President Donald Trump rejected Iran’s seven-day ceasefire proposal, which offered to fully reopen the Strait of Hormuz and resume nuclear talks in exchange for lifting the U.S. naval blockade, unfreezing Iranian assets, and ending sanctions on its oil exports. According to the Wall Street Journal, Trump told aides he plans to resume bombing Iran after the midterm elections when high gas prices will be less of a political consideration. The volume of oil exiting through the U.S. blockade line has doubled in less than a month to reach approximately 13 to 13.5 million barrels per day, with the U.S. military now guiding tankers through the Strait of Hormuz in broad daylight. This surge in flows comes despite a transport premium estimated at 30 to 40 dollars per barrel, with global reserves continuing to fall toward critical levels.
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