Pakistan urges US and Iran to extend two-week ceasefire: Report
Pakistan has urged both the United States and Iran to extend their two-week ceasefire, Pakistan’s foreign ministry said in a statement, as reported by Al Jazeera.
In a meeting with the US chargé d’affaires in Pakistan, Natalie A. Baker, Foreign Minister Ishaq Dar stressed the need for engagement between the US and Iran, and said Pakistan urged both sides to consider extending the ceasefire, the statement read.
Trump weighs currency swap with UAE as Iran conflict pressures its economy
US President Donald Trump has said that he's considering the possibility of a currency swap with the United Arab Emirates to help the Mideast ally secure US dollars, as its oil-rich economy has been rattled by the Iran conflict.
During an interview with CNBC, the president expressed surprise that the nation needs assistance, but made clear he was open to the prospect of making the move to help meet his ally's concerns.
"I mean I'm surprised because they are really rich," Trump said. He added, "You know, they're very good for this country. So, yeah, if I could help them, I would."
The United Arab Emirates, an autocratically ruled federation of seven sheikdoms on the Arabian Peninsula that's home to Dubai, became wealthy from its oil deposits. It pegs its currency, the dirham, to the US dollar.
While it has been able to send some of its oil out via a pipeline to the Gulf of Oman, the closure of the Strait of Hormuz has squeezed the country's oil exports.
The UAE has an estimated USD 2.5 trillion in savings and sovereign wealth funds, but may be seeking the swap to "bolster investor confidence in the UAE's financial position if the war were to drag on," said Jason Tuvey, an analyst at Capital Economics.
Silver, gold prices edge higher amid geopolitical uncertainty
Silver prices rose Rs 700 to Rs 2.58 lakh per kilogram in the national capital on Tuesday while gold also edged higher amid geopolitical uncertainty and mixed global cues.
According to the All India Sarafa Association, gold of 99.9 per cent purity gained Rs 300 to Rs 1,57,300 per 10 grams (inclusive of all taxes).
Gold prices saw a slight uptick in the domestic markets as geopolitical tensions in the Middle East continue to escalate, prompting investors to seek safe-haven assets, Gaurav Garg, Research Analyst at Lemonn Markets Desk, said.
However, global trends remained weak. Spot silver slipped 1.29 per cent to USD 78.69 per ounce, while gold fell nearly 1 per cent to USD 4,776.85 per ounce.
Spot gold hovered around USD 4,780 per ounce level on a firmer dollar and uncertainty over US-Iran talks, Praveen Singh, Head of Commodities at Mirae Asset ShareKhan, said.
Despite the US signalling the possibility of talks with Iran as President Donald Trump's deadline will end on April 22, Tehran has shown no clear indication of joining negotiations, he added.
Renisha Chainani, Head of Research at Augmont, said market participants are closely watching whether talks between the US and Iran will proceed and if they lead to a ceasefire extension or a broader peace agreement.
Gold's direction will continue to be influenced by developments in West Asia tensions and their impact on energy costs and inflation expectations, she added.
Iran foreign ministry condemns UAE's detention of people
Iran condemned on Tuesday the United Arab Emirates for detaining people under what Tehran described as false pretexts, Iranian state media reported, citing the foreign ministry.
The UAE said on Monday it had dismantled a terrorist cell linked to Iran and arrested its members over a plot to undermine stability.
"Making baseless claims and creating an anti-Iranian atmosphere cannot distract people from the direct responsibility of the supporters of the U.S. and Israeli aggressors," Iranian foreign ministry spokesperson Esmaeil Baghaei was quoted by state media as saying.
US President Donald Trump says he does not want to extend ceasefire with Iran
President Donald Trump told CNBC in an interview on Tuesday that he did not want to extend a ceasefire with Iran, adding the US was in a strong negotiating position and would end up with what he called a great deal.
"I don't want to do that. We don't have that much time," Trump said when asked about the possibility of extending the ceasefire.
Washington has expressed confidence that talks with Iran will go ahead in Pakistan, and a senior Iranian official said Tehran was considering joining.
With the prospect of last-ditch further peace talks still up in the air, Trump said the US would resume its attacks on Iran if a deal is not struck with Tehran soon.
