US, Iran and regional mediators are discussing a two-phase plan: an immediate ceasefire, then broader talks aimed at ending the war permanently.
US-Israeli strikes and Iranian retaliation caused heavy casualties, including children near Tehran, deaths in Lebanon, and damage in Israel.
The Strait of Hormuz remains central. Iran resists reopening it in a temporary truce, raising fears for global oil, shipping and trade flows.
Energy and consumer prices are rising worldwide as fuel supply chains face disruption. Governments are scrambling to secure imports and calm markets.
Trump’s threats drew sharp backlash from Iranian embassies, while concerns grow that attacks on infrastructure could trigger wider regional escalation.