renewed

BEIRUT — Confusion reigned on Monday over the fate of a fragile ceasefire between the United States and Iran after a wave of fresh strikes on the United Arab Emirates and Oman, along with reports of attacks on ships in the Strait of Hormuz, undermined confidence in the truce.

The drone and missile strikes, the first since a ceasefire halted fighting in early April, come after the Trump administration launched a wide-scale naval operation on Monday to “guide” stranded maritime vessels out of the vital waterway.

But fears over a return to war have driven another surge in oil prices, pushing them above $114 per barrel — levels not seen since the ceasefire nearly a month ago. Hundreds of cargo ships from dozens of countries remain stuck in the Gulf. And strikes in Dubai have raised concerns about further disruptions to international air travel at one of the world’s busiest airports.

Iran’s state-run news agency, IRNA, said the new U.S. operation was part of President Trump’s “delirium,” after the Islamic Revolutionary Guard Corps warned that passage through the strait required prior approval from Tehran.

“We warn that any foreign armed force, especially the invading American army, will be attacked if they attempt to approach and enter the Strait of Hormuz,” said Maj. Gen. Ali Abdollahi, according to a statement reported by the Iranian state-run Mehr News Agency on Monday.

The operation, which Trump over the weekend dubbed “Project Freedom,” is supported by 15,000 U.S. servicemen and 100 aircraft, according to U.S. Central Command. Their aim is to deny Tehran control over the strait, a narrow, 21-mile-wide passageway through which a fifth of global energy supplies flows.

On Monday, Trump vowed Iran’s forces will be “blown off the face of the Earth” if they attempt to disrupt Project Freedom.

“We have more weapons and ammunition at a much higher grade than we had before,” Trump was quoted as saying in an interview with Fox News.

“We have the best equipment. We have stuff all over the world. We have these bases all over the world. They’re all stocked up with equipment. We can use all of that stuff, and we will, if we need it.”

Iran blocked traffic through the strait soon after the United States and Israel launched their campaign on the country. Last month, days after a ceasefire between Washington and Tehran came into effect, the United States enforced its own naval blockade on Iranian ports in a bid to pressure Iran to make concessions in stalled negotiations.

On Monday, Central Command said in a statement that two American-flagged merchant ships were able to successfully transit the strait, while Central Command head Adm. Brad Cooper said the U.S. military sank six Iranian boats and intercepted missiles and drones targeting civilian vessels.

“We have defeated each and every one of those threats through the clinical application of defensive munitions,” he said.

“Project Freedom is a defensive operation, and we have deployed anti-ballistic missile destroyers,” he added. “Ships in the Gulf waters belong to 87 countries, and we urge ships to cross the strait.”

IRIB, Iran’s state-run broadcaster, quoted a senior Iranian military official who denied Cooper’s claim of sunk Iranian boats. The IRGC said in a statement on the messaging app Telegram that claims of commercial vessels or tankers traversing the strait were “baseless and completely false.”

Though Cooper did not clarify if the ceasefire between Washington and Tehran was now over, a raft of attacks throughout Monday spiked fears that the war would restart, spurring sharp price increases in already-jittery energy markets.

The UAE said a fire broke out and three Indian nationals were injured in the Fujairah Oil Industry Zone, a key export hub for the country, after what it described as an Iranian drone attack.

It also accused Iran of targeting a tanker linked to the country’s state oil company Abu Dhabi National Oil Company in the Strait of Hormuz, while the country’s defense ministry also reported four cruise missiles launched from Iran, saying that it intercepted three of them while the fourth fell in the sea.

“These attacks constitute a dangerous escalation and an unacceptable transgression,” said a statement from the UAE’s foreign ministry, adding that it “reserves its full and legitimate right to respond to these attacks.”

Elsewhere, two foreign workers were injured in an attack on a residential building in the Omani coastal province of Bukha, according to a statement from an unnamed security source quoted by the state-run Oman News Agency. Authorities were investigating the incident but did not elaborate on the perpetrator.

The U.K.’s Maritime Trade Operations Center reported on Monday that a commercial vessel was on fire off the coast of the UAE, while a South Korean bulk carrier ship said it suffered an explosion and a fire in its engine room and the cause was being investigated.

Bulos reported from Beirut, Wilner from Washington.

