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U.S. President Donald Trump reviewed â and expressed unhappiness with â a fresh Iranian proposal to end the twoâmonth war that would prioritise a ceasefire and reopening of the Strait of Hormuz while deferring detailed talks on Iranâs nuclear programme.
The offer, delivered via mediators including Pakistan, envisages the U.S. lifting its blockade on Iranian ports in exchange for resumed shipping; Washington insists nuclear issues be addressed up front.
Iranian Foreign Minister Abbas Araqchi travelled to Pakistan, Oman and Russia seeking backing.
The diplomatic impasse has kept flows through the Hormuz crippled â daily transits have plunged from around 125â140 vessels to single digits and at least six tankers reportedly turned back under the U.S. blockade â pushing Brent above $110 a barrel and WTI near $100.
Markets and central banks are fretting about renewed inflationary pressure.
Separately, the United Arab Emirates announced it will leave OPEC/OPEC+, a move seen as weakening the producer grouping amid the supply shock.
The deadlock has dampened hopes of a nearâterm resolution and sustained volatility in energy and financial markets.







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