Updated on: May 22, 2026 7:33:02 AM IST
US-Iran war LIVE: Pictures of Ahmdreza and Javad, two students from Minab School who were killed by a strike on February 28, are displayed in Minab, Iran, May 21, 2026.
US-Iran war LIVE: The United States and Iran are engaged in indirect talks aimed at developing a framework for a possible agreement, Iran’s ISNA News Agency reported. According to the report, the two sides are currently exchanging messages and draft texts. An Iranian official earlier told Al Jazeera that negotiators were “very close” to reaching an understanding.
The report also said that intensive mediation efforts are underway, with Mohsin Naqvi currently in Iran to discuss the status of the Strait of Hormuz.
However, Al Jazeera noted that it is still too early to determine whether a final agreement is within reach.
The talks come at a critical juncture as the US has coughed up much of its advanced missile defence interceptors’ inventory after burning the candle at both ends for defending Israel using munitions as compared to Israel itself in its war with Iran, The Washington Post has learnt.
Oil prices rise
Oil prices climbed on Friday as investors doubted the prospects of a breakthrough in US-Iran peace talks, with the two sides still at loggerheads on Tehran’s uranium stockpile and controls on the Strait of Hormuz. The market, however, remained headed for a weekly loss.
A senior Iranian source told Reuters no deal has been reached with the US but the gaps have narrowed, while US Secretary of State Marco Rubio said there had been “some good signs” in talks but any toll system in the strait would be unacceptable.
Brent crude futures rose $2.38, or 2.3%, to $104.96 a barrel by 0034 GMT, and US West Texas Intermediate futures were up $1.73, or 1.8%, at $98.08.
Both benchmarks declined about 2% on Thursday to their lowest closes in nearly two weeks.
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The report also said that intensive mediation efforts are underway, with Mohsin Naqvi currently in Iran to discuss the status of the Strait of Hormuz.
However, Al Jazeera noted that it is still too early to determine whether a final agreement is within reach.
The talks come at a critical juncture as the US has coughed up much of its advanced missile defence interceptors’ inventory after burning the candle at both ends for defending Israel using munitions as compared to Israel itself in its war with Iran, The Washington Post has learnt.
Oil prices rise
Oil prices climbed on Friday as investors doubted the prospects of a breakthrough in US-Iran peace talks, with the two sides still at loggerheads on Tehran’s uranium stockpile and controls on the Strait of Hormuz. The market, however, remained headed for a weekly loss.
A senior Iranian source told Reuters no deal has been reached with the US but the gaps have narrowed, while US Secretary of State Marco Rubio said there had been “some good signs” in talks but any toll system in the strait would be unacceptable.
Brent crude futures rose $2.38, or 2.3%, to $104.96 a barrel by 0034 GMT, and US West Texas Intermediate futures were up $1.73, or 1.8%, at $98.08.
Both benchmarks declined about 2% on Thursday to their lowest closes in nearly two weeks.
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May 22, 2026 7:33:01 AM IST
US-Iran war LIVE: Stocks rise, dollar at six-week high as focus remains on US-Iran talks
Asian stocks rose on Friday while the US dollar sat near six- week highs and oil prices were whipsawed as investors held on to hopes of a breakthrough in US-Iran peace talks although both sides remained at odds over key issues.
The worry for investors remains the near closure of the Strait of Hormuz, a critical artery for the world’s energy supplies, that has sent oil prices soaring and rewired the global interest rate outlook because of inflationary concerns.
US Secretary of State Marco Rubio said there had been “some good signs” in talks to end the nearly three month old war in the Middle East but differences remain over Tehran’s uranium stockpile and controls over the waterway.
In stock markets, MSCI’s broadest index of Asia-Pacific shares outside Japan was 0.3% higher, set for a modest weekly rise. Japan’s Nikkei gained 2%.
US stocks futures rose 0.2% and European futures gained 0.8%.
