Here are the latest developments as of April 29:
- The chief financial official for the Pentagon told lawmakers that the estimated cost of the war with Iran is $25 billion so far.
- The US Defense Secretary Hegseth faced questioning from lawmakers for the first time since US President Donald Trump launched the war on Iran.
- US oil prices rose on Wednesday as Trump prepares to extend the US “blockade” of the Strait of Hormuz for months. White House officials said President Trump discussed with US oil companies a plan to potentially continue the US “blockade” of the Strait of Hormuz for months.
- Iranian state media warned of “unprecedented military action” if US seizures of Iranian-linked vessels continues.
- The White House said negotiators are continuing to engage with the Iranians, who are “struggling to sort out their leadership situation” amid the war.
- US President Donald Trump told his aides to prepare for an “extended” US Naval blockade of the Strait of Hormuz as the US looks to intensify economic pressure on Iran.
- The United Arab Emirates said it will leave OPEC from May 1, removing one of the group’s biggest producers.
- Brent crude has surged more than 50% above prewar levels. UAE output increases could ease prices later.
- As of Wednesday, April 29, 2026, Brent crude oil is trading at approximately $111.26 per barrel.
- An Iranian army spokesperson said the country remains in a “war situation.”
- Israel and Hezbollah are still exchanging fire despite ceasefire efforts.
- At least 3,375 people have been killed in Iran since the conflict began. More than 2,500 people have died in Lebanon, including 16 Israeli soldiers and six UN peacekeepers.
| Commodity | Last Price | Change ($) | Change (%) |
|---|---|---|---|
| Brent Crude | $111.26 | +$2.96 | +2.73% |
| WTI Crude | $99.65 | +$3.28 | +3.40% |
| Natural Gas | $2.68 | -$0.05 | -1.84% |
Iran, India FMs discuss ceasefire, regional developments in phone call
Abbas Araghchi and Subrahmanyam Jaishankar held a phone call to discuss the latest developments around the US-Iran ceasefire and regional issues. “Discussions and consultations were held on the latest developments related to the ceasefire, bilateral relations, and regional and international developments,” Iran’s foreign ministry said.
Trump rejects Iran peace proposal, says will continue blockade
US President Donald Trump has rejected Iran’s peace proposal and will continue the US military blockade of its ports until Tehran agrees to a nuclear deal, according to Axios. “The blockade is somewhat more effective than the bombing… They are choking like a stuffed pig,” he said, adding “they can’t have a nuclear weapon,” after Iran proposed reopening Hormuz while delaying nuclear talks.
Hegseth says deadly Iran school strike ‘under investigation’
Pete Hegseth said the strike on an Iranian girls’ school that killed around 170 people was an “unfortunate situation” that “remains under investigation.” Asked about the cost, he said: “I wouldn’t tie a cost to that,” as probes suggest the attack may have resulted from outdated intelligence.
Iran says diplomacy only path forward, warns war ‘part of the problem’
Iran’s Deputy Foreign Minister Saeed Khatibzadeh said “war is not a solution. It is part of the problem,” urging a return to negotiations. He said all alternatives to diplomacy are “unattractive,” adding Iran has proposed talks on “equal terms and conditions” to end the conflict.
Hegseth accuses Congressman of ‘undermining’ US mission in Iran
Pete Hegseth criticised US Congressman John Garamendi after he called the Iran strategy a “quagmire.” “Statements like that are reckless to our troops… Who are you cheering for?” Hegseth said, adding such remarks “undermine the mission.”
Israeli strike wounds 11 in south Lebanon as toll rises despite ceasefire
Lebanon’s Health Ministry said at least 11 people were wounded in an Israeli air raid on Tayr Debba in the Tyre district. Since March 2, Israeli attacks have killed at least 2,534 people, wounded 7,863, and displaced more than 1.6 million, according to official figures.
Pentagon says Iran war cost hits $25 billion, mostly on munitions
Pentagon official Jules Hurst told lawmakers the war with Iran has cost about $25 billion so far, largely driven by spending on munitions. He said the figure also includes operational costs and replacing equipment, offering the latest public estimate of the conflict’s financial toll.
