flow into people’s decisions on what energy-hungry devices they buy.” For car buyers, that shift is already underway.
1. Fuel costs spike worldwide
The impact shows up immediately:
- Petrol and diesel prices are rising worldwide, with volatility complicating long-term budgeting
- Supply risks are adding uncertainty to everyday transport costs
In parts of Asia, fuel rationing and reduced mobility are already visible, accelerating demand for electric two-wheelers and rickshaws. For buyers, the implication is direct: running a petrol car is becoming harder to plan, while EVs offer more stable operating costs.
That cost gap is becoming clearer in the UAE. An analysis by NIO MENA reveals just how significant the gap has become. With Super 98 petrol at Dh3.39 per litre and Special 95 at Dh3.29, a typical petrol car averaging 12 km per litre costs roughly Dh275 to Dh280 to cover 1,000 km.
An electric vehicle charged at home covers the same distance for about Dh45 — a saving of more than Dh230, or up to 84%.
2. EV cost advantage widens
Even with public charging, the economics still favour EVs:
- Public AC charging: Dh120 per 1,000 km
- DC fast charging: Dh180 per 1,000 km
For fleet operators, these margins scale quickly. A vehicle covering 30,000 km a year could save between Dh2,700 and Dh6,900 annually depending on charging method. Lower maintenance costs — fewer moving parts, no oil changes — add to the advantage.
“When running an electric vehicle can save you up to 84% compared to petrol, this is no longer a debate about sustainability preferences. It is a bottom-line decision,” said Mohammad Maktari, CEO of NIO MENA.
3. People already shift to electric alternatives
The response extends beyond cars. In India, LPG delivery delays of up to 25 days have pushed households toward electric cooking, with induction stove sales rising as much as 30 times on some platforms.
In Europe, solar panel sales have more than doubled in Germany, and EV buyer interest in the UK has risen nearly 30% since the conflict began.
Households in several economies are reducing reliance on fossil fuels. Electrification is becoming a practical decision tied to cost and reliability.
4. Energy security become a priority
The latest shock is reinforcing a deeper shift. “The main driver will not be climate change, the main driver will be energy security,” said Fatih Birol of the International Energy Agency.
History supports this pattern:
- The 1970s oil shocks pushed fuel-efficient cars into the mainstream
- High oil prices in the 2000s accelerated solar and battery innovation
For today’s buyers, the takeaway is clear: EVs reduce exposure to global oil disruptions and offer a path toward greater cost control.
5. Emerging markets accelerate shift
The pressure is strongest in economies reliant on imported fuel. Countries across Asia and Africa — dependent on shipments through the Strait of Hormuz — are facing supply disruptions and rising costs.
In Nigeria, demand for rooftop solar is increasing despite high upfront costs. In Ethiopia, fuel shortages have led to long queues at petrol stations and renewed calls to accelerate EV adoption. Electrification is increasingly seen as a response to supply vulnerability, not just pricing.
Gulf News
politics
Trump warns Iran of ‘hell’ if Hormuz deadline missed
President Donald Trump on Sunday, in a social media post laden with expletives, vowed to strike Iran’s power plants and bridges. He vowed the “crazy bastards” would be “living in Hell” if the Strait of Hormuz isn’t opened to all marine traffic by Tuesday, just hours after announcing the U.S. had rescued the final airman shot down in Iran last week.
“Tuesday will be Power Plant Day, and Bridge Day, all wrapped up in one, in Iran. There will be nothing like it!!!” Trump said in a Truth Social post.
Later on Sunday, Trump posted on Truth Social the date “Tuesday, 8:00 P.M. Eastern Time!” without further explanation. The White House on Sunday told MS NOW that the date is now the deadline for Iran to reach a deal with the U.S.
Trump has repeatedly threatened Iran’s critical infrastructure, vowing to send Iran back to the “stone age” if it does not meet the U.S. demands as the war entered its second month and the conflict in the Middle East showed no signs of slowing.
Destroying civilian infrastructure could constitute a war crime under international humanitarian law.
Sen. Tim Kaine, D-Va., speaking on NBC’s “Meet the Press,” said the president’s comments were “embarrassing and juvenile,” and warned it could place future downed airmen at greater risk if they are captured in Iran.
