US President Donald Trump on Thursday announced a three-week extension of the ceasefire between Israel and Lebanon, and said that he expected Israeli and Lebanese leaders to meet with him over the next couple of weeks, voicing hope for a permanent peace deal this year. Follow our liveblog for the latest developments.
Metropolitan Opera says Saudi partnership cancelled amid fiscal strain
The Metropolitan Opera said Thursday that a major partnership with Saudi Arabia had fallen through, removing a key potential source of funds as it faces tough fiscal challenges.
In September, the 143-year-old New York opera house announced a venture whereby the Met would perform annually in Saudi Arabia and provide artistic training in exchange for financial support.
But the Met, which has faced credit ratings downgrades in the last year in the wake of operating deficits, said Thursday that the venture has fallen apart.
“As a result of the current economic situation in Saudi Arabia, the Metropolitan Opera’s planned agreement with the Saudi Ministry of Culture has been cancelled,” the Met said in a statement.
Goldman Sachs says Gulf oil output could recover within months after Strait of Hormuz reopening
Gulf oil production, sharply curtailed by the Iran conflict, is likely to mostly recover within a few months after the Strait of Hormuz fully reopens, but could take significantly longer, Goldman Sachs said on Thursday.
The bank estimated about 14.5 million barrels per day of Gulf crude output – around 57% of pre-war supply – was offline in April, largely due to precautionary shutdowns and stock management rather than physical damage to oilfields.
Goldman said in a research note that a safe and sustained reopening of the strait in the absence of renewed attacks on oil infrastructure would allow production to return relatively quickly, supported by spare capacity in Saudi Arabia and the United Arab Emirates.
Oil prices rise on Middle East escalation fears after Iran ship footage
Oil prices rose on Friday morning over fears of renewed military escalation in the Middle East after Iran released footage of commandos boarding a cargo ship in the Strait of Hormuz and on reports Tehran’s air defences had engaged “hostile targets”.
Brent crude futures rose $1.23, or 1.17%, to $106.30 a barrel by 0107 GMT, while West Texas Intermediate futures were up $1.07, or 1.12%, at $96.92.
Both benchmark contracts settled up more than 3% on Thursday and jumped $5 a barrel after reports that air defences were engaging targets over Tehran and of a power struggle between Iran’s hardliners and moderates.
US announces three-week extension of Israel–Lebanon ceasefire after White House talks
Lebanon and Israel extended their ceasefire for three weeks after a high-level meeting at the White House, US President Donald Trump said on Thursday.
Trump hosted Israel’s ambassador to Washington Yechiel Leiter and Lebanese ambassador to the US Nada Moawad in the Oval Office for a second round of US-facilitated talks, a day after Israeli strikes killed at least five people including a journalist.
“The Meeting went very well! The United States is going to work with Lebanon in order to help it protect itself from Hezbollah,” Trump wrote on Truth Social. Hezbollah, the Iran-aligned armed group that is fighting Israel, was not present at the talks. It says it has “the right to resist” occupying forces.
Trump added that he looked forward to hosting Israeli Prime Minister Benjamin Netanyahu and Lebanese President Joseph Aoun in the near future.
• US President Donald Trump announced that the ceasefire between Israel and Lebanon will be extended for another three weeks, after delegates from both sides met in Washington with Trump, Vice President JD Vance, and Secretary of State Marco Rubio.
• A senior Iranian parliament official announced that Tehran has received the first revenue from tolls it imposed on the Strait of Hormuz.
• Trump ordered the US navy to “shoot and kill” boats laying mines in the Strait of Hormuz. Clearing all existing mines could take up to six months, according to a new report.
