What to know about the Iran war today:Defense Secretary Pete Hegseth faced off with lawmakers for a second day on Thursday and argued the 60-day deadline toget the war approved by Congresswas on hold during the current ceasefire. Democrats such as Tim Kaine and Elizabeth Warren disagreed, and said the deadline remains Friday.Oil prices spiked to a four-year high on Thursday, with Brent crude briefly topping $126 a barrel as stalled U.S.-Iran talks raised doubts over the reopening of the Strait of Hormuz and a permanent end to the war.Thetrue price tag of the Iranwar is closer to $50 billion, U.S. officials familiar with internal assessments told CBS News, roughly double the public estimate the Pentagon cited in congressional testimony this week. Much of the gap is accounted for by munitions that have been used and need to be replaced. Iran's supreme leader vows to protect regime's nuclear, missile capabilities
Iran's supreme leader defiantly vowed Thursday to protect the Islamic Republic's nuclear and missile capabilities, which President Trump has sought to curtail through airstrikes and as part of a wider deal to cement the war's shaky ceasefire.
In a statement read by a state television anchor, Ayatollah Mojtaba Khamenei said the only place Americans belonged in the Persian Gulf is "at the bottom of its waters" and that a "new chapter" was being written in the region's history. Khamenei has not been seen in public since taking over as supreme leader following the killing of his father in the war's opening airstrikes.
His remarks come as Iran's economy is reeling and its oil industry is being squeezed by a U.S. Navy blockade halting its tankers from getting out to sea. The world economy is also under pressure as Iran maintains its chokehold on the Strait of Hormuz, through which a fifth of all crude oil is transported. On Thursday, the global benchmark for oil, Brent crude, traded as high as $126 a barrel.
Trump says if U.S. left Iran right now it would "take them 20 years to rebuild"
In an interview with Newsmax's Greta Van Susteren, President Trump again proclaimed "We've already won" the war in Iran but said he wants to "win by a bigger margin."
Mr. Trump said Iran's navy and air force have been destroyed, along with the country's leadership, claims the administration has been making since very early in the war.
But multiple U.S. officials with knowledge of intelligence on the mattertold CBS News last weekthat Iran maintains more military capabilities than the White House or Pentagon has publicly admitted.
About half of Iran's stockpile of ballistic missiles and its associated launch systems were still intact as of the start of the ceasefire in early April, three of the officials told CBS News.
"We've destroyed everything. If we leave right now, it would take them 20 years to rebuild if they ever could rebuild," Mr. Trump said Thursday, but added it's "not good enough."
"We have to have guarantees they will never have a nuclear weapon," Mr. Trump said.
UAE bans citizens from traveling to Iran, Lebanon and Iraq
The United Arab Emirates' Foreign MinistryannouncedThursday it was banning citizens from traveling to Iran, Lebanon and Iraq "in light of the current developments in the region."
The ministry also urged "all citizens present in these countries to depart quickly and return to the United Arab Emirates at the earliest opportunity."
FIFA president reiterates his belief that "of course" Iran will participate in World Cup, play in U.S.
FIFA President Gianni Infantinostressed yet againThursday his belief that Iran will participate in the World Cup this summer despite the war.
Addressing the FIFA Congress in Vancouver, Canada — an annual meeting which involves FIFA representatives from more than 200 nations — Infantino opened his remarks by "confirming, straight away, for those who want to say something else or write something else, that of course Iran will be participating at the FIFA World Cup 2026. And of course Iran will play in the United States of America."
As of now, Iran is scheduled to play its three group matches on the West Coast. The first two, against New Zealand and Belgium, are slated to take place at SoFi Stadium south of Los Angeles, and the third, against Egypt, is set for Lumen Field in Seattle.
Since the Iran war broke out, President Trump and Iranian officials have waffled regarding whether the Iranian men's team will take part in the tournament. At one point, Iranian officialsexplored whetherto try moving the group games to Mexico, which is co-hosting the World Cup with the U.S. and Canada.
During a White House meeting in mid-March with Infantino, Mr. Trumpsaidthat Iran was welcome to play in the tournament, sources told CBS News at the time. However, two days later, Mr. Trumpwroteon Truth Social that while the Iranian team was "welcome" to participate, he didn't "believe it is appropriate that they be there, for their own life and safety."
