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.

Vice President JD Vance and White House officials departed Islamabad, Pakistan after failing to reach a peace agreement with Iran on Sunday.

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.

Oil prices rose and stock futures ticked down as investors reacted after the two sides failed to agree on a U.S.-Iran peace deal.

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

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

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