U.S.-Iran talks in Switzerland planned for Friday were cancelled as fighting flared in Lebanon, creating new uncertainty about the timing of negotiations vital to ensure the reopening of the Strait of Hormuz to global shipping

International News via Reuters:

Israel and Hezbollah agreed to a ceasefire in Lebanon on Friday after an escalation in fighting there jeopardised the chances of an interim agreement on ending the war in Iran turning into a lasting Middle East peace deal.

U.S.-Iran talks in Switzerland planned for Friday were cancelled as fighting flared in Lebanon, creating new uncertainty about the timing of negotiations vital to ensure the reopening of the Strait of Hormuz to global shipping.

U.S. President Donald Trump later told NBC News that he had spoken with Israel and asked it to agree to the ceasefire.

“You just gotta calm down sometimes and use your head,” Trump was quoted as saying by an NBC reporter on X, who added that the president had declined to specify whether he spoke with Israeli Prime Minister Benjamin Netanyahu directly.

A senior U.S. official said the ceasefire came into effect around 4 p.m. Lebanon time (1300 GMT) following an exchange of fire, adding that negotiators for the U.S. and Qataris had worked out the agreement with help from Iran.

Two sources from Iran-aligned Hezbollah and a senior Israeli official confirmed the ceasefire to Reuters.

“If Hezbollah does not attack us, then for us it is not a time of war,” the Israeli official said, adding that Israel would keep its forces in southern Lebanon, where it has occupied an area along Israel’s northern border.

Two Lebanese security sources said Israel had carried out a dozen airstrikes in the first hour of the ceasefire but none were recorded after 5 p.m.

The conflict in Lebanon could weigh on negotiations because ending fighting there is a condition for the broader U.S.-Iran accord.

TOUGH ISSUES STILL UNRESOLVED

The memorandum of understanding signed this week by the Iranian and U.S. presidents left discussion of Iran’s nuclear programme and other tough issues until later, giving the sides 60 days to reach a lasting agreement or extend the interim deal.

Preparations for technical talks to start in the Swiss mountaintop resort of Buergenstock were far advanced when a White House spokesperson said on Thursday that U.S. Vice President JD Vance had dropped plans to attend.

A Swiss foreign ministry statement said the talks had been postponed and that Switzerland remained ready to facilitate the talks and the relevant preparatory work was continuing.

Hezbollah lawmaker Hassan Fadlallah cited Iran as saying further talks depended on a comprehensive ceasefire being in place and said Lebanon’s government should reject direct negotiations with Israel as long as Israeli attacks continue.

The broad interim deal requires the United States, Iran and their allies to declare an immediate and permanent termination of military operations on all fronts, including in Lebanon.

Israel, left out of the talks, says it is not party to the deal. 

Iran’s Foreign Minister Abbas Araqchi, in a phone call with his Pakistani counterpart on Friday, said the U.S. would be responsible for any violation of its commitments under the deal, including ending the fighting in Lebanon, his ministry said.

HEAVY AIRSTRIKES

Lebanon was sucked into the regional war when Hezbollah opened fire at Israel on March 2, prompting Israel to launch an offensive against the group and invade the south of the country.

Lebanon’s health ministry said 18 people had been killed and 33 wounded in heavy airstrikes in 11 southern towns since midnight into Friday.

The Israeli military said four soldiers had been killed in an incident in Lebanon, without giving further details.

It said it had carried out strikes targeting what it described as Hezbollah operatives and infrastructure across several areas of the south, saying these were in response to repeated ceasefire violations by the Iran-backed group.

Lebanese President Joseph Aoun condemned the Israeli attacks but said the escalation would not hinder efforts to reach a comprehensive ceasefire.

TRUMP DEFENDS INTERIM DEAL

The Iran war, which began on February 28 with U.S. and Israeli air attacks on Iran, has killed at least 7,000 people, mostly in Iran and Lebanon. It also pushed up energy prices, stoking inflation worldwide.