Infantino on Thursday said "the reason" Iran will take part "is very simple."
"It's because we have to unite, we have to bring people together," Infantino said. "It is my responsibility, it is our responsibility. Football unites the world, FIFA unites the world."
Trump again insists Iran "wants to make a deal badly"
Speaking with reporters on Thursday, President Trump dismissed the idea that talks with Iran have stalled, saying, "Nobody knows where the talks are except myself and a couple of other people. They want to make a deal badly."
Mr. Trump disputed the idea that Secretary of State Marco Rubio has not been part of the negotiations with Iran, telling reporters he is "very much involved."
Mr. Trump reiterated that the U.S. is insistent on Iran giving up its enriched uranium.
"We want to get the nuclear dust," he said. "You need excavators and everything to get it. But we want to get it. We'll take it one way or the other. We'll get it. We will either get it or we'll take it. They'll either give it to us or we'll take it."
Asked aboutgas prices, which hit their highest mark in several years this week, Mr. Trump insisted, "The gas will go down. As soon as the war is over, it'll drop like a rock."
Treasury secretary says Iran's currency has hit "all-time low"
Treasury Secretary Scott Bessent said onsocial mediathat Iran's currency has "hit an all-time low" and "The Iranian people deserve a new era, which the corrupt and shambolic Iranian regime cannot provide.
"it is past time for the Iranian regime to concede that the people of Iran deserve much better than the ruins of their current regime can provide," Bessent wrote.
True cost of Iran War: $50B, not $25B, sources say
As Defense Secretary Pete Hegseth and Gen. Dan Caine, the chairman of the Joint Chiefs of Staff, appeared before lawmakers this week to defend the Pentagon's sprawling $1.5 trillion budget request, a far costlier reality of the conflict with Iran came into sharper view — the war's true price tag is roughly closer to $50 billion, according to U.S. officials familiar with internal assessments — roughly double the public estimate revealed on Wednesday.
In testimony on Capitol Hill, a Pentagon officialplaced the costof the Defense Department's Operation Epic Fury at about $25 billion, a figure that did not fully account for damaged or destroyed equipment or U.S. military installations damaged. The $25 billion figure mostly concerns the cost of munitions used.
For instance, the Pentagon has lost 24MQ-9 Reaper drones— sophisticated unmanned aircraft that can cost $30 million or more apiece — underscoring how quickly the financial toll has mounted. Taken together, the higher estimate reflects not only the tempo of operations but also the often unseen costs of attrition, as material lost in the field reshapes the ledger.
CNN was first to report the realestimateis closer to $40-50 billion.
Read more here.
Senate rejects Democrats' 6th Iran war powers resolution ahead of 60-day deadline
The Senate rejected Democrats' sixth attempt to limit President Trump's authority to wage war on Iran, with Republicans continuing to stand behind the administration as the conflict approachesa key 60-day deadline.
A procedural vote to advance awar powers resolutionbrought by California Democratic Sen. Adam Schiff failed 47 to 50 on Thursday. The measure would have directed the president to remove American forces from hostilities with Iran.
The War Powers Resolution of 1973 says the president must remove armed forces from hostilities after 60 days if Congress has not authorized the war. The 60-day clock starts once the president sends formal notification to Congress. Mr. Trump notified lawmakers of the hostilities with Iran in a letter on March 2, meaning the 60-day window closes on Friday, May 1. The president can extend the deadline by 30 days to allow for the removal of troops.
Read more here.
Iranian speaker mocks U.S. ability to block country's borders
Mohammad Bagher Ghalibaf, the speaker of the Iranian Parliament, took a shot at the United States' ability to block Iran's vast borders — and got in a dig at Secretary Pete Hegseth's grasp of the metric system as well.
"If you build two walls, one from NYC to the West Coast and another from LA to the East Coast, the total length will be 7,755 km, which is still about 1,000 km short of Iran's total borders. Good luck blockading a country with those borders," Ghalibafwrote on X, adding a laughing emoji for added emphasis.
