Commodities
Iran Stands Firm on Hormuz Plan Despite Trump Rejection
Iran has reaffirmed its commitment to its seven-day plan for reopening the Strait of Hormuz, despite US President Donald Trump's public rejection of the proposal.
The Iranian Foreign Minister, Abbas Araghchi, stated that Iran's conditions for reopening the strait remain unchanged and must be fulfilled before any action is taken.
Iran's plan involves a ceasefire in the Middle East, including Lebanon, as well as the release of frozen assets, lifting of sanctions on Iranian oil, and an end to the US naval blockade.
The Strait of Hormuz has been a critical waterway for international shipping, with around 20% of global oil demand passing through it before the current conflict began.