The US military says it has ended its naval blockade of Iranian ports under a ceasefire agreement with Tehran. Iran’s supreme leader criticized Trump’s role in the deal while allowing negotiations to continue.
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The national average price for regular gasoline fell below $4 a gallon for the first time since March after a preliminary U.S.-Iran agreement to end the war and reopen the Strait of Hormuz. Prices remain well above prewar levels, and experts warn broader cost pressures may persist.
Trump’s 14-point memorandum with Iran extends a ceasefire and promises sanctions relief, but leaves nuclear limits, uranium stockpiles and enforcement details for 60 days of talks. The framework also includes immediate oil waivers, a proposed $300 billion reconstruction plan and provisions on the Strait of Hormuz.
Commercial ships began moving through the Strait of Hormuz after the U.S. and Iran signed a memorandum to extend a ceasefire and begin new talks. The agreement faces early tests over Iran’s nuclear program and Israel’s continued military presence in southern Lebanon.
U.S. Defense Secretary Pete Hegseth announced a six-month review of American forces in Europe and warned NATO allies that U.S. dues could fall if they miss defense spending targets. NATO says European members are already increasing spending and replacing some U.S. capabilities.
Ukraine struck a major Moscow oil refinery in one of its largest drone attacks on the Russian capital, disrupting flights and sending smoke over the city. Zelenskyy called the strikes a justified response to Russian attacks on Ukraine as both sides reported overnight barrages.
Defense Secretary Pete Hegseth announced a six-month review of U.S. forces in Europe and pushed NATO allies to take primary responsibility for defending the continent. He also criticized some allies over access to bases for Iran-related operations and called for a “NATO 3.0.”
President Donald Trump’s interim agreement with Iran has drawn criticism from several Republicans over a planned $300bn reconstruction fund and concerns about Tehran’s nuclear programme. The 14-point memorandum commits both sides to end military operations and gives them 60 days to negotiate a final deal.