π₯ US-Iran Tensions Flare Over Hormuz Strait
Oil prices jumped for the fourth straight day as the US and Iran remain stuck in a conflict stalemate. Iranian Deputy Foreign Minister Kazem Gharibabadi criticized the US for claiming the Strait of Hormuz as US territory. Tehran insists the US must meet 14-point memorandum commitments, including lifting sanctions, before reopening the strait. Meanwhile, the US President stated there are no scheduled talks with Iran regarding a ceasefire extension. This ongoing tension continues to affect global energy markets. β½