Commodities
Trump Rejects Iran's Seven-Day Plan to Reopen Strategic Waterway
The United States and Iran are at an impasse over reopening the strategic Strait of Hormuz. The waterway is critical to global oil supply, but the conflict between the two nations has been ongoing for nearly seven months.
Tehran offered a proposal to reopen the strait through Qatar, with conditions that include a cessation of all hostilities in the Middle East for seven days, including in Lebanon. They also demand the release of frozen Iranian assets estimated to be worth at least $12 billion and the lifting of sanctions on Iranian oil.
US President Donald Trump reportedly rejected this proposal, citing skepticism about Iran's willingness to meet his demands. The White House has stated that a renewed bombing campaign is likely.