Iran’s chief negotiator Mohammad Bagher Ghalibaf has accused U.S. President Donald Trump of practicing ‘theater diplomacy,’ as Washington and Tehran present contradictory accounts of their negotiations aimed at ending ongoing hostilities. Maritime traffic through the Strait of Hormuz has collapsed from 130 to 140 daily transits before the war to only two vessels on Wednesday, with the Red Sea recording a single cargo ship in transit. Saudi Arabia is preparing for ‘multiple coordinated attacks’ orchestrated by Iran-backed Iraqi militias, according to Saudi officials. Oil prices have risen, with Brent gaining 1.3% to $83.55 per barrel, in response to Tehran’s hardened position on managing the Strait of Hormuz.
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