Iran-US peace talks highlights: Iran warns European countries against deploying warships, ‘you shouldn’t be a fool'

US President Donald Trump said he plans to suspend the federal gasoline tax as Americans struggle with sharply rising fuel prices linked to the ongoing Iran conflict.

Speaking at the White House, Trump said the temporary tax relief would remain in place for as long as necessary.

“Until it’s appropriate,” Trump told reporters when asked how long the suspension would last.

“It’s still money,” Trump said.

Trump reiterated Washington’s position that Iran must abandon its nuclear ambitions and claimed Tehran had already suffered major military losses.

“I have the best plan ever. Iran has been defeated militarily. Totally. They have a little left; they probably built up during this period of time. We'll knock that out in about a day,” Trump said.

“But I have a plan. You know, that's a very simple plan. I don't know why you don't say it like it is. Iran cannot have a nuclear weapon. They're very dangerous. They're very volatile,” he added.

The US has reportedly demanded that Iran fully halt its uranium enrichment programme in exchange for sanctions relief and access to billions of dollars in frozen Iranian assets.

Speaking again on Monday, Trump intensified his criticism and said he did not even finish reading Iran's proposal.

“I would say I would call it the weakest right now. After reading that piece of garbage, they sent us. I didn't even finish reading it. They said, I'm not going to waste my time reading it. I would say it's one of the weakest right now,” he told reporters.

Trump suggested Iran believed the United States would eventually lose patience.

“They think that I'll get tired of this, or I'll get bored, or I'll have some pressure, but there's no pressure, there's no pressure at all. We're going to have a complete victory,” he said.

President Donald Trump on Monday said the Iran ceasefire is on “life support” after he dismissed Tehran’s latest response to a US peace proposal aimed at ending the war, as per AP.

Officials said the Iranian offer included limited concessions related to its disputed nuclear programme, but Trump rejected the plan outright, describing it as “garbage”.

Donald Trump claimed Iran initially agreed to let the US help remove its highly enriched uranium.

Trump said Tehran later reversed its position in the latest ceasefire proposal.

“They changed their mind because they didn’t put it in the paper,” Trump said.

According to Trump, the US is demanding the removal of Iran’s enriched uranium stockpile.

Trump also said Washington wants Iran to guarantee it will not develop nuclear weapons “for a very long period of time.”

He suggested Iran repeatedly agrees to US demands during talks before withdrawing support later.

“They agree with us and then they take it back,” Trump said while discussing the stalled negotiations.

US President Donald Trump said the Iran ceasefire is currently on “life support.”

Trump made the remarks after rejecting Iran’s latest proposal over the absence of nuclear concessions.

Asked about the status of the ceasefire, Trump described it as “unbelievably weak.”

Trump sharply criticized Tehran’s response during an Oval Office appearance.

“I would call it the weakest right now after reading that piece of garbage they sent us,” Trump said.

The US president added: “I didn’t even finish reading it.”

The conflict in the Middle East has disrupted supplies of crucial raw materials and pushed up prices of the printed circuit boards used in almost all electronic devices, from smartphones and computers to AI servers, industry sources and executives said.

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Saudi Aramco CEO Amin Nasser warned on Monday that the current shock to global energy supply is the most severe the world has ever faced, cautioning that continued instability in the Strait of Hormuz could push back the recovery and normalization of oil markets until 2027, as per Reuters.

"The longer the supply disruptions continue, even for another few more weeks, it is going to take a much longer time for the oil market to rebalance and stabilize," he said.

India has reportedly turned down an offer from Russia to supply liquefied natural gas (LNG) that falls under US sanctions, even as energy supply concerns grow due to tensions in the Middle East, according to Reuters citing two sources familiar with the matter. The decision has reportedly left an LNG tanker en route to India without clear confirmation on its cargo, while discussions continue over acceptable shipments.

The move reflects India’s effort to balance its need to secure energy imports as the world’s third-largest oil importer and consumer with the risk of engaging in LNG transactions subject to US sanctions, which are more difficult to route discreetly and carry higher regulatory and compliance risks, the report noted. It also highlights the challenges Russia faces in redirecting its LNG exports to alternative markets amid Western restrictions.

