36m ago / 4:26 AM EDTEuropean shares up on hopes of Iran-U.S. dealEuropean shares rose today and were on track to end the month higher, as investors took comfort from expectations that a proposed deal to extend the Middle East ceasefire and restore shipping through the Strait of Hormuz could be finalised.Vessels in the Strait of Hormuz visible near the beach of Bandar Abbas, Iran, on May 22. Majid-Asgaripour / WANA via ReutersThe agreement was yet to be approved by U.S. President Donald Trump, sources said, and did not address more complex issues such as Iran’s nuclear program.The pan-European STOXX 600 was up 0.3% at 626.91 points, as of 3:15 a.m. ET, and poised to end the week higher.The benchmark index had come within striking distance of record highs earlier this week and is on course for a second consecutive monthly gain, but escalating tensions in the Middle East capped further advances.Prices of crude oil, a key resource for energy-deficient Europe, slipped and were on track for their first weekly drop in two months.36m ago / 4:26 AM EDTHegseth says Iran must give up its nuclear program or deal with himDefense Secretary Pete Hegseth says it’s up to Iran what happens next.Referring to Trump’s comments during a Cabinet meeting earlier this week, Hegseth said, “He looks in the camera and says, well, Iran can either do it the right way with a deal across the table, or they can deal with my guy on the left,” referring to Hegseth.Hegseth was speaking on board the USS Boxer in Singapore, where he arrived early today to address an Asian security forum. On Saturday, Trump posted on Truth Social that a peace deal with Iran was “largely negotiated.” Less than 24 hours later, Trump walked back his statement, with the phrase “largely negotiated” becoming “not even fully negotiated yet.” 36m ago / 4:26 AM EDTVance says U.S. is ‘very close’ to final agreement with Iran Vice President JD Vance told reporters yesterday that Washington was “not there yet” with Iran, but said negotiators were “very close” to reaching a final agreement. “We’re not there yet, but we’re very close,” Vance said. “We’re going to keep on working at it.”Vance also said the U.S. had “substantially” set back Iran’s nuclear program for the foreseeable future. “We’ve already decimated their conventional military, and we’re in a position where we could substantially set back their nuclear program, not just during the term of this president, but over the long term,” he said. “That’s a very, very good thing for the American people.”36m ago / 4:26 AM EDTU.S. imposes new sanctions on Iran’s oil salesThe State Department and the Treasury Department both announced new sanctions on Iran’s oil trade yesterday despite ongoing negotiations to reach a deal to end the conflict.“The Department of State is sanctioning numerous entities, individuals, and vessels that form the backbone of Iran’s illicit oil economy, directly targeting the financial lifelines of the Islamic Revolutionary Guard Corps (IRGC) and Iran’s military apparatus,” the State Department said in a statement.The IRGC is the most powerful military, political and economic force in Iran.The Treasury sanctions will target “key players in an oil sales network that has moved tens of millions of barrels of Iranian oil worth billions of dollars.”“These Hong Kong-based entities have facilitated the storage, transport, and sale of this oil, directly funding the IRGC, Iran’s Armed Forces General Staff, and its military apparatus,” the statement read.36m ago / 4:26 AM EDTTrump personally involved in Iran negotiations, Stephen Miller saysTrump is directly involved in negotiations with Iran, according to Stephen Miller, the White House deputy chief of staff for policy.“He’s directly, personally involved in the negotiations, making sure that the results are up to his standards,” Miller said in an interview with Fox News last night.He added: “There’s no deal until there’s a deal. Nothing is final until it’s final. And President Trump has been clear that he reserves the option now or at any time in the future to do whatever is necessary to defend and protect America’s national security.”