The Trump administration has formally notified Congress that military operations against Iran have been ’terminated’ ahead of a 60-day congressional deadline, a move criticized as a controversial attempt to circumvent the War Powers Resolution.
Traders warn that as global stockpiles continue to fall despite consumption cuts, oil prices could surge significantly within a month, causing widespread economic pain.
The US government has warned European allies that weapon deliveries will be significantly delayed due to ammunition stockpile depletion from the Iran war, potentially affecting Ukraine’s defence against Russia.
Trump writes to Congress that hostilities with Iran ‘have terminated’ due to the ceasefire, arguing he does not need congressional authorization under the War Powers Resolution.
Trump signs an executive order on May 1 expanding sanctions against the Cuban government and its affiliates, specifically citing Cuba’s relationship with Iran as a threat to U.S. national security.
Trump notifies Congress that hostilities with Iran have ’terminated’ as the 60-day War Powers Resolution deadline expires, a move widely seen as a legal maneuver to sidestep congressional authorization requirements.
Iran sends response to U.S. amendments on draft peace agreement via Pakistani mediators, pushing international oil prices sharply lower as Brent crude falls below $110.
Trump writes to Congress that hostilities have ’terminated’ due to the ceasefire, arguing he does not need congressional authorization for military action against Iran.
Driven by surging international oil prices amid the Iran conflict, ExxonMobil and Chevron both exceeded Wall Street profit expectations in Q1 2026, making the energy sector a market standout.
The White House announced that the Iran ceasefire has paused the countdown on the 60-day war authorization deadline, with Defense Secretary Hegseth saying the ‘clock is paused’ amid bipartisan congressional debate.