The Strait of Hormuz, a critical chokepoint, handles nearly 20% of global oil supply

Iran proposed reopening the Strait of Hormuz, in exchange for the US lifting its blockade on Iranian ships, ending the conflict, and delaying nuclear talks, officials told multiple outlets yesterday.

However, President Donald Trump rejected the offer, signaling he will continue a naval blockade to pressure Iran, saying it could force Tehran to act within days.

What’s next
Officials will review options in a Situation Room meeting happening today. Talks through regional mediators have shown little progress.

The disagreement continues to keep tensions high with the ongoing conflict disrupting global oil supply and fueling inflation. The strait handles nearly 20% of the world’s oil supply.

Oil prices rose nearly 3%, while tanker traffic through Hormuz has sharply dropped from about 140 ships a day before the war to just seven recently.