We can analyze China’s current stance on the escalating Iranian conflict by understanding its true position. China does not desire a full-scale war that would destroy its oil interests, but it is not averse to the continuation of the neither-peace-nor-war situation that drains its adversaries, such as Washington. This positions China as a player that pushes for calm during critical times, while simultaneously providing Iran with the economic lifeline it needs. Here, China plays a dual and complex role in the Iranian conflict (the Iranian-American/Israeli conflict), balancing its strategic support for Tehran to safeguard its energy interests and undermine American influence with its pursuit of a ceasefire to avoid widespread economic chaos.

Based on current developments up to early May 2026 and statements by Iranian officials that war is a possibility, the regional and international landscape reveals a divide between actual military escalation and cautious diplomacy. The Chinese position and the likelihood of war can be analyzed based on several factors. China views the current conflict with Iran as a proxy war, prioritizing stability over stability. China considers Iran a strategic partner, and its stance is characterized by a delicate balance. The Chinese Foreign Ministry has repeatedly called for de-escalation and a complete ceasefire to prevent further escalation in the Middle East, while simultaneously condemning American escalation. China has stated that American and Israeli military operations against Iran violate its sovereignty and has expressed grave concern about the potential imposition of a blockade on Iranian ports and the Strait of Hormuz. While Beijing seeks to protect its investments and economic interests, China is deeply concerned about any disruption to oil and energy supplies, especially since a direct war would lead to imported inflation, negatively impacting its economy. Therefore, China’s current stance is characterized by a cautious, mediating role. China is attempting to play the part of a peace broker but is also wary of the potential damage a war could inflict on its relations with the United States, especially given the ongoing diplomatic exchanges between the two countries.

Regarding the likelihood of war (and the expected scenarios), despite the tense rhetoric, a full-scale, direct war between the United States and Iran remains a risky prospect for all parties. Current indicators suggest that a war is already underway (indirectly), particularly since the start of direct military operations (US/Israeli strikes) against Iran and its allies in February 2026. This indicates that a direct war remains a strong possibility. The option of blockade and proxies also remains a possibility. Chinese intelligence and military assessments suggest that Iran might prefer to carry out its threats through proxies in the region or by disrupting oil shipments in the Strait of Hormuz, rather than engaging in a direct war, to avoid a conventional military defeat. Despite Chinese diplomatic efforts to contain the situation, and despite the escalation, attempts are still underway, such as Pakistani mediation, to reach a ceasefire. This indicates a desire among the parties to keep the door open for political solutions.

As for my perspective on the proxy war between China and Iran against the United States and Israel, the current conflict is likely to continue as a proxy war of attrition, with limited and precise strikes, rather than a full-scale ground invasion. China will likely exert further pressure, continuing to push for diplomatic solutions because any large-scale war would threaten the stability of global energy supplies, on which it depends. It’s worth noting that the region is going through a critical moment and a dangerous phase of mutual deterrence. Iranian officials’ statements are as much messages of deterrence as they are an acknowledgment of the potential for escalation.

Regarding China’s role in the continuation of the war or its support for Iran (strategic and economic support), China considers the Iranian Strait of Hormuz and its purchases of Iranian oil as a vital economic lifeline. China is the largest buyer of Iranian oil (approximately 80-90% of exports), providing Tehran with crucial funding to sustain its activities. China also seeks to help Iran circumvent US sanctions, assisting Iran in bypassing these sanctions through an unofficial oil fleet, thus keeping the Iranian economy afloat. Furthermore, there is a strategic Chinese-Iranian partnership opposed to the West and US sanctions against Tehran. China views Iran as a partner in undermining the US-led global order through organizations such as BRICS and the Shanghai Cooperation Organization. Moreover, China is exploiting the current situation to its advantage. Chinese intelligence, military, defense, and security analyses suggest that the continuation of the Iranian war drains US resources and provides China with an opportunity to enhance its influence, absorbing the shock of the war and potentially emerging with strategic gains.

At the same time that China is playing a role in halting the Iranian war through mediation diplomacy to de-escalate tensions, with China acting as a hidden mediator to urge Tehran to cooperate and reach a ceasefire with the United States to protect its economic interests, despite China’s support for Iran, the war harms China by closing the Strait of Hormuz and threatening its energy security. This prompts Beijing to urge an end to the war and the reopening of waterways. Therefore, China is pursuing a policy of diplomatic pressure, consistently calling for restraint and believing that the best solution is an immediate ceasefire, according to statements by its permanent representative to the United Nations.

Accordingly, we conclude that a full-scale war is theoretically possible but practically unlikely as a final option due to the exorbitant cost to all parties. However, the continuation of retaliatory strikes and economic sanctions remains the most probable scenario at present.

