Iran US Live updatesUS President Donald Trump and Iran Supreme leader Mojtaba Khamenei. (Photo: AI-generated)

Iranian leaders are acknowledging the economic toll of war with the United States, with the supreme leader calling on the government to address the hardship while the president reported foreign trade has shrunk 35% due to the American sanctions and blockade.

US President Donald Trump said Friday the US has struck an oil agreement securing majority American control of more than 65 billion barrels of Venezuela’s reserves, even as tensions elsewhere kept multiple fronts of his foreign policy in flux from a dispute with Iran over who really controls the Strait of Hormuz, to a fresh warning that the Gaza ceasefire could still collapse if its roadmap isn’t honored.

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Writing on Truth Social, Trump credited Secretary of State Marco Rubio and Secretary of War Pete Hegseth with negotiating the arrangement directly with Venezuela’s interim president, Delcy Rodriguez, in partnership with private industry, saying it came at no cost to American taxpayers.

Iran and the Strait of Hormuz: Iran’s Islamic Revolutionary Guard Corps maintains it holds what it calls “decisive control” over the Strait of Hormuz, accusing US officials of lying about the waterway’s status to influence energy prices. A White House spokesperson countered to Al Jazeera that the strait is fully de-mined and safe for transit, while reiterating that no talks with Iran are taking place or scheduled. Iran’s Supreme Leader Mojtaba Khamenei, marking Government Week, separately warned against any rhetoric or action that could damage “social cohesion,” a message Parliament Speaker Mohammad-Baqer Ghalibaf echoed publicly.

Key developments:

  • Trump says the US now holds majority control of Venezuela’s oil reserves through a deal brokered by Rubio and Hegseth with interim leader Delcy Rodriguez.
  • The IRGC and the White House continue to give conflicting accounts of Hormuz’s safety and mine-clearance status, even as Iran holds separate talks with Oman, Qatar and Pakistan over safe passage.
  • Khamenei calls for national unity, cautioning against divisive framing of Iran’s wartime options.
  • Mladenov warns the Gaza ceasefire remains fragile and could unravel without adherence to the Board of Peace’s roadmap.

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