Commodities
Trump Rejects Iran's Proposal to Reopen Strait of Hormuz
US President Donald Trump rejected Iran's proposal to reopen the Strait of Hormuz within a week if certain conditions are met.
The Iranian government offered this week to resume talks on its nuclear program and reopen the strait in seven days, provided that the US lifts its naval blockade of Iranian ports, waives sanctions on Iranian oil sales, and observes a ceasefire that includes Lebanon.
However, Trump dismissed the proposal, saying Iran wants to make a deal because it is 'losing so badly.'
The Strait of Hormuz has been closed since late February after the US and Israel attacked the Islamic Republic, leading to a significant drop in the number of ships passing through the waterway.