trump
Republican senators seek clarity on $1.8bn settlement fund as Trump weighs its future
Republican senators are set to discuss the future of a controversial $1.8 billion settlement fund on Tuesday after the US Justice Department said it would follow a court order temporarily blocking the programme.
Several Republican lawmakers, who had already voiced concerns about the fund before Congress recessed two weeks ago, say they want clearer answers from the Trump administration. The fund was created as part of a settlement linked to President Donald Trump’s lawsuit against the IRS over the disclosure of his tax returns.
Critics within Trump’s own party worry that some of the money could be used to compensate individuals involved in the January 6, 2021 attack on the US Capitol. At the same time, Trump is reportedly reconsidering whether the fund should move ahead at all, according to a person familiar with the matter.
The dispute has also delayed a Senate bill that would provide three years of funding for immigration enforcement agencies, including Immigration and Customs Enforcement (ICE) and the Border Patrol. Republicans postponed action on the bill after Democrats threatened amendments aimed at eliminating or reducing the settlement fund.
Senate Majority Leader John Thune said Monday that it remains unclear whether the immigration funding package will advance this week.
The controversy began after Trump announced the settlement fund without prior consultation with lawmakers. The announcement came while Congress was already debating immigration funding legislation that included an additional $1 billion for White House security projects.
The move angered many Senate Republicans, who later removed the White House security funding from the bill and warned they would not support the legislation unless significant changes were made to the settlement plan.
Thune said he believes the administration should consider shutting down the fund on its own and indicated senators would decide their next steps after a Republican conference meeting on Tuesday.
Republican lawmakers said they need a stronger commitment from the administration before supporting any related legislation.
Senate Judiciary Committee Chairman Chuck Grassley said the president must clearly state that the fund will not be used in a way that could be politically motivated.
Senators Jim Lankford and Lisa Murkowski also said they want an explicit assurance that the programme will be fully withdrawn.
Meanwhile, John Kennedy warned that the immigration bill is unlikely to move forward without a resolution to the dispute.
The Justice Department said it would comply with a ruling by US District Judge Leonie Brinkema, who last week temporarily suspended the fund for two weeks and scheduled a hearing on June 12 to consider extending the pause.
Although the department said it strongly disagrees with the decision, senators from both sides of the debate insist they need more details about what the administration plans to do once the court order expires.
The issue has become one of the most contentious disputes among Senate Republicans in recent months. According to Texas Senator Ted Cruz, a recent closed-door meeting with Acting Attorney General Todd Blanche was among the most heated he has witnessed during his time in the Senate.
Republican lawmakers have discussed several options, including restricting who could receive payments, changing oversight of the fund, introducing judicial review of claims, or scrapping the programme entirely.
The debate comes amid broader political tensions within the Republican Party as Trump continues to challenge GOP lawmakers he considers insufficiently loyal, creating additional uncertainty over support for his legislative agenda in the narrowly divided Senate.
12 days ago
US strike on suspected drug-smuggling boat kills 3 in Pacific, death toll rises to 205
The U.S. military said it carried out another strike on a boat suspected of drug trafficking in the eastern Pacific Ocean on Saturday, killing three men in what was the fourth such operation this week. The latest attack has pushed the total death toll from the campaign to 205.
The U.S. Southern Command said the vessel was involved in drug-smuggling activities and was operated by a group designated as a terrorist organization. However, it did not provide any evidence to support the claim.
The strike is part of an ongoing military campaign targeting suspected drug-trafficking boats in the Caribbean Sea and eastern Pacific that has been underway for several months. Video released by the military showed a small boat at sea before it was struck and burst into flames.
According to U.S. officials, the latest operation followed similar strikes announced earlier this week on Tuesday, Wednesday and Friday. The campaign began in early September and has now resulted in 205 deaths.
The administration of U.S. President Donald Trump has described Latin American drug cartels as being in armed conflict with the United States, blaming them for the flow of illegal drugs into American communities.
The Southern Command said the latest strike was ordered by Francis L. Donovan, the top U.S. military commander overseeing operations in Latin America.
13 days ago
US launches fresh strikes on Iran as Trump says Tehran ‘running out of options
The United States carried out fresh “defensive” strikes against Iran on Wednesday, as President Donald Trump claimed Tehran is “running out of options” in ongoing negotiations and said upcoming midterm elections will not pressure him into a quick deal.
