Day 66 | Tensions escalate in Strait of Hormuz as US and Iran exchange strikes

Meanwhile, the ongoing conflict continues to strain global oil supplies, with the Strait of Hormuz effectively closed and energy markets under pressure. The average price of gasoline in the United States has climbed to $4.45 per gallon, marking an increase of nearly 50 percent since the war began. In response, OPEC said it would raise production, without addressing speculation about the United Arab Emirates leaving the group.

On the diplomatic front, Trump said US representatives are engaged in “very positive discussions” with Iran as both sides exchange peace proposals. US special envoy Steve Witkoff also confirmed that talks remain active, while Iran’s Foreign Ministry said Tehran is currently reviewing Washington’s response to its latest proposal.