Trump Rejects Iran's 7-Day Plan for Strait Reopening
US President Trump has rejected Iran's proposal to reopen the Strait of Hormuz within seven days. This decision has sent Brent crude prices soaring above $106 per barrel, while US WTI crude is nearing $94 per barrel.
In an interview with Axios on Sunday, Trump stated that Tehran is overestimating its bargaining power and that Washington might have accepted Iran's proposed terms a year ago but not now. The Strait of Hormuz is a critical waterway through which approximately one-fifth of the world's crude oil and liquefied natural gas (LNG) pass.
Regional tensions remain high as the Saudi-led coalition in Yemen stated that air defense systems intercepted Houthi drones heading toward Riyadh, along with a missile aimed at the southern city of Khamis Mushait. Alerts were also issued for Abha and Jizan, where Saudi Aramco energy facilities are located.