Writer Ali Graves renewed her vows after 20 years, on the most luxurious Caribbean island with her 3 kids in tow

You’d be forgiven for thinking that holidaying with the kids means giving up luxurious touches for standard family friendly resorts – complete with watered down cocktails and mediocre rooms – but you’d be wrong, as I was about to discover.

A very comfortable nine-hour flight with British Airways, across the Atlantic to the Beaches resort in Turks & Caicos soon blew that theory out the window for me. We travelled as a family of five and despite the ages in our party (ranging from 12 to 46), there was one universal expression as we set sandy foot onto property… wide-opened mouths of delight.

Our first taste of the Turks & Caicos

White sands, crystal-clear turquoise waters and a perfect, 28ºC breeze quickly told us that we had truly landed in paradise.

Beaches is a sister resort to Sandals and offers all the same luxurious amenities, but with a bonus – they’re family-friendly, so the little ones can come too. This isn’t their own spot, there’s another Beaches in Jamaica, too.

Turks & Caicos is made up of 40 islands and cays (small, sandy islets) but only nine are inhabited. Providenciales Island is the main centre, with our hotel located at the western end Grace Bay Beach – 12 miles known as the most beautiful white sand beach in the world. It borders the Princess Alexandra National Park and, for ocean lovers, it’s the perfect spot for snorkelling by Bight Reef Coral Gardens.

The perfect place to say ‘I do’ – again

Of course an island this beautiful is also a perfect destination for a wedding, honeymoon or – as my husband and I did – a Retying the Knot ceremony. We celebrated our 20-year anniversary while visiting and it was a privilege to mark this in style, and with staff so loving and attentive, there was nowhere more perfect.

We arranged this ahead of visiting and throughout the lead up, the lovely wedding team – especially Erika and Maureen – stayed in touch to arrange flowers, photographers and music choices, cake flavours and cocktails.

We chose a dreamy beach location, and the pictures are the best souvenir ever. I was pregnant on our first honeymoon so you could say I’d waited 20 years for my island cocktail! To sip on those exotic flavours while falling in love all over again, with our children by our side, was nothing short of heavenly.

From family adventures to adults-only relaxing

But this island is not just for weddings and newlyweds. In fact, who you’re here with – whether you’re a couple, a family with little ones or teens – will help you decide where is best to stay on site. The resort is split into five ‘villages’ – Key West Village (where we stayed in a plush two-storey, two bed concierge suite), Caribbean Village, Italian Village, French Village and new from last month, Treasure Beach Village. Each has their own ‘personality’ from family-style fun with quizzes, dance competitions, a swim-up bar and water aerobics in the Italian Village, to smaller, intimate pools and a quieter vibe in Key West, including adults-only pools and jacuzzi spots. Treasure Beach packs quite the luxurious punch with an infinity pool that drops into picturesque views of the Atlantic and fine dining options.

Luxury options at the restaurants

Beaches is all-inclusive, covering food, drink entertainment and water sports. And the food is exceptional, with something for every palate. If you fancy chilli cheese dogs, fries and pizzas washed down with a snow cone then you’re covered, but if sushi, steaks and lobster with fine island wine are more your vibe then it’s all here.

I have two tips on the food front. First, don’t miss the only restaurant you’ll need to book: Kimonos. This Teppanyaki-style, interactive dining experience is so much fun, with singing chefs and electric energy, and the meats are exceptional, too. Our personal favourite though, was Pinta in Treasure Beach Village which offered a worldwide cuisine menu – the pork belly poke bowl, roast pumpkin tacos and apricot rum punch will live rent free in my head for years to come.

Try the resort coffee too – Jamaican Blue Mountain. It’s cultivated in the high-altitude Blue Mountains and it’s a spectacular wake-up call at breakfast.

Red Lane Spa is located in two places on the resort – in Key West and in French Village – and is a paradise within paradise. My daughter and I chose tropical facials and left floating, with scents of mango and pineapple, and a bag of treats to bring home, too.

How to book this Turks & Caicos resort

Seven nights at Beaches Turks & Caicos in a Two Bedroom Concierge Suite costs from £7,449 per adult and £1,025 per child, based on two adults and two children under 12 sharing, including all-inclusive accommodation, concierge service, return flights, resort transfers, kids clubs, waterpark access and more. To book, call 0800 597 0002 or visit www.beaches.co.uk.