Oil prices have dipped since the interim deal was signed as tankers are again moving through the Strait of Hormuz, which carried nearly a fifth of global crude oil and liquefied natural gas supplies before it was blockaded by Iran during the war.

The body set up by Iran to manage the strait said on Friday it would waive planned fees to use the waterway during the 60-day negotiation period under the interim deal.

The memorandum signed this week foresees relief for Iran from economic sanctions, the unfreezing of assets worth tens of billions of dollars and immediate U.S. waivers for its exports of oil.

The deal gives negotiators 60 days to agree on the status of Iran’s nuclear programme, unless an extension is agreed, and to set up a $300 billion reconstruction fund for Iran and other financial incentives.

Trump again defended the deal after criticism in Washington, including from some of his Republican allies in Congress who question whether he conceded too much to end a war unpopular with most Americans ahead of midterm elections in November.

“The War has diminished Iran!” he wrote in social media posts on Friday, adding: “We didn’t meet out of desperation, Iran did. They are FINISHED! We’ll play out the 60 days. They get no money, not ten cents!” 

Reporting by Reuters bureaus, Writing by Timothy Heritage and Gareth Jones; Editing by Philippa Fletcher and Alison Williams

European Union leaders meeting in Brussels agreed on Friday that the EU executive should enter dialogue with the bloc’s main trading partners on “global macroeconomic imbalances” as well as reviewing whether new trade measures are needed

International News via Reuters:

The European Commission will propose a new law requiring EU companies to diversify their sources of key supplies, although it may prove surplus to requirements if they proactively de-risk from China, its president Ursula von der Leyen said.

European Union leaders meeting in Brussels agreed on Friday that the EU executive should enter dialogue with the bloc’s main trading partners on “global macroeconomic imbalances” as well as reviewing whether new trade measures are needed.

The focus was on China, although the world’s second-largest economy was not named in the conclusions of their summit.

Von der Leyen said the Commission will propose a measure to promote diversification because businesses had de-risked at far too slow a pace. The issue came to a head last year when China exploited its dominance in processing of critical minerals by placing export restrictions on rare earths.

The best-case scenario was that companies stepped up their efforts to de-risk, suggesting the measure might then be redundant, von der Leyen said.

“There is a need for improvement. We’ve seen the figures, they speak for themselves, and we have to rebalance our relationship,” she added.

When the G7 issued a joint statement on Wednesday on stepping up cooperation to reduce critical mineral dependencies, China urged the G7 nations to respect market economy principles and international trading rules rather than favouring “small cliques”.

EU diplomats say there is a gradual convergence of views among the 27 EU members that there is a problem with the goods trade deficit with China, which now amounts to some €1 billion ($1.15 billion) per day.

The situation is more critical as transatlantic tariffs have diminished access to the U.S. market.

European Council President Antonio Costa, who chaired the summit, said engagement with China was vital, describing a €1 billion per day trade deficit as “simply unsustainable”.

“We cannot continue to raise this issue without any concrete results. And until now, unfortunately, China didn’t deliver,” Costa said.

Belgian Prime Minister Bart De Wever said a further item the EU leaders had agreed was to unite in the event of retaliation from third countries.

“Retaliation will not affect everyone equally. Not everyone is equally vulnerable. Some are highly vulnerable. Everyone is vulnerable to some extent, including us,” he said.

Reporting by Philip Blenkinsop and Charlotte Van Campenhout; Editing by Alexander Smith

Brent crude futures were up 66 cents, or 0.83%, at $80.51 a barrel by 13:02 ET, while U.S. West Texas Intermediate crude was up 94 cents, or 1.23%, at $77.54 per barrel

International News via Reuters:

Brent crude ticked higher on Friday, but stayed set for a weekly fall of around 8%, after Israel and Hezbollah agreed on a ceasefire in Lebanon and oil shipments through the Strait of Hormuz picked up after the signing of this week’s U.S.-Iran peace deal. 

Brent crude futures were up 66 cents, or 0.83%, at $80.51 a barrel by 13:02 ET, while U.S. West Texas Intermediate crude was up 94 cents, or 1.23%, at $77.54 per barrel.

