Here's the latest
• Peace talks: Iran sent its latest proposal for negotiations with the United States to Pakistani mediators, according to sources. US President Donald Trump has said no one knows the status of talks with Iran aside from himself and a handful of others.
• Pain at the pump: As the Strait of Hormuz remains largely closed, US gas prices are now at an average of $4.39 per gallon — their highest level since July 2022 — marking an increase of 33 cents just in the last week.
• War powers: Lawmakers and US officials disagree on whether a legal deadline for the use of military force without congressional authorization has passed, with the Trump administration insisting that the ceasefire “terminated” hostilities for the war powers deadline.
• In Lebanon: More than a dozen people were killed in Israeli strikes in southern Lebanon yesterday and today, the country’s health ministry said, despite a ceasefire that was extended last week.
Oil prices rise as Iran war negotiations remain at an impasse
Oil prices rose today, but held below four-year peaks hit yesterday, as negotiations to end the Iran war remained at a standstill and the Strait of Hormuz stayed closed to most shipping traffic.
Brent crude futures for July, the global benchmark, rose by 1.0% to $111.48 per barrel, having jumped sharply yesterday before falling back at the close.
West Texas Intermediate futures were 0.4% higher at $105.50 per barrel.
Global crude prices have risen in recent days after face-to-face negotiations between the US and Iran broke down, keeping the Strait of Hormuz – a critical oil and gas shipping channel – effectively shut still.
US President Donald Trump said that no one knows the status of talks with Iran aside from himself and a handful of others, hinting negotiations are advancing despite the public appearance of a standstill even as he acknowledged the uncertainty over Iran’s leadership.
Pakistani mediators expect a revised peace proposal from Iran after Trump rejected a previous version, with sources saying an answer could come by today.
Pentagon is spending $25B on Iran war, money the UN says could have helped support millions
The money that the United States has spent on the Iran war could have been used to support the lives of 87 million people, according to the head of the United Nations Office for the Coordination of Humanitarian Affairs (OCHA), Tom Fletcher.
The US military has spent roughly $25 billion on the war with Iran since it began in late February, according to the Pentagon’s top financial officer. However, three people familiar with the matter told CNN Thursday that the number is a lowball figure.
Fletcher told CNN that the UN’s 2026 aid appeal is $23 billion dollars, which is meant to provide support for 87 million people.
“We have a plan this year to save 87 million lives. And the cost of that plan is $23 billion. So you can make the comparison there,” he told CNN’s Becky Anderson.
“If we had had that $23 billion, we’d have far more chance this year of getting out there and saving those 87 million lives.”
Iran war has put almost 10 billion meals a week at risk, fertilizer boss says
Almost 10 billion meals a week are at risk due to the war’s impact on the fertilizer industry, with its knock-on effects to hit the world’s poorest countries, the head of one of the world’s largest fertilizer companies has warned.
Svein Tore Holsether, CEO of Yara, explained that because the Strait of Hormuz is a key transit route for ammonia, urea and other essential agricultural products, its blockade continues to have a significant effect on food production.
For every week the crisis continues, more than half a million tonnes of urea could be removed from the global supply chain, Holsether told CNN Friday.
“To put the figure into perspective, half a million tonnes of urea contain enough nutrients to produce the equivalent of nearly 10 billion meals,” he said.
Less fertilizer causes reduced crop yields and less food production. Such a scenario could lead to a bidding war for food which would disproportionately hit the world’s poorest countries, Holsether said.
Some of the world’s largest fertilizer plants, as well as a major producer of the raw materials needed to make fertilizer, are in the Middle East. About 25-30% of global trade in those raw materials passes through the Strait of Hormuz, which has been effectively closed for two months, according to Morningstar.
And even if the Strait of Hormuz was to immediately to reopen and supply chains return to normal, high prices may continue to persist, he said, as fertilizer production and raw material supply have already been lost.
Here's what's happening in Lebanon
More than a dozen people have been killed in Israeli strikes in southern Lebanon, its health ministry said, despite a ceasefire that was extended last week.