WASHINGTON — NASA recaptured the world’s attention with Artemis II, which took astronauts to the moon and back for the first time in half a century. But the agency’s scientific projects could again be under threat as the Trump administration makes a renewed push to drastically cut their funding — including at the Jet Propulsion Laboratory.

The cuts, proposed in the Trump administration’s 2027 budget request to Congress, would pose further challenges to the already weakened Caltech-managed lab and could be broadly damaging to American efforts to bring back new discoveries from space. They echo last year’s attempt by the administration to slash NASA funding, which Congress rejected.

Though the Artemis project is billed as laying a foundation for a crewed NASA mission to Mars, exploration of the Red Planet is among the endeavors that could be slashed. The rover currently exploring Mars’ ancient river delta and a mission to orbit Venus are among projects with JPL involvement targeted for spending cuts, according to an analysis of the NASA budget proposal by the nonprofit Planetary Society.

“This isn’t [because] they’re not producing good science anymore. There’s no rhyme or reason to it,” said Casey Dreier, chief of space policy at the Planetary Society, which led opposition to the administration’s similar effort to cut NASA funding last year.

Storm clouds hang over the Jet Propulsion Laboratory on Feb. 7, 2024.

(David McNew / Getty Images)

This time, the administration is asking Congress to cut NASA funding by 23% — including a 46% cut to its science programs, which are responsible for developing spacecraft, sending them into outer space to observe and analyzing the data they send back.

The proposal would cancel 53 science missions and reduce funding for others, according to the Planetary Society analysis. The effort to pare down NASA Science comes amid the Trump administration’s broader effort to cut scientific research across federal agencies.

The plan swiftly drew bipartisan criticism from members of Congress, who rejected the administration’s similar 2026 proposal in January. Republican Sen. Jerry Moran of Kansas, who chairs the Senate appropriations subcommittee that oversees NASA, indicated last week that he would work to fund NASA similarly for 2027, saying it would be “a mistake” not to fund science missions.

Moran plans to hold a hearing with NASA Administrator Jared Isaacman before the end of April to review the budget request, a spokesperson for his office said. The president’s budget request is an ask to Congress, which ultimately holds the power to allocate funding.

But until Congress creates its own budget, NASA will use the plan as its road map, which could slow grants and contracts. The proposal “still creates enormous chaos and uncertainty in the meantime for critical missions, the scientific workforce, and long-term research planning,” said Rep. Judy Chu (D-Monterey Park), whose district includes JPL.

A NASA spokesperson declined to comment Friday. In the budget request, Isaacman wrote that NASA was “pursuing a focused and right-sized portfolio” for its space science missions in order to align with Trump’s federal cost-cutting goals.

The budget “reinforces U.S. leadership in space science through groundbreaking missions, completed research, and next-generation observatories,” Isaacman wrote.

Jared Isaacman testifies during his confirmation hearing to be the NASA administrator in the Russell Senate Office Building on Capitol Hill on Dec. 3, 2025.

(Anna Moneymaker / Getty Images)

At JPL — which has for decades led innovation in space science and technology from its La Cañada Flintridge campus — questions had already swirled about the lab’s role in the future of NASA work.

Multiple rounds of layoffs over the last two years, the defunding of its embattled Mars Sample Return mission and a shift by the Trump administration toward lunar exploration and away from the type of scientific work that JPL executes had pushed the lab into a challenging stretch.

It has had a steady stream of employee departures in recent months, and those left have been scrambling to court outside funding from private investors, sell JPL technology to companies and increase productivity in hopes of keeping the lab afloat, according to two former staffers, who requested anonymity to describe the mood inside the lab.

“If we’re not doing science, then what are we doing?” asked one former employee, who recently left JPL after more than a decade there.

A spokesperson for the lab declined to comment, referring The Times to the budget proposal.

The NASA programs marked for cancellation or cutbacks support thousands of jobs at JPL and other centers, said Chu, who has led a push for increased funding for NASA Science. After last year’s layoffs, JPL “cannot afford to lose more of this expertise,” she said in a statement.

Among the JPL projects that appear to be slated for cancellation are two involving Venus, Dreier said. One, Veritas, is early in development and would give work to the lab for the next several years, he said.

The project would be the first U.S. mission to Venus in more than 30 years, Dreier said, and aims to make a high-resolution mapping of the planet’s surface and observe its atmosphere.

The Perseverance rover, which is on Mars collecting rock and soil samples, could face spending reductions. The budget request proposes pulling some funding from Perseverance to fund other planetary science missions and reducing “the pace of operations” for the rover.

