Iran Says Ceasefire Violated as US Plans Talks

Good morning. Washington plans direct talks while Iran says its ceasefire deal with the US was violated. Galeries Lafayette is taking another look at its China business. And Singapore’s new worker dorm tests the government’s public-health pledge. Listen to the day’s top stories.

Iran claimed a ceasefire agreement was violated less than 24 hours after it was reached as fighting continued in the Middle East, punctuated by Israel’s largest-ever attack on Hezbollah in Lebanon. The Strait of Hormuz remained largely blocked as hundreds of ships wait to leave amid the fragile truce. Some progress may be made this weekend, with the US sending Vice President JD Vance to Pakistan to hold direct talks with Tehran.

The initial easing of tensions sent a wave of optimism through global financial markets, with US stocks surging. West Texas Intermediate oil settled below $95 a barrel, easing concerns about an energy crisis. As the haven bid waned, the dollar erased its advance for the year.