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President Trump posted to social media early Wednesday, a warning that Iran must reach an agreement, hinting at escalation, as negotiations remained deadlocked.
Additionally, the Association of Value Airlines asked for billions of dollars in "temporary government support" to help offset the jump in fuel prices. The organization, which represents Allegiant, Avelo, Frontier, and Sun Country Airlines, argued the $2.5 billion injection would help preserve "vital industry competition" and ensure airline ticket prices remain affordable.
The Ateela 2 Oil Tanker boat navigates the sea on April 28, 2026 on Qeshm Island, Iran in the Strait of Hormuz. (Photo by Asghar Besharati/Getty Images)
The United Arab Emirates announced early in the day that the country intended to leave OPEC at the end of the month. The move means the influential oil cartel would be losing one of its largest producers in the coming days.
The leaders of several Gulf nations blasted Iran for closing the Strait of Hormuz and threatening navigation through one of the world’s most important waterways. The statement, which described Iran’s actions as illegal, came after a Gulf Cooperation Council meeting that included representatives from Saudi Arabia, Qatar, Bahrain, Kuwait and the UAE.
Here's the latest from Wednesday:
Iran war cost hits $25B, Pentagon tells Congress
11:40 a.m. ET: Defense Secretary Pete Hegseth says congressional Democrats are "the biggest adversary we face" as he takes questions from lawmakers for the first time since U.S. President Donald Trump launched the war against Iran. The war has cost an estimated $25 billion to date, mostly on munitions, the Pentagon's chief financial officer, Jules W. Hurst III told Congress during a hearing.
Trump prepared for longer blockade
8:18 a.m. ET: President Trump has told aides to prepare for a longer blockade if necessary.
Trump posted Tuesday that Iran is in a "state of collapse" citing the pressure campaign he says is working.
A ceasefire is still in play, but the status of Iran's nuclear program remains a focus for negotiations.
Trump: ‘No more Mr. Nice Guy’
6:45 a.m. ET: President Trump said on Truth Social that Iran must come to terms, signaling a possible escalation.
"They don't know how to sign a nonnuclear deal," the post stated. "They better get smart soon."
Trump via Truth Social
The Source: Information for this article was taken from the Associated Press and FOX News. This story was reported from Orlando.