“If you send the message that there’s no quarter for the folks on the other side, that really encourages them to mistreat our folks,” Kaine, who serves on the Senate Armed Services Committee, said. “It’s people trying to act like they’re puffed up and tough, when what we really see from the administration in this war is the absence of a plan, the absence of a clear rationale, no effort to get allies on board.”
Iran, meanwhile, has shown no signs of backing down, striking economic and infrastructure targets in neighboring Gulf Arab countries.
On Sunday, Iran’s state TV aired a video showing what it claimed were parts of an American aircraft shot down by Iranian forces, along with a photo of thick, black smoke rising into the air. The broadcaster said Iran had shot down an American transport plane and two helicopters that were part of the rescue operation.
However, a regional intelligence official briefed on the mission told The Associated Press that the U.S. military blew up two transport planes due to a technical malfunction, forcing it to bring in additional aircraft to complete the rescue. The official spoke on condition of anonymity to discuss the covert mission.
Iran’s military joint command on Sunday claimed that four U.S. aircraft were destroyed during the rescue operation and warned of stepping up retaliatory attacks on regional oil and civilian infrastructure if the U.S. and Israel attacked such targets in the Islamic Republic, according to state television.
“We once again repeat: if you commit aggression again and strike civilian facilities, our responses will be more forceful,” a spokesman said in comments run by IRNA news agency.
Countdown to Trump’s deadline
Meanwhile, the U.S. has been ramping up pressure on Tehran to open the Strait of Hormuz, a key chokepoint linking Iran and the Arabian Peninsula through which a large proportion of the world’s oil and gas supplies pass.
Trump said Saturday in a Truth Social post: “Remember when I gave Iran ten days to MAKE A DEAL or OPEN UP THE HORMUZ STRAIT. Time is running out – 48 hours before all Hell will reign [sic] down on them.”
Oman’s foreign ministry said on Sunday that it met with Iranian officials a day earlier to discuss “possible options for ensuring the smooth flow of transit through the Strait of Hormuz.”
“During the meeting, experts from both sides presented a number of visions and proposals that will be studied,” the Omani statement on X read.
On March 26, Trump said he would extend a pause in attacking Iran’s energy facilities by 10 days to April 6 at the request of the government of the Islamic Republic.
In a televised address from the White House on Wednesday, Trump told Americans that he expects the Iran war to last another two to three weeks, but said the conflict was close to an end.
“We are going to finish the job, and we’re going to finish it very fast,” he said.
The spot price for current physical cargoes of Brent crude oil soared Thursday to $141.36, the highest level since the 2008 financial crisis, according to S&P Global, which tracks the data.
The spot price reflects demand for Brent oil to be delivered in the next 10 to 30 days. The high price of immediate oil deliveries points to current physical supply constraints due to the huge disruption triggered by Iran’s closure of the Strait of Hormuz.
The price was $32.33 higher than the Brent crude futures contract for June delivery, which closed at $109.03 on Thursday.
Iran’s foreign minister, in principle, left the door open for peace talks with the U.S. amid talks about mediation from Pakistan, but he gave no sign of Tehran’s willingness to bow to Trump’s demands.
“We are deeply grateful to Pakistan for its efforts and have never refused to go to Islamabad. What we care about are the terms of a conclusive and lasting END to the illegal war that is imposed on us,” Foreign Minister Abbas Araghchi said on X.
Pakistan told the Associated Press on Saturday that efforts to broker a ceasefire are “right on track.”
U.S. rescues last airman shot down by Iran
Trump said Sunday the U.S. has rescued a service member who went missing after Iran downed a fighter jet, while vowing to strike key infrastructure if Tehran doesn’t reopen the Strait of Hormuz by Tuesday.
Trump confirmed that a U.S. airman who had gone missing after an F-15E Strike Eagle fighter jet was shot down in Iran has been rescued. The jet’s pilot had been rescued soon after the aircraft was downed.
“WE GOT HIM!” Trump said in a Truth Social post referring to the second officer.
“Over the past several hours, the United States Military pulled off one of the most daring Search and Rescue Operations in U.S. History,” Trump said.
The president later said the rescued airman, an officer, was “seriously wounded.”
“We have rescued the seriously wounded, and really brave, F-15 Crew Member/Officer, from deep inside the mountains of Iran,” Trump said in a post on Truth Social. “He is a highly respected Colonel.”
Trump said his administration did not initially confirm the rescue of the first crew member in order to avoid jeopardizing the operation.
