Washington: President Donald Trump insists a peace deal is close on the 88th day of the Iran war, but Tehran on Tuesday, May 26, denounced US airstrikes as a sign of “bad faith and unreliability” as negotiations continue. Meanwhile, state media in Lebanon reports that Israel has killed 12 more people in another strike. Iran has demanded that any deal must include an end to hostilities in Lebanon and Gaza.
Internet shutdown eased
Iranian authorities eased a month-long internet shutdown that they cast as a wartime necessity, but that has cost the country’s economy an estimated USD 30 million to USD 40 million a day. Internet users reported that access was gradually being restored.
Strait of Hormuz closure squeezing fertiliser supply
Besides disrupting energy markets, the strait’s closure is also squeezing fertiliser supplies worldwide. The full impact might not become clear until harvests that are months away.
UN Food and Agriculture Organization Director-General Qu Dongyu, warned Tuesday at an event in Rome that “the decisions we make now will determine whether this remains a manageable shock or evolves into a deeper global food security crisis in 2026 and 2027 and beyond”.
The strait has become a powerful lever for Tehran in talks, joining the long-running issue of Iran’s nuclear program and its highly enriched uranium. Iran wants the US to lift its military blockade of Iranian ports that began on April 17.
“What we are witnessing today is not only a geopolitical crisis. It is a systemic shock” to the global agriculture and food system, Qu said Tuesday.
Trump turns 80 next month as more Americans express concerns
A Washington Post/ABC News/Ipsos poll in April found that less than half of US adults think Trump has the mental sharpness or physical health to serve effectively.
“I think concern for the president’s physical health is probably at an all-time high, and I think advanced physical age is the No. 1 concern,” said Dr Jeffrey Kuhlman, who served as a White House physician under Presidents Barack Obama, George W Bush and Bill Clinton.
Kuhlman said a complete physical would include advanced heart testing, screening for common cancers and a cognitive assessment. The White House has not disclosed what Trump’s checkups will entail.
“President Trump is the sharpest and most accessible President in American history who is working nonstop to solve problems and deliver on his promises, and he remains in excellent health,” White House spokesperson Davis Ingle said in a statement.
US stocks rise, oil falls after Trump said Iran talks are ‘nice’
The price for a barrel of US crude oil fell 3.8 per cent to USD 92.99 on Tuesday after resuming trading following the Memorial Day holiday, and US stocks were catching up to others around the world that climbed after Trump said Iran talks were “proceeding nicely.”
The S&P 500, Dow Jones Industrial Average and Nasdaq composite all rose Tuesday to near their all-time highs even though fighting continued in the Mideast and the US military said it struck Iranian missile launch sites and boats placing mines on Monday. Markets have rallied in the past on hopes for a coming end to the war with Iran, only to see the conflict drag on, causing painful inflation around the world.
US consumer confidence is dented as gas prices remain high
US consumer confidence declined slightly as gas prices remained at or above a national average of USD 4.50 a gallon in May and inflation remained elevated, a sharp contrast to soaring stock prices that have neared record levels.
The Conference Board’s consumer confidence index slipped 0.7 points to 93.1 in May, the first decline after three months of gains.
The index follows a separate gauge of consumer sentiment compiled by the University of Michigan, which fell to a record low this month. Spikes in gas prices as well as higher food costs have worsened inflation, which has outpaced the growth in average paychecks in recent months, reducing most Americans’ purchasing power.
Polls show Americans have soured on Trump’s economic policies, which could harm Republicans in this year’s elections.
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