Latest on ceasefire: President Donald Trump said the ceasefire between the US and Iran is on “massive life support” following Iran’s latest counterproposal to end hostilities, which he called “simply unacceptable.” The talks are unlikely to make significant progress until the US president meets his Chinese counterpart Xi Jinping later this week, a regional source told CNN.
Iran rejects criticism: Iran’s Foreign Ministry said earlier that its proposal, which state media reported included recognition of its sovereignty over the Strait of Hormuz, was “reasonable” and “generous.”
• Strait of Hormuz: Oman’s foreign minister said there is an “urgent need” to free ships stranded along the strait, following a meeting with the International Maritime Organization. The critical global shipping route passes between Iran and Oman.
• Energy crisis: Oil prices are climbing after Trump’s dismissal of Iran’s latest terms, sparking fears of a fresh escalation in the conflict that would keep the vital Strait of Hormuz closed even longer. The gas and diesel price spike is already costing American households nearly $300 each.
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