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President Donald Trump announced "major combat operations" against Iran on Feb. 28, with massive joint U.S.-Israeli strikes.
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More than 1.5 million pilgrims have arrived in Saudi Arabia for the annual Hajj pilgrimage, one of the Five Pillars of Islam, against the backdrop of a tenuous ceasefire in the Iran war and related regional tensions.
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The deal under discussion would involve a 60-day ceasefire extension during which the Strait of Hormuz would be reopened, US media reports.
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Oil markets are nearing minimum operating levels in Asia, with Europe likely next and the U.S. potentially facing shortages by July, said Carlyle's Jeff Currie.
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The United States is burning through weapons stockpiles in Iran, and replacing them will require large amounts of tungsten, a powerful metal whose supply is dominated by China.
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President Trump said Sunday that he will not "rush into a deal" to end the ongoing U.S.-Israeli war with Iran, after senior Republican lawmakers warned it could be a "disastrous mistake." It comes a day after the president said that a potential deal was "largely negotiated." NBC News' Raf Sanchez reports.
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Lawmakers, including some of President Trump's closest allies, slammed the emerging agreement as effectively undermining the president's own war goals.
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;Resize=(620)) The potential deal will include Iran's commitment that it won't pursue a nuclear weapon, and Tehran agreed to give up its stockpile of highly enriched uranium, according to two regional officials.
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