U.S. and Iranian negotiators reached a tentative agreement Thursday to extend the ceasefire in the 3-month-old war by 60 days and start a new round of talks on Iran’s nuclear program.
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Even though a tentative agreement has been reached, no deal has been verified by Iran. Vice President JD Vance confirmed the tentative agreement but said on Thursday it was not clear if President Donald Trump would approve it.
“It’s hard to say exactly when or if the president’s going to sign,” Vance told reporters.
Oil prices rose on Thursday after U.S. officials confirmed to Fox News that Washington had carried out multiple defensive strikes in the region near the Strait of Hormuz, an operation described as aimed at maintaining a ceasefire.
Brent crude futures, the international benchmark tracked on Intercontinental Exchange Europe, climbed to about $96.20 per barrel, up roughly 1.27% following the announcement, according to data shared on CNBC.
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West Texas Intermediate (WTI) futures also gained 1.16%, rising to $90.64 per barrel from around $89.60 earlier in the session, according to data shared by the outlet.
A cargo ship remains anchored on May 16, 2026 in the Strait of Hormuz near Larak Island, Iran. (Photo by Majid Saeedi/Getty Images)
Here’s the latest from Friday:
US denies claim of plane shot down
6:22 a.m. ET: The United States Central Command (CENTCOM) has denied the claim that a plane was shot down by Iranian forces.
Iran’s state TV claimed Iranian forces shot down a U.S. aircraft near Bushehr. However in a social media post, CENTCOM said that it was false, no U.S. aircraft were shot down and that all air assets are accounted for.
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