Oil prices dropped after Trump announced an initial US-Iran deal to reopen the Strait of Hormuz, but shipping, insurance and mine-clearing hurdles could delay a return to normal. Analysts warn energy, fertiliser and consumer prices may remain under pressure for months.
Posts tagged as “Persian Gulf Strait Authority”
Trump and Pakistan said a U.S.-Iran deal could be finalized within 24 hours, but Iran said it would not be signed Sunday. The proposed memorandum includes provisions on the Strait of Hormuz, the U.S. blockade of Iranian ports and Iran’s enriched uranium stockpile.
Trump threatened new strikes on Iran and the seizure of Kharg Island as U.S.-Iran fighting widened across Gulf states and the Gulf of Oman. Iran said the latest U.S. attacks made the ceasefire “practically meaningless,” while mediation efforts by Qatar and Pakistan continued.
Kuwait said an Iranian missile and drone attack hit its international airport, killing one person and wounding others, as U.S. and Iranian forces traded strikes. President Trump denied Iranian media reports that indirect talks had stopped, saying negotiations were continuing.
U.S. forces struck a military site on Iran’s Qeshm Island after shooting down Iranian drones and missiles, while Iran said its attacks responded to U.S. action against a tanker. The clashes come as ceasefire negotiations remain stalled and shipping through the Strait of Hormuz is disrupted.
The U.S. military conducted defensive strikes on an Iranian military site near Bandar Abbas, shooting down four drones and targeting a control station amid fragile ceasefire talks. President Trump emphasized keeping the Strait of Hormuz open while rejecting Iranian claims of a preliminary deal.