Commodities
Trump Rejects Iran Proposal on Strait of Hormuz
US President Donald Trump has rejected Iran's proposal to reopen the Strait of Hormuz in exchange for ending its blockade of Iranian ports. The proposal was submitted through Qatari mediators on the sidelines of the UN General Assembly.
'They made a proposal, but I rejected it,' Trump said outside the White House. 'They want to make a deal where they open the strait immediately because they're losing so badly.'
The Strait of Hormuz is a critical shipping lane that has been disrupted by the ongoing conflict between the US and Iran. The war has taken a toll on the global economy, with oil flows through the waterway severely impacted.