Trading volumes were light due to a U.S. federal holiday.

Gulf producers were preparing to raise exports despite concerns over conditions set by Tehran for using the vital waterway and at least four tankers carrying crude, oil products and liquefied petroleum gas entered the strait on Friday, heading for Iraqi Gulf ports, MarineTraffic data showed.

“Though (oil prices) haven’t got to the point to where they were before the war started, it looks like we’re headed in that direction,” said Phil Flynn, senior analyst with Price Futures Group, adding more supply is expected to flow in coming days.

“The backlog of ships can move quicker than some people think and if there’s cooperation between Iran and the U.S., it can move quite quickly,” Flynn added.

Israel and Hezbollah agreed a ceasefire which began at 4 p.m. local time (1300 GMT) on Friday, a senior U.S. official told Reuters.

A planned meeting between Iranian and U.S. officials in Switzerland on Friday has been postponed, with arrangements underway for talks in the coming days, Iran’s Foreign Ministry said on Friday.

The ministry said the meeting was no longer urgent because a memorandum of understanding on ending the war had already been signed digitally between the two sides.

Analysts expect the deal to release more than 85 million barrels of oil stranded in the Middle East Gulf into global markets. The agreement also includes the lifting of U.S. sanctions on Iranian oil, which would add more supply.

Around 20% of global oil and LNG supply transits Hormuz, but recovery in flows and production after the U.S.-Iran deal could take several months.

Citi said its base case, with a 60% probability, sees sustained normalisation in flows, with oil markets moving into surplus and prices trending lower over the next six to 12 months to around $60 to $65 per barrel by the first quarter of 2027.

Commerzbank said oil supply should gradually recover, lowering its Brent forecast to $80 a barrel by year-end from $85, while expecting prices to remain above pre-war levels for most of the coming year.

Iraq’s oilfields are ready to resume production and output will gradually return to normal, restoring previous rates, Oil Minister Basim Mohammed said.

On the demand front, world demand will rise to 113.3 million bpd in 2030 from 105.1 million barrels per day in 2025, OPEC said in its 2026 World Oil Outlook. 

Reporting by Amanda Stephenson in Calgary, Anushree Mukherjee in Bengaluru, Seher Dareen and Ahmad Ghaddar in London, Mohi Narayan in New Delhi and Helen Clark in Perth; Editing by Jan Harvey, Kirsten Donovan, Louise Heavens and Alexander Smith

But Tubara and Juan de Acosta, both near port city Barranquilla, diverge sharply when it comes to Sunday’s presidential election, which pits conflicting visions for Colombia’s future against one another

International News via Reuters:

At first glance, these neighboring municipalities set along Colombia’s sweltering Caribbean coast have much in common. Single-story homes with outdoor rocking chairs cluster around town squares and residents time their outings to avoid the midday heat. Mango trees line streets where schoolchildren dawdle home.

But Tubara and Juan de Acosta, both near port city Barranquilla, diverge sharply when it comes to Sunday’s presidential election, which pits conflicting visions for Colombia’s future against one another.

In Juan de Acosta, where murders and extortion have spiked as drug trafficking increased along its coastline, right-wing candidate Abelardo De La Espriella got 55% support in the first round. He has pledged to bring the hammer down on armed groups and criminal gangs.

Next door, Tubara backed leftist senator Ivan Cepeda with just under 60% of their votes. His socially focused message resonated there, with promises to expand reforms to healthcare, pensions and education.

De La Espriella, 47, a lawyer and businessman with no prior political experience, has deployed military-style visuals and rhetoric. He refers to himself as “the Tiger,” calls his political movement “Defenders of the Homeland,” and salutes at rallies and in publicity, despite never having served in the military.

His pledge to crack down on crime gave him a lead of several points over Cepeda in the first round and recent polling has him eight points ahead for the second.

