US and Iran Negotiating Potential Ceasefire Deal

The outcome of these negotiations directly impacts global oil prices and the risk of a worldwide recession, as the ongoing closure of the strait of Hormuz disrupts a significant portion of the world's energy supply.

• •The US has proposed an interim ceasefire deal lasting at least 60 days to initiate formal negotiations.
• •The US military disabled two Iranian-flagged tankers on Friday for violating a blockade of Iranian ports.
• •US Central Command reported Iranian forces launched missiles and drones at three US warships overnight; no ships were hit.
• •The UAE reported three people wounded following an Iranian missile and drone attack on Friday.
• •The US Treasury announced new sanctions against individuals and companies in China and Hong Kong accused of supporting Iran's war effort.
• •An Iranian official reported 10 sailors wounded and five missing following US strikes on an Iranian cargo vessel.
• •The US previously paused 'Project Freedom,' a naval mission to escort ships through the strait of Hormuz, citing a desire to allow peace talks to proceed.
• •Iran claims its ballistic missile stocks and launcher capacity have been expanded during the current pause in hostilities.
• •The strait of Hormuz typically carries 20% of the world's oil and fossil gas supplies.