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The Latest Breaking News from Iran

Pentagon says US has spent $29 billion on Iran war so far, amid concerns over weapons stockpiles

Defence Secretary Pete Hegseth came under intense questioning by Democratic and Republican lawmakers over the cost of war, Trump's end game and diminishing weapons stockpiles.

Euronews

US grocery prices rose in April, but gas spikes weren't the only reason

Americans paid more for their groceries in April, but high gas prices were only one of the reasons why

The Independent UK

Saudi Arabia launched secret retaliatory airstrikes on Iran during regional war: Report

Saudi Arabia conducted unpublicized airstrikes on Iran in late March, marking the first direct military action on Iranian soil in retaliation for attacks within the kingdom. This shift in approach followed Iranian strikes on Gulf Cooperation Council states, leading to an informal de-escalation understanding between Riyadh and Tehran.

The Times of India

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Soaring inflation and plummeting economy test Iran's ability to withstand war and US blockade

The struggles of Iran's economy are testing its ability to withstand the war and defy Washington’s demands

The Independent UK

Trump lands in China for high-stakes summit with Xi Jinping, as Iran war looms over talks

The US president arrives with tech leaders including Elon Musk and Tim Cook, with trade, AI and Taiwan all set to be discussed

The Guardian - UK

Sensex rises 50 points, Nifty closes above 23,400 as markets snap 4-session losing streak; metal stocks shine

Indian stock markets ended in the green, with Sensex and Nifty snapping a four-session losing streak. This occurred despite the rupee hitting a fresh lifetime low. Metal stocks surged following a government hike in import duties, while IT stocks saw declines. Midcap and smallcap indices also recorded gains.

The Economic Times

US, China begin fresh trade talks in South Korea ahead of Trump’s Beijing visit

Senior officials from the US and China are holding trade talks in Seoul. This meeting precedes President Donald Trump's visit to Beijing. Discussions will cover trade items like soybeans and minerals. The ongoing conflict involving Iran is also on the agenda. Several top business leaders will accompany President Trump.

The Economic Times

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Some Japanese snack packages are turning black-and-white as Iran war depletes ink supply

The packaging on some snacks in Japan is turning a somber black-and-white, as the war in Iran disrupts the supply of an ingredient in colored ink

The Independent UK

From India to China, a look at what governments worldwide are doing to shield households from rising energy costs

Governments globally are implementing diverse strategies to mitigate soaring energy costs stemming from the U.S.-Israeli war on Iran. Measures include fuel tax adjustments, reserve releases, external financing, subsidies, tax cuts, and energy conservation efforts. Countries are also exploring increased use of domestic resources and alternative energy sources.

The Economic Times

'Bing. Bing. Gone.' Trump Shares AI Laser Attack Images on Iran as Pentagon Tech Official Posts Matching Message

Donald Trump shared an AI-generated image of a US warship using laser weapons against Iranian targets, sparking debate amid ongoing tensions in the Strait of Hormuz.

International Business Times UK

A real ‘intergenerational equity’ budget would address our unceasing environmental decline

Last night, Labor unveiled a budget designed to tackle intergenerational equity in Australia through bold tax reform. It comes at a time where politics is consumed with the international shocks created by US President Donald Trump, whether through chaotic tariff announcements or the US-Israel war with Iran.

The Conversation

Iran-US war latest: Tehran vows ‘no place for retreat’ over Strait of Hormuz despite Vance claiming progress

Iran plans to double its income through the vital shipping route as global oil and gas supplies remain upended

The Independent UK

Oil Price Today (May 13): Crude oil snaps 3-day fall ahead of Trump’s China visit. What are experts saying?

Oil prices dipped after a three-day climb as investors monitored the fragile Iran ceasefire and an upcoming U.S.-China summit. The Strait of Hormuz remains effectively shut, impacting global supply and raising inflation concerns, with analysts warning of further price surges if disruptions persist.

The Economic Times

Gold steady with US-China summit, MidEast developments in focus

Gold prices remained stable in early Asian trade. Investors are awaiting a key U.S.-China summit in Beijing. Developments in the Middle East conflict are also being closely watched. U.S. President Donald Trump commented on the Iran war. Oil prices saw a dip. U.S. consumer inflation increased. India has raised import…

The Economic Times

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The Economic Times

Trump says stopping Iran's nuclear program outweighs Americans' economic pain

President Trump stated that Americans' financial struggles are not a factor in his decision-making regarding Iran, emphasizing that preventing Tehran from acquiring a nuclear weapon is his sole priority. This stance comes as rising energy costs linked to the conflict contribute to inflation and voter concerns ahead of the midterm…

The Economic Times

Gold Price today: Will gold rate crash on Wednesday? Donald Trump holds key

Gold rate today: Reopeing of Strait of Hormuz and lasting peace in Iran will play pivotal role in dictating gold price.

The Economic Times

Dalal Street set for firm start as GIFT Nifty edges higher

Indian markets extended losses for the fourth consecutive session amid escalating US-Iran tensions and global market nervousness. Investors remained risk-averse, leading to sustained selling. Market sentiment is expected to stay fragile until geopolitical clarity emerges and energy prices stabilize.

The Economic Times

With ceasefire talks stalled, Trump and Hegseth claim 'control' over Iran and Strait of Hormuz

Kuwait alleges Iran attempted an attack on Bubiyan Island. This incident occurs as U.S. President Trump visits China. Tensions are high in the Persian Gulf. Israel has deployed air defense to the UAE. The Strait of Hormuz remains a critical point of contention. Norway reports stranded vessels due to shipping…

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The Independent UK

Sponsors were asked to shell out $1 million for Sean Duffy’s road trip reality show. Corporations came speeding in

Perks for sponsorship include featured placement in episodes alongside Duffy, who regulates some of the companies backing the program

The Economic Times

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 Times of India

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 Economic Times

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 Guardian - US

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 Economic Times

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…

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