With failed talks and a fragile ceasefire collapsing, global energy markets face severe disruption as the world’s most critical oil chokepoint comes under unprecedented pressure.
US President Donald Trump said on Wednesday that he had agreed to a two-week ceasefire with Iran, less than two hours before his deadline for Tehran to reopen the Strait of Hormuz
Iran rejected a U.S.-brokered ceasefire and called for a permanent end to the war, while Trump threatened to destroy all bridges and power plants if the Strait of Hormuz remains closed.
Iran and the United States have received a plan to end hostilities that could take effect today and reopen the Strait of Hormuz, a source familiar with the proposals tells Reuters.
Strikes on key sites, rising civilian casualties, and Iran’s continued attacks across the Gulf are intensifying fears of a prolonged war. Meanwhile, global efforts to reopen the Strait of Hormuz remain stalled, driving oil prices higher and deepening economic uncertainty worldwide.
