Alexis Christophorus

of targeting two of its oil tankers in striking civilian areas along its southern coast and Kashim Island.

But President Trump says the ceasefire is still intact.

President Trump's threatening to hit Iran even harder if it doesn't reach a deal.

We get more from Bloomberg's Jumana Bersetchi in Dubai.

Bloomberg's Jumana Bersetchi reports Iran is still expected to respond to the U.S.

offer through Pakistani mediators in the next two days.

President Trump is moving ahead with plans to hold a summit with his Chinese counterpart, Xi Jinping, next week in Beijing.

And he's bringing some big-name guests along with him.

Bloomberg's Tom Busby reports from New York.

Tom, thanks.

Let's turn to politics in the UK now.

The Labour government is taking heavy losses as the first wave of local election results comes in.

For more, let's go to London and get the latest with Bloomberg's James Woolcock.

Good morning, James.

Nathan, Alexis, Prime Minister Keir Starmer says the results are very tough, there's no sugarcoating it, and that he takes responsibility for the losses.

We're still waiting on the majority of results, but the early signs are it is a disastrous election for the governing Labour Party.

The right-wing Populist Reform UK Party are set to pick up hundreds of seats already.

They've taken control of two councils in elections in England.

And as we wait for the rest of the day, we are still waiting on Wales and Scotland elections too, where Labour are also set to perform very poorly.

The question now for markets and people in the UK is, does the Labour Party decide that Keir Starmer needs to be a change in leader as well as someone who is an election loser?