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The Latest Breaking News from Iran

Exclusive: U.S. and Iran closing in on one-page memo to end war, officials say

Nothing has been agreed, but sources say this is the closest the parties have come to an agreement.

Axios

Proxies carrying out antisemitic attacks in UK could face 14 years in prison

Plans to be included in king’s speech will allow tougher action against proxies for foreign powers such as Iran

The Guardian - UK

Next updates its predicted cost of the Iran war to £47million

IN FULL

The Independent UK

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Iran's Revolutionary Guard says passage through Strait of Hormuz will be ensured

Earlier on Wednesday, Trump said the US would pause its mission to escort commercial ships through the Strait of Hormuz barely two days after it began doing so, citing a desire to reach a peace deal.

Euronews

Iran war could cause job losses in Britain, minister warns

Pat McFadden said the impact of the continued closure of the Strait of Hormuz could feed through to the UK labour market.

Evening Standard

European stocks rally, oil falls on hopes of US-Iran breakthrough

Some of Europe’s leading stock indices climbed more than 3% on Wednesday, while oil prices retreated as hopes for a diplomatic breakthrough in the Iran conflict boosted market sentiment.

Euronews

Iran war briefing: Trump pauses ‘Project Freedom’ after just two days

US president Donald Trump has announced he will pause his ‘Project Freedom’ plan to escort ships through the Strait of Hormuz, citing “great progress” toward a deal to end the war with Iran. Iranian president Masoud Pezeshkian said the US is pursuing “a policy of maximum pressure” while also expecting…

The Independent UK

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Oil and gas prices fall sharply, driven by hopes of strait of Hormuz reopening – as it happened

Iran’s Islamic Revolutionary Guard Corps navy has announced the strait of Hormuz could reopen following the end of ‘threats from aggressors’

The Guardian - UK

EU squares up Trump’s tariff threat

As tensions flare between Russia and Ukraine over competing ceasefires, and the Iran war shows no signs of ending, politicians in Brussels will spend Wednesday searching for a way to thrash out the final details of the EU-US trade agreement, lest they suffer more import levy threats from Trump.

Euronews

The Iran war's oil shock causes a plastic shortage in Asia, squeezing industries and prompting a 'Middle East plus one' rethink of supply chains

South Korea is probing firms suspected of hoarding syringes, which, alongside products like needles and gloves, are produced from petrochemicals.

Fortune

Next to hike prices overseas as it faces higher Iran war cost hit

The fashion and homewares chain increased its estimated cost of the Middle East conflict to £47 million from the £15 million guidance given in March.

Evening Standard

Retailer Next warns of clothing and homeware price hikes as costs increase due to Iran war

Brand increased its estimated cost of Middle East conflict to £47 million - up from predicted £15 million

The Independent UK

Starmer issues warning to Iran over antisemitic attacks

IN FULL

The Independent UK

Supermarkets warn food costs due to Iran war will keep soaring unless ministers take action

Higher food inflation not just down to Iran conflict, plead supermarkets

The Independent UK

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The Guardian - UK

Wednesday briefing: How Trump’s attempt to reopen to strait of Hormuz brought war closer again

In today’s newsletter: The brief US effort to steer trapped vessels through the waterway put the fragile ceasefire under strain

The Guardian - AU

Macron says ‘all parties must lift the blockades’ – as it happened

This blog is now closed

Euronews

Resilience amid ruins: Why markets are hitting record highs despite the Iran war

Global indices in the US, Japan and South Korea have reached all-time highs despite the economic fallout from the ongoing Iran war. Investors are clearly looking past immediate geopolitical risks but what is driving the rally?

Evening Standard

Local elections: 'Don't believe Polanski promises,' says Starmer as Labour and Greens battle over Inner London

Exclusive: The Prime Minister also blamed Iran for ‘proxy’ attacks on the capital’s Jewish communities

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The Independent UK

Local elections could hasten the exit of Britain's embattled prime minister

British voters are casting ballots in elections that could hasten the end of Prime Minister Keir Starmer’s troubled term

Euronews

Top Trump advisers urge China to leverage Iran ties to reopen Strait of Hormuz to global traffic

US Secretary of State Marco Rubio and Treasury Secretary Scott Bessent have both expressed a need for China to leverage its tight relations with Tehran to reopen the strategic Strait of Hormuz for “their own interests”.

The Independent UK

Oil prices fall as Trump pauses Project Freedom to seek final peace deal with Iran

Wall Street had already set records on Tuesday, with the S&P 500 rising 0.8 per cent to a new all-time high

The Guardian - UK

Totally grounded? How the jet fuel crisis could change our holidays – and world history

Jet fuel has doubled in price since the start of the war on Iran. How bad will the disruption get and could this accelerate the route to jet zero?

The Guardian - UK

Four in five Britons worried Iran war will make food more expensive, poll finds

Shoppers concerned about effect of Middle East conflict, as UK retailers say government running out of time to cut costs

Euronews

Trump renews feud with Pope Leo XIV days ahead of planned Marco Rubio visit to the Vatican

In an interview with US media outlets, Trump said Pope Leo XIV’s words are helping Iran and making the world “less safe”, slamming him for his stance which Trump perceives to mean indifference about Tehran acquiring nuclear weapons.

The Independent UK

Iran-US war latest: Trump’s pause on plan to escort ships through Strait of Hormuz follows backlash from allies, reports claim

Trump quickly announced the pause of ‘Project Freedom,’ citing ‘great progress’ with Iran towards a permanent peace deal

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