A Reuters survey showed that oil output Opec fell to a more than 20-year low in April, dropping 830,000 barrels per day to 20.04 million bpd as Strait of Hormuz disruptions linked to the US-Israeli conflict with Iran hit exports.
US President Donald Trump on Sunday rejected Iran’s response to a US peace proposal as “totally unacceptable,” dealing a fresh blow to efforts to end the conflict and raising the risk of renewed instability in the Gulf, where shipping through the Strait of Hormuz remains severely disrupted.
Iran has formally presented to Pakistani mediators its response to the latest US proposal aimed at ending the war, a source familiar with the matter confirmed on Sunday.
The message attributed to Iran’s Supreme Leader Mojtaba Khamenei comes as a recycled political narrative, built on repeating claims and falsehoods about the Arab Gulf states, in an attempt to impose a one-sided vision on a region undergoing major developmental and strategic transformations, writes Anwar Abdulrahman in a comment in the Gulf Daily News, our sister newspaper.
UAE has called for the immediate and unconditional reopening of the Strait of Hormuz, and for Iran to be held fully accountable for its unlawful obstruction of international navigation.
Iran has delivered its latest proposal for negotiations to end the war with US to Pakistan, a mediator, said IRNA news agency.
Confusion over the scope of the newly announced US-Iran ceasefire and Israel's military campaign in Lebanon continued to disrupt shipping through the Strait of Hormuz, with industry operators adopting a cautious wait-and-see approach.
US President Donald Trump has hailed the ceasefire agreement between the US and Iran as a big day for world peace and said there is an opportunity to make big money.
Iran has said that the country’s military will coordinate safe passage through the Strait of Hormuz during the ceasefire.
US President Donald Trump said he had agreed to a two-week ceasefire with Iran on Tuesday on the condition that Iran agrees to reopen the critical Strait of Hormuz, while Iran’s supreme leader has instructed all military units to stop firing.