Ghalibaf then added a post-script to his message: "P.S. For Pete Hegseth: 1 km = 0.62 mi"
During testimony in the Senate on Thursday, many of the Democrats pointed out the Strait of Hormuz is not open and that is causing economic pain for Americans. Hegseth responded the blockade means "we control the straits."
State Department launches diplomatic effort to open Strait of Hormuz
The State Department is launching a diplomatic effort to free up transit in the Strait of Hormuz, asking partners worldwide to sign on to an initiative meant to identify safe corridors for commercial and other vessels to pass through the chokepoint.
It is not clear how many countries have been asked to participate, or whether any have signed on.
Details on the initiative are scarce, but officials stress the "Maritime Freedom Construct," or MFC, is not intended to supplant other efforts to secure the strait, including one initiated recently by the French and British governments.
"The State-led component, based in Washington, D.C., will serve as the diplomatic operations hub, uniting partners and the commercial shipping industry," according to a State Department official. "It will provide a platform to coordinate diplomatic actions and socialize and align economic measures designed to impose costs on Iran for disrupting maritime security."
The news wasfirst reportedby The Wall Street Journal.
President Trump has criticized NATO countries for not helping to reopen the strait to shipping traffic, then offering to help only "now that the Hormuz Strait situation is nearly over," according to comments the president made in Phoenix nearly two weeks ago.
Iran's president: U.S. blockade is "extension of military operations"
Iranian President Masoud Pezeshkian on Thursday called the U.S. naval blockade of Iranian ports and vessels "an extension of military operations" against Iran, amid a U.S.-Iran ceasefire.
"The world has witnessed Iran's tolerance and conciliation," heposted on X. "What is being done under the guise of a naval blockade is an extension of military operations against a nation paying the price for its resistance and independence. Continuation of this oppressive approach is intolerable."
Hegseth: 60-day legal limit for war "pauses" during ceasefire
Defense Secretary Pete Hegseth said during testimony in the Senate on Thursday that the 60-day clock for the president to receive congressional approval for war "pauses" due to the ceasefire.
"We are in a ceasefire right now, which our understanding means the 60-day clock pauses, or stops, in a ceasefire," Hegseth said. "That's our understanding, so you know."
"I do not believe that statute would support that," Sen. Tim Kaine, D-Va., said in response to Hegseth, adding he believed the clock ran out Friday.
The Friday deadline is due to a decades-old law that limits the use of force without authorization from Congress. The War Powers Resolution of 1973 lays out a timeline for when lawmakers must be notified of hostilities, and when a president is required to withdraw American forces from a conflict in the absence of congressional authorization.
Trump officials in talks with lawmakers about Iran war authorization ahead of deadline, White House official says
Trump administration officials are in active conversations with members of Congress about congressional authorization for the Iran war ahead of Friday's deadline, a White House official said.
Under the War Powers Resolution of 1973, the president has 48 hours to notify Congress after entering the U.S. into new hostilities, then a 60-day clock begins. At the end of that 60-day clock, the president must terminate the use of force without explicit congressional approval. That clock runs out tomorrow, Friday.
House Speaker Mike Johnson said Thursday it isn't necessary for Congress to vote to approve the Iran operation, because the U.S. is "not at war."
"I don't think we have an active, kinetic military bombing, firing or anything like that," hetoldNBC News. "Right now, we are trying to broker a peace."
Meanwhile, White House spokeswoman Anna Kelly said, "President Trump has been transparent with the Hill since before Operation Epic Fury began, and administration officials provided over 30 bipartisan briefings for members of Congress to keep them apprised of military updates."
"The President's preference is always diplomacy, and Iran wants to make a deal," she said.
Chairman of the Joint Chiefs confirms Russian involvement in Iran war
Joint Chiefs of Staff, Gen. Dan Caine, told senators Thursday that Russian President Vladimir Putin has aided Iran's war effort.
He declined to go into details, citing the public nature of the hearing where he was speaking, but said, "There's definitely some action there."
The chair of the committee, Republican Sen. Roger Wicker, agreed, saying "there's no question that Vladimir Putin's Russia is taking serious action to undermine our efforts for success in Iran."
TheEU's top diplomat saidlate last month that Russia was providing intelligence support to Iran in the war.