According to US officials, American forces intercepted and destroyed four Iranian one-way attack drones near the Strait of Hormuz, considering them a potential threat. The officials, who spoke on condition of anonymity, said US troops also targeted a drone control site in Bandar Abbas that was preparing to launch another drone.
The latest military actions came as Trump expressed confidence during a Cabinet meeting that progress is being made toward ending the nearly three-month-long conflict, although negotiations remain uncertain.
The president is aiming for an agreement that would reopen the strategically vital Strait of Hormuz and allow him to claim that Iran’s nuclear capabilities have been significantly reduced. Such an outcome could help him justify ending a war that has faced political criticism at home.
However, the proposed deal leaves several key issues unresolved and has drawn criticism, even from some of Trump’s Republican allies. Critics argue that Iran’s leadership could emerge from the conflict weakened but still empowered.
With midterm elections approaching and concerns growing over rising fuel prices and living costs, some Republicans worry about the political impact. But Trump dismissed suggestions that the elections would influence his decisions.
“They thought they could wait me out because of the midterms,” Trump said. “I don’t care about the midterms.”
He acknowledged that negotiations are still ongoing but remained optimistic. “They want a deal badly,” he said. “We’re not satisfied yet, but we will be or we’ll have to finish the job.”
Earlier this week, the Pentagon confirmed similar “defensive” strikes targeting Iranian missile sites and boats suspected of laying naval mines. The US has said it is acting cautiously due to a fragile ceasefire that has been in place for weeks.
Republican concerns over deal terms
Despite Trump’s optimism, differences remain between Washington and Tehran on several major issues. Senior Republican lawmakers, including Senators Roger Wicker, Lindsey Graham and Ted Cruz, have expressed concern that the deal may be too favorable to Iran.
Some critics say the proposed agreement resembles the nuclear deal negotiated under former President Barack Obama a deal Trump had previously withdrawn from.
Under the current proposal, Iran would give up its stockpile of highly enriched uranium in exchange for relief from economic sanctions. Officials say details on how the uranium would be handled are still under discussion, with options including dilution or transfer to a third country.
However, Trump said he would not be comfortable with Russia or China taking control of Iran’s uranium stockpile.
According to the International Atomic Energy Agency, Iran currently possesses about 440.9 kilograms of uranium enriched up to 60% purity, close to weapons-grade levels. Iran has not publicly agreed to surrender this material.
Uncertainty over Israel and Lebanon
Another unresolved issue is whether the ceasefire would include Israel’s ongoing military operations against Hezbollah in Lebanon. Iran has insisted that Lebanon be included in any agreement.
The US proposal appears to leave room for interpretation, supporting a broader ceasefire while also recognizing Israel’s right to defend itself against immediate threats.
Clashes between Israeli forces and Hezbollah fighters continue in southern Lebanon, with Israeli troops advancing further north.
Analysts warn that any sanctions relief could allow Iran to rebuild its military strength and support allied groups like Hezbollah and Hamas.
Push to expand Abraham Accords
Trump has also called for expanding the Abraham Accords — agreements aimed at normalizing relations between Israel and several Muslim-majority countries — to include nations such as Saudi Arabia, Kuwait, Qatar and Pakistan.
“We are strongly encouraging them to join,” Trump said.
However, experts say this goal may be difficult to achieve. Saudi Arabia, for example, has maintained that recognition of Israel depends on a clear path toward establishing a Palestinian state — something Israel currently opposes.
Trump raised the issue during recent talks with Middle Eastern leaders, though reactions reportedly varied. While some officials described the response as muted, others said certain allies showed interest in the proposal.
17 days ago
Trump convenes Cabinet as Iran war talks near uncertain conclusion
US President Donald Trump is set to meet his Cabinet on Wednesday at a critical point in ongoing efforts to end the conflict with Iran. This comes just days after he claimed that a settlement had been “largely negotiated,” even though discussions remain unsettled.
Ahead of the meeting, Trump has expressed confidence that a deal is close. He hopes the agreement will help reopen the Strait of Hormuz and allow him to argue that Iran’s nuclear capabilities have been reduced enough to declare success. The conflict has been politically unpopular among Republicans, adding pressure for a resolution.
However, there are concerns that any deal reached may fall short of expectations. Key issues have been left for later negotiations, and critics including some of Trump’s supporters fear Iran could emerge weakened but more determined.
The situation is becoming more sensitive as US midterm elections approach, with Republicans worried about rising fuel prices and growing public dissatisfaction.
Tensions increased further after US forces carried out what the Pentagon described as “defensive” strikes on missile sites and boats in southern Iran earlier this week. While Washington said the action was restrained, Iran criticized it as a sign of bad faith.
