President Donald Trump rejected Iran’s conditional proposal to reopen the Strait of Hormuz, telling aides he expects to resume bombing after November’s mid-term elections. Iranian Foreign Minister Abbas Araghchi had proposed reopening the strategically vital strait and resuming nuclear talks with the United States within seven days if certain conditions were met by Washington. Meanwhile, the Saudi coalition announced it intercepted and destroyed two drones and two ballistic missiles fired by Houthi rebels from Yemen. Oil prices fell sharply for the week, with West Texas Intermediate dropping 2.3% to $92.41 per barrel, after rising nearly 61% year to date.
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