US-Iran war news LIVE: Oil prices gain as Hormuz impasse continues after Tehran refuses to soften demands

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WHY IT MATTERS

Oil prices are rising because Iran has refused to ease its conditions for reopening the Strait of Hormuz, a critical route for global energy transport. This standoff disrupts expectations for a quick resumption of traffic through the waterway.

WHAT HAPPENED

US-Iran war news LIVE: Oil rose as Iran said it wouldn’t soften its conditions to reopen the Strait of Hormuz after President Donald Trump rejected its proposal to do so, dashing hopes of a speedy resumption of traffic through the crucial waterway.

KEY CONTEXT

The Strait of Hormuz is a narrow waterway that serves as a vital chokepoint for a significant portion of the world's oil supply. Disruptions to shipping in this area typically lead to increased volatility and higher prices in global energy markets.

WHAT TO WATCH

•Further statements from US and Iranian officials regarding the negotiation impasse
•Continued fluctuations in global oil prices in response to the blockade
•Potential military or diplomatic escalations related to the Strait of Hormuz

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