President Trump has expressed dissatisfaction with Iran’s plan to reopen the Strait of Hormuz, while dozens of nations call for immediate restoration of passage and the UN warns of a potential global food crisis.
US Secretary of State Marco Rubio has rejected Iran’s new proposal to reopen the Strait of Hormuz, which sought to delay nuclear talks in exchange for lifting the US blockade, casting further uncertainty over US-Iran relations.
Iran presents a new proposal to the US aimed at easing the standoff over the Strait of Hormuz, while postponing nuclear talks, sending international oil prices higher.
Stalled U.S.-Iran peace talks send oil above $97 per barrel, stalling the Wall Street rally on Monday as investors brace for the Federal Reserve’s policy meeting this week.
Iran is seeking an agreement to lift its blockade of the Strait of Hormuz, which would delay nuclear negotiations, while continuing intensive diplomatic outreach in Russia.
The Federal Reserve is widely expected to hold rates steady at its April meeting as Iran-related risks drive inflation concerns and the potential Powell-to-Warsh transition adds uncertainty.