Iran-US Stalemate LIVE: US war in Iran has cost $29 billion, says Pentagon; Trump says ceasefire ‘on life support’

U.S. consumer prices climbed sharply again last month as the 10-week war with Iran pushed energy prices higher, AP reported.

The Labor Department's consumer price index rose 3.8% from April 2025, according to data released Tuesday. On a month-to-month basis, April prices rose 0.6% from March as gasoline prices rose 5.4% during the month; the month-over-month gain was down from 0.9% increase from February to March. (AP)

US inflation continued to rise in April, driven largely by higher gasoline prices linked to the ongoing Iran conflict.

The Consumer Price Index increased 3.8% compared to a year earlier, according to data from the U.S. Bureau of Labor Statistics released on Tuesday, marking the fastest annual rise since 2023. On a monthly basis, prices climbed 0.6%. (Bloomberg)

The United States' war in Iran has ​cost $29 billion so far, a senior Pentagon official said on Tuesday, an increase of $4 billion from an estimate provided late last month, Reuters repoted.

U.S. consumer prices climbed sharply again last month as the 10-week war with Iran pushed energy prices higher, AP reported.

The Labor Department's consumer price index rose 3.8% from April 2025, according to data released Tuesday. On a month-to-month basis, April prices rose 0.6% from March as gasoline prices rose 5.4% during the month; the month-over-month gain was down from 0.9% increase from February to March. (AP)

Iran’s chief negotiator on Tuesday issued a warning that the United States must accept Tehran’s 14-point peace proposal for ending the Middle East conflict or face “failure”, as per AFP. The statement came after US President Donald Trump rejected Iran’s latest counteroffer and said the fragile ceasefire in place since April 8 was “on life support.”

The Ministry of External Affairs on Monday rejected a report which claimed that India and the UAE were 'working on an agreement' to facilitate the evacuation of Indian workers through Fujairah port, saying there is "no basis" for it, and that there is "no plan to evacuate" Indian nationals from Fujairah or from the UAE.

According to a report, by Reuters, investors were also concerned by the lack of progress in resolving the Middle East conflict, with U.S. President Donald Trump saying the ceasefire with Iran was "on life support."

Tehran rejected a U.S. proposal to end the conflict and stuck to a ‌list of demands that Trump described as “garbage”.

Kuwait accused Iran on Tuesday of sending an armed paramilitary Revolutionary Guard team to attack an island in the Middle East nation home to a China-funded port project, just before US President Donald Trump travels to Beijing for a meeting with Chinese President Xi Jinping. (AP)

Iran-US Stalemate LIVE: The rupee fell 35 paise to hit a record low of 95.63 against the US dollar in early trade on Tuesday after US President Donald Trump said the ceasefire with Iran was barely holding, dimming hopes of a peace deal and pushing crude oil prices higher.

Iran’s chief negotiator on Tuesday issued a warning that the United States must accept Tehran’s 14-point peace proposal for ending the Middle East conflict or face “failure”, as per AFP. The statement came after US President Donald Trump rejected Iran’s latest counteroffer and said the fragile ceasefire in place since April 8 was “on life support.”

Trump said Monday that the ceasefire with Iran is on "life support" and that he is considering restarting naval escorts -- previously dubbed "Project Freedom" -- through the Hormuz strait as he seeks "complete victory" in the war.

Tens of millions of people could face hunger and starvation if fertilizers are not soon allowed through the Strait of Hormuz, the head of a UN task force aimed at averting a looming humanitarian crisis told AFP.

About a third of a world's fertilizer normally passes through the key waterway in the Gulf that Iran has blocked.

Iran's Ambassador to China, Abdolreza Rahmani Fazli, has expressed support for Chinese President Xi Jinping's "four-point proposal" aimed at ensuring lasting security amid the conflict in West Asia as well as the shared development in the region.

In his post on X, ahead of US President Donald Trump's scheduled visit to China this week, the Iranian envoy said that the Islamic Republic has expressed its "readiness" to the Chinese President's proposal.

He further stated that the issue was also addressed during the meeting of Iranian Foreign Affairs Minister Abbas Araghchi with his Chinese counterpart Wang Yi during the former's recent visit.

Oil prices rose on Tuesday after negotiations between the United States and Iran hit an impasse, while South Korea’s stock market came under pressure after a proposal to tax artificial intelligence windfalls unsettled investors, as per AFP.

The tech-heavy Kospi index fell sharply, with Seoul dropping 5% after a senior official suggested introducing a “national dividend” to redistribute surplus profits generated by AI-driven companies.

Iran’s chief negotiator on Tuesday issued a warning that the United States must accept Tehran’s 14-point peace proposal for ending the Middle East conflict or face “failure”, as per AFP. The statement came after US President Donald Trump rejected Iran’s latest counteroffer and said the fragile ceasefire in place since April 8 was “on life support.”

Iran-US Stalemate LIVE: As Iran and the United States refuse to take one step further to end the war in the West Asia, US Senator Lindsey Graham called for a ‘complete reevaluation’ of Islamabad's role as a mediator.

In a post on X, Lindsey Graham cited an earlier statement from officials from Islamabad on Israel and said, “If this reporting is accurate, it would require a complete reevaluation of the role Pakistan is playing as mediator between Iran, the United States and other parties. Given some of the prior statements by Pakistani defense officials towards Israel, I would not be shocked if this were true.”

Iran-US Stalemate LIVE: The rupee fell 35 paise to hit a record low of 95.63 against the US dollar in early trade on Tuesday after US President Donald Trump said the ceasefire with Iran was barely holding, dimming hopes of a peace deal and pushing crude oil prices higher.

Iran-US Stalemate LIVE: CEO and president of Saudi oil giant Aramco, Amin Nasser, told investors that even if the Strait of Hormuz opens today.

"If the Strait of Hormuz opens today, it will still take months for the market to rebalance, and if its opening is delayed by a few more weeks, then normalisation will last into 2027."

Iran-US Stalemate LIVE: Just as Trump rejected the peace talks and warned that ceasefire with Iran was on a ‘massive life support’ hinting at its end, Tehran also issued a statement saying that it was ready for any aggression.

"Our armed forces are ready to respond and to teach a lesson for any aggression," Iranian parliamentary speaker Mohammad Bagher Ghalibaf wrote on X.

"A bad strategy and bad decisions always lead to bad results – the world already understands this."

Iran-US Stalemate LIVE: The US government has announced sanctions against three people and nine companies, including four based in Hong Kong and four in the United Arab Emirates, for aiding Iran's shipment of oil to China. The ninth company is based in Oman.