US President Donald Trump said the Strait of Hormuz will be open to all, including Iran and warned that bombing will start if Tehran does not agree. In a post on Truth Social, Trump said, ” If ⁠Iran ​agrees, Epic Fury will be at an end, and highly effective blockade will allow Hormuz Strait to be open to all, including Iran.”

US proposal being reviewed, says Iran: Iran said it was reviewing a new US proposal, after sources said Washington and Tehran were closing in on a one-page memorandum to end the war in the Gulf while leaving tricky issues such as Iran’s nuclear programme for later. An Iranian foreign ministry spokesperson, cited by Iran’s ISNA news agency, said Iran would convey its response soon via Pakistan, which hosted the war’s only peace talks and has since served as the main conduit for messages between the sides.

Oil prices plunge: Reports of the possible agreement caused global oil prices to plunge, with benchmark ⁠Brent crude futures falling around 11% to around $98 a barrel. Global share prices also leapt and bond yields fell on optimism of an end to a war that has disrupted energy supplies. In his morning post, Trump said: “Assuming Iran agrees to give what has been agreed to, ‌which is, perhaps, a big assumption, the already legendary Epic Fury will be at an end, and the highly effective Blockade will allow the Hormuz Strait to be OPEN TO ALL, including Iran.”

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