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Iran-US-Israel War LIVE and Latest Updates: Will US Give Iran $16 Billion Sanctioned Fund As Trump Says Deal Is Near?

🕒 Updated: June 12, 2026 13:07:14 IST
Iran-US-Israel War LIVE and Latest Updates: Will US Give Iran $16 Billion Sanctioned Fund As Trump Says Deal Is Near?

Summary: Iran-US-Israel War LIVE and Latest Updates: US President Donald Trump cancelled the planned military strikes on Iran after claiming diplomatic talks with Tehran had progressed significantly. The announcement came just hours after he threatened further military action and vowed to take control of Iran's key oil infrastructure.

Iran-US-Israel War LIVE and Latest Updates: US President Donald Trump announced that he has cancelled military strikes against Iran that were scheduled for Friday night, claiming that discussions with Tehran had advanced significantly and that a deal could soon be finalized. However, Iran has not officially confirmed that any agreement has been reached. While reports from Iranian media suggested Tehran may be inclined to approve the proposed arrangement, the country’s government has yet to issue a formal response. The development comes hours after Trump threatened of additional military action, saying that the US would eventually seize Kharg Island, Iran’s key oil export hub, and take “total control” of the country’s oil and gas sector.

Trump Cancels Military Action

In a post on Truth Social, Trump said he had called off the planned military operation after discussions with Iran received approval at the highest levels of the Iranian leadership.

“Based on the fact that discussions with the Islamic Republic of Iran have been brought to the highest level of Iranian leadership and approved, I have, as President of the United States of America, cancelled the scheduled strikes and bombings against Iran this evening,” Trump wrote.

He further stated that the “discussions and final points” had received approval from multiple countries, including the United States, Israel, Saudi Arabia, the United Arab Emirates, Qatar, Turkey, Pakistan, Bahrain, Kuwait, Jordan and Egypt, among others.

Naval Blockade to Continue

Despite announcing the cancellation of the strikes, Trump said the naval blockade would remain in place until the proposed agreement is formally completed.

“The Naval Blockade will remain in full force and effect until this Transaction is finalized – Time and place of the signing to be announced shortly,” he said.

Is Strait of Hormuz Closed?

Iran’s military announced that the Strait of Hormuz had been closed to all marine traffic. The announcement was contradicted by the US Central Command, which maintained that the strategic waterway remained open. Meanwhile, Iran’s semi-official Fars News Agency reported that Tehran was likely to approve the proposed agreement, although no official confirmation has been issued by Iranian authorities.

3 Indian Nationals Killed in Attack Off Oman Coast

Three Indian nationals were killed after the US military fired at a Palau-flagged tanker off the coast of Oman, according to India’s Minister of Ports, Shipping and Waterways. The incident drew strong criticism from Iran, with Foreign Ministry spokesperson Esmail Baghaei condemning the attack and accusing Washington of targeting Indian commercial shipping.

Baghaei described the US action as “armed robbery and state piracy” and called for international accountability.

He also expressed condolences to the families of the deceased sailors and extended sympathies to India.

In a post on X, Baghaei wrote, “The brutal U.S. attacks on Indian commercial vessels which have killed at least three Indian nationals, stand as clear evidence of America’s ongoing policy of armed robbery and State piracy. We extend our sympathies to the families and friends of the slain Indian sailors and offer our sincere condolences to the Indian people and government.”

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13:07 (IST) 12 Jun 2026

US-Iran Talks Explore Access To $16 Billion In Restricted Funds

US could allow Tehran to gain access to more than $16 billion in restricted funds currently held in Qatar and other countries, according to a report by Politico citing a European official and another source familiar with the negotiations.

The funds were previously cleared by Washington for limited humanitarian and approved transactions. However, access to the assets was effectively suspended after the outbreak of the Israel-Hamas conflict in 2023, when the US requested financial institutions to stop processing releases from the accounts.

12:20 (IST) 12 Jun 2026

Iran–US-Israel War LIVE and Latest Updates: UK economy began to feel fallout from Iran war in April

Britain’s economy contracted by 0.1% in April, its first monthly drop since August as the Iran war’s cancellation of Formula 1 Grand Prix races and other Gulf sporting events delivered a heavy blow to the British entertainments industry.

