Iran–US-Israel War LIVE and Latest Updates: Trump Heads to China for High-Stakes Xi Meeting, Pentagon Reveals Iran War Costs Skyrocket To $29 Billion

Gold prices edged lower on Wednesday as uncertainty in the Middle East and stronger-than-expected U.S. inflation data dimmed hopes for Federal Reserve rate cuts.

Spot gold XAU= fell 0.4% to $4,695.99 per ounce, as of 0231 GMT. U.S. gold futures GCcv1 for June delivery gained 0.4% to $4,705.30.

“Inflation data out of the U.S. has really watered down hopes, if not extinguished them, that there will be rate cuts from the Fed, and now the markets are kind of pricing in that the next move could be a hike as soon as the end of the year. So it kind of puts some downward pressure on gold,” said Kyle Rodda, a senior financial market analyst at Capital.com.

(Reuters)

Oil prices fell on Wednesday after rising in three consecutive sessions, as investors awaited developments around the fragile ceasefire in the Iran war and U.S. President Donald Trump headed to China for a high stakes summit with President Xi Jinping.

Brent crude futures LCOc1 lost 82 cents, or 0.76%, to trade at $106.95 a barrel at 0051 GMT, and U.S. West Texas Intermediate futures CLc1 fell 66 cents, or 0.65%, to $101.52.

Both benchmarks have largely hovered around or above the $100 per barrel mark since the U.S. and Israel began attacks on Iran at the end of February and Tehran effectively shut the Strait of Hormuz.

(Reuters)

 President Donald Trump said on Tuesday that Americans’ financial struggles are not a factor in his decision-making as he seeks to negotiate an end to the Iran war, saying that preventing Tehran from acquiring a nuclear weapon is his top priority.

Asked by a reporter to what extent Americans’ financial situations were motivating him to strike a deal, Trump said: “Not even a little bit.”

“The only thing that matters, when I’m talking about Iran, they can’t have a nuclear weapon,” Trump said before departing the White House for a trip to China. “I don’t think about Americans’ financial situation. I don’t think about anybody. I think about one thing: We cannot let Iran have a nuclear weapon. That’s all. That’s the only thing that motivates me.”

(Reuters)

US President Donald Trump departed for Beijing on Tuesday afternoon for a meeting with Chinese President Xi Jinping, with Iran expected to figure prominently in the discussions. While speaking to reporters before leaving, Trump said he planned to have a “long talk” with Xi on Iran, though he stressed that trade would remain the primary focus of the visit.

Iran Slams US and Israel Over Ongoing War

Iran’s Foreign Ministry spokesperson Esmaeil Baghaei strongly criticised the United States and Israel, describing the ongoing conflict as a struggle between “a proud people” and “professional liars who fabricated justifications for atrocity”.

Trump Rejects Iran’s Response to US Proposal

Negotiations between Tehran and Washington have hit a deadlock after Trump dismissed Iran’s response to a US proposal in harsh terms.

Calling Tehran’s reply “completely unacceptable”, Trump reportedly described it as a “piece of garbage” and “weak”, adding that he “didn’t even get to the end of it”.

Iran, however, has maintained that the United States must abandon what it called a “one-sided approach” and recognise Tehran’s “legitimate demands”. According to Iranian officials, these demands include an end to the war, removal of blockades, a halt to maritime piracy, and the release of frozen Iranian assets.

Pentagon Reveals Cost of War With Iran

US Defense Secretary Pete Hegseth said the United States has already spent at least $29 billion during the 74 days of war with Iran.

Speaking during a congressional hearing on Tuesday, Hegseth appealed to lawmakers for additional military funding, seeking at least around $1.5 trillion to ensure the US can “maintain its posture as the most effective military in the world.”

Pakistan Rejects Report on Iranian Aircraft

Meanwhile, Pakistan on Tuesday rejected a CBS News report claiming that Iranian military aircraft had been stationed inside Pakistani territory.

Islamabad described the report as “misleading and sensationalised” and clarified that the Iranian aircraft currently parked in Pakistan had arrived during the ceasefire period.

Pakistani authorities further stated that the aircraft “bear no linkage whatsoever to any military contingency or preservation arrangement.”

Trump Claims Hormuz Blockade Is ‘100% Effective’

Trump also defended the American blockade of Iranian ports along the Strait of Hormuz, claiming the operation was fully successful.

“The blockade is very effective; it’s been 100% effective. And one way or the other, it’s going to work out very well. I think you’re going to have so much oil, you’re going to have a gusher of oil like you’ve never had before,” Trump told reporters ahead of his China visit.

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