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The Latest Breaking News from Iran

Oil prices slip on teetering Iran ceasefire as Trump heads to China

Oil prices dipped as investors awaited developments on the Iran ceasefire and President Trump's summit with China's Xi Jinping. Brent crude futures fell to $106.95 a barrel, and WTI futures to $101.52. The ongoing conflict and supply disruptions are expected to keep oil prices above $80 for the year.

The Economic Times

Hegseth pushes Trump’s $1.5 trillion defense budget for 2027 as Congress presses Pentagon over Iran war costs

Defense Secretary Pete Hegseth defended President Trump's proposed $1.5 trillion military budget amid congressional scrutiny over the Iran war's escalating costs, now at $29 billion. Lawmakers questioned the strain on weapons stockpiles, while Hegseth acknowledged increased production to support ongoing operations and future needs.

The Times of India

Global Market Today: Asian stocks track Wall Street lower on US CPI

Asian stocks declined as US inflation accelerated, influenced by rising oil prices following the conflict in Iran. This prompted an increase in Treasury yields and boosted bets on a Federal Reserve rate hike in 2027. Elevated oil prices and inflation risks now threaten the recent equity rebound, particularly impacting chipmakers.

The Economic Times

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Trump news at a glance: despite presidential pressure, some Republicans in South Carolina take stand against redistricting

Five Republicans joined all Democrats in the state senate to reject a redistricting proposal that Trump is pushing for – key US politics stories from Tuesday 12 May at a glance

The Guardian - US

Trump set to meet with Xi in Beijing as war and inflation weigh on his presidency

President Donald Trump is in Beijing for a state visit with Chinese leader Xi Jinping. The leaders will discuss trade, aiming to sign deals for American food and aircraft. They will also address differences through a new "Board of Trade." The status of Taiwan and potential weapons sales are major…

The Economic Times

Why S&P 500, Nasdaq dropped while Dow Jones gained today - US stock market mixed close explained

S&P 500, Nasdaq and Dow Jones on May 12: US stocks closed mixed as tech momentum cooled amid rising energy prices and fresh inflation data. The S&P 500 and Nasdaq dipped, while the Dow Jones edged higher. West Texas Intermediate crude jumped on US-Iran tensions, and April's CPI rose to…

The Economic Times

Trump accuses media of ‘treason’ over Iran war coverage

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The Independent UK

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Donald Trump heads to China for high-stakes Xi meeting; trade top agenda, Iran likely in focus

President Donald Trump embarked on a crucial three-day visit to China, with trade negotiations and tensions over Iran topping the agenda. Trump expressed optimism about strengthening US-China ties and his relationship with President Xi Jinping, emphasizing trade as the primary focus of their discussions.

The Times of India

Near $30BN Military Tab Stokes Petrol Surge With Consumers Accusing Fuel Retailers of Price Gouging Amid Price Variation

The Pentagon's revised $29 billion estimate for the US-Iran conflict is linked to rising fuel prices, sparking consumer complaints of price gouging and political scrutiny over defence spending.

International Business Times UK

Donald Trump accuses US media of ‘giving Iran false hope’, calls coverage ‘virtual treason’

Former President Donald Trump accused American media of "virtual treason" for reporting that Iran inflicted damage on US forces, claiming such coverage gives Tehran "false hope." He asserted that Iran's military infrastructure has been destroyed, with "every single ship" sunk and its air force gone. Trump's remarks follow reports suggesting…

The Times of India

Japanese snack giant resorts to black-and-white bags of potato chips as Iran War literally sucks color out of the world

Japan gets 70% of its total imports of naphtha, a petroleum-based material used in printing inks, from the Middle East.

