Trump Rejects Iran Offer as Oil Prices Rise
President Trump called Iran's response to a US peace offer "totally unacceptable." Iran had sent its counter-offer to Washington through Pakistani mediators. Iran offered to move some highly enriched uranium to another country.
But Iran declined to shut down its nuclear facilities. That was a key demand from the US.
After Trump's rejection US stock futures fell. Oil prices rose as a result of the failed talks.
The Strait of Hormuz has been closed and may stay closed longer. The strait carries about one-fifth of the world's oil supply.
Brent crude oil is nearly $20 higher than before the conflict. Average US petrol prices have reached $4.52 a gallon.
The conflict has lasted about 10 weeks. A fragile ceasefire had been in place since April 7 according to reports.
Key Terms 5
- Counter-offer A reply that suggests different terms instead of accepting the original offer
- Highly enriched uranium A material used to make nuclear weapons or fuel reactors
- Strait of Hormuz A narrow sea passage between Iran and Oman vital for oil shipping
- Brent crude A global benchmark used to set the price of oil worldwide
- Stock futures Contracts that predict where stock market prices will go next