May 22, 2026 7:25:06 AM IST
US-Iran war LIVE: Australia shares extend gains on West Asia peace hopes
Australian shares extended their gains into a second straight session on Friday, with most sectors trading in positive territory, as hopes for progress in a potential US-Iran peace deal improved investor optimism.
The S&P/ASX 200 index rose 0.5% to 8,666.10 as of 0028 GMT. The benchmark advanced 1.5% on Thursday.
It is on track to eke out a 0.2% weekly gain, capping a week marked by developments in West Asia and the domestic economy. Investors hinged their hopes on a possible ceasefire between the US and Iran.
US Secretary of State Marco Rubio said there had been “some good signs” in talks with Iran, although Tehran’s uranium stockpile and control over the Strait of Hormuz remained sticking points and added to uncertainty.
May 22, 2026 7:22:22 AM IST
US-Iran war LIVE: US pauses $14 billion Taiwan arms sale to preserve munitions stockpiles for Iran conflict
The United States has paused a proposed $14 billion arms sale to Taiwan amid concerns over munitions requirements linked to the ongoing conflict with Iran, according to a report by The Hill.
Speaking during a Senate Appropriations Defense Subcommittee hearing on Thursday, Acting Navy Secretary Hung Cao said the pause was aimed at ensuring the US military maintained adequate stockpiles for “Operation Epic Fury”.
“Right now we’re doing a pause in order to make sure we have the munitions we need for Epic Fury — which we have plenty,” Cao told Senator Mitch McConnell, according to The Hill. “We’re just making sure we have everything, but then the foreign military sales will continue when the administration deems necessary.”
When McConnell asked whether the sale would eventually go ahead, Cao said the decision would rest with War Secretary Pete Hegseth and Secretary of State Marco Rubio.
“Yeah, that’s what’s really distressing,” McConnell replied.
Cao’s remarks appeared to differ from comments made earlier by US President Donald Trump, who suggested the arms sale could be used as a ‘bargaining chip’ in negotiations with China.
“I haven’t approved it yet. We’re going to see what happens,” Trump told Fox News, as cited by The Hill. “I may do it; I may not do it.”
May 22, 2026 7:18:22 AM IST
US-Iran war LIVE: Iraq mobilises search and rescue teams to monitor missing Gulf vessels
The Iraqi News Agency (INA) reported that the General Company for Ports of Iraq has mobilised its maritime control and search and rescue teams to track two missing Bolivian-flagged vessels, Bridge 1 and Bridge 2.
According to a company statement, security authorities from several ports across the Gulf basin, along with the ships’ owners, contacted Iraqi officials requesting any available information after losing communication with the vessels.
The state-owned company confirmed that neither ship has entered Iraqi territorial waters, and its maritime departments have not received any distress signals from either crew.
While the port authority currently has no data on the location of the ships, it emphasised that satellite tracking operations are ongoing in close coordination with regional search and rescue administrations.
May 22, 2026 7:16:33 AM IST
US-Iran war LIVE: Iran has destroyed roughly $1 billion worth of US Reaper drones
US-Iran war LIVE: Iran has reportedly destroyed more than two dozen MQ-9 Reaper drones operated by US forces since the war began on February 28, a significant loss worth nearly $1 billion that represents 20 per cent of the Pentagon’s pre-war inventory for the hard-to-replace unmanned system.
May 22, 2026 7:11:13 AM IST
US-Iran war LIVE: US says no change in position on sanctions against UN’s Francesca Albanese
The US has denied that the cancellation of sanctions against Francesca Albanese, the United Nations special rapporteur for the occupied Palestinian territory, constitutes a change in government policy.
On Thursday, the US Department of State clarified that the administration of President Donald Trump only removed Albanese from a sanctions list due to a recent court ruling.
“The Government has appealed the court’s order,” the State Department added in its statement, before reaffirming its intention to return Albanese to the list of Specially Designated Nationals (SDNs) due to her work on Palestine.