"We see that Russia is helping Iran with intelligence to target Americans, to kill Americans, and Russia is also supporting Iran now with the drones so that they can attack neighboring countries and also U.S. military bases," Kaja Kallas said at a G7 meeting outside Paris.
Multiple sources, including a senior U.S. official with direct knowledge,told CBS Newsearlier last month that Russia was providing intelligence to Iran regarding U.S. positions in the Middle East during joint U.S.-Israeli military operations.
Israel "will not allow" naval blockade of Gaza to be broken, says foreign minister
Israel "will not allow" its naval blockade of the Gaza Strip to be broken, its foreign minister said Thursday, hours after 22 ships from a humanitarian flotilla were intercepted in the Mediterranean.
In the early hours of Thursday morning, Israeli forces intercepted 22 vessels of the Global Sumud Flotilla (GSF), which had been trying to break the maritime blockade of the besieged enclave, where NGOs say the humanitarian situation is worsening.
In a statement, Israel's Foreign Minister Gideon Sarr described the convoy as a "provocation flotilla," adding that the detained activists "will be disembarked in the coming hours on the Greek coast." He said they were all unharmed.
GSF said its vessels were "abducted," with Israeli naval forces intercepting and boarding their boats, calling the Israeli actions "piracy."
Israel's foreign ministry said that175 or so activistswere "now making their way peacefully to Israel," calling it "the condom flotilla," a reference to prophylactics having been found on a previous convoy.
The GSFwebsiteshows that while 22 boats were intercepted, 36 still appeared to be heading toward Gaza – edging along the south coast of Crete.
Last October, Israeli forces stopped GSF's previous flotilla from reaching the Gaza Strip, arresting and deporting more than 470 people, including Swedish activist Greta Thunberg.
U.K. prime minister accuses Iran of wanting "to harm British Jews"
British Prime Minister Sir Keir Starmer on Thursday accused Iran of wanting "to harm British Jews," in the wake of the latest attack targeting the country's Jewish community.
"We need stronger powers to tackle the malign threat posed by states like Iran, because we know for a fact that they want to harm British Jews," he said in a statement delivered from Downing Street.
It came the day aftertwo Jewish men were stabbedin north London in an assault that police characterized as antisemitic, the latest in a string of attacks on Jewish communities in London.
Starmer and other officials have repeatedly warned that hostile states were intent on using proxies to conduct attacks in the UK.
Hearing with Hegseth, Caine begins
A Senate Armed Services Committeehearingbegan shortly after 11 a.m. ET on Thursday, with Pentagon officials set to give testimony on the Defense Department's budget request.
Defense Secretary Pete Hegseth is appearing alongside chairman of the Joint Chiefs of Staff, Gen. Dan Caine, and acting comptroller Jules Hurst.
Head of U.N. warns of "specter of global recession" if war doesn't end soon
The head of the United Nations warned Thursday of the "specter of global recession" if the U.S.-Iran war doesn't end soon, imploring both sides to reopen the Strait of Hormuz and "let the global economy breathe again."
Speaking to journalists in New York, U.N. Secretary-General Antonio Guterres said that despite the "fragile ceasefire" between the U.S. and Iran, the consequences of their ongoing standoff in the Strait of Hormuz "grow dramatically worse with each passing hour."
"As with every conflict, the whole of humanity is paying the price," he said. "The pain will be felt for a long time to come."
Since the U.S. and Iran signed a ceasefire, which President Trump later said he was extending indefinitely to leave room for diplomacy, the Strait of Hormuz – a waterway vital for the transit of global energy supplies – has become the focal point of tension between the two countries.
Iran has impeded access to the strait, while the U.S. is blockading Iranian ports and vessels, and both sides have seized ships accused of violating their respective restrictions. The gridlock has sent global energy prices skyrocketing, pushing up inflation.
Guterres set out three scenarios in his speech. He said if the strait were opened immediately -- the "best-case scenario" -- the world would still see economic growth decline, inflation rise, and "further economic distress."
If the constraint on shipping through the strait "drags on through midyear," he said 32 million people would fall into poverty and 45 million "into extreme hunger," he said.
If the war grinds on through 2026, Guterres said it would cause "immense suffering," and the world would "confront the specter of a global recession."
