US forces launch airstrikes targeting Iranian military assets

Updated: 7:05 PM PKT — May 26, 2026

Recent US military strikes targeting missile sites and mine-laying boats in southern Iran caused international benchmark Brent crude oil prices to jump by nearly three percent. China urged both parties to respect their ceasefire commitments, while Iran’s Revolutionary Guards claimed to have downed a US drone.

Diplomatic efforts are being complicated by new demands and regional escalations. US President Donald Trump has insisted that Iran must hand over its enriched uranium for destruction. Meanwhile, US Secretary of State Marco Rubio affirmed the Strait of Hormuz would remain open, as Israel’s vow to “crush” Hezbollah in Lebanon adds another layer of complexity to reaching a broader peace accord.

Updated: 4:24 PM PKT — May 26, 2026

While the US military conducted what it called defensive strikes in southern Iran, diplomatic efforts to de-escalate the conflict are underway in Doha. Iran’s top negotiator and foreign minister met with Qatar’s prime minister to discuss a potential deal with the United States. Discussions reportedly focused on reopening the Strait of Hormuz, Iran’s nuclear program, and the potential release of frozen Iranian funds.

US Secretary of State Marco Rubio stated that negotiating a deal could “take a few days,” while President Donald Trump said talks were progressing “nicely” but warned of new attacks if they fail. The ongoing conflict and diplomatic uncertainty have impacted global markets, causing a spike in oil prices.