Trump rejects Iran's Strait of Hormuz plan as oil prices rise

President Donald Trump has rejected Iran's latest proposal to reopen the Strait of Hormuz and restart negotiations, Bloomberg News reported. The Strait of Hormuz is a narrow waterway in the Middle East. About one-fifth of the world's oil passes through it. When it is blocked or threatened, energy prices around the world can rise. The conflict continues to strain global energy markets. Speaking on Bloomberg This Weekend, Middle East reporter Dan Williams and Bloomberg Intelligence senior commodity strategist Mike McGlone told hosts David Gura and Christina Ruffini that economic pressure could shape the next phase of diplomacy. They also said rising fuel costs, changes in US supply, and Chinese demand remain critical factors for oil prices.