The data showed the first clear signs of an impact from the U.S.-Israeli war on Iran in terms of British economic growth.

The Office for National Statistics (ONS) said output in the services sector declined in April by 0.2%, dragged down by administration and support services, as well as the arts, recreation and entertainment sectors.

(Reuters)

11:36 (IST) 12 Jun 2026

Iran–US-Israel War LIVE and Latest Updates: Is Strait Of Hormuz Open Or Close?

Vessel tracker showing traffic in Strait of Hormuz. U.S. President Donald Trump on Thursday (June 11) said the United States and Iran could sign a peace deal as soon as this weekend that would reopen the Strait of Hormuz to shipping, but Iran countered that it had not reached a final decision on an agreement.

(Reuters)

10:48 (IST) 12 Jun 2026

Iran–US-Israel War LIVE and Latest Updates: Trump says Iran war deal close as Strait of Hormuz tensions linger

 Hopes grew on Friday for peace between Iran and the United States after President Donald Trump said a deal could be signed as soon as this weekend, even as Tehran said it had not made a final decision on a pact.

(Reuters)

10:08 (IST) 12 Jun 2026

Iran–US-Israel War LIVE and Latest Updates: Indian shares advance as oil falls on Middle East hopes

Indian shares advanced on Friday, tracking gains in other Asian markets, as oil prices fell after U.S. President Donald Trump cancelled plans to strike Iran, citing progress in talks.

The benchmark Nifty 50 .NSEI rose 1.02% to 23,398.9, while the BSE Sensex .BSESN climbed 1.17% to 74,693.12 by 9:35 a.m. IST.

Other Asian stock markets .MIAPJ0000PUS jumped 3.8%. Brent crude futures LCOC1 slipped to near two-month lows, tempering inflation fears.

(Reuters)

09:34 (IST) 12 Jun 2026

Iran-US-Israel War LIVE and Latest Updates: Oil extends losses as Trump calls off planned strikes on Iran

Oil prices fell on Friday, extending losses from the previous session after U.S. President Donald Trump canceled plans to strike Iran, reducing fears of an escalation of hostilities following tit-for-tat attacks earlier in the week.

Brent futures LCOc1 fell $1.21 or 1.3% to $89.17 a barrel at 0042 GMT, while U.S. West Texas Intermediate (WTI) CLc1 crude was $1.23, or 1.4%, lower at $86.48. On a weekly basis, Brent was 4.2% lower, while WTI was down 4.4%.

(Reuters)

08:44 (IST) 12 Jun 2026

Iran-US-Israel War LIVE Updates: Israeli Army Says Drone Intercepted After Air Raid Sirens Sound in Metula

The Israeli military said air raid sirens that were activated in the Metula region were triggered by what it described as a “hostile aircraft.” According to the military, the unmanned aerial vehicle was successfully intercepted and brought down near an area in southern Lebanon where Israeli forces are currently deployed.

08:06 (IST) 12 Jun 2026

Iran-US-Israel War LIVE and Latest Updates: India curbs bulk fuel buying at retail pumps, caps diesel sales

India has barred commercial consumers from buying gasoline and and diesel from retail fuel stations and imposed limits on daily diesel purchases to prevent local shortages, amid disruptions to global supply chains due to the war in the Middle East.

Retail fuel station dealers have been directed to sell up to 200 litres of diesel per customer or vehicle a day, according to a government order issued late on Thursday, adding the customers cannot resell the diesel.

(Reuters)

07:41 (IST) 12 Jun 2026

IranUS-Israel War LIVE and Latest Updates: US Says Two Iranian Drones Intercepted Near Strait of Hormuz

A US official said American forces intercepted and destroyed two Iranian drones on Thursday night after they were allegedly launched toward commercial vessels passing through the Strait of Hormuz.

According to the official, the drones appeared to be part of an attempted attack on merchant shipping in the strategic waterway. “It appears Iran attempted to target commercial ships transiting the Strait of Hormuz tonight. US forces shot down two Iranian one-way attack drones. Maritime traffic through the strait remains unaffected,” the official told NBC News.