Fortune

Trump calls for Barack Obama’s arrest in Truth Social posts as late-night rant targets election claims, media reporting, Iran war narrative – here's what he said

Trump calls for Obama arrest: US President Donald Trump posted on Truth Social calling for the arrest of Barack Obama. Trump accused Obama of treason, repeating claims about the Obama administration spying on his 2016 campaign. The posts also revisited the 2020 election and criticized media coverage. Trump also shared…

The Economic Times

Trump promise of gas tax relief hits roadblock in Congress: ‘End this damn war’

Democrats on the campaign trail side with Trump, but many Democrats and Republicans on the Hill are not as sure, Eric Garcia writes

The Independent UK

Donald Trump trashes Iran’s ‘generous’ peace offer, so Pentagon makes a power move by revealing the location of a U.S. nuclear submarine

Trump called their peace proposal "totally unacceptable."

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The Independent UK

What a US gas tax suspension could mean for drivers and the prices they see at the pump

President Donald Trump wants to suspend the federal gas tax to ease financial strain from high fuel prices during the war with Iran

Latin Times

Trump Dismisses Americans' Financial Pain Over Iran War and Insults Reporters Asking About Inflation Before China Trip

President Donald Trump left Washington for China on Tuesday after a combative exchange with reporters in which he insulted journalists who pressed him on inflation and the rising cost of his White House ballroom while also saying Americans' financial pain was not shaping his approach to the Iran war.

The Independent UK

‘Totally crazy and unhinged:’ The conservative figures Trump is still raging over, according to Laura Loomer

Last month, Trump railed against conservative influencers who have condemned his Iran war, calling them ‘low IQ’

Barchart

Stocks Settle Mixed on Tech Weakness and Inflation Pressures

The S&P 500 Index ($SPX ) (SPY ) on Tuesday closed down -0.16%, the Dow Jones Industrial Average ($DOWI ) (DIA ) closed up +0.11%, and the Nasdaq 100 Index ($IUXX ) (QQQ ) closed down -0.87%. June E-mini S&P futures (ESM26 ) fell -0.16%, and June E-mini Nasdaq futures...

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International Business Times UK

Trump Posts AI Images of Iranian Ships and Aircraft Being Destroyed as Ceasefire Teeters on Collapse

Donald Trump shared AI-generated images depicting US attacks on Iranian targets, intensifying tensions amid stalled nuclear negotiations and a fragile ceasefire.

The Economic Times

US stocks today: S&P 500, Nasdaq end lower as inflation, Iran tensions weigh

US stocks closed lower as hotter-than-expected inflation and escalating US-Iran tensions weighed on sentiment. The S&P 500 and Nasdaq retreated from record highs, led by tech weakness, while Dow held steady. Rising oil prices and fears of prolonged inflation reduced hopes of Fed rate cuts and lifted rate-hike bets.

The Independent UK

Trump dismisses concerns over rising living costs from Iran war

IN FULL

The Economic Times

US Treasury yields hit 5%: Why investors are dumping bonds as oil prices and inflation rise amid US-Iran conflict

US Treasury yields today: Global bond markets are experiencing unease. Rising oil prices and persistent inflation are reshaping interest rate expectations in the US and globally. US Treasury yields are climbing as inflation fears intensify. This situation is causing investors to rethink Federal Reserve rate cut possibilities. UK bond markets…

The Mary Sue

‘His messages are consistently deranged’: In things that never happened, Trump accuses Pope Leo XIV of promoting Iran having nuclear weapons

Over the years, Donald Trump has built a reputation for speaking without filters about others. More often than not, among three facts, he occasionally slips in three things that have never happened. A video currently gaining traction on social media from Trump’s recent interaction with the press at the Oval…

The Mary Sue

‘Greed is a horrible trait’: Iran Embassy congratulates Karoline Leavitt over daughter’s birth, but there is a twist

White House Press Secretary Karoline Leavitt is probably one of the last people you’d expect to take a stand for Iran, including for the children killed in the early days of the US and Israel’s joint attacks on the country. Nevertheless, Iran is leaving no stone unturned in calling her…

Barchart

Weak Stocks and Crude Oil Strength Lift the Dollar

The dollar index (DXY00 ) on Tuesday rose by +0.34%. The dollar moved higher on Tuesday amid renewed concerns that the US-Iran ceasefire may break down after President Trump said the current ceasefire was on “life support.” Tuesday’s +4% surge in crude oil prices also boosted inflation expectations and may...

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