President Trump Threatens Iran with Military Action Amid Strait of Hormuz Tensions
Oil prices fluctuated as President Trump issued a new ultimatum to Iran, demanding the reopening of the Strait of Hormuz. The U.S., Iran, and regional mediators have been negotiating a potential 45-day ceasefire to end the ongoing conflict, but Iran rejected the proposal. President Trump has threatened military action if Iran does not comply by the set deadline. The situation has caused significant disruptions in global oil supply, with an estimated loss of 1 billion barrels by the end of the month. The International Energy Agency has released 400 million barrels from its reserves to mitigate the impact, but experts warn that the reserves are insufficient to cover the shortfall.