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Iran live updates: Iran war has cost at least $29 billion, Pentagon official says

Two weeks ago the official testified the cost was $25 billion.

Last Updated: May 12, 2026, 9:44 AM EDT

President Donald Trump announced "major combat operations" against Iran on Feb. 28, with massive joint U.S.-Israeli strikes targeting military, government and infrastructure sites.

Following the announcement of a two-week ceasefire, initial U.S.-Iran talks in Pakistan in April failed to reach a peace deal.

Trump later announced the open-ended extension of the ceasefire and the continuation of a U.S. blockade until negotiations are concluded "one way or the other."

3:25 AM EDT

Ghalibaf says 'no alternative' to Iran's peace plan

The speaker of the Iranian parliament, Mohammad Bagher Ghalibaf, wrote in a post to X on Monday that Tehran's 14-point peace plan is the only option for ending the war with the U.S. and Israel.

"There is no alternative but to accept the rights of the Iranian people as laid out in the 14-point proposal," Ghalibaf -- who led the Iranian negotiating team at April negotiations in Islamabad, Pakistan -- wrote on Monday.

"Any other approach will be completely inconclusive; nothing but one failure after another," he added. "The longer they drag their feet, the more American taxpayers will pay for it."

-ABC News' Desiree Adib

May 11, 2026, 12:57 PM EDT

Trump says ceasefire is 'unbelievably weak' following Iran's 'piece of garbage' proposal

During an Oval Office event about maternal health on Monday, President Donald Trump continued to rail against the Iranian proposal response that he received Sunday, calling it “unacceptable” and “a piece of garbage” that he didn’t even finish reading, adding that the current ceasefire with Iran is “unbelievably weak.”

Trump said he has the “best plan ever” which requires that Iran does not develop a nuclear weapon-- something he said Iran’s latest proposal did not explicitly agree to.

“It was just unacceptable. You know, a lot of people said, ‘Well, does he have a plan?’ Yeah, of course I do have a plan. I have the best plan ever,” Trump said.

He later added, “But the plan is, they cannot have a nuclear weapon, and they didn't say that in their letter.”

The president also declared the ceasefire is now at its “weakest” point because of the unsatisfactory response.

“It's unbelievably weak, I would say. I would call it the weakest right now. After reading that piece of garbage they sent us. I didn't even finish reading it," he said.

But Trump continued to insist that he is facing “no pressure” to secure a deal or end the war, pushing back on claims that he would “get tired” of the operation.

“Are they stupid people? They didn't want to believe it. They think that, well, I'll get tired of this, or I'll get bored or I'll have some pressure, but there's no pressure. There's no pressure at all. We're going to have a complete victory,” Trump said.

Trump pointed to disagreement over the removal of enriched uranium from Iran as one of the biggest issues with Iran’s latest response.

“They changed their mind, because they didn’t put it in the paper,” Trump said of removing the uranium.

-ABC News’ Emily Chang

May 11, 2026, 12:49 PM EDT

Trump considering restarting Project Freedom, believes Iranian leaders are 'going to fold'

President Donald Trump told Fox News journalist John Roberts he is considering restarting Project Freedom, but noted that the U.S. Navy’s role in allegedly “guiding” ships through the Strait of Hormuz would “only be a piece of it."

Further details of the president's plans with the operation were not immediately available.

Project Freedom went into effect exactly one week ago before Trump abruptly paused it Tuesday evening.

According to Fox News, Trump expressed confidence in Iran complying with his demands, saying “they’re going to fold.” On Sunday, Trump blasted Iran's response to the U.S. proposal, calling it "totally unacceptable."

Asked whether he wishes to negotiate with a new round of leaders in Iran, Trump told Fox News, "I will deal with them until they make a deal.”

Trump has repeatedly criticized Iran’s leadership, saying they’re disjointed and not able to communicate with each other. In recent weeks, the president has also suggested that he doesn’t need to make a deal with Iran at all.

Trump also reportedly told Fox News that Iranian negotiators said Iran does not have the technology to retrieve their nuclear dust and that the U.S. must go into Iran to obtain it.

-ABC News’ Emily Chang

May 11, 2026, 7:46 AM EDT

Iran executes student accused of spying for CIA, HRANA says

The U.S.-based Human Rights Activists News Agency (HRANA) reported on Monday that a student accused by the Iranian government of "intelligence cooperation with Mossad and the CIA" was executed.

Erfan Shakourzadeh, 29, was an aerospace engineering student at the Iran University of Science and Technology in Tehran, HRANA said.

The Iranian judiciary alleged that Shakourzadeh "received payments in cryptocurrency" for providing "information regarding the location of his workplace, ongoing projects and certain details related to the organization where he worked," HRANA added.

-ABC News' Zoe Magee

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