"I expect to be bombing because I think that's a better attitude to go in with. But we're ready to go. I mean, the military is raring to go," he said.
Trump says the US military has used the ceasefire period to restock on equipment and is ready to resume attacks against Iran if he orders them.
“We’re loaded up,” Trump told CNBC. “We have so much ammo, so much of everything… we’ve used this to restock and they probably have done a little bit of restocking.
“We’re ready to go. The military is raring to go”.
Lebanon PM meets Macron to shore up position ahead of US-mediated Israel talks
Lebanon's prime minister and French President Emmanuel Macron will discuss on Tuesday how to strengthen the country's hand in possible direct negotiations with Israel in the United States later this week, as Beirut turns to a trusted European ally.
The US will host ambassador-level talks with Israel and Lebanon on Thursday, although it remains unclear whether the objective is to extend a fragile 10-day ceasefire between Israel and Iran-backed Hezbollah or pave the way for deeper negotiations.
Israeli troops occupy territory deep in the south, aiming to create a buffer zone to shield northern Israel from Hezbollah attack, while the group says it maintains the "right to resist" Israeli occupation.
"France’s role is not to insert itself between the parties in discussions that are, by nature, bilateral and direct," a French presidency official said ahead of Prime Minister Nawaf Salam's meeting with Macron.
"France is one of the countries capable of playing a very concrete role in strengthening the Lebanese government’s hand and supporting its action in practical terms."
France, which has deep historical ties with Lebanon, has sought alongside Washington to mediate in the conflict, brokering a ceasefire in 2024 and helping establish a mechanism to monitor it.
But relations with Israel have soured over France’s stance on Gaza and the West Bank, its accusations that Israel’s actions in Lebanon are disproportionate, and its contacts with Hezbollah’s political wing.
Israel’s ambassador to Washington said last week that France should be excluded from any talks, describing Paris as having "no positive influence."
The US, while maintaining contact with France on the issue, has also sought to marginalise its role.
US, Iran signal they will return to Pakistan for ceasefire talks: Officials
Two regional officials said Tuesday that the United States and Iran have signaled they will hold a new round of the ceasefire talks in Islamabad.
The officials' comments come as neither the US nor Iran have publicly confirmed the timing of the talks, with Iranian state television denying any official was already in Pakistan's capital.
Pakistan-led mediators received confirmation that top negotiators, US Vice President JD Vance and Iran's parliament speaker Mohammad Bagher Qalibaf, will arrive in Islamabad early Wednesday to lead their teams in the talks, the officials told The Associated Press.
The officials spoke on condition of anonymity because they were not authorized to brief reporters.
A two-week ceasefire in the war is due to expire.
US forces board sanctioned tanker in Indo-Pacific, Pentagon says
US forces boarded a sanctioned tanker without incident in the Indo-Pacific region as part of its efforts to disrupt vessels providing support to Iran, the Pentagon said in a post on X on Tuesday.
Pakistan's KSE-100 climbs amid optimism about US-Iran talks
The Pakistan Stock Exchange showed positive sentiments on Tuesday as optimism grew about possible talks between the US and Iran in Islamabad.
The KSE 100-index gained 2,400 points, pushing the index to 174,000, the best recorded since the Iran and US conflict began late February.
The market had gained by 1.41 per cent by midday, and buying momentum was high on the floor.
Financial analyst Awais Ashraf from AKD Securities said that the positive sentiment was based on the optimism of a second round of peace talks between the US and Iran.
The positive market sentiment in Pakistan was also based on Saudi Arabia releasing the final tranche of USD 1 billion to the State Bank on Tuesday, completing the transfer of a USD 3 billion aid in a week to help bolster Pakistan’s foreign exchange reserves.
Ashraf said trading activity remained robust, with volume clocking in at 227,286,926 shares, compared to the previous close of 172,196.70. The overall traded value was recorded at 17,551,737,587.
He said Pakistan’s improved diplomatic position globally and the issuance of USD 750 million Eurobond had a positive impact on the market.
In contrast, Pakistan’s fuel prices remain under pressure with the Pakistan State Oil (PSO) having to import petroleum products at high premiums due to disruptions in global supply routes amid the West Asia conflict.