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"The consequences are not cumulative. They are exponential," he said, calling on both the U.S. and Iran to "let all ships pass," and "let the global economy breathe again."
Iran's president says previous attacks during negotiations have led to "complete distrust of the United States"
U.S.-Israeli attacks launched previously during negotiations with Iran have led to a complete loss of trust in the United States, Iran's president Masoud Pezeshkian said Thursday, according to thecountry's government.
In a phone call with Belarusian president Alexander Lukashenko, a close ally of Russia's Vladimir Putin, Pezeshkian "stressed that resolving disputes through dialogue and diplomacy has always been Iran's approach," according to a statement.
"However, during negotiations, the U.S. and the Zionist regime attacked Iran twice, and such actions may be repeated, which has led to Iran's complete distrust of the United States."
Both the U.S.-Israeli attacks launched on Feb. 28, and the joint strikes carried out in June 2025, when the Trump administration said it had "obliterated" Iran's nuclear program, came amid active negotiations between Washington and Tehran.
Pezeshkian also said U.S. officials should halt "provocative statements and actions in order to build trust" and "demonstrate seriousness in pursuing negotiations to end the war definitively."
A U.S. delegation led by Vice President JD Vance had been widely expected to fly to Islamabad for a second round of direct talks with Iranian officials last weekend, but President Trump canceled the trip abruptly, saying he didn't want to waste time and that Iranian officials could call if they wanted to talk.
Mr. Trump has voiced optimism that an ongoing U.S. military blockade of Iranian ports and vessels will bring enough pressure on Iran to force it to accept a peace deal on his terms.
Trump takes another jab at Germany's leader, telling him to fix "his broken Country"
In his latest jab at Germany's leader, who earlier in the week accused the White House of lacking a clear strategy for the Iran war and being "humiliated" by Tehran's negotiators, President Trump on Thursday urged Chancellor Friedrich Merz to "spend more time ending" the Russia-Ukraine war and to fix "his broken country."
"The Chancellor of Germany should spend more time on ending the war with Russia/Ukraine (Where he has been totally ineffective!), and fixing his broken Country, especially Immigration and Energy, and less time on interfering with those that are getting rid of the Iran Nuclear threat, thereby making the World, including Germany, a safer place!"said Mr. Trumpon his Truth Social platform.
President Trump has recently defended his decision to launch the joint U.S.-Israeli war with Iran by saying it was necessary to end a nuclear weapons threat posed by the regime in Tehran, though he haspreviously stated other objectives, too.
Lebanese authorities says 2,586 people killed by Israeli military operations since fighting with Hezbollah escalated
Lebanon's public health ministry said Thursday that the death toll from almost two months of Israeli military attacks in the country had risen to 2,586 people, with at least 8,020 others wounded.
Israel has fought with the Iranian-backed group Hezbollah in Lebanon off and on for years, but it dramatically ramped up airstrikes across the country — and later launched a ground invasion — in response to Hezbollah firing rockets and drones at northern Israel in response to the U.S.-Israeli strikes on Iran that began on Feb. 28.
At least 40 people have been killed in Israel by Iranian and Hezbollah attacks since the Iran war began.
The Israeli military has issued regular evacuation orders to Lebanese civilians, forcing more than 1 million people to flee from their homes, largely in the south of the country. Israeli military commanders and political leaders say the country will keep forces in a buffer zone across southern Lebanon indefinitely, and that residents cannot return to their homes, until the safety of northern Israeli residents can be guaranteed.
Israel warns residents in 15 more Lebanon villages to evacuate as it announces new strike against Hezbollah
Israel warned residents of 15 villages in southern Lebanon to evacuate and head north ahead of new attacks on the Iranian-backed group Hezbollah Thursday, saying if they didn't leave, they would be "putting their life at risk."
Israel Defense Forces spokesman Avichay Adraee said in his latest "urgent warning" to civilians onXthat "the terrorist activities of Hezbollah are forcing the Israel Defense Forces to act against it." The statement told civilians in the towns to move to "open areas" at least 1,000 meters (yards) away.
The IDF published avideoThursday of what it said were strikes on "military structures" used by Hezbollah in Lebanon.
Israel and Lebanon signed a ceasefire agreement in mid-April, which was later extended, but Hezbollah and the IDF have continued trading fire since it came into effect, each accusing the other of violating the deal.
