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LIVE UPDATES: Conflict in the Middle East (May 6, 2026)


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Iran says it is reviewing new US proposal after sources say sides closing in on deal

Iran said on Wednesday it was reviewing a new US proposal, after sources said Washington and Tehran were closing in on a one-page memorandum to end the war in the Gulf while leaving tricky issues such as Iran's nuclear program for later.

An Iranian foreign ministry spokesperson, cited by Iran's ISNA news agency, said Iran would convey its response soon via Pakistan, which hosted the war's only peace talks and has since served as the main conduit for messages between the sides.

In an early morning social media post, US President Donald Trump gave no details of any specific proposal but said the war could end if "Iran agrees to give what has been agreed to." He later told the New York Post it was still too soon to consider face-to-face meetings to sign an agreement.

The White House believes it is getting close to an agreement with Iran on a one-page memorandum of understanding to end the war and set a framework for more detailed nuclear negotiations, Axios reported on Wednesday, citing two US officials and two other sources briefed on the issue.

The US expects Iranian responses on several key points in the next 48 hours according to the report which cautioned that nothing has been agreed yet but said this was the closest the parties had been to an agreement since the war began.

PSEi rebounds on apparent easing of US-Iran tensions

Share prices on the Philippine Stock Exchange (PSE) bounced back on Wednesday as investor sentiment improved due to the apparent easing of US-Iran tensions in the Middle East.

The bellwether PSE index gained 69.13 points or 1.17% closing at 5,967.21 from 5,898.08 on Tuesday.

The broader All Shares likewise grew by 0.78% or 26.05 points to 3,363.45.

“The PSEi ended higher, tracking gains across global markets as a US–Iran ceasefire held, easing concerns over escalating tensions in the Strait of Hormuz. Sentiment improved after Washington signaled the truce remains intact, helping temper fears of further disruption to global oil supply routes,” Capital Development Corp. head of sales Luis Limlingan said.

Trump pauses effort to escort ships in Strait of Hormuz, citing deal progress

WASHINGTON/CAIRO - US President Donald Trump said on Tuesday he would briefly pause an operation to help escort ships through the Strait of Hormuz, citing "great progress" toward a comprehensive agreement with Iran.

Hours earlier, US Secretary of State Marco Rubio had outlined the effort that began on Monday to escort stranded tankers out of the Gulf. The strait has been virtually shut since the conflict began, blocking some 20% of world oil supplies and igniting a global energy crisis.

"We have mutually agreed that, while the Blockade will remain in full force and effect, Project Freedom ... will be paused for a short period of time to see whether or not the Agreement can be finalized and signed," Trump wrote on social media.

There was no immediate reaction from Tehran, where it was early on Wednesday morning.

Shortly after Trump's post, US crude oil futures fell $2.30 and broke below $100 per barrel, a much-watched threshold since the conflict sent energy prices soaring two months ago.

The White House did not immediately reply to a request for comment on what progress had been made, or how long the pause would last.

Rubio and other senior administration officials said earlier on Tuesday that Iran could not be allowed to control traffic through the strait.

Iran has effectively sealed off the strait by threatening to deploy mines, drones, missiles and fast-attack craft. The United States has countered by blockading Iranian ports and mounting escorted transits for commercial vessels.

The US military said on Monday it had destroyed several Iranian small boats, as well as cruise missiles and drones.

Rubio says main operation is over

Rubio told reporters at the White House that the United States had achieved its objectives in its military campaign, which was launched on February 28 alongside Israel.

"Operation Epic Fury is concluded," Rubio said. "We're not cheering for an additional situation to occur."

One of Trump's central objectives in launching military strikes against Iran was to ensure Tehran does not develop a nuclear weapon, something Tehran has denied seeking. However, Iran has not handed over more than 900 pounds of highly enriched uranium.

While Rubio was speaking, Britain's Maritime Trade Operations agency reported that a cargo vessel had been struck by a projectile in the strait. Further details of the incident were not immediately available.

US Defense Secretary Pete Hegseth said earlier on Tuesday that the US had successfully secured a path through the waterway and that hundreds of commercial ships were lining up to pass through. The four-week-old truce with Iran was not over, he added.

"Right now the ceasefire certainly holds, but we're going to be watching very, very closely," he said.

