Oil Prices Jump as Trump’s Deadline for Deal Draws Near
The New York Times • • business
Key Points:
- Oil prices rose Tuesday following President Trump's rejection of a cease-fire proposal, as his deadline for a deal approached.
- Trump threatened a major attack on Iranian civilian infrastructure if Iran does not reopen the Strait of Hormuz by 8 p.m. Eastern time.
- The Strait of Hormuz is a critical chokepoint, carrying up to one-fifth of the world's oil supply, heightening global market concerns.
- The ongoing six-week conflict has caused energy disruptions that risk increasing living costs worldwide and depriving vulnerable areas of essential resources.
