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U.S. forces carried out fresh strikes in southern Iran on May 25-26, targeting boats alleged to be laying mines and missile launch sites, with U.S. Central Command saying the actions were defensive and intended to protect troops.
The strikes coincided with high-level Iranian envoys â including Iranâs top negotiator and foreign minister â holding talks in Doha with Qatari and Pakistani mediators on a memorandum of understanding with Washington to end the threeâmonth war.
The proposed framework reportedly would include a 60âday ceasefire extension, steps to reopen the Strait of Hormuz (potentially within 30 days), and a timeâlimited process to address Iranâs enriched uranium and sanctions relief.
President Donald Trump described the draft deal as âlargely negotiatedâ but later urged negotiators not to rush, while U.S. Secretary of State Marco Rubio said a âpretty solidâ proposal was on the table.
Iranian officials cautioned that a final agreement was not imminent and said they had downed a stealth drone.
Israel, meanwhile, has signalled it will continue operations against Hezbollah in Lebanon.
Energy markets and shipping routes reacted to the shifting prospects for a deal and the risk of renewed hostilities.
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Key takeaways: operational separation of Iranâs IRGC and its aerospace capabilities heightens naval risk in the Gulf, and kinetic actions during talks significantly undermine the credibility of any deal, making a fragile ceasefire and renewed market volatility the likely near-term outcome.





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