Main developments
Donald Trump hailed “great progress” in talks with a “new and more reasonable regime” in Iran about ending the conflict.
But he also warned the US would launch a large attack on Iran’s infrastructure, including its oil and desalination plants, if “a deal is not shortly reached”.
Two senior cabinet members said Washington would not allow Iran to retain control over the Strait of Hormuz after the conflict ended.
Tehran played down the likelihood of a deal, with the foreign ministry saying US demands were “excessive and illogical”.
A broker for Pete Hegseth, the US defence secretary, attempted to make a big investment in major defence companies in the weeks leading up to the US-Israeli attack on Iran, the FT reported.
Oil settled 0.2 per cent higher at $112.78 a barrel. The S&P 500 and Nasdaq Composite erased early gains to chalk up three-session losing streaks.
Trump told the FT on Sunday that he wanted to “take the oil in Iran”, and could seize the export hub of Kharg Island.
Iran was accused of striking a Kuwaiti desalination plant, killing a worker. Israel said it had intercepted two drones launched from Yemen.
Pete Hegseth’s broker looked to buy defence fund before Iran attack
A broker for Pete Hegseth, the US defence secretary, attempted to make a big investment in major defence companies in the weeks leading up to the US-Israeli attack on Iran, according to three people familiar with the matter.
Hegseth’s broker at Morgan Stanley contacted BlackRock in February about making a multimillion-dollar investment in the asset manager’s Defense Industrials Active ETF, the people said, shortly before the US launched military action against Tehran.
The inquiry on behalf of the high-profile potential client was flagged internally at BlackRock, said the people familiar with the matter.
BlackRock, Morgan Stanley and the Pentagon declined to comment.
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Iran’s foreign minister reiterates calls for Gulf countries to expel US forces
Iran’s foreign minister reiterated calls for Gulf countries to expel US personnel as the war continued for a fifth week.
Abbas Araghchi said it is “high time to eject US forces” as he sought to assure Saudi Arabia that attacks on the country are intended for the US and Israel.
“Iran respects the Kingdom of Saudi Arabia and considers it a brotherly nation,” he added in the post on X. “Our operations are aimed at enemy aggressors who have no respect for Arabs or Iranians, nor can provide any security,” pointing to a US jet destroyed by Iran.