Iran-US-Israel War News Highlights: US to mediate two days of talks between Israel and Lebanon next week

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The UN’s Food and Agriculture Organization (FAO) says its food price index rose 2 percent in April year-on-year, climbing to the highest level since 2023 amid the conflict in the Middle East.

Higher crude oil prices are increasing demand for seed oils from the biofuel industry, while concerns over lower seed oil production in Southeast Asia are raising prices as well, the FAO says.

Wheat prices rose 0.8 percent, due in part to higher fertiliser prices because of the war.

Those higher fertiliser prices may push wheat farmers to switch to less fertiliser-intensive crops, which would squeeze wheat supplies and raise prices for the grain further, the FAO warns.

Talks between the US and Iran could resume as early as next week in Pakistan’s capital, a news report says.

The Wall Street Journal, citing people familiar with the matter, said the two sides are working with mediators to formulate a one-page, 14-point memorandum of understanding that would set the parameters for a month of talks aimed at ending the war.

The draft is said to include discussions on Iran’s nuclear programme, easing tensions in the Strait of Hormuz, and the possible handling of Iran’s highly enriched uranium stockpiles to another country.

Efforts to end the war between the US and Iran appeared to stall as the two sides traded fire in the Gulf on Friday, while a US intelligence analysis concluded Tehran could withstand a naval blockade for months.

A CIA assessment indicated that Iran would not suffer severe economic pressure from a US blockade of Iranian ports for about another four months, according to a US official familiar with the matter, suggesting that US leverage over Tehran remains limited as the two sides seek to end a conflict that has been unpopular with US voters.

The Washington Post first reported the assessment.

Shares of India's Britannia Industries declined as much as 5% to a three-week low on Friday, after the packaged goods maker said it would hike prices from the first quarter, citing a significant rise in freight costs linked to the ⁠Iran ​war.

Britannia shares were down 3.3% to 5,624 rupees at 10:15 IST, on track for their worst session in about a year-and-a-half, if losses hold. India's benchmark ​Nifty ​50 was down 0.5%.

Several Indian consumer ⁠goods makers have turned to price hikes to offset the hit from Iran ‌war-driven rise in input costs. Higher raw material prices, fuelled by the surge in crude, are pressuring margins.

Britannia has not specified the quantum of the planned price rise.

A refusal by Saudi Arabia to allow the US to use its bases and airspace to provide a military escort for oil tankers passing through the strait of Hormuz lay behind Donald Trump’s decision to shelve the plan days after it had been launched.

Riyadh told the White House it would not allow its Prince Sultan airbase to be used to mount the operation billed as Project Freedom, which the US presented as the successor to the bombing campaign called Operation Epic Fury.

Saudi Arabia refused to drop its objections despite a personal call between the crown prince, Mohammed bin Salman, and Trump, NBC reported.

US ally the United Arab Emirates said its air defences were engaging missile and drone threats from Iran early on Friday in a further test of the shaky, month-long ceasefire between the US and Iran. There were few details immediately available about the latest attack on the UAE, which came a day after the US and Iran exchanged fire around the Strait of Hormuz, and as Washington awaited a response from Tehran to its proposal to end the conflict.

⁠Iran has ​often targeted the UAE and other Gulf countries that host US bases since the war began on February 28. President Donald Trump said on Thursday three US Navy destroyers were attacked as they moved through the strait, a conduit for around a fifth of the world's oil and liquefied natural gas flows that Iran has all but closedsince the conflict started.

The UAE’s Ministry of Defence has said, in a post on X, that “the sounds heard across the country are the result of ongoing engaging operations of missiles and UAVs”

“The public is urged to remain calm and follow the safety and security instructions issued by relevant authorities”, it said.

President Donald Trump abruptly halted plans to militarily reopen the Strait of Hormuz after key allies, particularly Saudi Arabia, reportedly pushed back against the US strategy. The shift came even as the White House projected confidence about securing a deal with Iran to ease the recent tensions in West Asia, NBC News reported.

The proposed US operation, dubbed “Project Freedom“, aimed to escort commercial vessels through the strategically crucial waterway, where shipping had faced major disruptions amid the Iran-US conflict. However, regional partners reportedly opposed the plan over fears that it could further escalate tensions. Saudi Arabia is said to have restricted US access to key bases and airspace, prompting Washington to reconsider the mission.

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After a period of relative calm during tonight’s fragile ceasefire, we witnessed signs of escalation in Tehran, the Iranian capital.

We hear sounds related to the activation of the air defence system, and also the state news agency IRNA reported two blasts taking place in the Iranian capital.

In the southern areas of the country, we know that in the city of Minab, the governor came out to confirm attacks on a maritime base.

In the city of Bandar Abbas, as well, several explosions were reported. Meanwhile, they’ve got the joint military headquarters coming out to confirm the attacks on Bandar Khamir and Sirik.

Also, they said that US attacks have targeted two Iranian ships, one oil tanker and another vessel, which is sort of escalating the tensions in this already intricate situation.

Iran’s armed forces also exchanged fire with the US on Qeshm Island in the strait of Hormuz, according to Iranian state media.

It is the largest Iranian island in the Gulf and home to about 150,000 people. It houses a water desalination plant as well, the AP says.

Iranian state media also reported loud noises and what it called defensive fire in western Tehran.

In southern Iran, explosions were heard near Bandar Abbas, the semiofficial Iranian news agencies Fars and Tasnim said, without identifing the source of the blasts.

President Donald Trump reiterated his threat for Iran to agree to make a deal to restart negotiations to end the war -- or face attacks again -- after the US military said Iran fired "unprovoked" attacks on three U.S. Naval destroyers in the Strait of Hormuz.

"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!" Trump said on social media.

Trump said the three US warships "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," Trump said.

The president said Iran attacked the warships with missiles and drones, which the US destroyed.

We have now heard directly from the president, who says three US naval destroyers came under attack in Iran, but were not damaged.

In a post on Truth Social, Trump says that "great damage" was done to the Iranian attackers and that numerous small boats were completely destroyed..

"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," he writes.

"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," he adds.

Explosions were reportedly heard in other parts of Iran, near the city of Sirik, Iranian state media reports.

The source of the sounds, however, remain unclear, the report states.

“Three World Class American Destroyers just transited, very successfully, out of the Strait of Hormuz, under fire”, President Trump has said in a Truth Social post.

“There was no damage done to the three Destroyers, but great damage done to the Iranian attackers”, he claimed.

He also said “missiles were shot at our Destroyers, and were easily knocked down”, and added that drones were also “incinerated while in the air” during the incident.

“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!” he said.