US-Israel-Iran War News Live Updates: US widens crackdown on Iran’s 'shadow oil' network; issues warning to traders worldwide

US and Iranian negotiators have reportedly agreed on a 60-day memorandum of understanding aimed at extending the ceasefire and starting talks on Iran’s nuclear programme, according to Axios.

However, US President Donald Trump is yet to give final approval to the deal, Axios reported, citing two US officials and a regional source involved in the mediation efforts.

This comes as tensions in the Middle East intensified on Thursday after Iranian media reported fresh confrontations in and around the Strait of Hormuz, including warning shots fired at vessels and an alleged exchange of fire between US and Iranian forces near Bandar Abbas.

Iran’s semi-official Tasnim news agency reported that four vessels attempting to cross the Strait of Hormuz and enter the Persian Gulf were forced to turn back after allegedly failing to coordinate with Iranian authorities. According to an 'informed military source' cited by Tasnim, Iranian naval forces initially issued warnings before firing warning shots when the vessels ignored instructions.

In another development, Tasnim claimed that the Iranian Revolutionary Guard Corps navy fired on a US tanker that allegedly attempted to transit the strategic waterway with its radar system switched off. Iranian media further reported that US forces responded by firing at a 'scorched area' near Bandar Abbas, with explosions reportedly heard in the port city. Iranian authorities said there were no casualties or property damage.

The incidents came shortly after the United States Treasury Department added Iran’s Persian Gulf Strait Authority to its sanctions list. The body had been created by Tehran to manage transit requests through the Strait of Hormuz, one of the world’s most critical oil and gas chokepoints. The Trump administration said the move formed part of wider efforts to increase economic pressure on Iran during ongoing peace negotiations.

At a cabinet meeting, US President Donald Trump reiterated that the Strait of Hormuz would remain 'open to everybody', describing it as international waters. Trump also stressed that the United States would only agree to a 'great deal' with Tehran and warned that Washington could 'finish the job' if negotiations failed.

The latest developments underline the increasingly fragile state of the diplomatic process despite signals from both sides that they remain open to negotiations. The conflict, which began with US-Israeli strikes on Iran in late February, has already disrupted global energy markets and heightened fears of a broader regional war involving Lebanon and the Persian Gulf.

Meanwhile, Israel intensified operations in southern Lebanon, issuing fresh evacuation orders for residents south of the Zahrani River and warning of possible military action against Hezbollah targets. In Gaza, casualties continued to rise following fresh Israeli strikes.

Global markets remain highly sensitive to any disruption in the Strait of Hormuz, through which nearly one-fifth of the world’s oil supply normally passes. Oil prices rose again after reports of new military exchanges near the waterway, while concerns over inflation and global energy supplies continue to weigh on investors and governments worldwide.

Key developments:

• Iranian media claimed four vessels were forced to turn back after warning shots near the Strait of Hormuz.
• US imposed sanctions on Iran’s Persian Gulf Strait Authority.
• Tasnim reported an exchange of fire between Iranian and US forces near Bandar Abbas.
• Donald Trump insisted the Strait of Hormuz would remain open and warned Iran over negotiations.
• Israel issued new evacuation orders in southern Lebanon amid intensified operations against Hezbollah.