The ministry said Israeli strikes in multiple towns located in the Nabatieh district in southern Lebanon killed at least 16 people, including children.
Hezbollah strikes in southern Lebanon killed an Israeli soldier, while several Israeli soldiers were wounded, the Israeli military told CNN on Thursday.
More than 2,500 people have been killed in Lebanon since the start of the war, according to figures from its health ministry.
The casualties underscore the danger for Lebanese residents, about 1 million of whom have been displaced since March, as an Israeli ground offensive continues despite the ceasefire.
Communities in Lebanon are gripped by “deep fear and uncertainty,” one relief worker in the country told CNN.
Two killed in Israeli strike in southern Lebanon, Lebanese health ministry says
Israeli strikes killed two people and wounded 10 more in a town in southern Lebanon, according to the Lebanese Ministry of Public Health.
The strike took place in town of Nabatieh al-Fawqa, the ministry said in a statement early Friday.
On Thursday, ministry said Israeli strikes in multiple towns in the Nabatieh district in southern Lebanon killed at least 14 people.
The strikes come despite an extension of the ceasefire in Lebanon, during which Israel and Iran-backed Hezbollah have continued to trade attacks.
Democratic Sen. Blumenthal tells CNN "imminent" military strike still on the table
US Democratic Sen. Richard Blumenthal told CNN “an imminent military strike is very much on the table” based on his takeaways from some briefings and other sources.
“I do have the impression from some of the briefings that I have received, as well as other sources that an imminent military strike is very much on the table,” he told CNN’s Erin Burnett, adding it is “deeply disturbing, because it could well involve American sons and daughters in harm’s way and potential massive casualties.”
He added that he didn’t think it “should be surprising anyone, because the military leaders involved in this effort have talked about it for some time.”
US President Donald Trump was expected to hear about updated military options for Iran from Pentagon officials on Thursday as he pressures Tehran into agreeing to a deal, a source said.
Trump doesn’t need Congress for war powers, Republican senator says
Senator Rick Scott tells CNN’s Kaitlan Collins the president should be able to continue the war with Iran without asking Congress for authorization.
Iran's revised peace proposal could come today. Here's what we know
Pakistani mediators expect a revised peace proposal from Iran after US President Donald Trump rejected a previous version, with sources saying an answer could come by Friday.
Trump said that no one knows the status of talks with Iran aside from himself and a handful of others, suggesting the negotiations are advancing despite the public appearance of a standstill even as he acknowledged the uncertainty over Iran’s leadership.
The president said Wednesday that negotiations were happening “telephonically” and that his response to any proposal from Iran will depend on how far it goes on limiting its nuclear program. Iran’s previously rejected proposal called for opening the Strait of Hormuz first and dealing with nuclear issues later.
Here’s what else you need to know:
- War powers: Trump criticized congressional efforts aimed at limiting his war powers — the latest of which the Senate rejected Thursday. A post-Vietnam War law puts a 60-day clock on the use of military force without congressional authorization, but there’s disagreement in Congress over the deadline.
- Military options: The US president was expected to hear about updated military options for Iran from Pentagon officials on Thursday as he pressures Tehran into agreeing to a deal, a source said. Trump is routinely updated on military plans, and there was little to indicate his previous reluctance to restart the US bombing campaign was waning.
- Oil crisis latest: The Trump administration is pressing foreign governments to join a new coalition to support freedom of navigation in the Strait of Hormuz as the Iran war continues to choke the waterway vital to the global oil trade. Iran’s President Masoud Pezeshkian again slammed the US blockade of Iranian ports, saying it amounts to continued military action against his country.
- Europe spat: Trump said that he is considering reducing US troop levels in Spain and Italy, as the US broadly re-evaluates its military footprint in Europe amid disagreements with allies over the Iran war. Trump has had significant friction with European leaders over their not helping in the Iran war. And in the Oval Office Thursday, he renewed his criticism of German Chancellor Friedrich Merz, in particular.
