Middle East War

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Iran war

Oil surged above $126 per barrel earlier today, its highest price in four years, as President Trump lays the groundwork for an extended naval blockade of Iranian ports. Meanwhile, the cost of the war in Iran continues to climb. A senior Pentagon official told lawmakers Wednesday the US has spent roughly $25 billion on the war since it began in late February. But sources tell CNN that's a lowball figure that does not include the cost of repairing extensive damage suffered by US bases in the region. Read more.

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🇮🇷 Diplomacy gets another chance

Iran has delivered its response to the latest U.S. changes on a draft peace plan, Axios' Barak Ravid reports.

• It's a signal that diplomacy is not entirely frozen, even as President Trump maintains a naval blockade and considers fresh strikes.

🚢 Iran sent the U.S. a proposal last weekend to reopen the Strait of Hormuz and end the war, while postponing nuclear talks.

• On Monday, White House envoy Steve Witkoff sent amendments that reinserted the nuclear issue, according to a source with knowledge.
• Among those changes: A demand that Iran commit to not moving enriched uranium out of its bombed nuclear facilities or restart activity at those sites while negotiations continue.

🪖 Behind the scenes: Trump huddled on Iran with his top national security team for about 45 minutes yesterday afternoon.

• Top military officials briefed Trump and his team on plans for more possible military action. Go deeper.

🏛️ NEW: Trump notified Congress today that the hostilities initiated against Iran on Feb. 28 have been "terminated," though he did not rule out future military action, Axios' Hans Nichols reports.

• He's effectively resetting the clock on the War Powers Act's 60-day deadline to seek congressional approval for military hostilities. Go deeper.