US Secretary of State Marco Rubio said negotiations on reopening the Strait of Hormuz and extending the ceasefire would take a few more days. He added that Trump would either secure a strong agreement or walk away without a deal.
Meanwhile, Trump complained on social media that even a full surrender by Iran might still be portrayed by the media as a victory for Tehran.
Concerns among allies
Despite Trump’s optimism, major differences remain between the US and Iran. Some Republican leaders, including Senators Roger Wicker, Lindsey Graham and Ted Cruz, have voiced concern that the proposed terms may favor Iran too much.
They argue that parts of the deal resemble the nuclear agreement reached under former President Barack Obama — a deal Trump had previously scrapped.
Under the proposed agreement, Iran would give up its stockpile of highly enriched uranium in exchange for relief from sanctions, according to officials familiar with the talks. However, details of how this would be done are still unclear and may be negotiated during a 60-day period.
The International Atomic Energy Agency estimates that Iran currently possesses a significant amount of uranium enriched close to weapons-grade levels, though Tehran has not publicly agreed to surrender it.
Trump recently suggested the uranium could be handed over to the US or destroyed under international supervision, signaling a softer stance compared to his earlier position.
Impact on regional tensions
Another unresolved issue is whether the ceasefire would include Israel’s ongoing operations against Hezbollah in Lebanon. Iran has insisted that Lebanon must be part of any broader agreement.
The US proposal appears to allow flexibility, supporting a ceasefire while also recognizing Israel’s right to defend itself against threats. Israeli Prime Minister Benjamin Netanyahu has indicated that military operations in Lebanon are continuing.
Analysts warn that any sanctions relief could allow Iran to rebuild its military strength and support allied groups like Hezbollah and Hamas.
Abraham Accords push faces hurdles
Trump has also suggested expanding the Abraham Accords — agreements aimed at normalizing relations between Israel and several countries — as part of a broader deal.
However, this proposal faces challenges. Key regional players like Saudi Arabia have said they would only consider such steps if there is clear progress toward establishing a Palestinian state, something Israel opposes.
Reports suggest that Trump’s proposal received a muted response from some Middle Eastern leaders, although opinions appear divided.
Despite concerns, US allies in the region continue to support efforts to end the conflict, seeing few alternatives to diplomacy.
18 days ago
Possible US-Iran deal takes shape as Trump claims progress in talks
Details of a possible agreement between the United States and Iran are beginning to emerge after US President Donald Trump said negotiations aimed at easing tensions in the Middle East have made major progress.
Trump said on Saturday that a deal had been “largely negotiated” following discussions with Israel and several key regional allies, including Saudi Arabia, the United Arab Emirates, Qatar, Pakistan, Turkey, Egypt, Jordan and Bahrain.
He said the final details of the agreement were still under discussion and would be announced soon.
However, US Secretary of State Marco Rubio urged caution, saying important progress had been made but the negotiations were not yet complete.
Speaking during a visit to India, Rubio said he hoped there would be positive developments within hours. He added that one of Trump’s key goals was to remove fears over Iran obtaining nuclear weapons.
According to two regional officials familiar with the talks, Iran has agreed not to pursue nuclear weapons and is prepared to give up its stockpile of highly enriched uranium as part of the proposed deal.
One official said negotiations are continuing over how Iran’s enriched uranium would be handled during a 60-day process. Some of the uranium could be diluted, while the rest may be transferred to another country, possibly Russia.
The International Atomic Energy Agency says Iran currently holds around 440 kilograms of uranium enriched up to 60 percent purity, close to weapons-grade level.
The draft agreement could also lead to the gradual reopening of the Strait of Hormuz alongside the lifting of US restrictions on Iranian ports, one official said.
Another official said the US may allow Iran to resume oil exports through sanctions waivers. Discussions on easing sanctions and releasing frozen Iranian funds are also expected during the 60-day negotiation period.
Officials said the proposed deal also includes efforts to end the conflict between Israel and Hezbollah and commitments by regional countries not to interfere in each other’s domestic affairs.
The negotiations come after months of tensions following US and Israeli attacks on Iran on Feb. 28, which killed senior Iranian officials and disrupted nuclear talks.
Iran later launched attacks on Israel and neighboring countries hosting US military forces, increasing fears across Gulf nations.
Although a ceasefire has been in place since April 7, concerns remain over Iran’s actions in the Strait of Hormuz, a critical route for global oil and gas shipments.
