Trump stonewalls Iran as U.S. helps double oil volume exiting the Persian Gulf, with the military now guiding ships through Hormuz in broad daylight

Donald Trump stated he is not eager to negotiate with Iran and dismissed Tehran's recent proposal, as the U.S. military is now aiding the flow of more oil through the Strait of Hormuz. Iran had proposed a seven-day ceasefire, reopening the strait and restarting nuclear talks in exchange for the U.S. lifting its naval blockade, unfreezing Iranian assets, and ending sanctions on its oil exports.

Trump acknowledged he might be willing to negotiate, but his conditions were deemed unacceptable. The U.S. has privately discussed resuming bombing of Iran post-midterm elections as high gas prices would be less of a political issue. The U.S. naval blockade is severely impacting Iran's economy, with new sanctions further tightening the situation.

However, oil markets have remained resilient despite the ongoing crisis. Tanker Trackers estimated that crude oil exits through the strait have now doubled to 13 million barrels per day in less than a month. Saudi Arabia has shifted its oil shipments back through the Persian Gulf, but attacks from Iranian-backed groups have forced them to temporarily use alternative routes.

Oil expert Rory Johnston calculated that around 13.5 million barrels a day are now passing through the strait, though it is still far below prewar levels. The U.S. military continues to guide tankers through the strait during the day due to reduced threats from Iran, but this arrangement comes with increased costs for shipping companies and higher insurance premiums.