India has 60 days of crude oil, natural gas, the central government said on Monday as Defence Minister Rajnath Singh chaired 5th Informal Group of Ministers (IGoM) meeting to review energy supply amid Middle East war.

Pakistan PM Shehbaz Sharif on Monday extended Pakistan’s nationwide austerity campaign until June 13, citing continued uncertainty after the United States and Iran failed to reach an agreement to end the conflict in West Asia despite a fragile ceasefire, as per PTI.

The Pakistani government had originally introduced a series of cost-cutting measures on March 9 after energy supplies were disrupted following military strikes launched by the United States and Israel against Iran on February 28.

Global stock markets traded mixed on Monday after Wall Street closed at fresh record highs, while oil prices climbed more than 2% after US President Donald Trump rejected Tehran’s response to Washington’s latest proposal aimed at ending the conflict in Iran, as per PTI.

US stock futures were little changed, slipping by less than 0.1%.

In early European trading, FTSE 100 rose 0.2% to 10,253.99. DAX edged down less than 0.1% to 24,328.17, while CAC 40 declined 0.8% to 8,049.31.

In Asia, Nikkei 225 fell 0.5% to 62,417.88 after briefly touching a new intraday record above 63,300. Shares of SoftBank Group, one of Japan’s largest listed firms, dropped more than 6%.

A tanker carrying liquefied natural gas (LNG) from Qatar appeared to turn away from the Strait of Hormuz after initially heading toward the passage, highlighting ongoing uncertainty over energy shipments in the region.

The vessel, Mihzem, has altered course and is now moving away from Hormuz, although ship-tracking data compiled by Bloomberg still lists Pakistan as its intended destination.

Earlier on Monday, the tanker, which loaded cargo from Ras Laffan Industrial City in late February, had approached an area of the strait that Iran says falls under its control, following negotiations between Tehran and Islamabad over transit arrangements.

Jewellery stocks came under heavy selling pressure on Monday, with Kalyan Jewellers falling more than 9%, after Prime Minister Narendra Modi urged citizens to postpone buying gold and undertaking foreign travel for one year to help conserve foreign exchange amid the West Asia crisis, as per PTI.

Analysts said the appeal could dampen discretionary spending in the near term, particularly demand for jewellery, and weigh on sentiment across bullion traders and jewellery-related businesses.

An oil slick is spreading near Kharg Island, one of Iran’s most important crude export terminals, according to a report by The New York Times citing satellite imagery.

The cause of the spill, located off the island’s western coast, was not immediately known. Analysis by Orbital EOS, which tracks marine oil spills, estimated that the slick covers more than 52 square kilometres (20 square miles).

China has strongly criticised US sanctions on three China-based companies accused by Washington of supporting Iran’s military activities, describing the measures as illegal and unilateral, reported Al Jazeera.

"We have always required Chinese enterprises to conduct business in accordance with laws and regulations, and will firmly safeguard the legitimate rights and interests of Chinese enterprises,” spokesperson Guo Jiakun said.

“The pressing priority is to prevent by all means a relapse in fighting, rather than using the war to maliciously associate and smear other countries.”

Iran’s Foreign Ministry said on Monday that Tehran’s response to the latest US proposal included calls for an end to the conflict across the region and the unfreezing of Iranian assets held abroad. "We did not demand any concessions. The only thing we demanded was Iran's legitimate rights," said ministry spokesman Esmaeil Baqaei in a weekly press briefing, as per AFP.

Turkish Foreign Minister Hakan Fidan will travel to Qatar on Tuesday for discussions focused on the war involving Iran, its repercussions for Gulf countries, and efforts to safeguard navigation through the Strait of Hormuz, a Turkish diplomatic source said on Monday, reported Reuters.

Turkey, a member of NATO and a neighbor of Iran, has maintained close communication with the United States, Iran, and Pakistan, which is acting as a mediator, since the outbreak of the US-Israeli conflict with Iran. Ankara has called for an immediate end to the fighting, condemned attacks on Iran, and described Tehran’s retaliatory strikes on Gulf states as unacceptable.

Iran's economy, already weakened by decades of sanctions and mismanagement, is haemorrhaging jobs at an accelerating pace as companies across the country's industrial and technology sectors shed workers in the wake of the US-Israel-Iran war and a prolonged government-imposed internet shutdown.

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