Trump Rejects Iran Proposal, Crude Oil Prices Soar Above $105/bbl
US President Donald Trump has rejected Iran's proposal to reopen the Strait of Hormuz, sending crude oil prices soaring above $105/bbl.
The seven-point prerequisite proposed by Tehran includes lifting the US naval blockade on Iranian ports, easing all economic sanctions, and releasing frozen assets.
Brent crude price surged after Trump dismissed the proposal, while Iran's foreign minister Abbas Araghchi said his country is prepared to reopen the Strait of Hormuz if 'certain things are done by the US', referring to accepting Tehran's proposed peace framework.
US and Iranian officials held separate talks with negotiators yesterday, raising hopes for renewed efforts to end the conflict, but there is no confirmation that these discussions will yield a tangible breakthrough.