Meanwhile, Israeli leaders remain concerned about the threat posed by Hezbollah, the Iran-backed armed group based in Lebanon.
Israeli Prime Minister Benjamin Netanyahu reportedly told Trump that Israel would continue acting against security threats, including those linked to Lebanon.
According to an Israeli official, Trump insisted that any final agreement must require Iran to fully dismantle its nuclear programme and remove all enriched uranium from the country.
Israel’s Science and Technology Minister Gila Gamliel said the country was currently taking a “wait-and-see” approach regarding the negotiations.
Despite a US-brokered ceasefire between Israel and Hezbollah in Lebanon, clashes have continued, with both sides exchanging attacks.
Lebanese authorities say more than 3,000 people have been killed in the latest fighting, while Israel says several soldiers and civilians have also died in attacks linked to Hezbollah.
20 days ago
Greenland rejects negotiation on self-determination after meeting Trump envoy
Greenland’s Prime Minister Jens-Frederik Nielsen has said he held a “respectful and positive” meeting with a special envoy of US President Donald Trump, but made it clear that the island’s right to self-determination is non-negotiable.
Nielsen said the Greenlandic people continue to firmly reject any idea of external control over the territory, which is a semiautonomous part of NATO member Denmark. He noted that while discussions with US officials were cordial, Greenland’s political status is not open for negotiation.
“The Greenlandic people are not for sale. Greenlandic self-determination is not something that can be negotiated,” he was quoted as saying by Danish broadcaster TV 2 after meeting Louisiana Governor Jeff Landry, Trump’s special envoy to the Arctic territory.
At the same time, Nielsen stressed that Greenland seeks constructive cooperation with the United States. He described the meeting as a courtesy call held in a positive atmosphere with mutual respect.
According to Danish public broadcaster DR, Landry said on arrival in Greenland that Trump had instructed him to “go over there and make as many friends as we can get.”
Greenland’s Foreign Minister Mute B. Egede said a joint working group involving the United States, Greenland, and Denmark is continuing discussions aimed at addressing repeated US interest in gaining control over the island. Trump has previously suggested that rival powers such as Russia or China could move to take strategic advantage of Greenland, a claim widely rejected by regional experts.
Egede said Greenland has not created obstacles to cooperation with Washington. He added that progress depends on the outcome of the working group, which he said now appears “more promising” than before.
Meanwhile, US Ambassador to Denmark Ken Howery, who is part of the visiting delegation, is expected to open new US consulate offices in Nuuk and attend a business fair along with Landry in the coming days, according to local media reports.
26 days ago
Stocks slip, oil prices jump as Trump warns Iran over stalled talks
Asian stock markets mostly fell on Monday while oil prices surged after US President Donald Trump warned that “the clock is ticking” for Iran as efforts to reach a lasting agreement to end the conflict remain stalled.
US stock futures also moved lower, with major indexes losing more than 0.6 percent.
Japan and South Korea pulled back further after recent record highs.
Japan’s Nikkei 225 dropped 0.9 percent to 60,843.09, led by losses in technology shares. The index had touched a record intraday high above 63,000 last week.
The yield on Japan’s 10-year government bond rose to 2.8 percent, its highest level since the late 1990s, as the Bank of Japan gradually raises interest rates and higher energy prices fuel inflation concerns.
In South Korea, the Kospi gained 0.9 percent to 7,558.50 after recovering from earlier losses. The index had crossed 8,000 on Friday, driven by strong demand for technology stocks linked to the artificial intelligence boom, before easing on profit-taking.
Hong Kong’s Hang Seng Index fell 1.6 percent to 25,543.32, while China’s Shanghai Composite slipped 0.1 percent to 4,132.24 after weaker-than-expected retail sales data for April.
Australia’s S&P/ASX 200 lost 1.4 percent to 8,508.40. Taiwan’s Taiex declined 1.1 percent, and India’s Sensex was down 0.6 percent.
Oil prices climbed sharply after Trump said in a social media post that Iran should act quickly or “there won’t be anything left of them,” following a phone call with Israeli Prime Minister Benjamin Netanyahu.
Investors remain cautious because of uncertainty over the Strait of Hormuz, a key route for global oil and gas shipments. The waterway remains largely closed, while the US has maintained a maritime blockade on Iranian ports since last month.
Tensions increased further after a weekend drone attack on a nuclear power plant in the United Arab Emirates.
