Iran-US war latest: Tehran and Oman discuss permanent Strait of Hormuz toll despite Trump warnings

The UAE’s decision to leave OPEC was three years in the making and is based on its view the world is near the “autumn of the hydrocarbon age”, meaning the country needs to maximise oil revenues while it can, a senior adviser to the president said.

The UAE ended its nearly 60‑year membership of the Organization of the Petroleum Exporting Countries on May 1.

In the immediate term, the decision is unlikely to affect the market because of Iran’s effective closure of the Strait of Hormuz, but it could have a major impact on OPEC’s control over supplies when oil flows normalise.

Anwar Gargash, adviser to UAE President Sheikh Mohamed bin Zayed Al Nahyan, said the country’s exit was chiefly because its OPEC production quotas kept output well below capacity.

“We see that we are close to the sort of autumn of the hydrocarbon age,” he added. “And as a result, if you have the ability to produce and generate income and use that income in other investments, that’s what you should do.”

The United States has seen some progress in talks with Iran and is in constant communication with the Pakistani mediators, but there is more work to be done, Marco Rubio said today.

“There’s been some progress. I wouldn’t exaggerate it. I wouldn’t diminish it,” Rubio told reporters after a NATO ministers meeting in Sweden.

“There’s more work to be done,” he admitted. “We’re not there yet. I hope we get there.”

Rubio said Trump would prefer to make a good deal, but will need to discuss concerns about Iran’s possible access to nuclear weapons, the issue of future uranium enrichment, and the Strait of Hormuz.

“We’re dealing with a very difficult group of people, and if it doesn’t change, then the president’s been clear he has other options,” Rubio said.

A Pakistani delegation was in Tehran on Friday to discuss the latest proposals to end the US-Israeli war, Iranian media reported, as Washington insisted there had been “some good signs” in recent talks to settle the conflict once and for all.

Syed Mohsin Naqvi held another round of talks with Iran’s Abbas Araghchi in the Iranian capital just two days after Pakistan presented the Iranians with the latest US message in negotiations.

But even as Islamabad tries desperately to stoke peace talks, insiders suggest a few prickly issues remain unresolved, and oil prices continue to climb with investors doubting the prospect of a breakthrough.

Reuters is reporting that Qatar has sent a negotiating team to Tehran, in coordination with the US, to try and secure a deal to end the war, citing a source with knowledge of the movements.

The US Navy has put a major arms sale to Taiwan on “pause” to ensure the military has enough munitions for its war in Iran.

Hung Cao, the acting secretary of the US Navy, said during a congressional hearing about the stalled $14bn weapons purchase, that “right now we’re doing a pause in order to make sure we have the munitions we need for Epic Fury – which we have plenty”.

“But, we’re just making sure we have everything, then the foreign military sales will continue when the administration deems necessary.”

Iran has been rebuilding its military capacity much faster than expected during a six-week ceasefire with the US and Israel, according to new US intelligence reports.

The ceasefire provided an opportunity for Tehran to restart its production of drones, replace missile sites and reignite its production capacity, four US officials told CNN.

“The Iranians have exceeded all timelines the IC [the intelligence community] had for reconstitution,” one official said.

More than 40 U.S. military aircraft have been lost or damaged since the start of the war with Iran, a Congressional report has revealed.

Operation Epic Fury has led to the destruction of 42 aircraft, including F-15 fighter jets, an F-35 Lightning II aircraft, drones, and a HH-60W Jolly Green II combat search-and-rescue helicopter due to incidents including friendly fire and combat operations.

The F-35A Lightning II alone is worth around $110m, according to the Centre for Arms Control and Non-Proliferation.

President Donald Trump cancelled new attacks on Iran after Saudi Arabia warned strikes during the Hajj pilgrimage would cause serious “reputational damage”, according to a report.

The US leader threatened to restart a bombing campaign on the Islamic Republic after efforts to reach a deal appeared to be deadlocked but later backtracked and said that he was in no rush to end the conflict.

Earlier this week he said he was “an hour away” from attacking the country and that Gulf leaders had intervened.