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The Latest Breaking News from Iran

Trump Halted Hormuz Operation After Saudi Arabia Refused Military Access - REPORT

President Donald Trump's abrupt decision to pause "Project Freedom," the U.S. military operation aimed at reopening shipping routes through the Strait of Hormuz, reportedly came after Saudi Arabia refused to allow American forces access to its airspace and military facilities, according to NBC News.

Latin Times

Democratic senators press US military on Israel's evacuation zones, warning of legal risks

Twelve U.S. Democratic Senators have asked the U.S. Central Command about coordination with Israel on evacuation zones in Lebanon and Iran

The Independent UK

U.S. Allies Reportedly Took Measures Against Washington Over Operation To Help Ships Through Strait Of Hormuz

The Trump administration cancelled its operation to help ships transit through the Strait of Hormuz despite Iran's blockade following backlash from Saudi Arabia, according to a new report.

International Business Times

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UK construction firms face some of sharpest cost rises in nearly 30 years

Monthly rise in prices of fuel and raw materials, driven by Iran war, is one of steepest since survey began in 1997

The Guardian - UK

What Iran’s absence from the Venice Biennale reveals about art and politics

Just days before the opening of the 2026 Venice Biennale, organisers announced that Iran would no longer participate.

The Conversation

Pakistani Mediators Reportedly Optimistic About Progress To End Iran War

Pakistani mediators are optimistic about progress being made to end the war in Iran, according to a new report.

International Business Times

Iran's president says he met Ayatollah Mojtaba Khamenei amid persistent health rumours

As speculation grows over the possibility of an agreement between Iran and the US, Pezeshkian said he had met with the new Ayatollah Mojtaba Khamenei, who is still to appear in public following his appointment.

Euronews

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Diesel prices squeeze US farmers ‘barely getting by’ amid tariffs and drought

US war with Iran drives diesel fuel prices up during spring planting season, ‘hitting us at the wrong time’, farmers say

The Guardian - US

Iran releases video of what it says is recon drone shot down over Strait of Hormuz

Iran has released footage of what it says is a shot down combat reconnaissance drone over the Strait of Hormuz.

The Independent UK

Shell profits surge as Iran war drives oil prices higher

Europe’s biggest energy company reported a jump in first-quarter profits as the war involving Iran and the effective closure of the Strait of Hormuz pushed oil and gas prices higher.

Euronews

Iranians at home divided between hope for regime change and war fears

People in Iran who spoke to Euronews said they were torn between hope for regime change and fear of devastation, while reflecting on US-Israeli strikes, rising hardship and fading support for war.

Euronews

Trump’s Iran war may stymie climate gains with boost to big oil, experts say

Windfall profits could lock in Trump-era political wins for the industry and slow clean-energy transition

The Guardian - US

Airlines still have to pay compensation if flights cancelled due to fuel crisis, EU says

Ryanair says that unlike others it will not be cancelling summer flights as it hedged fuel contracts before Iran war

The Guardian - UK

Emirates rides out Iran war fuel turmoil

Emirates airline achieved a record $5.4 billion net profit, bolstered by strong cash reserves and effective fuel hedging. Despite disruptions from the Iran war and rising jet fuel prices, the carrier is proceeding with aircraft deliveries and a retrofit program, aiming to restore pre-disruption capacity.

The Economic Times

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International Business Times UK

Airlines Cut 2 Million Seats Worldwide in May Alone — Is This the End of Ultra-Cheap Flights?

Global airlines are reducing routes and increasing fares due to surging jet fuel prices, exacerbated by the Iran conflict. Budget carriers face the greatest challenges, prompting calls for federal relief.

Barchart

Stocks Steady Before the Open as Investors Await U.S.-Iran Updates; Earnings and Economic Data on Tap

June S&P 500 E-Mini futures (ESM26) are up +0.03%, and June Nasdaq 100 E-Mini futures (NQM26) are down -0.01% this morning as investors await the outcome of diplomatic efforts aimed at ending the Iran war.

The Times of India

Middle East tensions: Iran’s response to US peace proposal expected today

Iran is reviewing a US proposal, with a response expected soon, potentially via Pakistani mediators. Tehran prioritizes a full war cessation and sanctions relief over nuclear talks, seeking UN Security Council guarantees.

We Got This Covered

Donald Trump humiliated by Saudi Arabia, canceled Hormuz ‘Project Freedom’ after Crown Prince said no

A little reminder to Trump of who's really in control of the Middle East.

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The Independent UK

Shell profits rise to £5bn after Iran war oil price surge

IN FULL

Axios

Gas prices won't return to pre-war levels any time soon

Consumers have a long road ahead even if a U.S.-Iran peace deal actually happens this time.

The Independent UK

Iran set for crunch talks with Gianni Infantino over World Cup 2026

IN FULL

Evening Standard

Maersk hikes shipping prices to offset cost hit from Iran war

Chief executive Vincent Clerc said the closure of the Strait of Hormuz could start impacting global trade and consumer demand.

The Economic Times

What's at stake at the Trump-Xi summit

President Donald Trump will meet President Xi Jinping in Beijing next week. The leaders aim to ease tensions over trade, Taiwan, and the Iran war. Discussions will cover trade deals, technology, and rare earths. The Iran conflict and Taiwan's status are also key agenda items. Minor trade agreements are anticipated.

The Independent UK

US and Iran ‘closer than ever’ to peace deal – here’s what stands in the way

IN FULL

The Economic Times

22k gold rate today: Check 24k, 22k, 18k gold prices (May 7, 2026) on Malabar Gold & Diamonds, Joyalukkas, Tanishq, Kalyan Jewellers, IBJA

Gold and silver prices surged on Thursday, May 7, 2026, driven by easing global inflation concerns and positive diplomatic signals between the US and Iran. This de-escalation prospect led to a significant rally in both precious metals, with gold and silver rising 3% and 6% respectively.

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