Iranian-backed Hezbollah said Thursday that it struck two Israeli tanks "in response to the Israeli enemy's violation of the ceasefire."
Hezbollah politicians in Lebanon have decried the country's government for negotiating with and signing the ceasefire agreement with Israel, calling it "appeasement."
Lebanese authorities say Israel's ongoing military operations have killed more than 2,530 people and displaced more than 1 million since the Iran war started at the beginning of March.
Hezbollah started launching drones and rockets at Israel just two days after Israel and the U.S. began striking Iran on Feb. 28. At least40 people have been killed in Israelamid Iranian and Hezbollah attacks since the war started, according to the independent National Institute for Security Studies in Israel.
Hegseth to be questioned by senators for first time since start of war
Defense Secretary Pete Hegseth will face a second day of grilling from Democrats on Capitol Hill, with senators getting their first opportunity on Thursday to question the Pentagon chief over his handling of the war.
Hegseth and the chairman of the Joint Chiefs of Staff, Gen. Dan Caine, are expected to stress the need for more drones, missile defense systems and warships. They are appearing before the Senate Armed Services Committee, which will hear a presentation on the Trump administration's 2027 military budget proposal, which would boost defense spending to a historic $1.5 trillion.
Hegseth battled with Democrats — and some Republicans — during a nearly six-hour House Armed Services Committee hearing on Wednesday. He faced sharp questioning over the war's costs in dollars, lives anddiminishing stockpiles of critical weapons.
Democrat Rep. Adam Smith, the ranking member of the committee, said President Trump's remarks earlier this month that Iran had agreed to give up everything, including its nuclear program and its hold on the Strait of Hormuz, have not borne out.
"So wish fulfillment is not really a strategy," Smith said. "What we need to hear today is what is going to work."
Israel intercepts Gaza flotilla off Greek coast and detains 175 activists
Israeli forces have intercepted 22 vessels taking part in a pro-Palestinian flotilla trying to carry aid to the Gaza Strip.
The Global Sumud Flotilla (GSF) said its vessels were "abducted" near the Greek island of Crete by Israeli naval forces who intercepted and boarded their boats.
"After smashing engines and destroying navigation arrays, the military retreated — intentionally leaving hundreds of civilians stranded on powerless, broken vessels directly in the path of a massive approaching storm," the group posted onX.
"This is piracy," the group said in a separate statement. "This is the unlawful seizure of human beings on the open sea near Crete, an assertion that Israel can operate with total impunity, far beyond its own borders, with no consequences."
Israel's foreign ministry said that around175 activists from more than 20 boatswere "now making their way peacefully to Israel," calling it "the condom flotilla," a reference to prophylactics having been found on a previous convoy.
It described the flotilla as "another PR stunt… professional provocateurs on pleasure cruises."
The GSFwebsiteshows that while 22 boats were intercepted, 36 still appeared to be heading toward Gaza, which is under an Israeli naval blockade. Tracking showed the flotilla boats edging along the south coast of Crete.
Last October, Israeli forces stopped GSF's previous flotilla from reaching Gaza, arresting and deporting more than 470 people, including Swedish activist Greta Thunberg.
Trump yet to receive options for U.S. force drawdown in Germany as Iran war strains ties
A senior U.S. official told CBS News on Thursday that President Trump has not yet been given any options for a reduction of American military forces in Germany.
Senior military leaders can indeed provide such options if requested, but none have been provided at this point, the official said, adding that Germany continues to provide quiet support to U.S. forces in the Middle East, which is a consideration.
So far the only NATO member to flatly refuse any role in support of the ongoing U.S. military operations in the Middle East is Spain, but President Trump and Germany's Chancellor Friedrich Merz have exchanged barbs this week.
In a brief post on his Truth Social platform Wednesday evening, Mr. Trump said the "United States is studying and reviewing the possible reduction of Troops in Germany, with a determination to be made over the next short period of time."
Merz said Wednesday that his relationship with Mr. Trump remained "as good as ever," but that he had "had doubts from the very beginning about what was started there with the war in Iran."
"We are suffering considerably in Germany and in Europe from the consequences of, for example, the closure of the Strait of Hormuz," Merz said.
