US Iran War Live Updates: Trump and Putin hold phone call, discuss Tehran war ceasefire, Kremlin says
US President Donald Trump and Russia’s President Vladimir Putin talk at Joint Base Elmendorf-Richardson, Alaska. (Photo: Reuters)
US Iran War Live Updates: US President Donald Trump and Russian President Vladimir Putin held 1.5 hour phone call on Wednesday and discussed the ongoing ceasefire in the Middle East, Kremlin said, CNN reported.
A White House official on Wednesday said that US President Donald Trump and oil companies discussed steps to continue the blockade of Iranian ports for months, Reuters reported. The executives all spoke highly of the actions President Trump has taken to unleash American energy dominance, and said the President is doing all the right things right now,” the White House official said.
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Earlier, German Chancellor Friedrich Merz said his relationship with US President Donald Trump remained good despite a row between the two men over the Iran war. Trump had earlier criticised Merz over his stance, saying in a Truth Social post saying that the German chancellor thought it was “OK” for Iran to have a nuclear weapon and that he didn’t know what he was talking about.
US President Donald Trump has dismissed Iran’s latest proposal to end the war, warning that Tehran had “better get smart soon”. His remarks signal a rejection of the offer to de-escalate tensions around the Strait of Hormuz while setting aside concerns over Iran’s nuclear programme.
Trump’s post comes despite a flurry of diplomatic activity involving world leaders from London to St. Petersburg, leaving the global economy bracing for a prolonged stalemate.
President Trump, speaking alongside King Charles, warned that Iran had “better get smart soon,” doubling down on his demand that any ceasefire must include the total dismantling of Iran’s nuclear program.
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Iran-US war ceasefire: Here are the latest updates
- The nuclear deadlock: President Trump has rebuffed Iran’s “staged” peace plan, insisting that the “whole world would be held hostage” if Tehran retains nuclear capabilities. This stands in stark contrast to Iranian Foreign Minister Abbas Araghchi’s efforts to garner Russian and Pakistani support for a narrower ceasefire.
- UAE’s OPEC bombshell: The United Arab Emirates is set to officially leave OPEC this Friday. The move has sent shockwaves through energy markets, signalling a major shift in the geopolitical landscape of oil production.
- Market volatility: Oil prices continue their upward trajectory, with Brent Crude surging past $112 a barrel. While Asian markets showed resilience on Wednesday, Wall Street remains cautious as investors await a Federal Reserve interest rate decision later today.
- Gaza and Lebanon escalation: On the ground, the IDF confirmed the elimination of a senior Hamas intelligence official in northern Gaza. Meanwhile, the death toll in Lebanon has risen to 40 since the fragile April 17 “ceasefire” began to crumble under renewed strikes on Hezbollah.
Breaking
UAE leaves OPEC — effective Friday
The UAE, one of OPEC’s largest producers, exits the cartel on Friday after years of frustration over production quotas that kept its output far below potential.
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OPEC’s global clout
The cartel controls ~40% of global oil output. UAE was its third-largest producer before the Iran war.
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Weakened cartel
UAE’s exit will reduce OPEC’s ability to manage global supply and influence prices, says ING Bank.
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More oil, eventually
UAE will increase output once the Strait of Hormuz reopens — but that requires a resolution to the Iran war first.
“The UAE has been increasingly frustrated over recent years by its output being constrained by OPEC production quotas.”
— ING Bank strategists Warren Patterson & Ewa Manthey
Live prices · Early Wednesday
$112.47
Brent crude (Jun) +1.1%
$105.50
Brent crude (Jul) +1.1%
$100.94
US benchmark +1%
War Premium
Oil has surged ~61% since the war began
Brent crude was around $70/barrel before the Iran war started in late February. It has since broken past $100 — and $112 — as the Strait of Hormuz remains largely closed to tanker traffic.
~$70
Brent pre-war (Feb 2026)
+61%
Price rise since war began
Crisis
Strait of Hormuz — still largely closed
Before the Iran war, roughly one-fifth of the world’s oil passed through the Strait of Hormuz. It remains largely shut, keeping short-term oil prices hostage to peace talks.
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Iran’s demand
Iran has offered to reopen the Strait if the US lifts its blockade on Iranian ports.
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US sticking point
Washington appears unwilling to accept any deal that excludes Iran’s nuclear programme.
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Stalled talks
US-Iran negotiations for a permanent end to the war have made limited progress so far.
Tuesday Close
Wall Street retreats from record highs
All three major US indices slipped on Tuesday, pulled lower by AI-related stocks. The S&P 500 fell from its latest all-time high.
−0.5%
S&P 500 · 7,138.80
−0.1%
Dow Jones · 49,141.93
−0.9%
Nasdaq · 24,663.80
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AI stocks led losses
Broadcom −4.4% · Micron −3.9% · Nvidia −1.6%
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Big Tech earnings today
Alphabet, Amazon, Microsoft and Meta all report quarterly results on Wednesday.
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Fed decision today
The Federal Reserve is expected to announce its interest rate decision later Wednesday.
Asia Snapshot · Wednesday
India & Hong Kong outperform as Asia defies Wall St dip
Most Asian markets advanced despite losses on Wall Street. Sensex and Hang Seng led gains while Australia and Taiwan slipped.
+1.4%
India Sensex 🇮🇳
+1.5%
Hang Seng · HK 🇭🇰
+0.8%
Kospi · S. Korea 🇰🇷
+0.7%
Shanghai 🇨🇳
−0.3%
ASX 200 · Australia 🇦🇺
−0.6%
Taiex · Taiwan 🇹🇼
Oil markets OPEC Iran war Strait of Hormuz Wall Street Asia markets Federal Reserve UAE
Sources: AP Wire · ING Bank Research · Stock exchange data
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