Oil prices higher

Trump says Iran ‘better get smart soon’ as talks deadlock sends oil prices higher

Mediators in Pakistan expect to receive a revised proposal from Iran in the next few days.

Nic Robertson 

Here's the latest

• Peace talks: US President Donald Trump has warned Iran “better get smart soon,” posting a mocked-up image of himself on his Truth Social platform holding a gun and referring to a “nonnuclear deal.” Pakistan expects to receive a revised proposal from Iran in the next few days, sources say.

• Defense hearing: US Defense Secretary Pete Hegseth and Joint Chiefs of Staff Chairman Gen. Dan Caine will face a congressional hearing later today focused on their department’s budget request amid the ongoing war. The White House wants to boost military spending to the highest point in modern history.

• Latest on economy: Oil and gas prices are rising again today amid ongoing concerns over the Strait of Hormuz, and Iran’s national currency has hit a record low against the US dollar. The UAE is quitting oil cartel OPEC, a move that could allow them to pump more oil yet prices remain above $110 a barrel.

• In Lebanon: Two people, including an off-duty soldier, have been killed in an Israeli strike on southern Lebanon, according to the Lebanese army. At least eight people were killed in Israeli attacks in Lebanon yesterday, according to state media and national authorities, despite a stated ceasefire.