Will Trump reject Iran’s peace proposal? Crude oil crosses $110 amid Hormuz crisis, panic in the world

Trump Rejects Iran Proposal Oil Prices Cross 110: Tension is once again at its peak regarding the Strait of Hormuz, which is considered the lifeline of energy supply in the world. US President Donald Trump indicated on Monday that he is not in favor of accepting Iran’s new proposal to end the war and reopen the vital waterway.

According to sources, Trump, in a meeting with top national security officials, expressed concern that any deal without resolving Iran’s nuclear program could weaken America’s diplomatic influence. As soon as this news came, oil prices in the world have once again gone on fire. According to the report, again crude oil has exceeded $ 110 per barrel.

America is adamant on nuclear program

Iran had proposed that it strait of hormuz would reopen the U.S. without any restrictions, provided negotiations on its nuclear program were postponed to the future. However, US officials believe that opening the waterway without resolving questions related to Iran’s uranium enrichment and stockpiles would give the US too much ‘leverage’. Will snatch it.

Trump has already made clear that any potential deal would require Iran to give up its high-grade uranium stockpile and stop enrichment, which Iran has consistently denied.

impact on global economy

Hormuz supplies about 20% of the world’s energy needs. The waterway has been virtually closed to traffic since the attacks and retaliatory actions between the US, Israel and Iran in February.

Although Iran opened it briefly, it was closed again in protest against the US Navy blockade. The global economy is faltering due to this strike and countries around the world have appealed for an early end to the conflict.

Oil prices on fire

With no hope of an agreement in sight, global oil markets are in panic. Crude oil prices have crossed $110 per barrel for the first time in three weeks. Global benchmark ‘Brent crude’ gained 2.7% to $111.2, while the US benchmark ‘WTI’ Trading up 2.3% at $98.5 per barrel. Rising gas prices in America trump administration This has also created concern at the domestic level.

Russia’s support and Iran’s tough stance

Amid this diplomatic standoff, Iranian Foreign Minister Abbas Araghchi met Russian President Vladimir Putin in Moscow and blamed the US for the failure of the talks.

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Iran’s Defense Ministry spokesman Reza Talai-Nik said in a harsh tone that Washington is no longer in a position to impose its policies on independent nations and must accept its ‘irrational demands’ should be abandoned. At present, despite the second round of diplomatic efforts going on in Pakistan, both the sides do not seem to be reaching any concrete result.