Brent crude, the international benchmark, rose 1.9 percent to $111.31 per barrel. US benchmark crude gained 2.3 percent to $107.83 per barrel. Oil had been trading near $70 a barrel in late February before the conflict began.
Analysts at ING Group said the risk of renewed escalation is increasing, despite some improvement in shipping activity around the Strait of Hormuz.
The oil market is also reacting to the lack of progress following last week’s summit in Beijing between Trump and Chinese President Xi Jinping.
The White House said both countries agreed that the Strait of Hormuz must remain open. Washington had hoped Beijing could use its close economic ties with Tehran to help broker a peace deal.
In the bond market, the yield on the US 10-year Treasury note rose to about 4.63 percent, up from 4.47 percent last Thursday and nearly 4 percent before the conflict began.
On Friday, the benchmark S&P 500 fell 1.2 percent from the record high it set a day earlier. The Dow Jones Industrial Average dropped 1.1 percent, while the Nasdaq Composite lost 1.5 percent.
In currency trading, the US dollar rose to 159.02 Japanese yen from 158.62 yen. The euro edged up to $1.1626 from $1.1622.
27 days ago
Pope Leo XIV’s first year shaped by unity efforts, tensions with Trump
Pope Leo XIV spent much of his first year as pope trying to present himself as a calm pastor focused on unity and peace, but repeated public disagreements with US President Donald Trump often pulled him into global political debates.
As Leo marked the first anniversary of his election on Friday, the Vatican was also working to ease tensions with Washington following months of exchanges between the pope and Trump over issues including war, peace and international conflicts.
On the eve of the anniversary, Leo met US Secretary of State Marco Rubio at the Vatican in what was seen as an effort to improve relations between the United States and the Holy See.
Although both sides later highlighted strong diplomatic ties, the public disagreements pushed the first American pope into a more political spotlight than he appeared comfortable with.
Earlier this week, Leo responded sharply after Trump reportedly misrepresented his comments, saying: “If someone wants to criticize me for announcing the Gospel, let him do it with the truth.”
Despite the occasional strong response, Leo has largely developed a reputation as a soft-spoken and reserved church leader focused on pastoral work rather than confrontation.
The former Robert Prevost, a 70-year-old missionary priest from Chicago, is known for his calm personality, interest in tennis and deep knowledge of the teachings of St. Augustine.
Unlike his predecessor Pope Francis, whose 12-year papacy often sparked debate and tension, Leo has focused on reducing divisions within the Catholic Church and promoting harmony.
Church leaders say he has helped calm tensions between conservative and progressive groups at a time when social media has deepened divisions among Catholics.
Cardinal Wilton Gregory said Leo’s biggest challenge is maintaining unity within the church in an increasingly polarized world.
“He has to call us to our better angels,” Gregory said.
During a recent visit to Africa, Leo tried to avoid escalating the public dispute with Trump, saying his main role was to serve as a pastor and encourage Catholics, not engage in political arguments.
The election of an American pope remains historic for many Catholics, as previous church traditions generally avoided choosing a pope from the world’s most powerful political country.
Observers say Leo’s American background has also helped many US Catholics connect more closely with the Vatican.
Kerry Alys Robinson said hearing the pope speak directly in English without translation has strengthened his message among American Catholics.
Some Catholic groups in the United States also say donations and support for church projects have increased since Leo became pope.
Ward Fitzgerald said an English-speaking pope has made church messages more relatable, especially for young people and donors.
Last week, members of The Papal Foundation attended a Mass at St. Peter’s Basilica led by Cardinal Timothy Dolan, who compared Leo to St. Joseph for his quiet and focused leadership style.
Dolan described Leo as a humble and mission-driven leader who remains attentive to God’s plan despite growing global attention.
1 month ago
EU faces higher US tariffs if trade deal not cleared by July 4: Trump
President Donald Trump said in a Thursday social media post that goods from the European Union would face higher tariff rates if the 27-member bloc fails to approve last year’s trade framework by July 4.
The announcement appeared to be a deadline extension after the president said last Friday that EU autos would face a higher 25% tariff starting this week. Trump made the updated announcement after what he described as a “great call” with European Commission President Ursula von der Leyen.
Still, the U.S. president was displeased that the European Parliament had yet to finalize the trade arrangement reached last year, which was further complicated in February by the U.S. Supreme Court ruling that Trump lacked the legal authority to declare an economic emergency to impose the initial tariffs used to pressure the EU into talks.