The crisis has impacted shipments through the Strait of Hormuz, a key oil transit route, pushing premiums from around USD 12 per barrel to over USD 34-35 per barrel, the highest level ever recorded.
In a letter to the Oil and Gas Regulatory Authority, PSO highlighted that a recent high-speed diesel cargo carried a premium of USD 35.612 per barrel, warning that similar costs are expected for upcoming shipments.
14 Indian ships stranded in Hormuz: Indian government official
The ships -- Indian-flagged cargo vessels - were fired on in the Strait of Hormuz on April 18. The incident occurred due to a communication gap between the Iranian government and the local unit of the Revolutionary Guard, sources said.
During the firing, the Indian vessels did not sustain any major damage. Glass panes were shattered in certain sections of the ships.
The matter, though, has become a sensitive issue, with 14 Indian-flagged vessels anchored in the Strait of Hormuz, sources said. Plus there are a large number of Indian citizens are currently in Iran, whose safety is of paramount importance to New Delhi, foreign ministry spokesperson Randhir Jaiswal said today.
"On receiving information regarding the firing incident, the Indian government took serious diplomatic initiatives in the matter," he said, recounting the summoning of the ambassador. "We remain in constant contact with Iranian authorities regarding the safety of Indian vessels. We are continuously engaging with Iran to ensure safe passage for our ships," he added.
Iranian tanker entered Iran's territorial waters from Arabian Sea
Iran's army says an Iranian tanker entered Iran's territorial waters from Arabian Sea on Monday with operational help from Iranian navy: state media
Iran crisis costs France up to 6 billion euros, says minister
The economic fallout from the crisis in Iran has cost France between 4 billion euros ($4.70 billion) and 6 billion euros, Finance Minister Roland Lescure said on Tuesday, as the government prepares new support measures alongside a freeze on some spending.
There has been a sharp rise in bond yields since the start of the conflict in the Middle East, and the subsequent increase in government borrowing costs alone are adding an extra 3.6 billion euros to the budget, Lescure told RTL radio.
Prime Minister Sebastien Lecornu's government has pledged to fully offset the budgetary impact of measures aimed at helping households cope with the energy price shock triggered by the conflict.
Lescure said he would outline plans to freeze some spending at a meeting with lawmakers on Tuesday, stressing that the government would stop short of outright budget cuts.
He added that PM Lecornu would announce new measures on Tuesday evening to help consumers manage higher energy prices, with a particular focus on people who rely on vehicles for work.
France, which already has one of the largest budget deficits in the euro zone, can only afford support measures that are strictly targeted at those most in need, the government has said. So far, it has focused on emergency fuel subsidies for the transport, fishing and farming sectors.
The government is meanwhile facing pressure from the far right to introduce a costly cut in the 20% value-added tax on fuel, while the hard-left has called for energy prices to be capped.
Israel's conduct in Lebanon totally unacceptable, says Belgium's foreign minister
Israel's actions in Lebanon are "totally unacceptable", Belgian Foreign Minister Maxime Prevot said on Tuesday ahead of a meeting with EU foreign ministers in Luxembourg.
"Israel's conduct is completely unacceptable. Of course, we must firmly condemn Hezbollah's initial attacks, which, in seeking to show solidarity with Iran, dragged Lebanon into a war it did not want, as well as Israel's disproportionate and indiscriminate response."
He also said Belgium is calling for at least a partial suspension of the EU's Association's Agreement with Israel, adding that Belgium is "aware that a full suspension is probably out of reach given the positions of the various European countries".
No Iranian delegation has left for Pakistan yet, Iranian state TV says
Iranian state television on Tuesday issued an on-screen alert saying that "no delegation from Iran has visited Islamabad ... so far" as speculation about possible talks with the United States grows.
The on-screen alert likely reflects the internal debate ongoing within Iran's theocracy as it weighs how to respond to the US Navy's seizure of an Iranian container ship over the weekend.
Iranian state TV long has been controlled by hard-liners within Iran's theocracy.
So far, no official has acknowledged that a delegation will be heading to Islamabad, where officials have been on standby for days now for the possible talks.
US Vice President JD Vance is expected to lead an American team to the talks. Iran has offered no word on who could lead its delegation. Last time, parliamentary speaker Mohammad Bagher Qalibaf led the Iranian side.
