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Latest Business News, Business News India Today | The HinduBusinessLine

Draft CAFE-3 Norms: Govt eases penalties, focuses on carbon credit trading for auto sector Modi seeks opposition backing to implement women’s reservation before 2029 polls West Asia crisis: Ludhiana handtool export units face labour, gas supply shortages, high input costs Patent application filings in India rise 30.2% to 1.43 lakh in 2025-26: Goyal Meet the man with 138 degrees: Dashrath Singh, an ex-serviceman, earns latest qualification from IGNOU Europe missed AI bus, but India has potential to catch up: Former WEF Director AIG Hospitals, ICMR team up for digital health innovation Juno Joule Bio Fuels begins construction of compressed bio-gas project in Telangana Legendary playback singer Asha Bhosle dies at 92 Signature Global cuts net debt by 77% to ₹200 crore in FY26 Iran aims to restore majority of refining capability within two months Supreme Court to hear on Monday pleas related to SIR of electoral rolls in West Bengal US, India hold engagements to advance defence cooperation Trump shares article suggesting option with him to enforce naval blockade on Iran NCLAT reaffirms project-specific insolvency proceedings against realty firms Iran-US talks in Pakistan ended without deal as Tehran cites ‘excessive demands’ from US Two supertankers U-turn in Hormuz as US-Iran talks break down Time has come to implement Women's Reservation Act: PM Modi's letter to LS, RS floor leaders Iran war diverts US military, attention from Asia ahead of Trump's summit with China's leader Trump says China will have big problems if it ships arms to Iran India will soon become self-reliant in defence sector, find itself among leading nations of the world: Rajnath Singh Pakistan to continue facilitating US-Iran talks, says Dar; urges ceasefire More than 2,000 people killed by Israeli strikes in Lebanon during Israel-Hezbollah war: officials Iran denies US claims of mine clearing ships’ passage through Strait of Hormuz AI to reduce uncertainties and expand opportunities - RBI DG EAM Jaishankar meets members of Indian community in UAE 4 ways war in Iran has weakened United States in great power game US-Iran talks fail after 21 hours in Islamabad, JD Vance cites nuclear deadlock Delhi EV Policy: Electric 3-Wheelers Only by 2027, 2-Wheelers by 2028 Islamabad talks: US and Iran begin negotiations aimed at ending West Asia conflict 51.5 lakh LPG cylinders delivered, 8.7 lakh Indians return amid West Asia crisis: Government India-flagged LPG tanker Jag Vikram crosses Strait of Hormuz after US-Iran ceasefire Iran's new supreme leader Mojtaba Khamenei has severe and disfiguring wounds, sources say No road tax, registration fees for electric vehicles priced up to ₹30 lakh till March 2030: Delhi’s draft EV policy West Asia tensions push up costs for India; further impact hinges on stability: Report ED initiates fresh raids against former Bengal minister Chatterjee in teacher recruitment scam Election Commission reverses Mittal’s DVAC posting, appoints him DGP, TN Armed Police Israel and Lebanon are expected to hold talks. Here’s what to know US, Iran set for peace talks but doubts emerge over Lebanon, sanctions Malls, high-streets in NCR clock 45% rise in leasing of retail spaces in Jan-Mar: C&W Proposed Trump arch in Washington DC includes winged figure, eagles, lions and gold inscriptions 'Ladakh' replaces 'Jammu and Kashmir' in Aadhaar records for UT residents Misri ends US trip with focus on civil nuclear cooperation and LPG exports Artemis II astronauts return to Earth after historic lunar flyby and Pacific splashdown US-Iran peace talks in Pakistan: What will be discussed? 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US military conducts another strike against Iran after Trump says Iran 'negotiating on fumes'
By PTI · 2026-05-28 · via Latest Business News, Business News India Today | The HinduBusinessLine

US forces carried out new defensive strikes on Wednesday on an Iran military facility after downing Iranian attack drones, according to US officials.

The officials, who were not authorised to comment publicly and spoke on the condition of anonymity, said US Central Command forces shot down four Iranian one-way attack drones that posed a threat around the Strait of Hormuz.

US forces also struck an Iranian ground control station in Bandar Abbas that was about to launch a fifth drone, according to the officials.

The strikes came after President Donald Trump asserted on Wednesday that Iran is "negotiating on fumes" and insisted that November's midterm elections will not make him rush into a deal to end the nearly three-month-old conflict that has spurred unease across the global economy.

Speaking at the start of a Cabinet meeting, Trump expressed confidence that a deal is near. Over the weekend, he even declared that his administration and Tehran had "largely negotiated" a settlement, though the talks are still in flux.

The president is looking for a settlement that will reopen the Strait of Hormuz and provide him with a credible argument that Iran's nuclear capability has been diminished enough to declare victory, winding down a conflict that has been politically unpopular for Republicans.

But as things stand, Trump also risks finding that closure to his war of choice comes with an unsatisfactory ending.

The emerging deal puts off many critical issues to be resolved later and has already exposed the Republican president to fierce criticism -- even from some of his own supporters -- that Iran's hardline leaders will emerge from the conflict battered but emboldened. It all comes to a head just as the midterm elections to determine control of Congress come into focus and as Republicans worry that rising costs and fuel prices are darkening the American electorate's mood.