Mr. Trump bashed Merz on Tuesday,sayingon Truth Social: "The Chancellor of Germany, Friedrich Merz, thinks it's OK for Iran to have a Nuclear Weapon. He doesn't know what he's talking about!"
Mr. Trump was responding to Merz saying the previous day that the U.S. was being "humiliated" by Iran's leadership and criticizing what he called Washington's lack of strategy in the war.
Brent crude oil briefly tops $126 a barrel as report says Trump to hear new plans for resumption of strikes on Iran
The price of global benchmark Brent crude oil briefly surged past $126 a barrel early Thursday as stalled U.S.-Iran talks raised doubts over the reopening of the Strait of Hormuz and a permanent end to the Iran war. The $126 mark for a barrel of Brent crude is a four-year high. The last time it was priced so high was soon afterRussia launched its ongoing full-scale invasion of Ukrainein early 2022.
Brent crude to be delivered in June jumped 3.3% to $121.90 after briefly soaring past $126 per barrel. Brent to be delivered in July rose 1.4% to $112.02. Benchmark U.S. crude climbed 1.3% to $108.28 per barrel.
Before the war began in late February, Brent crude was trading around $70 per barrel.
The U.S. has continued its blockade of Iranian ports and vessels, prompting Iran to reinstate severe restrictions on commercial ships using the Strait of Hormuz, and the ensuing gridlock of tankers is pushing oil prices higher.
According to a Thursdayreport by Axios, citing two anonymous sources with knowledge of the planning, President Trump is expected to receive a briefing later in the day on new plans for a potential resumption of military action in Iran from Admiral Brad Cooper, the commander of U.S. Central Command. Axios said the options given to the president would include a wave of "short and powerful" strikes on Iran, including against infrastructure.
"The breakdown of talks between the U.S. and Iran, along with President Trump reportedly rejecting Iran's proposal for a reopening of the Strait of Hormuz, has the market losing hope for any quick resumption in oil flows," ING Bank strategists Warren Patterson and Ewa Manthey wrote in a research note.
Oil prices vary depending on the type of crude oil, where it is being traded and under what terms, for futures contracts. By some measures, Brent has hit its highest level since its peak of $147.50 per barrel in 2008 during the global financial crisis.
Read more here.
Iran's president says U.S. blockade "doomed to fail"
Iran's president said Thursday that the ongoing U.S. naval blockade of his country's ports and Iranian-linked vessels was "doomed to fail," challenging President Trump's repeated assertions that the economic pressure of the blockade will force Tehran to accept a deal to end the war on his terms.
"Any attempt to impose a maritime blockade or restrictions is contrary to international law ... and is doomed to fail," President Masoud Pezeshkian said in a statement, warning that the blockade initiated on April 13 would be "a disruption to lasting stability in the Persian Gulf."
Iranian naval commander says country poised to rebuild lost warships in the "very near future"
Iran is already working to build new warships to replace those destroyed by U.S. and Israeli strikes, according to Iranian Navy Commander Admiral Shahram Irani.
His announcement, carried by Iranian state TV, came about seven weeks after a U.S.submarine blew up the Iranian frigate IRIS Denain the Indian Ocean, killing as many as 80 Iranian soldiers, according to state media.
The new ships will be seen in the "very near future," Irani claimed, challenging assertions by the Israeli and U.S. militaries to have severely degraded Iran's ship and weapons building capacities.
Multiple U.S. officials with knowledge of intelligence on the matter told CBS News last week that Iran has maintained more military capabilities than U.S. officials have admitted. Roughly 60% of the naval arm of Iran's powerful Islamic Revolutionary Guard Corps remains intact, despite statements from the White House and Pentagon suggesting otherwise, the sources said.
Pentagon spokesman Sean Parnell had previously said that 92% of the Iranian navy's largest vessels had been destroyed.
By Audrey Ellis
Iran's new supreme leader pledges to protect "nuclear and missile capabilities"
A statement attributed to Iran's new supreme leader, who has not been seen or heard from directly since he rose to the position to replace his father, said Thursday that the Islamic Republic would protect its "nuclear and missile capabilities" as a national asset, as President Trump tries to force the country to abandon its nuclear material and program as part of a deal to end the war.