“A promise was made that the EU would deliver their side of the Deal and, as per Agreement, cut their Tariffs to ZERO!” Trump posted. “I agreed to give her until our Country’s 250th Birthday or, unfortunately, their Tariffs would immediately jump to much higher levels.”
It was unclear from the post whether Trump was implying that the tariff rates would jump on all EU goods or the increase would only apply to autos.
His latest statement indicates he might be backing away from his earlier threat on EU autos by giving the European Parliament several more weeks to approve the agreement.
1 month ago
Iran reviews latest US proposal as Trump pushes for deal to end conflict
Iran said Thursday it is examining a new US proposal aimed at ending the ongoing conflict, while US President Donald Trump warned Tehran of renewed military strikes if an agreement is not reached, including the reopening of the strategically important Strait of Hormuz.
Global markets reacted positively to hopes that the two-month war could soon come to an end, despite heightened tensions after the US military targeted an Iranian oil tanker accused of attempting to violate Washington’s blockade on Iranian ports.
Trump said in a social media post that oil and gas shipments disrupted by the conflict could resume if Iran agrees to a proposed deal, though he did not disclose details of the arrangement.
“If they don’t agree, the bombing starts,” Trump warned.
A fragile ceasefire between the US and Iran has mostly remained in place since April 8. However, direct talks hosted by Pakistan last month failed to produce a breakthrough. The conflict began on Feb. 28 after the US and Israel launched strikes on Iran.
Pakistan Hopeful About AgreementPakistan expressed optimism that negotiations could soon yield results.
“We expect an agreement sooner rather than later,” Pakistani Foreign Ministry spokesperson Tahir Andrabi said Thursday, adding that Islamabad hopes for a peaceful and lasting resolution benefiting both the region and global stability.
He declined to provide details or a timeline regarding the diplomatic process.
Conflicting Signals from WashingtonThe Trump administration’s messaging throughout the conflict has frequently shifted, especially regarding efforts to reopen the Strait of Hormuz and bring the war to a close.
Iran has effectively blocked the vital shipping route, disrupting the movement of oil, gas and petroleum products, while the US continues to enforce restrictions on Iranian ports.
US Central Command said Wednesday that an American fighter jet disabled the rudder of an Iranian oil tanker in the Gulf of Oman after it allegedly attempted to breach the blockade.
Trump Warns of Further Military ActionTrump insisted Iranian officials are eager to negotiate but warned that the US is prepared to escalate military action if talks fail.
“We’re dealing with people that want to make a deal very much,” Trump said.
According to Axios, the White House is nearing a preliminary one-page agreement with Tehran that could include limits on Iran’s uranium enrichment, easing US sanctions, release of frozen Iranian assets and reopening of the Strait of Hormuz.
The White House has not officially commented on the report.
Iranian Foreign Ministry spokesman Esmaeil Baghaei told state television that Tehran strongly opposed the proposal outlined by Axios but confirmed Iran is still reviewing the latest American offer.
Hormuz Crisis Continues to Disrupt Global TradeTrump recently suspended “Project Freedom,” a short-lived US operation aimed at securing safe passage for commercial vessels through the Strait of Hormuz.
Only two US-flagged merchant ships reportedly used the guarded route after it opened earlier this week. The US military also said it destroyed six Iranian boats it claimed threatened civilian shipping.
The closure of the strait has caused sharp increases in fuel prices and intensified pressure on the global economy, particularly for countries dependent on Gulf energy supplies, including China.
Shipping giant Hapag-Lloyd said the disruption is costing the company around $60 million per week due to higher fuel and insurance expenses.
Brent crude prices stabilized near $100 per barrel on Thursday amid uncertainty over whether the waterway would reopen.
Meanwhile, French President Emmanuel Macron said France’s aircraft carrier strike group is moving toward the Red Sea in preparation for a possible joint French-British mission to restore maritime security in the Strait of Hormuz.
China Calls for CeasefireChinese Foreign Minister Wang Yi called for a comprehensive ceasefire during talks in Beijing with Iranian Foreign Minister Abbas Araghchi on Wednesday.
Wang said China was deeply concerned by the conflict, while the Trump administration has urged Beijing to use its close relationship with Tehran to help reopen the strategic waterway.
Araghchi’s visit to China comes ahead of Trump’s planned trip to Beijing next week for a summit with Chinese President Xi Jinping.
The Iranian minister said discussions covered the Strait of Hormuz, Iran’s nuclear activities and sanctions imposed by Washington.
Trump continues to demand major restrictions on Iran’s nuclear program.
1 month ago