Hostilities have eased between the US and Iran, but the two countries have so far failed to reach a more permanent peace deal, with US President Donald Trump reportedly rejecting Iran's latest counter-offer.

The United States and Iran failed to reach an agreement after a day of highly anticipated face-to-face peace talks, Washington's lead negotiator Vice President J.D. Vance announced on Sunday.

Among the key measures, the government had announced a 50 per cent reduction in fuel allowance for official vehicles, with the exemption of operational vehicles such as ambulances and public buses

Stocks in Asia were set to rise Tuesday, tracking Wall Street gains as investors remained bullish even as the US and Iran failed to reach terms to end their conflict.

Iran has threatened that the US is making a “big mistake” following President Donald Trump’s rejection of the regime’s latest peace deal offer.

DONALD Trump confirmed that US fighter jets shot out the rudder of an Iranian oil tanker – as he handed the reeling regime a one-week ultimatum to reach peace deal. The US president said he

Iran-US war latest: Trump says war will be ‘over quickly’ as Israel hits Beirut for first time since ceasefire - Israel launches strikes on Beirut for the first time since the 16 April ceasefire

Trump called Iranian attacks on 3 US destroyers a 'trifle' but said the ceasefire holds while peace talks continue.