The president also said he will speak about the military operation in Iran at a news conference at the Oval Office on Monday at 1 p.m. ET.
U.S. Central Command issued a brief statement, saying, “U.S. forces successfully completed the rescues of two American service members from Iran after their F-15E fighter jet was shot down April 2 during a combat mission. The service members were safely recovered during separate search and rescue missions.”
CENTCOM added that strikes into Iran would continue in an attempt to “dismantle the Iranian regime’s ability to project power beyond its borders.”
Tehran and Washington confirmed Saturday that Iran downed the two-seat F-15E jet. The incident marks the first time Iranian forces have successfully shot down a U.S. combat aircraft since the U.S. and Israel began their airstrikes on Iran on Feb. 28.
Separately, two U.S. officials said Saturday the pilot of a U.S. A-10 Warthog jet ejected from the aircraft that crashed in Kuwait after being hit by Iranian fire. The Wall Street Journal and The Washington Post were the first to report that the A-10 had been shot down.
Petrochemical zone struck in Iran
However, Iran appeared to maintain its retaliatory attacks on neighbors in the Gulf region, and seemed to be targeting petrochemical facilities.
Abu Dhabi’s media office said in a post on X that authorities in the city responded to multiple fires at the Borouge petrochemical plant “caused by falling debris following successful interceptions by air defense systems.”
Operations at the plant have been suspended, the Abu Dhabi Media Office said.
Borouge did not immediately respond to CNBC’s email on Sunday requesting confirmation.
The company operates a petrochemical complex in Al Ruwais Industrial City in the United Arab Emirates, according to its website.
Bahrain’s state news agency reported that the Gulf Petrochemical Industries Company (GPIC) confirmed a “number of its operational units were subject to an attack by Iranian drones, in the early hours of Sunday morning.”
GPIC also did not immediately respond to CNBC’s emailed request for comment.
On Saturday, Iranian state media reported air strikes at a petrochemical zone in southwestern Iran, with at least five people injured.
A projectile also hit an auxiliary building near the perimeter of Iran’s Bushehr nuclear plant, the Tasnim news agency said, killing one person. The operations of the plant were unaffected.
Russia’s state nuclear company Rosatom evacuated a further 198 of its staff from the site on Saturday, Russian news agencies reported, in evacuations already planned before the latest incident.
The Israeli military, meanwhile, said it had carried out “a wave of strikes” on Tehran.
Iran attacks targets in three Gulf states
In Kuwait, Iranian drone attacks caused significant damage to power plants and a petrochemical plant. They also put a water desalination station out of service, according to the Ministry of Electricity. No injuries were reported, the ministry said.
In Bahrain, a drone attack caused a fire at one of the national oil company’s storage facilities and a state-run petrochemical plant, the kingdom’s official news agency said.
In the United Arab Emirates, authorities responded to fires at a petrochemical plant in Ruwais that they said were caused by intercepted debris, halting operations.
The strikes came a day after Israel struck a petrochemical plant in Iran that Prime Minister Benjamin Netanyahu said generated revenue that it had used to fund the war.
The petrochemical industry is a key sector in many Gulf states. Plants in Bahrain, Kuwait, the UAE and Iran convert oil and gas into products like plastics, polymers and fertilizer, bringing in billions in export revenue.
Kuwait Petroleum reports damage after drone attacks
Iranian drone attacks hit various targets in Kuwait on Sunday, with the state energy company, Kuwait Petroleum Corporation, reporting fires and “severe material damage” at some operating units. KPC said in a statement that teams were working to contain the fires at affiliates Petrochemical Industries Company and National Petroleum Company.
In a separate incident, KPC earlier said a fire broke out in its Shuwaikh oil sector complex, which houses the oil ministry and KPC headquarters, after a drone attack.
Kuwaiti state media, citing the finance ministry, said an Iranian drone hit an office complex for government ministries, causing significant material damage but no casualties.
Two power generation units were also taken out of service after Iranian drones targeted two power and water desalination plants, causing significant damage, Kuwait’s electricity and water ministry said.
No injuries were reported in any of the incidents.
The U.S.-Israeli war on Iran is in its sixth week, with Tehran striking Israel and Gulf Arab states hosting U.S. military installations.
Iran’s Revolutionary Guards claimed responsibility for attacks on petrochemical plants in Kuwait, as well as the United Arab Emirates and Bahrain.
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