According to The Wall Street Journal, citing US officials, President Donald Trump has instructed aides to prepare for a prolonged blockade of Iran. Separately, Axios reported that Trump rejected Iran’s proposal to reopen the Strait of Hormuz and indicated that the US naval blockade will remain until a nuclear deal is reached.
Iran, meanwhile, has said it will continue disrupting traffic through the vital shipping route.
The Strait of Hormuz—through which about a fifth of global oil and LNG shipments pass—has already seen severe disruptions amid ongoing conflict, adding to market volatility. Investors are also closely watching the US Federal Reserve, which is concluding its April policy meeting, for any signals on inflation pressures driven by rising energy costs.
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