But Trump on Wednesday dismissed the idea that the upcoming elections would shape his Iran strategy.

"They thought they were gonna outwait me. You know, 'We'll outwait him. He's got the midterms,'" Trump said. "I don't care about the midterms." Trump acknowledged there is still work to do, but he spoke with a measure of certainty that the two sides would get there.

"They want very much to make a deal," Trump said. "So far, they haven't gotten there. We're not satisfied with it, but we will be -- either that or we'll have to just finish the job." Talks were further complicated after US forces carried out what the Pentagon called "defensive" strikes on missile launch sites and minelaying boats in southern Iran on Monday. The US said it acted with "restraint" in light of the weekslong ceasefire, while Iran decried the action as a sign of "bad faith and unreliability". Wednesday's strikes are likely to cause more complications.

Some Trump backers are sceptical

While Trump insists a deal is within reach, there appears to be daylight between the US and Iran on several key issues. The president is also facing scrutiny from Republican allies, including Senators Roger Wicker of Mississippi, Lindsey Graham of South Carolina and Ted Cruz of Texas, who have said the terms seem too favourable to Tehran.

They are balking at aspects of the deal that have emerged publicly that they say too closely resemble the nuclear agreement reached with Iran by Democratic President Barack Obama, which Trump scrapped during his first term.

Under the potential deal, Tehran would agree to give up its stockpile of highly-enriched uranium -- a key Trump demand -- in return for sanctions relief. That is according to two regional officials and one senior Trump administration official, all of whom spoke on the condition of anonymity to discuss the sensitive negotiations.

One regional official, with direct knowledge of the negotiations, said how Iran would give up the uranium would be subject to further talks during a 60-day period. Some would likely be diluted, while the rest would be transferred to a third country, the official said.

Trump said that he "wouldn't be comfortable" with either Russia or China taking Iran's stockpile of highly-enriched uranium. The two countries have the closest relations with Tehran, and nuclear analysts have said they could be a potential acceptable third party to the Iranian Republic to take possession of the enriched uranium as part of a potential deal.

Iran has 440.9 kilograms (972 pounds) of uranium that is enriched up to 60 per cent purity, a short, technical step from weapons-grade levels of 90 per cent, according to the International Atomic Energy Agency (IAEA). Iran has not publicly committed to giving up its uranium.

How Trump's plan affects Israel's war in Lebanon

Another key issue unresolved is whether the ceasefire will also cover Israel's operations against Hezbollah, the Iranian-backed militant group in Lebanon. Iran has insisted that Lebanon must be covered by any ceasefire agreement negotiated with the United States.

The administration appears to leave some wiggle room on the Lebanon question. The emerging memorandum of understanding calls for a ceasefire between the US and its allies against Iran and its proxies, such as Hezbollah, but also underscores Israel's right to act against imminent threats and in self-defence.

Prime Minister Benjamin Netanyahu on Tuesday announced that the Israeli military is "deepening its operation" in Lebanon. Overnight, Israel's military clashed with the Iran-backed militant Hezbollah group along a strategic river in southern Lebanon as Israeli troops pushed farther north.

Jonathan Conricus, a former spokesperson for the Israel Defence Forces, said Israel expects that Iran would quickly move to direct any sanctions relief to restore its military capability and boost proxy groups, including Hezbollah and Hamas in Gaza.

"We are not done fighting, because the Iranian regime is not done," said Conricus, who is a senior fellow with the Foundation for Defence of Democracies, a hawkish Washington think tank.

'Stunned silence' as Trump ties Abraham Accords to Iran deal

Trump on Wednesday also reinforced his call that the deal should include a requirement for several additional countries, including Kuwait, Saudi Arabia, Qatar and Pakistan, to join the Abraham Accords, the US-brokered agreements from Trump's first term aimed at normalising diplomatic and economic relations with Israel.

"We're, you know, requesting strongly that they join," Trump said.

Trump's optimism that the other Middle Eastern and majority-Muslim countries could soon sign on to the accords might be overly ambitious.

For example, Saudi Arabia, the most significant power in the Arab world and long seen as the biggest prize for the normalisation effort, has insisted that establishing a guaranteed path to a Palestinian state remains a precondition. It is something that Israel vehemently opposes.

Trump pushed for the Abraham Accords during a call with leaders of Mideast allies over the weekend.

Barbara Leaf, a retired US ambassador to the United Arab Emirates and senior State Department official during President Joe Biden's Democratic administration, said officials from Gulf countries who were on the call told her that Trump's pitch was greeted by "stunned silence". A person familiar with the call disputed that characterisation and said that some regional allies responded positively to the president's call to join the accords. The person spoke on the condition of anonymity about the private conversation.

Leaf, a distinguished diplomatic fellow at the Middle East Institute, said that Middle Eastern allies of the United States recognise that Iran will likely use any money from sanctions relief to bolster its military capabilities. Still, they have been supportive of Trump's efforts to end the conflict.

"They see no other way out," Leaf said of American allies in the region. "And they see no other way out because of many of these early mistakes that the president and the administration made in conducting the war."

Published on May 28, 2026