President Donald Trump demanded Iran « put up the white flag of surrender » after a memorandum of understanding deadline expired. He also threatened Oman with retaliation if it blocked the reopening of the Strait of Hormuz, a critical maritime passage. Iran has resumed attacks on ships while the United States maintains a naval blockade. Prediction markets reflect deteriorating diplomatic prospects, with only a 10.5% chance of a US-Iran agreement by the end of August, down from 25% a week ago.
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