Iran warned President Trump's naval blockade was “doomed to fail” as oil prices soared to their highest point in years with the standoff over the Strait of Hormuz wreaking havoc on the global economy.
The United States showed little immediate enthusiasm for a new Iranian proposal that would end the war and reopen the Strait of Hormuz without resolving the impasse over the Islamic Republic's nuclear program.
The Strait of Hormuz previously carried one-fifth of the world's oil, and other essential products such as fertilizers needed for the global food supply.
President Donald Trump, seen here with Secretary of State Marco Rubio, hopes to pressure Iran by preventing it from selling oil, while also creating a situation where Tehran may have to halt production because it has nowhere to store the oil.
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