US-Iran war, fuel crisis live updates: US-Iran war, fuel crisis live updates: US says Trump chose ‘mercy’ – but ceasefire ‘fragile’

The US has triumphantly declared an “overwhelming victory” against Iran after a 14-day ceasefire was announced on Tuesday, US time.

Oil prices have sharply fallen, although still far higher than prior to the war.

On Wednesday, US Defence Secretary Pete Hegseth said “Epic fury decimated Iran’s military and rendered it combat ineffective for years to come”.

He added that Donald Trump “chose mercy” after he threatened to “end a civilisation” just hours beforehand.

The US president said it was “total and complete victory. 100 per cent. No question about it”.

But there are indeed questions about it.

The US Vice President JD Vance said the ceasefire was more a “fragile truce”.

Foreign Affairs Minister Penny Wong echoed Mr Vance’s comments saying the cessation as “fragile” and might not hold while condemning Mr Trump for “threatening the destruction of a civilisation”.

There is no doubt Iran military is in far worse shape than it was before the war. But there are concerns that Iran could come out of the conflict in a better position, in some areas, than it was in before the hostilities.

For instance, Iran may be able to charge lucrative tolls for ships transiting the Strait of Hormuz. And while Mr Trump insisted “regime change” has occurred, key elements of the Revolutionary Guard, for instance, still appear to be in power,

Meanwhile, Israel has launched its heaviest ever bombardment of Lebanon as it remains unclear if it will cease its bombing campaign against its neighbour.

Read on for more updates.