Hegseth says US must push Iran ‘to the table’ to give up nuclear programme
Pete Hegseth said US must “get them to the point where they’re at the table giving it up” when pressed on securing a new nuclear deal. He claimed past US and Israeli strikes “obliterated” Iran’s nuclear facilities but warned Tehran still has “nuclear ambitions” and a “conventional shield of thousands of missiles.”
Hegseth says US shifting to ‘war-time footing’, hits Democrats in budget defence
Pete Hegseth said Donald Trump aims to put the defence industrial base “back on a war-time footing,” adding he “very much welcomes” discussions on Iran. He repeated the US will not allow Iran to get a nuclear weapon and said negotiators are working on a deal, while accusing “Congressional Democrats” of “reckless, feckless and defeatist” rhetoric.
Hegseth faces lawmakers for first time since Iran war, backs $1.5tn budget
Pete Hegseth is facing questions from lawmakers for the first time since the US launched its war on Iran, with the hearing focused on the proposed defence budget. He said he “appreciates the opportunity” to testify in support of Donald Trump’s $1.5 trillion request for fiscal 2027, adding “the president’s budget request reflects the urgency of the moment.”
Oil prices jump 5% on fears of prolonged Hormuz blockade
Oil prices rose almost 5% on Wednesday, with the Brent contract hitting a one-month high, after a media report said that the US will extend its blockade of Iranian ports, likely prolonging Middle East supply disruptions.
Trump discussed with US oil companies a potential plan to continue Hormuz blockade: White House
White House officials say President Donald Trump has discussed with US oil companies a plan to potentially continue the US “blockade” of the Strait of Hormuz for months.
German chancellor says 'good relationship' with Trump
German Chancellor Friedrich Merz said he has a good relationship with US President Donald Trump after he said Iran’s leadership was “humiliating” the US at the negotiating table. “From my perspective, my personal relationship with the US president remains good. I simply had doubts from the start about what was begun with the war in Iran. That is why I have made that clear,” Merz said, according to Al Jazeera report.
Gold investment volumes fall by 5% amid Iran-US conflict
Gold investment volumes fell by 5% during the quarter, according to the World Gold Council, as the Middle East war forced some investors to liquidate holdings to raise cash.
Iran warns of 'unprecedented military action' if US seizures of Iranian-linked vessels continues
Iranian state media warned of "unprecedented military action" if US seizures of Iranian-linked vessels continues. Earlier, WSJ reported that US President Donald Trump instructed his aides to prepare for an "extended blockade" of the Strait of Hormuz. Brent crude oil prices are nearing $114/barrel.
Efforts for peace are underway: Pakistan PM Shehbaz Sharif
Pakistan’s PM Shehbaz Sharif said efforts to establish “peace in the Middle East… are still ongoing” as talks between the US and Iran seem to be at a standstill.
In a social media post by the PM’s office, Sharif said, “Due to our immense efforts, the ceasefire has been extended, which is still ongoing.
“Efforts for peace are still ongoing, and there will be no reduction in them.”
US Defense Secretary Pete Hegseth to face questioning from lawmakers
Defense Secretary Pete Hegseth will face questioning from lawmakers on Wednesday for the first time since the Donald Trump's administration launched the war against Iran, which Democrats have contested as a costly conflict of choice waged without congressional approval. The hearing before the House Armed Services Committee is being held to discuss the administration's 2027 military budget proposal, which would boost defense spending to a historic $1.5 trillion.
OPEC Fund launches $1.5 billion support package to countries economically-affected by war
The OPEC Fund has launched a $1.5 billion support package to help developing countries manage rising economic pressures linked to energy, commodity and trade disruption in the wake of the Iran war, reported Reuters.
White House says negotiators continue to engage with Iranians to 'sort out leadership situation'
The White House said that negotiators are continuing to engage with the Iranians, who are “struggling to sort out their leadership situation” amid the war.
In a statement to US media, spokesperson Anna Kelly said Trump would only enter into an agreement with Iran that “puts US national security first”.
“He has been clear that Iran can never possess a nuclear weapon,” Kelly said, according to Al Jazeera report.