The spike in murders and extortion is out of character for Juan de Acosta, said Nicanor Alba, as he chopped and bagged pork ribs for customers at his butcher stand near the town’s plaza.

“You set up your business and tomorrow they come and say ‘if you don’t give us 50,000, 30,000 or 40,000 (pesos), it’s over,'” said Alba, whose own brother was murdered five years ago.

He said several friends and neighbors have fallen victim repeatedly to extortion. He said he was shocked by recent homicide figures.

“That had never been seen before in Juan de Acosta, it’s a bunch of people,” said the butcher, who plans to vote for De La Espriella.

DRUG TRAFFICKING

Juan de Acosta’s road connections to the interior of the country combined with its coastline have made it a “strategic point” for drug traffickers, said Colonel Eddy Sanchez, police commander for Atlantico province.

Two criminal groups — Los Pepes and Los Costenos — ave historically operated in the municipality, including selling drugs, Sanchez said. Recently the country’s largest crime gang, the Clan del Golfo, has arrived as well.

“The Clan del Golfo uses this municipality as a platform to reach maritime areas and, using speedboats, ship drugs abroad,” Sanchez said.

“Of course, that leads to issues of violence,” he added, though he said murders have fallen from 15 in 2025 to just 2 in 2026 so far, the municipality’s historic average. Police have classed 14 of last year’s murders as contract killings.

Tubara, by contrast, had no murders in 2025 and has recorded only one so far in 2026, Sanchez said.

“It’s a territorial dispute, where some gangs are trying to enter the municipality while others are trying to push them out to fully control local drug trafficking,” said Oscar Andres Arteta, Juan de Acosta’s interior secretary, adding local government and police are working together to fight extortion.

Juan Gabriel Coronel, who sells meat, ice cream and dry goods at a small store in Juan de Acosta, plans to vote for De La Espriella in the hopes he can curb violence and extortion. But he also wants a change for his health.

“I had a liver transplant 17 years ago and have never been denied my medication in that time,” said the 42-year-old, a client of a healthcare provider which the government took over in 2024 because of alleged care failures. For the last six months, Coronel said, he has had to pay for the medication out of pocket.

GET OUT THE VOTE

In a field of 13 candidates, Cepeda, 63, the son of a murdered communist leader, won all but one Caribbean province in the first round.

He needs to increase his numbers there and in capital Bogota to have a shot at winning the run-off, said Luis Fernando Trejos, a politics professor at the Universidad del Norte.

The leftist will need 2.5 million to 3 million additional votes to win, he added. De La Espriella, who had about 700,000 more votes than Cepeda in the first round, will also need to increase his voter share. More than 41 million Colombians are eligible to vote but just under 24 million participated in the first round.

Both candidates have secured backing from various political powerbrokers on the coast, Trejos said.

De La Espriella has taken pains to emphasize that he was raised in the inland Caribbean city of Monteria. His campaign billboards feature his tiger alter ego dressed in a Barranquilla soccer jersey and read “Abelardo is coastal like you. …. Coastal votes coastal.”

He has also accused Cepeda of planning a massive vote-buying operation on the coast, which Cepeda’s campaign has vehemently denied.

Cepeda voters in Tubara have been working to increase turnout.

Clara Algarin, a clinical psychologist and former city councilor, has been arranging transport for voters who could not reach polling stations for the first round, she told Reuters.

Algarin admires current leftist President Gustavo Petro’s expansion of free public university for undergraduates and the 230,000 peso ($66) per month state pension he instituted for people who were unable to save for retirement, including her own mother.

“My mother worked as a domestic servant from the age of 16. She never had the possibility of being paid a pension before,” said Algarin.

Her husband Javier Gomez runs a bakery, on whose porch hangs a bright Cepeda banner. He said he was happy to pay his employee the 23% increase in the minimum wage for this year instituted by Petro.

“The work that (the employee) does deserves the payment of a living wage,” Gomez said as he took a break from packaging fresh bread.

($1 = about 3,500 pesos)

Reporting by Julia Symmes Cobb; Editing by David Gregorio