General Dan Caine, chairman of the US Joint Chiefs of Staff, said Iranian attacks against US forces fell "below the threshold of restarting major combat operations at this point".

Asked what Iran would need to do to violate the ceasefire, Trump said: "They know what not to do."

'Right to respond'

Shortly after Hegseth spoke, the UAE's defense ministry said its air defenses were again dealing with missile and drone attacks coming from Iran, though Iran's joint military command denied carrying out attacks.

The UAE's foreign ministry said the attacks were a serious escalation and posed a direct threat to the country's security, adding that the Gulf Arab state reserved its "full and legitimate right" to respond.

Iran's foreign ministry rejected Abu Dhabi's statements, saying its armed forces’ actions have been solely aimed at repelling American aggression.

The US military said on Monday that two US merchant ships made it through the strait, without saying when, while shipping company Maersk said the Alliance Fairfax, a US-flagged ship, exited the Gulf under US military escort on Monday.

Iran denied any crossings had taken place.

Pakistan's mediation efforts continue

The war has killed thousands as it has spread beyond Iran to Lebanon and the Gulf, and roiled the global economy. The head of the International Monetary Fund said on Tuesday that even if the conflict ended immediately, it would take three to four months to deal with the consequences.

Rubio said 10 civilian sailors were among those who had died in the conflict, adding that crew on vessels stranded in the waterway were "starving" and "isolated."

Trump told reporters in the Oval Office that Iran's military had been reduced to firing "peashooters" and Tehran wanted peace, despite public sabre-rattling.

The conflict is also pressuring Trump's administration ahead of crucial midterm elections in November, as rising gas prices hit voters' pockets.

Trump has said the US-Israeli attacks aimed to eliminate what he called imminent threats from Iran, citing its nuclear and ballistic missile programs and its support for Hamas and Hezbollah.

Iran has called the attacks a violation of its sovereignty and said that it has the right to develop nuclear technology for peaceful purposes, including enrichment, as a party to the Nuclear Non-Proliferation Treaty.

Diplomatic efforts to end the conflict have yet to yield results. US and Iranian officials have held one round of face-to-face peace talks, but attempts to set up further meetings have failed.

Iranian Foreign Minister Abbas Araqchi has said that peace talks were still progressing with Pakistan's mediation.

He arrived in Beijing on Wednesday morning for talks with his Chinese counterpart on bilateral ties and regional and international developments, Iranian media reported. Trump is also due to visit China this month. —Reuters

Rubio says offensive stage of Iran war is 'over'

WASHINGTON - The United States has completed its offensive operations against Iran, Secretary of State Marco Rubio said Tuesday, echoing statements to Congress nearly a month into a fragile ceasefire.

"The operation is over -- Epic Fury -- as the president notified Congress. We're done with that stage of it," Rubio told reporters at the White House.

Earlier the White House had informed lawmakers that the war had terminated due to the ceasefire, avoiding a legal requirement to ask Congress to authorize a conflict that goes beyond 60 days.

Trump nonetheless has threatened Iran with major reprisals if it attacks US ships and on Sunday announced so-called "Project Freedom" to help vessels leave the Strait of Hormuz, the narrow chokepoint to the Gulf where Iran has seized control in response to being attacked.

"This is not an offensive operation; this is a defensive operation," Rubio said.

"And what that means is very simple -- there's no shooting unless we're shot at first."

Israel and the United States attacked Iran on February 28, killing top leaders and destroying major military and economic sites but not forcing the collapse of the Islamic republic, which has responded with missile and drone attacks across the region.

Trump on April 8 declared a ceasefire with Iran that he has since extended even though negotiations with Tehran have been at a standstill.

Rubio said the United States has "achieved the objectives" of the war.

"These guys are facing, they are facing real, catastrophic destruction to their economy," he said, while adding that Trump still preferred a negotiated deal with Iran.

Rubio, a former US senator, also said that he disagreed with the 1973 War Powers Act, which requires the president to notify Congress within 48 hours of sending troops and to seek authorization after 60 days.

"We don't acknowledge the law as constitutional. Nonetheless, we comply with elements of it for purposes of maintaining good relations with Congress," he said. — Agence France-Presse