The statement attributed to Ayatollah Mojtaba Khamenei was read aloud by a presenter on Iranian state TV. He has not appeared in public since he took over after a U.S. or Israeli airstrike on Feb. 28 killed his 86-year-old predecessor and father, Ali Khamenei. U.S. officials say Mojtaba Khamenei was badly wounded, and possibly incapacitated in the same strike.
"Honorable Iranians inside and outside the country regard all of Iran's identity-based, spiritual, human, scientific, industrial and technological capacities — from nanotechnology and biotechnology to nuclear and missile capabilities — as national assets, and will protect them just as they protect the country's waters, land and airspace," the statement said.
Mr. Trump has expressed optimism that economic pressure on Iran from the ongoing U.S. blockade of the country's ports will force Tehran to accept a peace deal that includes largely abandoning its nuclear program and handing over enriched uranium stockpiles, something Iran has publicly rejected doing.
Hegseth doesn't answer question about how much longer war will last, as Pentagon official estimates cost so far at $25 billion
Defense Secretary Pete Hegseth was asked by Democratic Rep. Chrissy Houlahan Wednesday how many more months he expected might be needed to "conclude operations successfully" against Iran.
"And how many more billions of dollars do you think you're going to ask this body for?" Houlahan added.
Hegseth said the U.S. military would never tip its hand to an adversary about how long it would be committed to a mission.
Hegseth was also questioned over the costs of the war for Americans, with Rep. Ro Khanna, a California Democrat, asking: "Do you know how much it will cost Americans in terms of their increased cost in gas and food over the next year because of the Iran war?"
"I would simply ask you what the cost is of an Iranian nuclear bomb," Hegseth said.
Khanna accused Hegseth and the Trump administration of failing to live up to the president's campaign promises of lowering the cost of living for Americans. He argued that Iran's blockade of the Strait of Hormuz would cause American households to pay thousands more dollars for gas and food.
"I'm sad for all the people who voted for Trump. I'm sad for them because you betrayed them," Khanna said.
The Iran war hascost an estimated $25 billion so far, a Pentagon official told Congress during the hearing attended by Hegseth.
"We will formulate a supplemental through the White House that will come to Congress once we have a full assessment of the cost of the conflict," Jules Hurst III, the acting undersecretary of war for finances, said in testimony before the House Armed Services Committee.
Trump says U.S. may cut the number of American troops in Germany
President Trumpsaid Wednesdayhe is considering reducing the number of U.S. forces in Germany, amid a spat with Germany's chancellor and the NATO alliance over Iran.
"The United States is studying and reviewing the possible reduction of Troops in Germany, with a determination to be made over the next short period of time," he wrote on Truth Social.
The president has grown increasingly frustrated with the U.S.'s allies in Europe, which have sought to keep their distance from the U.S.-Iran war. He has threatened to leave NATO, calling the alliance a "paper tiger" for notentering the war. A 2023 lawprevents the presidentfrom withdrawing the U.S. from NATO without approval from Congress.
German Chancellor Friedrich Merz appeared to draw Mr. Trump's ire after hecriticized the U.S.'s handling of the warearlier this week, saying "the Americans clearly have no strategy" on Iran and suggesting the U.S. is being "humiliated" by Iranian negotiators.
On Tuesday, Mr. Trumpwrote on social mediathat Merz "thinks it's OK for Iran to have a Nuclear Weapon" and "doesn't know what he's talking about."
Read more here.
Vance pushes back on report he questioned if Pentagon is misrepresenting U.S. missile stockpiles
In an interview with Fox News on Wednesday, Vice President JD Vance pushed back on a report inThe Atlanticthat he questioned if the Pentagon was misrepresenting the U.S.'s missile stockpiles.
Vance said the story "ascribed the views to me and things that I had allegedly said that I am just 100% certain that I have never said."
He added: "Nobody who actually knows what I think, nobody who's close to me was speaking to that reporter, because if they did, then it would have been a totally different story."
Vance acknowledged that "of course, I'm concerned about, you know, our readiness," but said it's his job to be concerned about such things.
"It's, of course, my job to ask these questions," he said. "It's, of course, my job to make sure that we're on top of every issue."