President Donald Trump don double down for im threat to strike vital Iranian infrastructure if no deal to reopen di Strait of Hormuz no reach by Tuesday evening. Trump yarn say negotiation dey ongoing but time dey run out for Tehran. “Di entire country fit dey taken out for one night, and dat night fit be tomorrow night,” Trump tell reporters for White House on Monday, as e repeat im 8:00 p.m. ET deadline for agreement.
Hours before Trump im comments, di Middle Eastern country reject one Pakistan-backed ceasefire proposal to end di war and issue 10-point response, Iranian state media report. Trump describe di counterproposal as “very significant” but say e “not good enough.” As Trump ramp up im threats on Iran, fighting continue across di Middle East. Israel and Iran trade strikes on Monday, with Israel bombard Iran im largest petrochemical facility. Iranian forces strike di city of Haifa, kill at least four people, Israeli media report.
Di president on Monday also detail di harrowing rescue of two U.S. airmen after dem eject from downed fighter jet. Di operation involve CIA deception campaign to throw off di Iranians as 155 aircraft move into di interior of di country, Trump say. One airman get serious injury and e avoid detection for over 24 hours while treating im wounds, scale mountainous terrain and communicate im location to U.S. forces.
Inflation go rise and economic growth across di world go slow as result of di war with Iran, di leader of di International Monetary Fund tell Reuters Monday. Di warning from di head of di global financial organization come as Iran don leverage im ability to block oil shipments through di Strait of Hormuz to create di worst-ever disruption to global fuel supplies. Global oil supply don shrink by 13%, according to di IMF.
Kristalina Georgieva, managing director of di IMF, tell Reuters say di fund expect to lower im global economic growth projections down from 3.3% for 2026 and 3.2% for 2027. “All roads now lead to higher prices and slower growth,” Georgieva yarn. Di longer di war last, di worse di fund expect projections fit become, according to di IMF. Fund experts plan to meet for Washington next week to revise projections.
Di Iran war go continue to disrupt global oil supplies even if ceasefire for di region lead to swift reopening of di Strait of Hormuz, according to new analysis. Henning Gloystein, managing director of energy, industry and resources at geopolitical risk consultancy Eurasia Group, say e go take several months to repair oil refineries and other energy infrastructure for Persian Gulf wey don damage for di conflict. Shipping companies wey operate oil tankers for di region go also take at least two months to resume operations if di war suspend, e add for report on Monday.
Di Strait of Hormuz remain virtually closed to oil tankers and other ship traffic, United Nations panel say for report on Monday. Ship transits drop from roughly 130 per day for February to six for March, according to di group. “For visible sign of di scale of di disruption, dem dey currently at least 70 large empty crude oil tankers anchored off di eastern coast of Singapore and Malaysia,” Gloystein yarn. “Collectively, these tankers get di capacity to hold at least 100 million barrels of crude oil, wey usually dey picked up for Gulf region and delivered to refineries across Asia.”
“Di voyage from Singapore to di Gulf region take tanker about four weeks. Accordingly, these vessels fit begin deliver Middle Eastern crude to Asia roughly eight weeks after departing dem current anchorage,” Gloystein add.
President Trump say for news conference on Monday say Iran dey negotiate, “we think for good faith,” over possible ceasefire. Ask whether e go dey willing to make deal with Tehran wey no include reopening di Strait of Hormuz, Mr. Trump say di strait na “very big priority.” “We fit bomb di hell out of dem. We fit knock dem out for loop. But to close di Strait, all you need na one terrorist wey somehow get truck loaded” with mines to plant for water, e yarn.
Oil prices swing from modest dip to gains on Monday as financial markets assess whether break for hostilities between di U.S., Israel and Iran dey on table. Di price for barrel of benchmark U.S. Brent crude, di international standard, add 1.2% to $110.37 per barrel and remain well above im roughly $70 price from before di war. For di U.S., average price of regular gasoline rise Monday to $4.12 per gallon, up from $2.98 just before outbreak of hostilities and di highest since 2022, according to data from AAA.
For short term, “oil markets go remain undersupplied, even with some increase for shipping through di Strait of Hormuz,” Gloystein say. “Dis tightness dey reflect for record-high prices for key fuels such as jet fuel and bunker fuel, used for aviation and shipping, respectively.”
Di Education Ministry of Iran say 750 educational establishments don damage and 60 teachers and 250 students don kill since beginning of di military operation by di United States and Israel, according to Fars news agency. Another 210 students and teachers hospitalize with injuries of varying severity.
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