After rejecting Iran's proposal to open Hormuz, Trump says talks ongoing over the phone

Key Points:

• US President Donald Trump revealed ongoing phone talks with Iran following the cancellation of a US negotiators' trip to Pakistan, emphasizing that the US blockade on Iranian ports will remain until Iran agrees to abandon its nuclear ambitions.
• Trump asserted that the blockade is more effective than bombing in pressuring Iran and warned that Iran’s energy infrastructure could soon collapse if it cannot export oil, while Iran vowed to continue disrupting traffic through the Strait of Hormuz.
• The head of the International Atomic Energy Agency (IAEA) discussed possible future measures, including the removal of Iran’s highly enriched uranium, highlighting the complexity and political challenges of such operations.
• US Secretary of Defense Pete Hegseth defended the ongoing war against Iran before Congress, stating the conflict has cost $25 billion so far and criticizing Democratic lawmakers for opposing the administration’s approach.
• Oil prices surged sharply amid fears of prolonged blockade and conflict escalation, with Brent crude reaching its highest level since the recent ceasefire, reflecting market concerns over Middle East supply disruptions.