Country’s state TV says Iran would allow shipping in waterway and US would lift naval blockade under draft memorandum

Iran and the United States have signaled they are closing in on an agreement to turn the existing ceasefire that ended weeks of conflict into a more long-lasting settlement.

DUBAI, May 27 (Reuters) - Iran's state TV said Tehran had obtained a draft of an initial, unofficial framework for a memorandum of understanding with the United States on ending their conflict. Under the framework,

Stock Market Today: The Dow Jones index rose Wednesday as oil prices continued to tumble. Micron stock surged in morning trading.

The US and Iran are signaling progress in efforts to end the conflict, but crucial details of a framework agreement are still under negotiation Follow for live updates.

Sen. Ted Cruz advocates recognizing Somaliland as the U.S. reportedly explores military access to the breakaway state's port and airbase facilities.

US Central Command says the strikes were taken in "self-defence", while Iran reports it downed a US drone that entered its airspace.

Mojtaba Khamenei makes apparent posting on his Telegram channel saying that Gulf powers can no longer be a shield for US bases

On this Memorial Day, grieving families are remembering the 13 US troops who have been killed so far in connection with the war with Iran.

Tensions between the United States and Iran have sharply escalated despite the ongoing ceasefire following weeks of military confrontation. Iran’s Islamic Revolutionary Guard Corps (IRGC) has claimed responsibility for shooting down a sophisticated American MQ-9 Reaper drone near the Persian Gulf,