Though how the Mars samples might get back to Earth is uncertain, the rover is still being used to explore the planet and search for evidence of whether it could have ever been habitable to life.

Researchers hope the tubes of Martian rock, soil and sediment can eventually be brought back to Earth for study. The team has about a half a dozen more sample tubes to fill and the rover is in good shape, said Jim Bell, a planetary scientist and Arizona State University professor who leads the camera team on Perseverance, which works daily with JPL.

He said NASA’s spending proposal put forth “no plan” for the future of the agency’s work.

“Are people just supposed to walk away from their consoles,” Bell asked, “and let these orbiters around other planets or rovers on other worlds — just let them die?”

The NASA document did not clearly show which programs were targeted for cuts and did not list which projects were targeted for cancellation. The Planetary Society and the American Astronomical Society each analyzed the proposal and found that dozens of projects appeared to be canceled without being named in the document.

Across NASA, other projects slated for cancellation according to the Planetary Society’s analysis include New Horizons, a spacecraft exploring the outer edge of the solar system; the Atmosphere Observing System, a planned project to collect weather, air quality and climate data; and Juno, a spacecraft studying Jupiter.

The administration’s plan also doesn’t prioritize new scientific projects, Bell said, which further jeopardizes long-term job stability and space discovery at centers like JPL.

“We’re going through this long stretch now with very few opportunities to build these spacecrafts,” Bell said. “All of the NASA centers are suffering from the lack of opportunities.”

Last year, the Trump administration proposed to slash NASA’s 2026 funding by nearly half. Instead, Congress approved funding in January that provided $24.4 billion for the agency — a cut of about 29% rather than the proposed 46%. The 2027 budget request asks for $18.8 billion.

Congress kept funding for science missions nearly steady, allocating $7.25 billion for science missions, about a 1% decrease from 2025. The administration had proposed cutting the science investment down to $3.91 billion. This time, the budget requests $3.89 billion.

Under the Trump administration, NASA has put an emphasis on moon exploration, including this month’s successful Artemis II mission. Isaacman, who defended the proposed cuts on CNN last week, touted the agency’s lunar plans, including a project to build a base on the moon.

The agency has indicated commitment to some existing science missions, including the James Webb Space Telescope, the to-be-launched Nancy Grace Roman Space Telescope, the Dragonfly spacecraft set to launch for Saturn’s moon in 2028, and other projects.

“NASA doesn’t have a topline problem, we just need to focus on executing and delivering world-changing outcomes,” Isaacman said on CNN.

Scientists have urged the government not to choose between funding science and exploration but to keep up investment in both.

“It’s ultimately kind of confusing, especially on the heels of the Artemis II mission,” said Roohi Dalal, deputy director for public policy at the American Astronomical Society. “The scientific community … is providing critical services to ensure that the astronauts are able to carry out their mission safely, and yet at the same time, they’re facing this significant cut.”

Keir Starmer is facing renewed calls for resignation after fresh revelations surrounding the appointment and vetting of former UK ambassador to the United States Peter Mandelson. The controversy has reignited scrutiny over governance standards inside the Labour government, coming at a politically sensitive time just months after Labour’s landslide election victory in 2024.

The Vetting Controversy:
The core of the scandal centres on reports that Mandelson did not properly pass security vetting before being appointed as ambassador. Despite this, official communications suggested that clearance had been confirmed. Downing Street has since dismissed a senior Foreign Office official, intensifying questions about how the appointment was handled and who within government was aware of the vetting status.

Political Fallout Inside Government:
The issue has exposed tensions within the Labour Party, with some lawmakers expressing concern over administrative failures while others defend the Prime Minister. Senior minister Darren Jones said Starmer was “furious” about not being informed of the vetting issues, while acknowledging serious breakdowns in communication between departments.

Opposition Pressure and Leadership Questions:
Opposition figures, including Conservative leader Kemi Badenoch, have accused Starmer of misleading Parliament and questioned his credibility. The central allegation is whether the Prime Minister knowingly misrepresented the status of Mandelson’s clearance when defending the appointment. These accusations have intensified calls for resignation from political rivals.

Wider Political Context:
The controversy comes at a politically sensitive moment for Starmer, as Labour prepares for key local elections across England, Scotland, and Wales. The government is also managing broader foreign policy challenges, including Britain’s positioning in global conflicts involving the United States and Middle East tensions, adding further pressure on leadership stability.