UN agency prepares Hormuz ship evacuation plan- Report
UN agency has prepared a contingency plan to evacuate hundreds of ships from the Strait of Hormuz, says Bloomberg.
Iran ready for ‘decisive response’ to US ceasefire breach: Iranian commander Abdollahi
Ali Abdollahi, head of Iran’s Armed Forces Unified Command, said Tehran is prepared to deliver a “decisive response” if the United States breaches ceasefire provisions.
Iran war has created the biggest energy crisis in history, says IEA head
The conflict between Iran and the United States and Israel is creating the worst energy crisis ever faced by the world, the head of the International Energy Agency (IEA) said on Tuesday.
"This is indeed the biggest crisis in history," Birol told France Inter radio in an interview broadcast on Tuesday.
"The crisis is already huge, if you combine the effects of the petrol crisis and the gas crisis with Russia," he added.
The war in the Middle East has choked up maritime traffic in the Strait of Hormuz, which is a conduit for a fifth of global oil and liquefied natural gas flows.
It has also come on top of the effects of Russia's war with Ukraine, which had already severed Russian gas supplies to Europe.
Birol had said earlier this month that he viewed the current situation in global energy markets as worse than previous crises in 1973, 1979 and 2022 combined.
In March, the IEA agreed to release a record 400 million barrels of oil from strategic stockpiles to combat rising oil prices caused by the U.S.-Israeli war with Iran.
War pressures push Iran to grant field commanders greater control over militias
Iran has granted its commanders greater autonomy over militias in Iraq, allowing some groups to carry out operations without Tehran's approval, a shift driven by the pressures of the war, three militia members and two other officials told The Associated Press.
Many Iran-backed militias are funded through the Iraqi state budget and embedded within the security apparatus, drawing criticism from the United States and other countries that have borne the brunt of their attacks and say Baghdad has failed to take a tougher stance.
Security firms warn of fake messages being sent to ships offering safe transit through Hormuz
Fraudulent messages promising safe passage through the Strait of Hormuz in exchange for cryptocurrency have been sent to some shipping companies whose vessels are stranded west of the waterway, Greek maritime risk management firm MARISKS has warned.
The U.S. has maintained its blockade of Iranian ports, while Iran has lifted and then re-imposed its blockade of the Strait of Hormuz, through which roughly a fifth of the world's oil and liquefied natural gas passed before war broke out in the Middle East.
Amid ceasefire talks, Tehran, which controls the chokepoint, has proposed tolls on vessels to safely transit.
MARISKS on Monday issued an alert warning shipowners that unknown actors, claiming to represent Iranian authorities, had sent some shipping companies a message demanding transit fees in cryptocurrencies, Bitcoin or Tether, for “clearance”.
"These specific messages are a scam," the firm said, adding the message was not sent by Iranian authorities.
There was no immediate comment from Tehran.
Hundreds of ships and about 20,000 seafarers remain stranded in the Gulf.
On April 18, when Iran briefly opened the strait subject to checks, ships tried to pass but at least two of them, including a tanker, reported that Iranian boats had fired shots at them, forcing the vessels to turn around.
MARISKS said that it believed that at least one of the vessels, which tried to exit the strait on Saturday and was hit by gunfire, was a victim of the fraud.
Reuters was not able to verify the information or track companies that had received the message.
"After providing the documents and assessing your eligibility by the Iranian Security Services, we will be able to determine the fee to be paid in cryptocurrency (BTC or USDT). Only then will your vessel be able to transit the strait unimpeded at the pre-agreed time," said the message cited by MARISKS.
Vance to travel to Pakistan on Tuesday for Iran talks, Axios reports
US Vice President JD Vance will travel to Pakistan on Tuesday for Iran talks, Axios reported Monday citing US sources.
Iranian negotiator and Parliament Speaker Mohammad Ghalibaf said Monday that US President Donald Trump “seeks to turn this negotiating table — in his own imagination — into a table of surrender or to justify renewed warmongering.”
“We do not accept negotiations under the shadow of threats,” he said in a post to X.
Still, Trump seemed confident that Iran would come to the table. “They’re going to negotiate, and if they don’t, they’re going to see problems like they’ve never seen before,” he said in an interview late Monday night.
