Updated on: Apr 23, 2026 7:54:24 AM IST
Donald Trump and Mojtaba Khamenei earlier announced a pause in fighting for two weeks.
US Iran war LIVE updates: The United States and Iran are in a continued stalemate. Despite an active ceasefire, diplomatic progress has stalled. This has, in turn, impacted global energy markets and international mediation efforts. On Thursday, John Phelan stepped down as US Navy secretary with immediate effect, the Pentagon confirmed. He was reportedly ousted for clashing with senior officials about the war on Iran. Hung Cao will serve as acting Navy secretary.
Strait of Hormuz tensions
The primary point of friction is the Strait of Hormuz, a critical route for global oil shipments. The US maintains a naval blockade in the area; Iran refuses to reopen the shipping lane until it is lifted.
Oil prices rose by approximately 4% this Thursday due to the supply risk.
US-Iran truce
US President Donald Trump has said the truce will continue indefinitely as Washington awaits a new proposal from Tehran. US vice president JD Vance also cancelled a planned visit to Pakistan, which has been mediating between the two sides.
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Strait of Hormuz tensions
The primary point of friction is the Strait of Hormuz, a critical route for global oil shipments. The US maintains a naval blockade in the area; Iran refuses to reopen the shipping lane until it is lifted.
Oil prices rose by approximately 4% this Thursday due to the supply risk.
US-Iran truce
US President Donald Trump has said the truce will continue indefinitely as Washington awaits a new proposal from Tehran. US vice president JD Vance also cancelled a planned visit to Pakistan, which has been mediating between the two sides.
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Apr 23, 2026 7:28:19 AM IST
US Iran LIVE updates: John Phelan quits as US Navy secretary
US Iran LIVE updates: US Navy secretary John Phelan has stepped down from his post with immediate effect, the Pentagon confirmed on Thursday. He was ousted from his post after clashing with senior Pentagon leaders, including Pete Hegseth, over key issues such as efforts to revive US shipbuilding under Donald Trump’s administration, Bloomberg reported.
Defence Department spokesperson Sean Parnell said the administration “wishes him well.” Hung Cao will take over as acting Navy Secretary.
Apr 23, 2026 7:26:29 AM IST
US Iran LIVE updates: Markets jittery, Oil stays above $100
US Iran LIVE updates: Asian stock markets began the day with high volatility as investors weighed US-Iran tensions against strong corporate performance.
While oil prices briefly topped $100 per barrel due to the Strait of Hormuz closure, high profits from major firms and heavy demand for AI technology helped prevent a deeper market sell-off.
Investors are currently focused on whether peace talks will restart, as a long-term standoff could increase inflation and weaken global economic growth. (Bloomberg)