Institutional and Governance Concerns:
Beyond individual accountability, the scandal has raised broader concerns about administrative competence within the Foreign Office and Downing Street. The dismissal of senior officials has highlighted breakdowns in communication and vetting procedures, raising questions about how high-level diplomatic appointments are approved and overseen.

Analysis:
The Mandelson vetting scandal has evolved from a procedural controversy into a wider test of political authority and administrative control for Starmer. While there is no clear evidence yet that the Prime Minister deliberately misled Parliament, the perception of mismanagement and lack of oversight has created significant political vulnerability.

At its core, the issue reflects a deeper challenge of governance: maintaining institutional trust while managing complex bureaucratic systems. Even if the government survives immediate calls for resignation, the damage is likely to linger, particularly if further inconsistencies emerge. With elections approaching and internal party tensions rising, Starmer’s ability to project control and competence will be central to whether this episode becomes a temporary setback or a longer-term political liability.

European stocks were mostly steady on Wednesday as investors weighed signals from Washington that a diplomatic breakthrough in the Iran war could be imminent.

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The pan-European Stoxx 600 had ticked down 0.1%, Germany’s Dax edged 0.11% higher and the FTSE 100 climbed 0.11%. The CAC 40 in France fell by a slightly greater margin, at 0.65%.

US President Donald Trump said fresh talks between Washington and Tehran “could be happening over the next two days” in Islamabad, signalling a possible diplomatic breakthrough, and added that the war was “very close to over” — despite continued uncertainty over key sticking points in negotiations.

Asian markets were broadly higher.

Japan’s Nikkei 225 gained 0.5%, South Korea’s Kospi jumped 3.0% and Hong Kong’s Hang Seng edged up 0.7%.

The Shanghai Composite added 0.2%, while Australia’s S&P/ASX 200 was little changed, up less than 0.1%.

On Wall Street, the S&P 500 added 1.2% to its gains from the previous day, and the index at the heart of many 401(k) accounts is now just 0.2% below its record set in January.

The Dow Jones Industrial Average rose 317 points, or 0.7%, while the Nasdaq Composite climbed 2%.

On Wednesday, benchmark US crude inched up by 1 cent to $91.29 a barrel.

Brent crude added 48 cents to $95.27, or less than 1%, after falling 4.6% the previous day. While that is still above its roughly $70 level from before the war began in late February, it remains well below the peak of $119.

Lower oil prices help reduce costs for businesses across the economy. However, some analysts noted that the war is still ongoing, warning that the optimism may prove unfounded.

“The counterintuitive decline in crude appears driven by growing hopes that a second round of peace talks between Washington and Tehran could soon materialise, after the first attempt fizzled out,” said Tim Waterer, chief market analyst at KCM Trade.

“Traders are clearly choosing to price in the possibility of de-escalation rather than the immediate reality of restricted flows,” he added.

Asian nations depend on access to the Strait of Hormuz, a narrow waterway that is the main route for crude oil produced in the Persian Gulf to reach customers worldwide. Disruptions there have kept oil off the global market, driving up prices.

Global inflation this year is expected to accelerate to 4.4% from 4.1% in 2025, according to the International Monetary Fund, which had previously forecast a slowdown to 3.8%.

The IMF also downgraded its forecast for global economic growth to 3.1% this year, from 3.3% projected in January.

Overall, the S&P 500 rose 81.14 points to 6,967.38. The Dow Jones Industrial Average gained 317.74 points to 48,535.99, while the Nasdaq Composite climbed 455.35 points to 23,639.08.

In the bond market, Treasury yields eased as falling oil prices reduced inflationary pressure. The yield on the 10-year Treasury fell to 4.25% from 4.30% late Monday.

In currency trading, the US dollar edged up to 159.03 Japanese yen from 158.79 yen. The euro stood at $1.1780, down from $1.1797.

US stocks climbed to the brink of a record high on Tuesday, while oil prices eased as hopes grew that Washington and Tehran may resume talks to end their war.

The S&P 500 rose 1.2%, leaving it just 0.2% below its January peak. The Dow Jones Industrial Average gained 0.7%, while the Nasdaq Composite jumped 2%, tracking broader global market gains.

Investors are betting that renewed diplomacy could prevent a prolonged surge in oil prices and inflation, allowing focus to return to corporate earnings.

Brent crude for June delivery fell 4.6% to $94.79, down from recent highs, though still above pre-war levels.

However, volatility remains high, with markets sensitive to developments around the Strait of Hormuz, a key route for global oil supply.