5 killed in Israeli raid on Jebchit, southern Lebanon
At least five people were killed and 21 others injured in an Israeli raid on Jebchit, southern Lebanon, the country’s health ministry reported. Those wounded in the attack included four children and nine women, according to Al Jazeera report.
29 Indian seafarers repatriated from Gulf region in last 24 hours: Shipping Ministry
India has repatriated a total number of 2,929 seafarers so far with 29 Indian seafarers being repatriated in the last 24 hours, the Ministry of Ports, Shipping and Waterways said.
European Commission president warns 'impact of Iran conflict could last for years'
European Commission president Ursula von der Leyen has called for diplomacy to end the war on Iran, and warned the impact of the conflict could last for years, according to Al Jazeera report.
Iran rial hits record low against dollar amid US blockade
The Iranian rial has plummeted to a record low against the dollar, according to Times Of Israel report, as a US naval blockade of the country’s ports continues. On the black market, the rial is trading at around 1.8 million rials against the dollar, the Bonbast and AlanChand websites report.
Iran 'better get smart soon', says Trump
In a post on Truth Social, US President Donald Trump said, " Iran can’t get their act together. They don’t know how to sign a non-nuclear deal. They better get smart soon!"
International flights have resumed at Tehran's Imam Khomeini Airport after a 57-day suspension due to the US-Israel war on Iran, according to Al Jazeera report.
Major refinery in Saudi Arabia restarted in mid-April after Iran's attacks
French oil giant TotalEnergies announced that it had restarted its Satorp refinery in Saudi Arabia on April 14. It had initially been shuttered after sustaining damage during Iran's attacks.
“Following the events of April 8, which affected three units at the Satorp site and led to its shutdown as a safety precaution, the undamaged units were able to be restarted, and the refinery has been operating at a capacity of 230,000 b/d [barrels per day] since April 14,” the company said.
Superyacht linked to richest Russian man crosses Hormuz
A $500 million superyacht linked to Russia's richest billionaire Alexei Mordashov, who is also a close Putin ally, crossed the trait of Hormuz over the weekend, according to Reuters.
A source close to Mordashov quoted by Reuters, however, said, “Iran did not interfere with the movement of the yacht, as it is a civilian vessel of a friendly country conducting a peaceful transit. The American side also raised no questions regarding the yacht’s movement, as it did not call at Iranian ports and has no connection to Iran."
The 142-metre superyacht ‘Nord’ departed from Dubai on Friday night and arrived at Al Mouj Marina in Muscat, Oman, on Sunday morning, according to Marine Traffic data.
Although the Russian-flagged boat is formally owned by Mordashov, Nord’s records reveal was registered to a firm owned by the sanctioned billionaire’s wife in 2022, the BBC reported.
Japan-linked vessel passes through Hormuz
According to Japan's foreign ministry statement on X, a vessel related to the country crossed the Strait of Hormuz on Wednesday. It's now headed to Japan.
“The Government of Japan considers this passage of a Japan-related vessel as a positive development, including from the perspective of protection of Japanese nationals,” the foreign ministry said.
“Japan will continue to urge Iran to ensure free and safe passage through the Strait of Hormuz for all vessels, including those related to Japan."
Trump-King Charles meeting amid Iran crisis
During the state dinner at the White House, US President Donald Trump said that King Charles III agreed with him on never allowing Iran to have a nuclear weapon.
“We’re doing a little Middle East work right now,” Trump said, “and we’re doing very well.”
“We have militarily defeated that particular opponent, and we’re never going to let that opponent ever — Charles agrees with me even more than I do — we’re never going to let that opponent have a nuclear weapon.”
Oil prices rose again today, as the Strait of Hormuz closure continued to send shockwaves across global trade channels.
Brent crude, the global oil benchmark, has risen 2.3% to $113.8 a barrel, having settled at a four-week high. WTI, the US benchmark, is up 2.5% to $102.4 a barrel.
“Prices pushing back above $110… are a reflection of restricted circulation through the system’s most critical artery,” Stephen Innes, managing partner at SPI Asset Management wrote in a note.