246 articles — keywords: Iran
Iran told the U.S. it must lift its naval blockade, withdraw forces, and pay war reparations before the Strait of Hormuz reopens.
Iran has set sweeping conditions for reopening the strait, including U.S. reparation payments and withdrawal of American troops from the region.
The Houthi drone strike on a Jazan refinery came alongside new Iranian conditions blocking a U.S. deal on the waterway.
Even if a deal is reached, analysts say it could take weeks or months for oil flows through the strait to return to normal levels.
An industry group representative says ships near the waterway are in limbo while negotiations remain far from a resolution.
CNN had reported that the U.S. depleted 80 percent of its THAAD interceptors and about half of its Patriot missiles during five months of war with Iran.
Precision weapons like PrSMs and ATCAMs are close to exhausted, and both take years to replenish, according to a U.S. official.
Oil prices dropped more than 6% after Trump announced negotiations would begin Monday, even as Iran said it had no plans for direct talks with Washington.
Gold futures opened at $4,135.20 per troy ounce Monday, up 0.7%, while silver futures opened at $58.65, up 1.5%, before both edged lower in early trading.
Saudi Crown Prince Mohammed bin Salman urged Trump by phone to avoid a wider conflict before the announcement.
Bloomberg reports Gulf states are pursuing their own security strategies as negotiations over the Strait of Hormuz and Iran's nuclear program resume.
Gas prices hit $4.10 a gallon nationally as analysts warn August prices could climb to $4.50.
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